Betting News – Page 162

January 19, 2023

Kambi to pursue efficiencies as it aims for €150m profit goal

Kambi expects to reduce the headcount of its trading department by 2027 as it pivots to an algorithm-led approach in order to hit an ambitious long-term operating profit target.

Kambi this morning revealed a €150m (£130.9m/$161.9m) earnings before interest and tax (EBIT) target for 2027 and, in a capital markets day, executives outlined how the business intends to reach that figure.

The business also revealed that it expected revenue in 2027 to be between two and three times the size of its 2022 revenue. As the relative growth in EBIT would be larger than the relative growth in revenue, this suggested that Kambi hopes to increase its profit margins as it expands.

Now, the supplier has provided more detail of this, with a pivot towards more algorithmic trading helping to drive the projected increase in efficiency.

Kambi embracing algorithmic trading

Kambi deputy chief executive Erik Lögdberg described this pivot as “third-generation sports betting”. He said that currently, most spo..

January 19, 2023

Kambi to pursue efficiencies as it aims for €150m profit goal

Kambi expects to pursue a more personnel-light strategy within its trading department by 2027 as it pivots to an algorithm-led approach in order to hit an ambitious long-term operating profit target.

Kambi this morning revealed a €150m (£130.9m/$161.9m) earnings before interest and tax (EBIT) target for 2027 and, in a capital markets day, executives outlined how the business intends to reach that figure.

The business also revealed that it expected revenue in 2027 to be between two and three times the size of its 2022 revenue. As the relative growth in EBIT would be larger than the relative growth in revenue, this suggested that Kambi hopes to increase its profit margins as it expands.

Now, the supplier has provided more detail of this, with a pivot towards more algorithmic trading helping to drive the projected increase in efficiency.

Kambi embracing algorithmic trading

Kambi deputy chief executive Erik Lögdberg described this pivot as “third-generation sports betting”. He said th..

January 19, 2023

PlayCherry joins German Sports Betting Association

The German Sports Betting Association (DSWV) has announced sports betting operator PlayCherry Limited as its latest member.

As an approved member of the DSWV, PlayCherry will work with the organisation and its other members to clamp down on illegal activities in the regulated German market.

PlayCherry is licensed to operate its Sunmaker.de, Comeonwetten.de and Mobilebet.de sites in the country.

“Germany is a core market for our company, and we are pleased to be part of this relatively young, regulated sports betting market,” Cherry CEO Jürgen Reutter said. “The DSWV and PlayCherry pursue a common goal and our membership underlines our efforts to provide customers in Germany with entertaining, and at the same time secure, sports betting products.”

DSWV president Mathias Dahms added: “With PlayCherry, the DSWV is gaining another member with many years of international experience. Everything in the German gambling industry is currently in a state of upheaval and sports betting provid..

January 19, 2023

SimWin announces strategic partnership with Sports Illustrated

Metaverse-orientated fantasy sports business SimWin Sports has announced a new strategic partnership with Sports Illustrated (SI).

Under the deal, Sports Illustrated will become SimWin’s official presenting partner with a variety of branding opportunities and integrations across its platform.

“We are delighted to partner with SI, an authority in the sports and culture realm, as they continue their foray into the metaverse sports space,” said SimWin Sports CEO, David J Ortiz.

“This partnership will provide SimWin an exceptional opportunity to enhance its presentation and broadcasts while optimising engagement with the rabid fans SI has cultivated for generations.”

Metaverse

SimWin’s metaverse proposition sees virtual athletes playing on teams owned by well-known sports and entertainment figures. Some individuals active on the platform include former NBA greats Magic Johnson and Tracy McGrady as well as former NFL stars Jerry Rice and Marshall Faulk.

In 2019, the SI trademark was..

January 19, 2023

Pennsylvania smashes gambling revenue records in 2022

Pennsylvania set a number of new annual gambling revenue records during 2022, with total gaming revenue for the state reaching an all-time high of $5.21bn.

The yearly figure – comprising land-based slots, table games, sports betting, igaming, video gaming terminals (VGTs) and fantasy contests – was 10.2% higher than $4.73bn in 2021, according to the Pennsylvania Gaming Control Board (PGCB).

Retail slots were by far the primary source of revenue in Pennsylvania, generating $2.39bn worth of revenue, up 4.5% year-on-year. Land-based table games revenue was also 7.1% higher at $990.6m.

Read the full story on iGB North America

January 19, 2023

Conor Grant to join Racecourse Media Group as chairman

Former Flutter UK and Ireland CEO Conor Grant has been appointed as the incoming chairman of Racecourse Media Group (RMG).

Grant will initially join as a non-executive director, beginning 1 April 2023, and will succeed chairman Roger Lewis on 1 October 2023. Lewis first joined the RMG board in 2012 and was appointed as chairman in 2019.

Grant has 24 years of experience in the industry, and was most recently chief executive for Flutter UK and Ireland. Before this, he was the chief operating officer of Sky Betting and Gaming.

“I am delighted to be joining Racecourse Media Group at such an exciting time for the business and the broader racing industry,” said Grant. “RMG has delivered outstanding results for its shareholders in recent years and I would like to pay tribute to Roger who has done a fantastic job, along with CEO Martin Stevenson, in growing and developing the business.

“I look forward to working with the RMG team and continuing to deliver for all of our racecourses.”

Outg..

January 18, 2023

Bet365 named official betting partner of Eubank Jr-Smith fight

Bet365 has been announced as the official betting partner of the Chris Eubank Jr vs Liam Smith fight on 21 January 2023.

The online sportsbook operator has entered into a partnership with Boxxer, the boxing company promoting the fight.

As the official odds partner, Bet365 branding will be visible across all pre-promotion and media activity including press conferences, open workouts and weigh-ins. The company’s logo will also have 360-degree advertising on the ring corners, ropes and toblerones at the event.

There will also be Bet365 branding on the venue’s screens, banners and boards.

Bet365 will be featured heavily on Boxxer’s social and digital content, with the operator providing exclusive in-play optimisations to the boxing promoter.

A spokesperson for Bet365 said: “Live on Sky Sports and brought to you by our partners at Boxxer, we’re thrilled to be part of this huge night of British boxing.

“It’s going to be an explosive night on 21 January, and Bet365 has you covered with ..

January 18, 2023

Tipico toasts new partnership with Ohio brewery

Sportsbook operator Tipico has entered into an exclusive partnership with the Rhinegeist Brewery in Cincinnati, Ohio.

Under the arrangement, the operator and the brewery will develop a new “Tipico Sports Deck” in the Rhinegeist Taproom, offering a special experience to sports fans in Cincinnati.

Due for completion early this year, the Tipico Sports Deck will feature nine televisions for watching sporting events, as well as a series of sports-themed activations and deck-style seating for visitors.

Read the full story on iGB North America

January 18, 2023

Altenar details global expansion plans

Sportsbook and online gaming software provider Altenar has announced details of its global expansion strategy, with plans to launch in new European, African and South American markets.

Altenar struck up a partnership with PalmsBet to power the operator’s activities in countries around the world, with a core focus on Bulgaria.

The provider will also work with PalmsBet in Kenya, having launched in the country late last year, as well as in Peru, where the operator plans to go live in April.

As part of the deal, PalmsBet will have access to Altenar’s sports betting and virtual sports offering to expand its current range of more than 20,000 sporting events.

Altenar is licensed across a total of 13 markets, having secured approval from the Great Britain Gambling Commission and Malta Gaming Authority.

“This deal with PalmsBet is truly exciting given that Bulgaria is a market full of potential in terms of sports betting and incredibly exciting demographics,” Altenar commercial account man..