Betting News – Page 3

November 13, 2024

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..

November 12, 2024

ANJL: Brazil black market will grow if betting law is deemed unconstitutional

The National Association of Games and Lotteries (ANJL) has said Brazil's black market activity would increase if the Supreme Court deems its betting law unconstitutional.

On Monday (11 November), the ANJL shared its thoughts at the ongoing Federal Supreme Court (STF) hearing which will determine whether Law No 14,790/2023 for legalised sports betting in Brazil is considered unconstitutional.

The two-day public hearing this week is investigating the impacts of betting in Brazil, with a number of big industry names speaking at the event. It was initiated after Brazil’s third biggest trade union, the National Confederation of Trade in Goods, Services and Tourism (CNC), requested the betting law be declared unconstitutional.

The union filed an ADI (Ação Direta de Inconstitucionalidade), which is a legal action in Brazil that seeks to uphold a law or act that goes against the constitution.

The rapporteur of ADI 7721 is minister Luis Fux, who said on Monday the STF must assess t..

November 11, 2024

Weekend Report: Ex-Tory leader warns over gambling political donations, WWE drops interest in sports betting

Welcome to the Weekend Report, where iGB looks at the news that you may have missed across Friday, Saturday and Sunday. This week: former Tory leader warns over gambling donations, WWE loses interest in US sports betting and Betway details responsible gambling initiative with South Africa’s Premier Soccer League.

Former Tory leader warns against donations from gambling sector

First, Sir Iain Duncan Smith, former leader of the Conservative party, has told political parties in Great Britain to stop taking donations from gambling companies.

Smith urged colleagues dealing with “utterly rapacious” betting companies to “sup with a very long spoon”, the Telegraph reported on 8 November. The MP for Chingford & Woodford Green chairs the all-party parliamentary group on gambling reform.

Speaking on BBC Radio 4’s Today programme, Smith was asked if the gambling industry is a big political donor. He replied: “Yes, this is always a problem really. You have got to detach that sort of thing from ..

November 8, 2024

State of the Union: Tyson-Paul betting in Massachusetts, more election results

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.

Mass regulators will allow bets on Tyson-Paul

On Thursday (7 November) Massachusetts regulators decided not to ban betting on the Jake Paul-Mike Tyson exhibition boxing match set for 15 November. Citing safety and rules changes as positives, the commissioners unanimously believe the fight falls within the bounds of allowed markets in the state bet menu.

The Tyson-Paul bout, which will air on Netflix, will feature two-minute rounds rather than the standard three minutes. Boxers will also wear 14-ounce gloves as opposed to the usual 10-ounce gloves.

“The rules changes are trending toward safety, which was very influential for me,” said commissioner Nakisha Skinner. Her thoughts echoed those of her fellow commissioners.

Commissioner Eileen O’Brien did say that the exhibition raises another question for her…

November 8, 2024

New York mobile sports betting handle hits record $2.32 billion in October

Consumers in New York spent a record $2.32 billion (£1.79 billion/€2.15 billion) in October, the most ever wagered on sports online in a single month in the US, although a weaker hold meant revenue declined.

Data from the New York Gaming Commission shows a 14.9% year-on-year increase in player spending. The October figure also surpasses September by 15.4% and clears the existing record of $2.12 billion, set in November last year, by 9.4%.

However, despite record handle, monthly revenue came in around $35.0 million under New York’s all-time high. For October, revenue from online sports betting was €176.3 million, up 5.7% from last year but 14.5% behind September. This missed the state’s record – $211.7 million in January 2024 – by 16.7%.

In terms of hold across all licensees, this stood at 7.60% for October. This marks a decline on September’s 9.9% hold and comes as DraftKings downgrades its full-year earnings forecast in the wake of “customer-friendly sport outcomes” early in Q4.

November 7, 2024

“Unfavourable hold” a drag on Penn earnings, but new products, tech are things to look forward to

As expected, Penn Entertainment reported a third-quarter loss on Thursday (7 November), but CEO Jay Snowden said the latest sports betting integration, impending launch of a stand-alone digital casino app and continued focus on land-based projects means there is much to look forward to.

During the presentation Snowden pointed to “unfavourable hold” in the northeast and a decline in the number of customers visiting casinos in the south due to weather and construction as drags on revenue. He said that retail customer demand remained stable. With regard to hold, Snowden said the low hold in the third quarter was industry-wide and not unique to Penn. The third quarter includes two of the slowest wagering months of the year in the US.

At least one analyst, Joseph Greff from JP Morgan, had lowered expectations ahead of the release. On Thursday morning Jefferies Equity Research released a note saying the numbers were “in-line with expectations”.

In terms of hard numbers, Penn has $1.8 bi..

November 7, 2024

Sportradar ups 2024 forecast after record Q3

Sportradar has upped its 2024 financial outlook for the third successive quarter after delivering record Q3 figures.

In its financial results for the three months to 30 September 2024, Sportradar said betting and gaming content revenue and strong US market growth were the main drivers of success.

Revenue increased 27% year-over-year to €255.2 million, while adjusted EBITDA was up 30% to €65.8 million.

Sportradar now expects to achieve revenue growth of at least 24% to €1.09 billion and adjusted EBITDA growth of at least 29% to €216 million. In September, the group forecasted year-over-year growth of at least 21% in both revenue and in adjusted EBITDA.

Sportradar’s Betting Technology & Solutions division achieved growth of 32% to €210.1 million during the quarter. This was primarily driven by a 37% increase in betting and gaming content benefiting from existing and new customer uptake of products and premium pricing, as well as from strong US market growth.

Additionally, Managed ..

November 6, 2024

Flashscore founder Livesport acquires Spain’s BeSoccer

Livesport, the Czech technology company behind Flashscore, has completed the acquisition of Spanish-facing football live scores, stats and news provider BeSoccer for an undisclosed amount.

BeSoccer will now join the wider Livesport, running alongside Flashscore, another live score provider. The strategic acquisition, Livesport said, will add approximately 25 million monthly users to its total user base.

The deal encompasses three business entities in BeSoccer, BeSoccer Pro and Resultados de Fútbol.

BeSoccer is the core brand, delivering football-only live scores brand in English, with over 100 million downloads worldwide. Resultados de Fútbol offers live scores in Spanish, while BeSoccer Pro is an additional service focusing on football data analysis.

Livesport said the triple addition will allow it to deliver more comprehensive coverage of football to fans around the world.

Historic acquisition for Livesport

Commenting on the deal, Livesport chairman Martin Hájek said the acquis..

November 6, 2024

Brazil senate president still expects betting CPI creation despite delays, weeks before legal market launch

Senate president Rodrigo Pacheco still expects a parliamentary inquiry commission (CPI) on betting in Brazil to be established despite ongoing delays, with the legal market just weeks away.

On 8 October, Senator Soraya Thronicke requested the creation of a CPI into betting in Brazil, with the aim of investigating the “growing influence of online virtual gambling games on the budget of Brazilian families”.

The request surpassed the 27 signatures needed, with the commission having 130 days after its establishment to carry out its work. It will have 11 full members and seven substitutes.

The CPI was expected to be installed on 25 October. However, its creation was delayed due uncertainty over which senators would work on the inquiry.

Pacheco maintains the momentum for the establishment of the CPI on betting hasn’t been lost. Its creation is vital, he said, with the legal betting market set to launch in Brazil on 1 January 2025.

“It [the CPI] needs to be installed now and made to work..