Betting News – Page 110

September 14, 2023

Genius shares down 10% as Apax sells $121m in stock

A subsidiary of one of Genius Sports' major shareholders and former owner, Apax Partners LLP, will sell 20,000,000 shares in the business.

The underwriter of the sell-off, Goldman Sachs & Co, will have the option of purchasing an additional 3,000,000 shares worth $18,120,000. The option will end after a 30-day period.

The stock to be sold off is worth – as of close of trading on 13 September – $120.8m (£97.1m/€113.1m).

The total shares on the table represent just over 10% of all of Genius’ 216,627,899 shares.

Following the announcement of the stock sell-off, Genius’ share price has fallen 10.2% to $5.4 per share since trading opened. The supplier will not receive any of the proceeds from the sale.

Former owner opts to sell stock

Apax is the provider’s former owner, having purchased the company from Three Hills Capital Partners in July 2018.

Funds advised by Apax kept hold of the business for over two years prior to Genius going public on the New York Stock Exchange via an ..

September 14, 2023

Spajic tapped as Betfred USA CEO

Kresimir Spajic will lead Betfred USA as its new chief executive.

Spajic will oversee the sportsbook’s strategy and operations across 10 US states. Betfred is licensed to operate in Nevada, Pennsylvania, Colorado, Louisiana, Arizona, Iowa, Washington, Virginia, Ohio and Maryland.

Read the full article on iGB North America

September 14, 2023

Sweden gambling regulator nets funding boost

Sweden’s gambling regulator, Spelinspektionen, is set for a funding boost to ensure it meets Europe-wide commitments to counter match-fixing.

The government plans to increase Spelinspektionen’s (SGA) budget over the next three years. It is to receive SEK10.8m ($970K/€900K/£780K) in increased funding in 2024. It will then receive SEK15.6m in 2025 and SEK18.6m in 2026.

The grant will ensure Sweden meets the requirements of the Macolin Convention of the Council of Europe regarding the manipulation of results in sports, the government said.

The increased budget will also assist the body in restricting illegal gambling, with plans unveiled to work more closely with the Finansinspektionen financial supervisory authority.

The government intends to propose an increase in Finansinspektionen’s allocation by SEK4.5m starting in 2024. This cash will strengthen the authority’s cooperation with SGA in order to block payments to illegal gambling operations.

The proposals are based on an agreeme..

September 14, 2023

Brazil lower house approves gambling bill

Brazil’s Chamber of Deputies has approved the government’s gambling bill, which regulates both sports betting and online casino.

The passage of the bill marks one of the final hurdles in the long journey to regulate online gambling in Brazil, the 10th largest economy in the world.

Bill 3,626/23 – which will replace the provisional measure (PM) president Luiz Inácio Lula da Silva issued in July – was amended several times from the original bill that the rapporteur, deputy Adolfo Viana, presented yesterday.

However, the bill still legalises online casino in addition to sports betting. Betting on fantasy sports will remain illegal due to a specific exemption from the new rules.

deputy adolfo viana presents amended bill

The bill will now head to the Federal Senate, which has 45 days to comment on the bill.

Foreign operators barred from licensing

Unlike the PM, the proposed law excludes foreign companies from offering regulated gambling. Only businesses incorporated under Brazilian ..

September 14, 2023

FA hands suspended ban to Forest’s Toffolo over betting breaches

The English Football Association (FA) has issued a suspended five-month ban to Nottingham Forest defender Harry Toffolo after he admitted to 375 breaches of its betting rules.

The ban is suspended to the end of the 2024-25 season. Toffolo is also being fined £20,956 (€24,374/$26,202) over the case.

Toffolo was charged in July for allegedly placing bets on football matches between 22 January 2014 and 18 March 2017.

FA Rule E8 says players, match officials or coaches must not bet, either directly or indirectly, on any matters related to football anywhere in the world. Toffolo had been given until 19 July to respond to the charges.

The 28-year-old represented Premier League club Forest in 2022. He was playing for several clubs on loan during the period highlighted by the FA.

Loaned out by Norwich City, he played for Swindon Town, Rotherham United, Peterborough United and Scunthorpe United. All these clubs play in the lower leagues, outside the top-tier Premier League.

Toffolo has on..

September 13, 2023

BetMGM ups the ante for the 2023-24 NFL season

One week on, the 2023-24 National Football League (NFL) season is in the books and Matt Prevost, BetMGM's chief revenue officer says BetMGM is looking to make it a big year.

During the off season, BetMGM made numerous changes to its sports betting experience, fuelled by the popularity of the NFL and a general aim to consistently improve its offering.

“The BetMGM app is taking a giant leap forward this season with new capabilities and streamlined user experience,” says Prevost. “One new feature is Same Game Parlay+.

“We have seen incredible activity and demand from our customers in same game parlays. So the ability to add new functionality to this popular feature and now offer the ability to combine several same game parlays for exponentially higher odds is something we expect fans to really take advantage of this season.”

BetMGM’s Survivor Pool

BetMGM is also bringing local flair to its sportsbook in legal markets. The sportsbook is offering “exclusive odds boosts for our tea..

September 13, 2023

Online casino included in imminent Brazil gambling regs

Brazil’s Chamber of Deputies is set to vote today on the latest set of sports betting regulations, which leaves in place the high tax regime put in place by the provisional measure (PM), but includes the legislation of online casino.

Bill No 3626/23 amends PM No 1,182 issued by Brazil president Luiz Inácio Lula da Silva in July. If passed, the law would keep in place the high tax regime brought in by the PM. This will maintain the original 18% tax on gross gambling revenue.

However, commentators previously pointed out that once additional mandatory contributions are accounted for the effective tax rate will run between 31% and 34%.

On top of this, the law will impose a 30% tax on prizes won over R$2,112 (£342/€398/$427).

the bill keeps in place the high tax regime imposed in lula’s provisional measure

The maintenance of the high tax rates no doubt will be a blow to Brazil’s gaming industry. The sector largely responded negatively to the original PM, with many criticising the tax r..

September 12, 2023

Indiana sports betting handle level year-on-year at $238m in August

Player spending on sports betting in Indiana remained level year-on-year in August at $238.1m (£191.0m/€222.2m) while revenue dipped slightly.

Monthly handle was in line with the $238.0m reported in August 2022 and 16.8% higher than $203.8m in Indiana in July this year.

Baseball again proved the most popular sport among consumers, attracting $66.8m in bets. Basketball bets totalled $19.8m and football $17.3m, while other sports drew $63.0m in wagers. A further $70.7m was spent on parlay bets.

Taxable adjusted gross revenue in August amounted to $23.5m. This was 7.5% behind the $25.4m posted last year but only marginally less than $23.3m in July 2023.

Blue Chip Casino and FanDuel dominance continues in Indiana

Blue Chip Casino and partner FanDuel continued to lead the market with $8.5m in revenue and a $71.1m handle. Ameristar Casino and DraftKings again had a higher handle of $95.6m but lagged behind in revenue terms with $7.7m.

Belterra Casino and partner FanDuel completed the..

September 12, 2023

Colorado sports betting handle dips below $300m in July

Player spending on sports betting in Colorado amounted to $281.1m (£224.7m/€261.8m) in July, the first time the state’s handle fell below $300.0m since August 2022.

Colorado’s betting handle was 8.9% higher than $258.4m in July 2022 but 9.5% behind $310.7m in June this year. July was also the fourth consecutive month of month-on-month betting handle decline for Colorado.

Online betting accounted for $279.4m of all wagers placed during the month. In contrast, just $1.7m was spent betting at retail sportsbooks in Colorado.

Baseball again drew the most bets, with players wagering a total of $104.9m during the month. Basketball was a distant second on $34.5m, then tennis at $33.9m. Players also spent $44.8m placing parlay bets in July.

Revenue rockets 171% month-on-month in Colorado

Gross gaming revenue from betting amounted to $25.0m in July. This was 20.2% ahead of $20.8m in July 2022 and 171.7% more than $9.2n in June this year.

Online revenue for the month in Colorado reached $2..