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Daily Archives: October 4, 2024

October 4, 2024

Missouri sports betting initiative won’t be most expensive in history, but the numbers are already stunning

Caesars Entertainment, DraftKings and FanDuel continue to dump dollars into campaigns for and against legal sports betting in Missouri.
The Missouri campaigns won’t be the priciest in history, or even for a sports betting initiative. But the totals are striking for a state that ranks 18th in population, with 6.2 million residents.

As of Friday (4 October), proponents and opponents had staked campaigns with more than $35m (£26.6m/€31.9m), according to the Missouri Ethics Commission website. Advertisements are flooding airwaves and mailboxes ahead of the 5 November election. To put that figure in perspective, a total of $32.7m was spent on eight proposed amendments or propositions in 2018, according to Ballotpedia.

The title for the most expensive initiative belongs to California, the biggest US state. In 2022, proponents and opponents spent more than $450m on two sports betting proposals. The ultimate result was that both failed spectacularly.

Caesars contribution totals $10.9m so..

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October 4, 2024

State of the Union: MA sends cease-and-desist to Bovada, NCAA not sure betting bans work

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.
Massachusetts wants Bovada gone
The state of Massachusetts became the latest this week to send a cease-and-desist letter to offshore operator Bovada. The company is not licensed, but is offering online casino, pari-mutuel wagering and sports betting in the Bay State. The attorney-general’s office on Thursday (3 October) sent a letter that reads in part:

It is illegal in Massachusetts to engage in commercial gambling except where expressly
authorized by the Commonwealth. Mass. G.L. c. 4, sec. 7 (definition of “illegal gaming”); G.L.
c. 23K. Bovada offers an online casino that includes among its games slots, blackjack, roulette,
baccarat, and poker, without any license issued by the Commission under Mass. G.L. c. 23K.

Moreover, Mass. G.L. c. 23N, § 5(a) prohibits engagement in “any activity in connection with
..

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October 4, 2024

Kentucky sports betting handle tops $2.39bn in first year

Players in Kentucky spent $2.39bn (£1.81bn/€2.17bn) betting on sports during the state's first year of regulation, while adjusted gross revenue in the Bluegrass State reached $272m.
Kentucky launched legal retail sports betting on 7 September 2023, with online wagering going live three weeks later. State regulator, the Kentucky Horse Racing Commission, has now published figures for the 12 months to the end of August.

Players in Kentucky favoured online betting, with total spend over the internet at $2.3bn in year one. In contrast, retail sportsbook attracted $87.1m in wagers during the 12-month period.

Revenue-wise, online betting generated $264.3m and retail wagering $7.8m. Figures related to adjusted gross revenue, which is revenue after player winnings and federal excise tax.

On the subject of tax, Kentucky collected $37.7m from online sports wagering and $756,517 retail betting. As for hold, the state’s total in year one was 9.28%, with online at 11.5% and retail 8.91%.

Fa..

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October 4, 2024

DraftKings exits UK daily fantasy market  

DraftKings has closed its UK daily fantasy offering as of today (4 October), in an effort to “optimise its business”. Users of the app this morning received emails notifying them the product was being pulled from the market with immediate effective.
DraftKings’ users were told they can withdraw funds after the closing date and in-game currencies like Crowns and DK Dollars would be converted into US dollars.

“Since DraftKings’ launch in Great Britain, we have been proud to be a part of the country’s passionate sports and daily fantasy sports fanbases,” the email read.

Responding to questions from iGB a DraftKings spokesperson said:”This decision was made as part of our ongoing efforts to optimise our business.

“We are grateful to all our customers across Great Britain and are committed to ensuring a smooth transition. Moving forward, we will continue to focus on growth and delivering value in other key markets, including US sports betting.”

It launched in the UK on 5 February 201..

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