September 2024 – Page 5

September 11, 2024

Bet limits discussion in Massachusetts reveals disconnect between regulator, operators

The Massachusetts Gaming Commission (MGC) led a nearly three-hour discussion about bet limits on Wednesday (11 September). It was the second attempt at doing so after most operators stood the commission up in the spring.
The meeting revealed a disconnect between operators, regulators, consumers and responsible gaming advocates about how or if a regulator should have a hand in how operators manage risk.

Every operator live in Massachusetts participated in the meeting. The last time, only Bally’s, which wasn’t yet live with Bally Bet, attended.

Statement from DraftKings on decision to not participate in Massachusetts Gaming Commission roundtable on practice of limiting bettors: pic.twitter.com/thbltgu8jc
— David Payne Purdum (@DavidPurdum) May 21, 2024

In addition, there was a panel of stakeholders, ranging from a bettor/journalist to responsible gaming advocates to those with experience running casinos and sportsbooks. The conversation centred on how and why bettors may be limited…

September 11, 2024

Caesars betting kiosks to replace GambetDC’s in US capital

When the DC Council in June approved a budget that included opening the Washington, DC sports betting market to competition, there was one question mark. What would happen to the small businesses – mostly convenience stores – that have GambetDC kiosks?
That question was answered on Tuesday (10 September) when Caesars Entertainment announced that it will replace GambetDC betting kiosks at 53 small businesses in the District. The company did not share when the new kiosks would be put into place.

On Monday (9 September) Caesars got the go-ahead to replace GambetDC through an Office of Lottery and Gaming executive order.

From May 2020-July 2024, DC had a single-source digital sports betting market. The DC Council in 2019 agreed to give Intralot, its lottery operator, the sports betting contract. There was no bid process and, when Intralot rolled out GambetDC, problems with the platform were almost instantly apparent.

Among the complaints were a difficult customer interface, non-comp..

September 11, 2024

Apuesta Total CEO: There isn’t room for everyone in Peru’s regulated market

Apuesta Total CEO Gonzalo Perez expects three or four operators will dominate the newly-regulated online market in Peru, while the remaining brands will fight for single-digit market share.
Law no 31557 came into effect in Peru on 9 February of this year as the government sought to regulate online gaming and sports betting in the country.

Operators active in Peru before the announcement had until 10 March to submit a licence application. Gambling regulator Mincetur warned those who did not comply could face a fine of up to Sol990,000 (€245,394/£212,401/$257,838) or criminal prosecution.

According to the law, Mincetur will process licence applications within 30 business days of submission. Perez said operators have a 15 November deadline to submit final certifications for their platform and content. Failing to meet that deadline could result in authorisation being revoked.

During that initial window in March, 145 licence requests were submitted. Meanwhile new entrants to Peru were g..

September 10, 2024

US lawmakers Tonko, Blumenthal to introduce federal wagering legislation

On Tuesday (10 September) US Representative Paul Tonko and US Senator Richard Blumenthal announced they will hold a press conference on Thursday (12 September) to introduce new federal online sports betting legislation.
The press conference is set for 1pm ET, and will also be streamed live on Tonko’s X page.

Tonko has previously filed two pieces of federal wagering legislation. Both would have put at least some federal framework around legal sports betting, which is a states’ rights issue. The US Supreme Court in May 2018 overturned the Professional and Amateur Sports Protection Act (PASPA). The act was a federal ban on sports betting.

Within months of the decision, brick-and-mortar casinos in four states were offering in-person sports betting. New Jersey sportsbooks were the first to offer digital betting, starting 6 August 2018. New Jersey governors Chris Christie and then Phil Murphy led the lawsuit that overturned PASPA.

According to a press release, representatives from the..

September 10, 2024

How Sporttrade is like… pizza dough

It would be fair to say that Sporttrade, in its current incarnation, isn't exactly what founder Alex Kane envisioned. But it would also be fair to say that he's still growing his business and having a good time doing it.
“I am still excited because I do still have this long-term vision of wanting to create something different,” Kane told iGB. “I love listening to players and learning from them.”

When Sporttrade made its debut in New Jersey in 2022, it became the first company in the US to offer a different experience known as exchange wagering. Bettors can buy and sell bets throughout a game for an experience that more resembles stock trading than traditional sports betting.

The Sporttrade odds format was “implied probability” where, instead of seeing “+300”, players would see “25%”. With implied probability players can, for example, “buy at 25%”, then have the ability to “sell at 60%” if the bet started to look more likely.

Sporttrade went on to add a “limit order”. This..

September 10, 2024

Betano leading in Brazil with 23% of grey betting market share ahead of Bet365

Betano is currently leading the way in Brazil with a 23% share of the grey wagering market, a new white paper from OpenBet has indicated using research from global industry data consultancy H2 Gambling Capital.
Offering exclusive data analytics and projections from H2GC, the OpenBet report revealed Betano 23%of the Brazil betting market, with Bet365 following closely behind with a 20% share.

However, the report also outlined that with the legal market set to launch on 1 January 2025, the Brazilian industry will be increasingly competitive as local brands as well as a raft of international brands seek to get their share of an onshore market that H2GC predicts could reach $10.1bn (£7.7bn/€9.2bn) in gross gaming revenue (GGR) by 2029.

That would represent growth of nearly double, with H2GC estimating Brazil’s legalonline sports betting and igaming market will be worth around $5.6bn in 2025 GGR.Around $3bn of that will come from online sports betting, with igaming responsible for $2.6bn…

September 10, 2024

Waterhouse VC: Why betting can’t survive without sports data

In his latest column, Tom Waterhouse of Waterhouse VC considers the role of sports data and data providers in revolutionising sports betting.
Eighteen years ago, mathematician Clive Humby coined the phrase “data is the new oil”, underscoring the vital role data would play in driving business and innovation. If not as scarce, high-quality data is just as valuable for sports and wagering.

Access depends on securing rights, with rising costs creating natural barriers to entry. AI and machine learning is now being applied to premium sports data to unlock new opportunities for fan engagement, especially in the wagering industry.

Data hasn’t always been as central to sport and wagering as it is today. Before televisions, attending a sporting event was the only way of knowing what really happened. Radio helped, but listeners were still reliant on the commentator’s account. In betting shops, trying to gauge how your bet was faring over shouting and excitement would have been a real challeng..

September 9, 2024

North Carolina operators in August record lowest hold since launch

In August North Carolina operators had single-digit hold for the first time since platforms launched in March. The Tar Heel State's eight operators took $370.5m in bets in August and had a win rate of 9.1%.
Operators paid a total of $6.1m (£4.7m/€5.5m) to the state in taxes, according to the report released on Monday (9 September) by the North Carolina Education Lottery.

North Carolina operators took less money in bets – $340.4m – in July, but had a 12.4% hold, the second-highest in six months since launch. In July, operators paid the state $7.6m in taxes. North Carolina charges online operators an 18% tax on digital sports betting.

In August, the gross wagering revenue was $33,751,015. NC law defines gross wagering revenue as handle minus winnings. Gross wagering revenue is derived before deductions for expenses, fees or taxes. According to the report, North Carolina operators had $13.6m in promotional play and cancelled or voided $3m in bets.

Nearly $3bn in bets in first ..

September 9, 2024

Impressive August for New York sports betting as handle increases 29%

New York saw mobile sports betting handle and gross gaming revenue (GGR) each grow by more than 20% in an impressive August for the state.
In a traditionally quiet month for US sport, handle for New York betting grew by 28.8% year-on-year to $1.44bn, with GGR up 26.5% to $125.0m. However, handle was still the lowest monthly total recorded for 2024 so far.

FanDuel and DraftKings accounted for around two-thirds of total GGR. The former saw GGR up 25.1% to $52.6m on the back of $511.6m handle, which was up 25.0%. DraftKings remained New York’s top operator in terms of handle, bringing in $526.7m, up 17.9% year-on-year. However, it was behind FanDuel in GGR terms, with its $43.4m up 22.9%.

August is one of the quietest months for sports betting because only Major League Baseball (MLB), among the major sports, is in full flow. The NFL season starts in early September so typically operators are preparing for any football season product launches during August.

BetMGM and Caesars were the ..

September 9, 2024

Weekend Report: Brazil names betting chief, Bet365 fined in NJ

Welcome to the Weekend Report, where iGB covers the news that you may have missed over Friday, Saturday and Sunday. This week, we look at a letter calling for Austrian gambling reform and Bet365 getting fined in New Jersey.
New secretary of sports betting named in Brazil
In this week’s Weekend Report, Giovanni Rocco Neto, previously a counsellor in Brazil’s ministry of sport, will oversee the promulgation of rules and wagering launch in Brazil, reports Insider Sport. Legal, live sports betting is set to launch in January and 114 operators have applied for licences. Neto will report to sports minister André Fufuca and will be independent of the secretariat of prizes and betting. His new title is national secretary of sports betting for the economic development of sport.

In his last role, he was the chair of the committee of integrity, rights and duties in betting and gaming.

NJ regulator fines Bet365
The New Jersey Department of Gaming Enforcement (DGE) last week fined UK-based Bet3..

September 9, 2024

Brazil government preparing heavy crackdown on illegal betting payments

Pay4Fun director Ari Celia tells iGB Brazil's ministry of finance has established a new department to target black market operators. He expects Pix blocking efforts to be successful.
Brazil’s government is implementing hefty measures to prevent illegal operators from processing payments ahead of the legal betting market’s launch on 1 January 2025.

The government’s ministry of finance is setting up a team of eight civil servants who will specifically work on preventing illegal sites from taking and receiving payments, according to Celia.

The team will process complaints from the sector and seek to punish unlicensed payment providers and illegal sites.

Blocking Pix payments will be successful
One measure the government has publicly announced is blocking payments involving illegal operators made via Pix, an instant payment service controlled by the Central Bank of Brazil which the majority of the betting market uses.

Regulators in other markets like Germany and across Europe..

September 8, 2024

Judge rules Missouri wagering initiative will be on November ballot

One day after a seven-hour hearing, a Missouri judge on Friday (6 September) ruled that a ballot initiative that would allow for statewide mobile sports betting will stay on the ballot.
Cole County Circuit Judge Daniel R Green issued his decision Friday afternoon, hours after lawyers submitted proposed judgements. The decision came less than 24 hours after the hearing.

After more than five years of failed attempts at legalising sports betting in the state legislature, voters now get a shot.

The initiative case was one of two ruled on in Cole County Circuit Court on Friday. Amendment 3, which would make abortion legal in the state, was deemed invalid. Judge Christopher Limbaugh made the ruling, which proponents say they will appeal. There is a Tuesday deadline for a decision – which is when ballots are scheduled to be printed.

The wagering initiative, Amendment 2, is one of two gambling proposals Missourians will vote on. Amendment 5, if passed, would allow the state gaming commi..

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Monthly Archives: September 2024