April 2024 – Page 5

April 8, 2024

Legalising sports betting in Minnesota just got a lot trickier

The path to legal sports betting in Minnesota got a whole lot more complicated last week when the state racing commission gave its blessing for historical horse racing and several new gambling bills were filed.

Since the start of the session, Senator Matt Klein and Representative Zack Stephenson have been shepherding their state-wide, online mobile bills through the state’s long committee process. Stephenson brokered a deal between the tribes and charitable gaming to take one long-standing barrier to legal sports betting in Minnesota out of the way.

And then came 1 April when Minnesota’s horse racing commission voted to allow historical horse racing at horse tracks. Some say this is a violation of the state’s exclusivity agreement with the tribes and others say is outright illegal. The machines look similar to slot machines and in most jurisdictions are considered games of chance. This is also an area for which the tribes have exclusivity.

Whatever the situation, the decision has ..

April 8, 2024

New York sports betting handle hits $19.64bn in FY23

Players in New York spent $19.64bn (£15.55bn/€18.13bn) betting on sports online during the Empire State’s 2023 financial year, while revenue reached $1.76bn.

Total wagers for the 12 months to 31 March 2023 were 19.8% higher than $16.40bn in New York in FY22. It is also the highest yearly online sports betting spend of any regulated state in the US.

In terms of gross gaming revenue, this was up 20.6% year-on-year and another US record. New York only opened its legal online sports betting market in January 2022, with FY23 only the second full year of regulation.

As it did in year one, Flutter Entertainment-owned FanDuel continues to lead the New York market. During FY23, FanDuel processed $8.10bn in online wagers and generated $845.8m in revenue.

DraftKings remained second with $619.6m in revenue from $7.02bn in bets. Placing third was Caesars with revenue of $140.4m and a $2.03bn handle.

BetMGM was the only other operator to process more than $1.00bn in wagers during the year, wit..

April 8, 2024

Rivalry hails diversification impact as revenue rises to $35.7m in 2023

Rivalry said expansion into new segments helped drive revenue up by 34% year-on-year to $35.7m (£28.3m/€33.0m) in 2023, while the betting operator was also able to reduce net loss.

In a preliminary results announcement, Rivalry said revenue growth was complemented by higher betting handle and gross profit. All this, it added, contributed to a 22% reduction in net loss.

Reflecting on 2023, co-founder and CEO Steven Salz highlighted the operator’s diversification as the main reason for its success. He said growth in new markets such as traditional sports, casino and fantasy, alongside its core esports offering, allowed it to emerge from 2023 as an “increasingly diversified” business.

“Last year we gained meaningful traction in new segments,” Salz said. “This is widening our opportunity set and positioning us for sustainable growth in the medium- to long-term.

“We’re happy to have finished the year with all-time high customer economics, diversified revenue streams and a reinforced co..

April 5, 2024

State of the Union: A look at the week that was in North America

Welcome to iGB's State of the Union, a look at the biggest North American sports betting stories we've covered over the week and briefs on others we found interesting.

Queens casino controversial among politicians

Businessman Steve Cohen’s plan to build a casino in Queens adjacent to the Mets’ Citi Field earlier this week got the endorsement of a city councilman, but a state senator said Cohen has not been “open and transparent”, according to the New York Post.

State Senator Jessica Ramos, who appears to back a Genting Resorts World project, took issue with Cohen’s lobbying strategy. Any downstate casino will need legislative approval in Albany. Cohen is partnered with Hard Rock in his proposed venture.

Queens Councilman Francisco Moya told the NYP that “If we fail to seize this once-in-a-lifetime opportunity, we ensure that the area around Citi Field remains underutilised parking lots for the foreseeable future; and we permanently stymie the future growth potential of Q..

April 5, 2024

PNR Tecnologia and Lema request Loterj accreditation amid IBJR criticism

PNR Tecnologia and Lema have become the latest gambling companies to seek accreditation from the Rio de Janeiro State Lottery (Loterj), which is coming under fire from the Brazilian Institute for Responsible Gaming (IBJR).

On Wednesday (3 April), PNR Tecnologia delivered documentation seeking to operate sports betting and online games with Loterj accreditation. On Friday (5 April), Lema visited the Loterj headquarters.

This was to carry out a proof of concept and evaluate its compliance with Loterj regulations. This was after Lema had previously presented its platform to operate sports betting and ilottery in March.

In March, Caesars Sportsbook-licensee BIG Brazil announced it was looking for Loterj accreditation to offer both sports betting and lottery. Loterj has since been criticised for its attempts to operate in Brazil outside its state of Rio de Janeiro.

PNR Tecnologia director Yuri William threw his support behind Loterj’s initative. He stated: “Loterj has a lot to add to t..

April 5, 2024

CNIGA’s Siva loves a good compromise; wants to expand role as tribal leader to IGA

James Siva just wants everyone to get along.

As the man who held together the disparate group of tribes that make up California Nations Indian Gaming Association (CNIGA) when not one, but two commercial groups tried to take the lead on wagering in California, it seems he has a knack for negotiation.

“I think James has a unique ability for being in a leadership position and listening to the different sides of everything, giving tribal leadership a chance to hear both sides and come to a compromise,” Tuolumne Band of Me-Wuk Indians tribal council member Dennis Hendricks said.

Siva said Hendricks was a mentor when he first joined the CNIGA executive committee.

Siva, the current CNIGA chairman, is hoping that is the kind of leadership that the Indian Gaming Association (IGA), which meets beginning Monday (8 April) in Anaheim, is looking for. Siva announced his intent to run for vice-chairman at the Western Indian Gaming Conference in February. He’ll be running against incumbent Dav..

April 5, 2024

Fanatics sportsbook goes live in Arizona

Fanatics Betting and Gaming (FBG) is now live in Arizona through a partnership with the Tonto Apache tribe.

Fanatics’ online sportsbook service is available in 18 US states after taking its first wagers in Arizona. The launch came on the same day that Fanatics concluded its $225m (£178.2m/€207.0m) acquisition of PointsBet’s US operations.

The Arizona partnership also includes plans to open a Fanatics Sportsbook retail location inside the Mazatzal Hotel & Casino this summer. The resort is owned and operated by the Tonto Apache.

Ari Borod, FBG’s chief business officer, said: “We are thrilled to partner with the Tonto Apache tribe and Mazatzal Hotel & Casino to bring the Fanatics Sportsbook to Arizona.

“Arizona is a state with tons of options for sports fans, from baseball, to hockey, to golf, to football, to racing, making it the ideal destination for the most rewarding online sportsbook.”

Fanatics joins the big brands in Arizona

Fanatics joins the other major sportsbook providers ..

April 4, 2024

US federal government asks for second extension in Florida wagering case

On Thursday (4 April) US solicitor general, Elizabeth Prelogar, requested a second extension to file its response in the US Supreme Court West Flagler and Associates versus Haaland case that could change the status of legal sports betting in Florida.

In the filing, Prelogar writes that the “extension is necessary because the attorneys with principal responsibility for final preparation of the government’s response have been heavily engaged with the press of other matters before the court.”

Prelogar is requesting an extension in the Florida case until 12 May and notes the attorneys for West Flagler (WFA) do not object to the request. The Department of Justice, on behalf of the US Department of the Interior, was initially ordered to reply to WFA’s filing by 12 February, but filed for an extension until 12 April that SCOTUS granted.

WFA filed its writ of certiorari on 8 February, about seven months after a lower court overturned a previous ruling that allowed the Seminole tribe to go..

April 4, 2024

ESPN Bet can challenge market leaders, Truist report shows

ESPN Bet could soon challenge US market leaders Draftkings and FanDuel according to Truist's nationwide survey focused on consumer preferences.

Data collected by Truist Securities analysts in their 2024 Interactive Gaming Survey shows that Penn Entertainment’s ESPN Bet gaming brand has the potential to take on the big two.

According to Truist, it is ESPN’s position as the primary app for bettors to check scores that could help its branded sports betting platform rival DraftKings and FanDuel.

Some 44% of sports fans surveyed said they checked scores on ESPN and 64% of those said they would have interest in betting integration beyond listed lines.

Of the respondents who both frequent ESPN and showed an interest in betting integration, a majority (52%) stated it was likely that ESPN Bet will become their primary wagering platform. Nearly all others (45%) stated it was possible.

Penn’s prospects of overhauling DraftKings and FanDuel

Reflecting on the results, Truist managing d..

April 4, 2024

Ontario market growing two years on, shifting focus to consumer protections

In the two years since single-event wagering was legalised in Ontario, Canada, one thing has become clear: consumers are sick of gambling ads. The most recent proof of that is a Maru Public Opinion poll, taken 7-8 February, of 1,534 Canadians who are also Maru Public Opinion panelists.

Of those surveyed, 59 percent said they favour a total ban on wagering advertising. Most also believe that operators are not acting responsibly and that there should be more government regulation.

While polls are often designed and taken to get a certain result, and a significant percentage of those polled by Maru were in the over-55 category, the sentiment matches the hue and cry that has been echoing through Canada since wagering went live on 4 April 2022. Since its launch, televised hockey games were flooded with advertisements for sportsbooks and have been since.

There is similar sentiment in some parts of the US. In 2023, for example, Senator Paul Tonko proposed a federal wagering advertising ..

April 4, 2024

Betano set for UK launch through BVGroup

Betano is to launch in the UK market through a partnership between the brand’s owner, Kaizen Gaming and technology provider BVGroup.

Kaizen said the collaboration combines Betano’s global brand recognition with BetVictor owner BVGroup’s proprietary technology and experience as a UK operator. Betano’s entry into the UK market follows its establishment in Europe, Africa and the Americas.

Betano’s move into the UK comes during a year in which it has become an official sponsor of both Uefa Euro 2024 and the CONMEBOL Copa America 2024. The UK site features the Euro 2024 logo, indicating the brand will launch in time for this summer’s European Championships in Germany.

“It is a challenge to enter one of the largest regulated online gaming markets in the world,” said Julio Iglesias Hernando, Kaizen’s chief commercial officer.

“To ensure a successful entry, you need excellent partners. A bit like competing in the Premier League. Finding the right partner has been a top priority for us. Thi..

April 4, 2024

OpenBet owner Endeavor taken private in $13bn deal

Technology investment company Silver Lake has agreed to take OpenBet owner Endeavor private in a deal worth $13bn (£10.2bn/€13bn).

Silver Lake will acquire 100% of the outstanding shares in Endeavor that it does not already own. This is with the exception of rolled interests.

Shareholders in Endeavor will receive $27.50 in cash per share. This is a premium of 55% compared to the $17.72 per share seen at market close on 25 October 2023.

On October 26, Endeavor announced that it had initiated a strategic review. This was to examine the potential of taking the business private. Silver Lake expressed its interest in taking Endeavor private at this time.

The deal’s $13bn equity value combined with the consolidation of TKO’s total value brings the total enterprise value to $25bn.

According to Silver Lake, this makes the acquisition the biggest private equity privatisation investment deal in more than a decade. It is also “the largest ever in the media and entertainment sector”.

When ..

April 2024
Mon	Tue	Wed	Thu	Fri	Sat	Sun
1	2	3	4	5	6	7
8	9	10	11	12	13	14
15	16	17	18	19	20	21
22	23	24	25	26	27	28
29	30

Monthly Archives: April 2024