Betting News – Page 33

July 22, 2024

US round-up: online growth drives Louisiana in FY, mixed June for Mississippi

Rounding up some of the latest gambling figures in the US, Louisiana reported a year-on-year rise in sports betting revenue and handle despite a decline in the retail market during its 2023-24 financial year, while Mississippi saw player wagers fall in June.
Starting in Louisiana, players staked $3.33bn, an increase of 32.1% figures from the state Gaming Control Board show. Of this, $3.04bn was bet online, a rise of 37.2%, and $291.7m at retail sportsbooks, down 5.0%.

After promotional spend – something that skewed Michigan sports betting figures in June – of $44.4m, net revenue from sports betting came to $388.1m, up 58.3% on the prior year.

Mobile betting accounted for $358.2m of the total (a rise of 73.2%) although retail’s $29.9m contribution was down on the prior year. Mobile launched in January 2022, months after the first retail bets were placed in October 2021.

American football was the sport that generated most revenue across online ($30.1m) and retail ($3.5m). However, pa..

July 22, 2024

Michigan sports betting figures skewed by BetMGM deductions in June

While Michigan posted strong year-on-year growth in online gross gaming revenue (GGR) in June, hefty promotional deductions attributed to BetMGM meant adjusted sports betting revenue swung to a loss for the month.
Total online gambling gross receipts, across the state’s tribal and commercial licensees, hit $214.1m in June, figures from the Michigan Gaming Control Board (MGCB) show. This was generated almost entirely from online casino, which accounted for $183.2m of the total. A further $30.9m of revenue came from sports betting, from $276.8m in stakes, an 11.2% hold.

June, with only Major League Baseball (MLB) in action, is traditionally a quieter month for US sports betting. However, Michigan sports betting operators, as in many other states, reported strong year-on-year growth in player wagers. Handle was up 21.4% from June 2023 to $276.8m.

BetMGM deductions hit Michigan sport betting performance
A hefty promotional deduction for BetMGM meant adjusted revenue for sports betting..

July 22, 2024

Student athletes face new wave of harassment – how is the NCAA and the betting industry addressing the issue?

The National Collegiate Athletic Association (NCAA) and the National Council of Legislators from Gaming States (NCLGS) are working together to afford collegiate athletes safety in the new world of sports betting.
Dangers for student athletes range from integrity to the illegal betting market, to physical danger to athletes from bettors who lose individual player prop bets said panelists on Friday (19 July) at the NCLGS summer meeting in Pittsburgh.

The NCAA and NCLGS are banding together for a solution, said Clint Hangebrauck, the NCAA’s managing director of enterprise risk management. The two entities have formed a special committee on education to create draft legislation that can address protecting student athletes.

“We have drafted a model legislative framework that starts with really enforcing the unregulated market,” Hangebrauck said. He went on to say that the current situation presents a “clear and present danger to the safety and well-being of our student athletes”.

Wayne ..

July 22, 2024

SuperBook shuts down in eight states

Late Friday (19 July) SuperBook Sports became the latest casualty in the digital sports betting world when it shut down in eight states. The company, which has its flagship retail sportsbook at the Westgate in Las Vegas, remains live online in Nevada.

In an 8.38pm ET tweet, the company announced that it had shuttered its platforms in Arizona, Colorado, Iowa, Maryland, New Jersey, Ohio, Tennessee and Virginia at 8pm ET on Friday. SuperBook is the fourth platform to wind down operations this year.

Prophet Exchange, SaharaBets and Unibet all closed earlier in 2024. Like those three, SuperBook was unable to capture significant market share in any state outside of Nevada.

SuperBook is known for its massive retail location in Nevada and its NFL SuperContests. SuperBook had plans to offer the contests in other states. But it could not bring in players outside of Nevada without violating the Wire Act. However, plans to offer similar contests locally did not materialise.

SuperBook’s clos..

July 19, 2024

Bettor perspective? Walters, “Spanky” say US sportsbooks have much to learn

As legal sports betting in the US proceeds in its seventh year, many have expressed concerns about whether the current wagering model is sustainable for the long term.

A panel discussion on Friday (19 July) at the summer meeting of the National Council of Legislators from Gaming States (NCLGS) in Pittsburgh featured views on the subject from legendary sports bettors Billy Walters and Gadoon “Spanky” Kyrollos. Both the legendary Walters, 78, and Kyrollos said sustainability depends on treating sports bettors fairly.

That, they said, means an equal playing field for all customers.

Richard Schuetz, a veteran casino executive, regulator and onetime Las Vegas sportsbook operator, moderated the panel. Schuetz hosted Walters when Schuetz ran the sportsbook at the Stardust.

Transparency, betting limits are concerns

One problem threatening the long-term sustainability of legal sports betting, panelists said, is a lack of knowledgeable operators. “The (legal) industry is new in this country..

July 19, 2024

State of the Union: ESPN Bet layoffs, SEC should be “vigilant” to protect athletes

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.

Penn lays off some ESPN Bet employees

Less than a year after launching its ESPN Bet platform, and about three years after buying Canadian-based theScore, Penn Entertainment announced layoffs.

Front Office Sports on Wednesday (17 July) tweeted a letter from Penn CEO Jay Snowden to employees. In the letter, Snowden says the company will be “implementing changes” to “streamline the reporting lines”. He also wrote that this process will “result in a limited number of team member separations”.

PENN Entertainment—the gambling company behind ESPN Bet—had a round of layoffs, including multiple employees who focused on ESPN Bet, a source tells @FOS. (Layoffs first reported by @DustinGouker)
Here's an email that was sent to employees this afternoon from the company's CEO: pic.twitter.com/zW7LKOVI9U
— A.J…

July 19, 2024

Pennsylvania gaming market shored up by record icasino performance in FY23-24

Pennsylvania reported year-on-year declines in slots, table games, sports betting, VGTs and fantasy sports in its fiscal year ended 30 June, yet a strong performance from online gaming was enough to push the state to record revenue and taxes.

Total gambling revenue for the 12 months to 30 June came to $5.89bn (£4.55bn/€5.41bn), 6.9% ahead of last year’s $5.51bn according to full-year figures from the Pennsylvania Gaming Control Board.

This generated $2.36bn in tax revenue for the Keystone state, a record breaking total. Of this total, $1.34bn came from casino slots and $157.6m table games. Sports betting generated $175.2m, video gaming terminals $21.4m and fantasy sports $2.9m.

However, it followed a year in which all verticals – bar one – declined year-over-year. The land-based casino market made the biggest contribution, with slots making up $2.44bn of FY23-24 revenue, down 0.6% from the prior year. A further $958m came from table games, with video gaming terminals (VGT) revenue ..

July 18, 2024

Evoke misses H1 EBITDA target, cites leadership change as H2 growth driver

Evoke Plc missed its H1 2024 adjusted EBITDA target by £35m to £40m due to high marketing costs and lower than expected revenue, it said in a trading update today.

The 888, William Hill and Mr Green parent company expects to mitigate its losses in H2 by employing up to £30m in cost savings and meeting its full-year earnings expectation.

A change in leadership and operational overhaul were cited as key drivers for cost efficiencies in the second half of the year. This includes 888’s new strategy and value creation plan, set out in March.

As a result, the firm expects H2 2024 revenue growth to be in line with its medium-term guidance of 5%-9%. It also hopes to deliver a 20% EBITDA margin in 2025. Marketing costs will be between £35m and £40m lower in H2 than in H1.

In an analyst note, Regulus Partners said the profit warning was “neither small nor unlucky”.

On the impact from marketing spend, Regulus said: “What is slightly alarming is that such poor tactics were allowed to unfol..

July 17, 2024

BetMGM, Caesars go live in Washington, DC after short delay

BetMGM and Caesars Sportsbook went live across Washington, DC on Wednesday (17 July). Previously both operators could only offer their platforms in exclusion zones.

The launch is two days later than both operators planned. But they had to await the FY2025 budget being in force.

The budget includes provisions that open the market from a monopoly to a competitive landscape. DC Mayor Muriel Bowser did not sign or veto the budget. Her deadline to do so was 25 July. Instead, she sent it back to the DC Council. The move allows BetMGM and Caesars to begin offering their platforms throughout the city.

Bowser’s press secretary told Sports Handle that Bowser’s non-action “will still permit” the expansion. By sending it back, Bowser was demonstrating that she had “objections to several elements of the budget”. Given the contentious history of sports betting in DC, the expansion could be one of those objections.

Neverthelesss, BetMGM and Caesars Sportsbook announced on Wednesday that they had..