Betting News – Page 5

September 2, 2024

Federal Revenue Service to address Brazil sports betting tax concerns at CPI hearing

Special secretary of Brazil’s Federal Revenue Service Robinson Barreirinhas will appear in front of the parliamentary commission inquiry (CPI) on match-fixing to explain how sports betting tax from companies abroad will be kept in Brazil.
The special secretary will appear at the request of Carlos Portinho, who is looking to clarify how tax payments will be made across borders.

Barreirinhas will be heard this Wednesday (4 September) by the CPI on manipulation, which was set up in April to counter match-fixing on sports betting in Brazil.

As set out in Normative Ordinance No 827, operators must have a headquarters on Brazilian soil. Foreign companies are still eligible for a licence, although they must have a local subsidiary of which a Brazilian owns at least 20% of the share capital.

Businesses must also provide a joint certificate from the special secretariat of federal revenue and the attorney-general’s office of the national treasury to show they are registered to pay tax in the ..

August 30, 2024

Arizona sportsbooks see 13.5% handle increase over last June; 20% decrease against May

Bettors in Arizona wagered $454m (£345.8m/€410.5m) in June, the latest month of revenue reporting available, according to a Friday (30 August) Arizona Department of Gaming (ADG) press release.
That number beat the same month in 2023 by $60.8m or 13.5%. But it was down 20% from $568.4m in May.

Gross gaming revenue for Arizona sportsbooks before promotional deductions was $46.2m. Operators wrote off $14.6m, meaning adjusted gross revenue was $31.6m, which is taxable. Operators paid the state $3.16m in tax revenue. Digital wagering operators are taxed at 10% and brick-and-mortar sportsbooks are taxed at 8%.

Digital platforms accounted for $449.7m in handle and $31.3 in AGR. The state has three retail sportsbooks that it can tax and they collectively took $4.4m in bets. The rest of Arizona’s brick-and-mortar locations are in Indian Country and bets are not taxed by the state.

There was a $5,210.70 “annual audit adjustment” noted on the report.

DK has highest handle; FD leads in AGR
..

August 30, 2024

Virginia sportsbooks were big winners in July, extending double-digit hold streak

Virginia sports betting operators recorded their fourth consecutive month of double-digit hold in July, the Virginia Lottery reported on Friday (30 August). Bettors laid down $377.6m in wagers, up 28.6% over last July.
Virginia handle was down from $415.4 in June. The state’s 14 digital and three retail sportsbooks have recorded hold of 10% or more five times in 2024.

According to the report, adjusted gross revenue (AGR) was $40.3m, up compared to last July’s $28.2m, but slightly down from $40.5m in June, when hold was 10.95%. The regulator calculates AGR by subtracting player winnings, bonuses and promotions and certain other deductions from total monthly player wagers. Bettors won a total of $331.3m.

Virginia taxes operators at 15% and the state does not release individual sportsbook or sport data. The regulator did report that 10 operators had positive AGR for the month. All of the major operators, including BetMGM, Caesars Sportsbook, DraftKings, ESPN Bet, Fanatic Sportsbook an..

August 30, 2024

State of the Union: California sports betting scandal, BlueBet exit, proposed MD regs

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.
Another California illegal bookie pleads
On Monday (26 August) professional poker player Damien LeForbes agreed to plead guilty to running an illegal sportsbook in California. His business is likely tied to Mathew Bowyer’s. Bowyer is the illegal California bookmaker who took wagers from former Shohei Ohtani interpreter Ippei Mizuhara. Bowyer last month agreed to plead guilty to multiple federal counts

Both operated illegal sportsbooks in Los Angeles and Orange counties in California and Clark County, Nevada.

LeForbes, according to Legal Sports Report, wagered $148 million at “Casino A”, as it is referred to in court documents. It’s possible that casino is Resorts World. A May Nevada Current story said he owed Resorts World $12.3 million. Resorts World was identified as a casino at which Bowyer laundered illeg..

August 30, 2024

International markets helping to drive growth for BetMakers in FY2024

BetMakers recorded revenue of AU$95.2m (£49.1m/€58.4m/$64.7m) for its 2024 financial year, with its international presence credited as driving growth.
The figure marked a minor increase of AU$200,000 for BetMakers compared to 2023, while a focus on costs helped slash the supplier’s adjusted EBITDA loss for the 12 months ended 30 June 2024.

Its Global Tote division, which has a presence in more than 35 countries, drew in the majority of the revenue. It delivered AU$54.8m, representing 58% of total revenue – a 3% year-on-year increase.

In FY2024, BetMakers entered into or renewed contracts with 29 operators around the world. International customers are a growth focus while its domestic platforms and the loss of its contract with Betr held it back, it explained.

During the year it signed a two-year market access and content agreement with Bet365 to distribute horseracing content to customers in New Jersey and Colorado in the United States. Caesars Entertainment has launched BetMakers’ ..

August 30, 2024

Does Flamengo’s Flabet set a blueprint for sports teams to become betting operators?

Brazilian football club Flamengo’s new Flabet sportsbook could set a trend for other teams to become operators, according to two lawyers from Bichara e Motta Advogados.
Udo Seckelmann and Pedro Heitor de Araújo, who work in the gambling & crypto practice of Brazilian law firm Bichara e Motta Advogados, say other clubs may adopt a similar model to grow revenue.

Earlier this month, Flamengo revealed plans to launch Flabet with Pixbet, the club’s master sponsor, managing the brand. Essentially the arm’s-length agreement allows the operator to become an active participant in Brazil’s sports betting market, rather than only generating revenue through sponsorship.

The Flabet agreement lasts until 2027, with Pixbet paying Flamengo a minimum amount of BRL82.5m (£11.1m/€13.2m/$14.7m) over that timespan. The club will receive BRL10m in 2024, BRL22.5m in 2025 and then BRL25m in both 2026 and 2027.

Additionally, the club could receive a royalty fee of 1% of gross gaming revenue (GGR) if that ..

August 30, 2024

Colorado wagering numbers up YoY, but handle down against June

Colorado's sportsbooks had a strong July, reporting increases in handle, revenue and taxes paid to the state against July 2023. Handle was up 14% and taxes paid to the state were up 33.2% according to the state's department of revenue.
The latest Colorado revenue report shows an 8.6% decrease in handle compared to June, but a 30.4% increase in taxes paid to the state. Digital wagering operators paid $2.4m (£$1.8m/€2.2m) to the state and bettors laid down $320.3m in handle.

The department of revenue uses the term “net sports betting proceeds” (NSBP) to identify operator revenue. For July, it was $25m, compared to $19.2m in June. Of that, the state’s online platforms accounted for $24.8m in NSBP and retail sportsbooks accounted for $175,009. Revenue was up from $19.1m in July 2023.

Baseball the most popular sport
The Colorado regulator does not break down its sports betting report by operator, but it does break it down by sport. Betting on baseball led all categories, with..

August 29, 2024

SEC latest US college football conference to require college injury reports

The Southeastern Conference (SEC), one of the four remaining college football power conferences, is mandating injury reporting amid the spread of sports betting in the US. The Big Ten last year was the first to do so and Mid-American Conference last week also required reporting.
The SEC injury reports mandate is not for football only, it also extends to men’s and women’s college basketball and baseball.

The requirement is in direct response to the rise of legal wagering in the US. College football administrators see it as a tool to protect student-athletes from the betting public. Injury reporting is a staple in US professional sports leagues.

SEC teams will kick off their first full day of the 2024 season Saturday. Last week, No 10 Florida State played at Georgia Tech.

“This availability reporting policy is intended to reduce pressure from outside entities seeking participation information and represents a commitment of our 16 institutions to provide enhanced transparency to sup..

August 29, 2024

Caixa expects to be a major player in the Brazil betting market

Caixa Loterias president Carlos Antônio Vieira Fernandes believes the company will be one of the leaders in the upcoming Brazil betting market.
Caixa, Brazil’s federal bank, submitted its licence application on 20 August, a day before the initial 90-day preference window closed. By applying during that timespan, Caixa, like other operators who filed in that window, is guaranteed its request will be processed by 1 January 2025. That is the expected launch date of the legal betting market in Brazil.

Brazil’s Secretariat of Prizes and Betting (SPA) received 113 applications during the priority window.

If the application is successful, Caixa, a Brazilian bank which holds a federal monopoly on lottery, will be able to offer sports betting to players in Brazil. The market is expected to be highly lucrative.

A study by the International Betting Integrity Association (IBIA) predicted sports betting turnover will reach $34bn (£26.8bn/€31.1bn) by 2028. Of that, onshore gross win is expected ..