Betting News – Page 35

July 12, 2024

Waterhouse VC: Turning back the clock

In his latest column, Tom Waterhouse of Waterhouse VC reviews how the fund has performed over the last year.

We started the fund on 19 August 2019 and I am very pleased that our five-year anniversary is fast approaching, with outstanding results for investors over the past year. The fund returned 53.3% for the 2024 financial year, a result our team is proud of.

While global equities have been favourable over the past 12 months, our performance has not relied on these tailwinds, outperforming the S&P 500 by +31%. Returns have been achieved across each pillar of our strategy (Option Deals, Professional Betting, Global Equities).

We’re pleased with the fund’s performance since launching, particularly given the challenges of finding attractive deals during a period of exuberance for growth assets in 2021. Last year’s results bring the return since inception to 102% per annum before all fees. An investment of $100,000 at inception in August 2019, assuming reinvestment of all distribution..

July 12, 2024

US sports betting round-up: FY growth in Kansas, mixed results for Kentucky

Rounding up some of the latest sports betting results across the US, iGB analyses growth in Kansas during the state’s 2024 financial year and month-on-month declines in handle in Kentucky throughout April and May.

Kansas saw both sports betting revenue and handle increase year-on-year, in 2024, with player spending hitting $2.36bn (£1.83bn/€2.18bn). As for Kentucky, the state reported lower player spending for the second straight month.

Kansas stakes up 41% in full fiscal year of betting

Handle for the 12 months to 30 June was 41% ahead of the previous year according to Kansas Lottery figures. Players wagered $2.26bn online and $102.3m with retail sportsbooks across the state.

Revenue reached $117.2m, a year-on-year rise of 100.2% from last year’s $58.7m, a 5.0% hold, below the national average of 9.1%. Of this, $112.4m came from online betting, while retail contributed $4.8m.

DraftKings leads the way but low hold typifies Kansas sports betting market

Looking at individual operat..

July 11, 2024

Wyoming Gaming Commission: Harassment “is bad” but college-player prop ban may not be answer

As jurisdictions around the US wrestle with athlete harassment and how to handle the college-player prop bet ban the NCAA is pushing, on Thursday (11 July) the Wyoming Gaming Commission (WGC) decided to table the issue.

Under the leadership of the former Massachusetts governor, Charlie Baker, in March the NCAA began a campaign to ban prop bets involving college athletes nationwide.

As of now, 13 US states explicitly ban prop bets on college players. Lawmakers or regulators in Maryland, Ohio and Vermont banned them after the campaign began.

Arizona, Colorado, Louisiana, Massachusetts, Oregon, New York, Pennsylvania, Tennessee, Virginia and West Virginia already had bans of some sort before the NCAA request.

In Illinois, Iowa, and Rhode Island, government officials chose to prohibit college-player props on in-state schools only. Indiana does not allow player props of any kind. So far, only Montana has said no to the NCAA, although other states besides Wyoming continue to mull the ..

July 11, 2024

US round-up: Maryland betting grows in first fiscal year of mobile, Tennessee handle jumps 49% in June

Players wagered $5.37bn in Maryland’s first full fiscal year of mobile sports betting, while Tennessee handle jumped 49.7% in June and Detroit’s casinos posted a modest increase in revenue for the month.

Maryland saw both revenue and handle increase year-on-year during the 12 months to 30 June, while Tennessee stakes climbed significantly during the month.

Full-year handle hits $5.37bn in Maryland

Maryland Lottery and Gaming figures show handle for the state’s 2024 fiscal year rise $85.9% to $5.37bn (£4.18bn/€4.96bn). The 12 months which ended on 30 June mark Maryland’s first full fiscal year of mobile betting, after it launched in November 2022.

Of this total, $5.19bn was wagered online, while $180.6m was staked with retail sports books.

Parlay popularity

In terms of handle by sport, pro basketball took top spot with $873.6m in bets, or 16.3% of all wagers placed in FY24. Players spent the most on parlay bets, with these wagers hitting $2.03bn, or 38.2% of handle.

Players won..

July 10, 2024

Ex-NBA player Jontay Porter pleads guilty to conspiracy to commit wire fraud

On Wednesday (10 July) former Toronto Raptor Jontay Porter turned himself in to federal authorities and pleaded guilty to a conspiracy to commit wire fraud in a sports betting scandal that involves four others. Porter entered his plea at the US District Court for the Eastern District of New York.

Federal prosecutors recommended 41-51 months in prison and Porter will have to pay more than $450,000 in fines and fees. According to the New York Post, Porter was released on $250,000 bond put up by his wife and mother.

NBA commissioner Adam Silver banned Porter from the league for life in April, several weeks after news broke that he may have violated league wagering rules. Porter tampered with two games so that his co-conspirators could win “under” prop bets. NBA players are allowed to gamble, but are forbidden from betting on basketball and from fixing games. Porter is the only NBA player to be banned or suspended for betting since PASPA was overturned in 2018.

According to a federal ..

July 10, 2024

Colorado tribe invokes federal Florida decision in suing state for right to offer statewide digital sports betting

On Monday (8 July) Colorado's Southern Ute tribe revealed during an American Indian Affairs interim study committee meeting that it has sued Colorado's governor, Jared Polis, and the state of Colorado. The tribe claims that the state has blocked its ability to offer digital sports betting.

Tribal chairman Melvin J Baker invoked the recent decision by the US Supreme Court not to hear the West Flagler vs the US Deptartment of the Interior case as clearing the way for the lawsuit. Baker said that because that case “held that the Seminole tribe was entitled to engage in statewide sports betting in Florida any legal objection to the Southern Ute and Ute Mountain from engaging in statewide sports betting is gone.”

The tribe filed suit in the US District Court for the District of Colorado on Monday. The court set a 10 October date for a scheduling and planning conference. From there, if the parties have not reached an agreement, the case would move forward in court.

Statewide d..

July 10, 2024

US round-up: Iowa FY24 handle tops $2.6bn, mixed June for Maine

Rounding up the latest US state reports, iGB analyses growth in Iowa sports betting during the state’s 2024 financial year and a mixed June for Maine.

Iowa’s sports betting market closed out its 2024 fiscal year with growth in June, while Maine sports betting operators DraftKings and Caesars reported a decline in handle for the month.

Iowa market up 14% in 2024 fiscal year

Iowa reported year-on-year growth across revenue and handle for the full year to 30 June. Maine, meanwhile, saw sports betting revenue rise month-on-month despite lower spending among consumers.

Starting in Iowa, betting handle for the year hit $2.62bn (£2.05bn/€2.43bn). This is 16.4% higher than the $2.25bn spent in the previous year. Online wagers amounted to $2.41bn while retail spend totalled $207.1m.

In revenue terms, this amounted to $212.3m, an increase of 14.0% from 2023. Of this, $193.5m came from betting over the internet and $18.7m retail sportsbooks.

Looking at individual operators’ performance for..

July 10, 2024

Super Group to withdraw US betting product

Betway parent Super Group has decided to withdraw its US sports betting following an extensive internal review.

The firm said in a statement today (10 July) it would close its sportsbook operations in the nine states where it is currently live, as CEO Neal Menashe said it did not see a long-term path to profitability.

The Betway brand is currently live in Pennsylvania, Iowa, New Jersey, Arizona, Colorado, Indiana, Virginia, Ohio and Louisiana.

The group’s online gambling offering in New Jersey and Pennsylvania will remain, with a focus on two brands from its Spin portfolio, including its Jackpot City brand.

“The vast majority of Super Group’s revenue is generated in igaming and, in line with that strategy, we will continue to offer our leading casino product in New Jersey and Pennsylvania. We are open to expanding our US footprint if the right investment or strategic opportunities arise,” Menashe said.

The firm expects to incur the costs from shuttering these operations in its Q2 ..

July 10, 2024

Illinois betting handle exceeds $1bn for ninth consecutive month in May

Sports betting handle in Illinois exceeded $1.00bn (£781.9m/€924.5m) for the ninth straight month in May, although the Prairie state reported a slight month-on-month decline in stakes.

Total handle for May reached $1.02bn, 21.9% ahead of $821.7m staked last year. However, the figure is down 8.9% from the $1.10bn bet in Illinois during April.

Of all wagers placed in May, $985.7m was spent online through the state’s eight approved internet operators according to the Illinois Gaming Board figures. Players also wagered $31.0m at licensed retail locations across Illinois.

Professional sports accounted for $1.01bn of all bets in May, with $980.7m wagered online and $30.9m via retail sportsbooks. Players staked a further $3.7m on college sports, including $3.6m online and $62,935 at retail locations. A further $1.4m was wagered on motor racing.

Illinois revenue jumps 13.4% year-on-year

Adjusted gross revenue hit $100.9m in May. The total is 13.4% up on last year and also 9.7% higher tha..