Betting News – Page 2

November 15, 2024

Philippines gambling revenue up 37.5% in Q3 on online growth

Gross gambling revenue in the Philippines increased 37.5% year-on-year in Q3 after a near-five-fold uptick within the online sector offset declines across the land-based market.

Data published yesterday (14 November) by the Philippines Amusement and Gaming Corporation (Pagcor) shows revenue hit PHP94.61 billion (£1.27 billion/€1.53 billion/$1.61 billion) during Q3. This is clear of the PHP68.79 billion reported last year and 2.7% higher than Q2 this year.

The stand-out result in Q3 was the PHP35.71 billion generated from electronic (or online) gaming, a rise of 465.0%. The Philippines electronic gaming market covers activities such as online casino, sports betting, bingo and specialty games.

Pagcor chairman and CEO Alejandro Tengco talked up the “phenomenal” increase. He said he expects the sector to continue to grow and reach its end-of-year PHP100 billion revenue target in 2024.

“This impressive performance is a strong indication that the use of modern technology and mobile gadge..

November 15, 2024

Here are the sports betting platforms that already have Missouri market access

Those in Missouri will finally get a chance to bet on sports after voters approved a legal digital and retail sports betting initiative on 5 November. And every major operator already has some sort of existing relationship with a casino or professional sports team in the state.

Missouri’s new law requires that sports betting go live by 1 December 2025. Given that the state has an existing casino industry, it could launch sooner. And Jan Zimmerman, chair of the Missouri Gaming Commission (MGC) says the rules promulgation process has already started.

“Our folks are writing the rules and regulations as we speak,” Zimmeran told KFVS 12 on 12 November.

Zimmerman didn’t reveal a projected launch date or when rules might be available for review. But the MGC meets at the end of each month, usually around the 25th. The agenda and date for the November meeting are not posted yet. Once the process starts, it’s likely that the commission will first approve an application and open that process…

November 14, 2024

Will Tyson-Paul fight be the real deal?

Pennsylvania, Colorado and Vermont won’t approve wagering and for good reason.

I have been covering the sport of boxing professionally for 27 years and, as crazy as it is to type these words, Jake Paul vs Mike Tyson is, in some regards, the biggest boxing match of that entire span.

The viewing audience for Friday night’s fight from AT&T Stadium in Arlington, Texas, will be enormous – not nearly on par with a Super Bowl, but quite possibly equal to the next-biggest sporting event on the list.

And so, in turn, the betting interest is humongous. Even people who’ve never watched Paul box in any of his 11 professional bouts, or who weren’t alive the last time Tyson held a major heavyweight title, seem to have strong conviction as to whether the 27-year-old neophyte is going to get the better of the 58-year-old living legend. Or if the former “Baddest Man on the Planet” is going to butcher the former Disney Channel star.

There are three states, however, that regulate sports betting but w..

November 14, 2024

Q3 online growth fails to offset continued land-based decline in Sweden

Gambling revenue in Sweden hit SEK6.66 billion (£477 million/€574 million/$605 million) in Q3, with growth in the igaming segment failing to offset declines in land-based.

Revenue was 1.3% behind the SEK6.74 billion recorded during Q3 of 2023, Sweden regulator Spelinspektionen reports.

The figure also falls 3.4% short of SEK6.89 billion in Q2 of this year. On top of this, Q3 revenue was the lowest quarterly total since SEK6.58 billion was reported in Sweden in Q1 2023.

Commercial online gambling remains the primary source of gambling revenue in the country by some distance. During Q3, SEK4.33 billion of revenue was reported for this segment, a year-on-year increase of 1.5%. This includes internet-based casino and sports betting activity.

Land-based declines hit Sweden in Q3

However, declines were reported across almost all other sectors of the market. Revenue was down in many core land-based segments, with Svenska Spel’s Casino Cosmopol hit with a 76.5% revenue decline to SEK31 mi..

November 14, 2024

Betting with benefits banned in Brazil pending final approval

Minister for Brazil's Federal Supreme Court Luis Fux has filed an injunction to ban betting via Brazil's Bolsa Familia social welfare cheque. The measure will be put to an emergency session of the Brazilian chamber of deputies today with plans to enforce it effective immediately.

The decision was made after a two-day hearing at the Federal Supreme Court (STF), initiated on Monday 12 November, sought to investigate the impacts of betting in Brazil and determine whether the law governing the upcoming legal market is constitutional.

The STF hearing was called following a request from Brazil’s third biggest trade union, the National Confederation of Trade in Goods, Services and Tourism (CNC), filed an ADI (Ação Direta de Inconstitucionalidade) which is a legal action in Brazil intended to overturn a law that conflicts with the country’s Constitution.

Brazil’s betting sector, which is preparing to receive initial licences shortly, has faced significant backlash from politicia..

November 14, 2024

Lawyer who argued, won PASPA case before US Supreme Court dies at 84

Time magazine labelled Olson, who helped legalise sports betting, one of the 100 most influential people in the world in 2010.

Theodore “Ted” Olson, the lawyer who successfully argued Murphy vs National Collegiate Athletic Association in front of the United States Supreme Court, thereby overturning the Professional and Amateur Sports Protection Act (PASPA) and paving the way for states to make their own determination on the matter of sports betting, has died.

His death was announced by his law firm, Gibson Dunn. Olson was 84.

“Ted was a titan of the legal profession and one of the most extraordinary and eloquent advocates of our time,” Barbara Becker, chair and managing partner of Gibson Dunn, said in a release. “He was creative, principled, and fearless – a trailblazing advocate who cared about all people. We mourn his loss profoundly and send our condolences to his wife Lady, a cherished member of our firm family, and to all of Ted’s loved ones.”

While Olson handled many high-pro..

November 13, 2024

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..

November 13, 2024

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..

November 13, 2024

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..