November 13, 2024 – Bookielink

Tennessee operators set record for handle

Bettors in Tennessee laid down a record $551.2 million (£432.5 million/€521.7 million) in bets in October, marking the third time since the market went live that more than $500 million was bet.

Tennessee bettors previously broke the $500 million barrier in September ($520.8 million) and in November 2023 ($520.8 million).

According to figures released by the Tennessee Sports Wagering Council (SWC) yesterday (12 November), adjusted handle was $547.8 million, after $3.4 million in adjustments. The SWC does not indicate on the report what the adjustments are for, nor does it break down bets by operator or sport. The SWC also does not report operator revenue.

Tax revenue hit an all-time high

The report also revealed that operators paid a record $10.1 million in taxes to the state. Since the state launched in November 2020, October marked the first month that tax revenue exceeded $10 million. The next highest tax payment was $9.6 million last month. Tennessee taxes digital sports bettin..

1 day ago

Brazil forms parliamentary betting commission to address gambling concerns

The parliamentary inquiry commission (CPI) on betting was formed in Brazil yesterday (12 November) ahead of the legal market launch on 1 January 2025, so senators can discuss their concerns with the industry.

The betting CPI was initially proposed on 8 October, with Senator Soraya Thronicke requesting its creation to investigate the “growing influence of online virtual gambling games on [Brazilian families’ financial spending]”.

Thronicke’s request received the 27 signatures needed but the group’s formation was delayed amid uncertainty over who would serve on the inquiry.

Thronicke was assigned the CPI’s lead, while Senator Dr Hiran Gonçalves will chair the commission with Senator Alessandro Vieira as vice chair.

The CPI will have 11 members and seven substitutes, with an initial 130 days in which to carry out its work and its next meeting will be next Tuesday (19 November), although Thronicke did not disclose the names of the first witnesses.

Dr Gonçalves ended the meeting by sa..

1 day ago

Tabcorp fined for in-play betting breach, ACMA issues more blocking orders

The Australian Communications and Media Authority (ACMA) has fined Tabcorp AU$262,920 (£134,731/€161,778/US$171,731) for breaching rules on in-play betting, while the regulator has also issued banning orders against a further seven illegal gambling websites.

An AMCA investigation, reported today (13 November), found Tabcorp was taking online in-play sports bets, which is illegal under Australia’s Interactive Gambling Act 2001. In total, Tabcorp accepted 854 in-play bets across 69 tennis matches between April and October 2023.

Tabcorp said the breaches were the result of a technical bug in its systems. The first error occurred in April 2023 but was not fixed until October 2023. Tabcorp also noted it voided all bets, meaning consumers did not suffer losses, nor did it profit from the errors.

However, ACMA proceeded with the financial penalty, noting Tabcorp has previously been warned over in-play betting. In November 2021, Tabcorp was issued a formal warning for accepting in-play bets..

2 days ago

North Carolina in October: Revenue plummets while handle rises

October marked the first full month of football for North Carolina digital sportsbooks – and revenue dropped $21.4 million (£16.6 million/€20.2 million) despite handle rising $36.6 million against September.

According to the North Carolina revenue report released today (12 November), the differentiator was hold, which was the lowest since sports betting went live in North Carolina. In September, sportsbooks had a 12.2% hold rate, but in October that number dropped to 8%. Operators across the US have lamented a tough October with bettor-friendly results during quarterly earnings calls.

In North Carolina, which launched sports betting operators in March, October was the first full month with football games every week. The NFL season kicked off on 5 September, meaning that the first Sunday of that month had no games.

With regard to hold, North Carolina operators have eclipsed double-digits in six of the eight months since launch. August and October are, so far, the only sub-10% hold..

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