Betting News – Page 13

September 19, 2024

New balls please: Tennis goes micro

The launch of micro betting on ATP tennis will offer operators the chance to go beyond point-by-point, writes Scott Longley.
DraftKings’ recent acquisition of the 85% slug of provider Simplebet it didn’t already own for up to $195m threw the spotlight once again on the emergence of micro betting as a form of in-play that has been gathering strength in the US.

The success of the format – sometimes micro markets – has been ascribed to the nature of certain key sports in the US market.

Notably, the stop-start characteristics of both American football and baseball are often seen as being particularly useful from the perspective of breaking games down into more bet-able moments.

Indeed, in announcing the Simplebet acquisition, Corey Gottlieb, DraftKings’ chief product officer was quoted as saying the proposed acquisition would “allow DraftKings to leverage Simplebet’s proprietary technology to create an in-play wagering experience that moves at the speed of sports.”

Such is the enthusi..

September 18, 2024

Michigan: Igaming growth drives online gambling revenue increase in August

The Michigan Gaming Control Board (MGCB) reported a year-on-year and month-on-month increase in online gambling revenue in August, driven by growth within the igaming sector.
Igaming gross receipts and gross online sports betting receipts from commercial and tribal operators in August amounted to $224.0m (£170.2m/€201.5m). This is 27.7% more than last year in Michigan and 1.4% higher than in July this year.

Data, published by the MGCB on Tuesday (17 September) shows igaming accounted for $196.7m of all revenue during August, up 29.2% year-on-year. Gross sports betting receipts were also 18.1% higher for the month at $27.4m.

The MGCB also sets out adjusted gross receipts (AGR), which account for promotional spending in Michigan. For August, the total for the state’s online gambling market was $193.2m, a rise of 26.2% on last year’s total.

Of this, $176.9m came from igaming, a year-on-year rise of 30.9%. In terms of sports betting, AGR reached $16.3m, up 2.5% from the previous year.

September 17, 2024

MLBPI slaps four US operators with name, image and likeness suit for using players in apps, social media

MLB Players Inc (MLBPI), the corporate arm of the Major League Baseball Players Association (MLBPA) has filed lawsuits against DraftKings, Bet365, FanDuel and Underdog Fantasy for unlawfully using the name, image and likeness of several players on their apps and social media accounts.
The suits were filed on Monday (16 September). The DraftKings-Bet365 suit was filed in the US District Court for the Eastern District of Pennsylvania and the FanDuel-Underdog suit was filed in the New York State Supreme Court in Manhattan. Both allege that the bookmakers have used “hundreds” of MLB players’ names and images without proper consent.

The alleged violations apply to bets and promotions on the bookmakers’ apps and posts from their social media accounts. The union described the two companies’ conduct as “outrageous, malicious, and in wilful violation of MLBPI’s rights”.

As a result, the union is seeking an injunction to stop the use of player images as well as compensatory and punitive dam..

September 17, 2024

Tax Foundation research bears out diverse US wagering tax rates, barriers to entry

On Tuesday (17 September) the Tax Foundation released an interactive map that shows tax rates for every legal US online sports betting jurisdiction. The map reveals the diverse tax structures that exist across the country.
Operators must deal with separate sets of laws, regulations and tax structures in each jurisdiction in which they are licensed.

The map does not include the fees that operators must pay in each state. But according to the press release, high licensing fees are among the “common barriers” to entry. It uses as examples Massachusetts, which has a $5m (£3.8m/€4.5m) initial fee and $5m renewal every five years and Pennsylvania, which has $10m initial fee and $250,000 annual renewal.

New York, which is capped at nine operators, has the highest initial fee at $25m. In part because of that, only major US or global platforms are available in the state.

Cost of business related to survival in a market
The Tax Foundation also pointed to the requirement to be tethered to ..

September 17, 2024

Massachusetts hits lowest sports betting revenue this year in August

Sports betting revenue in Massachusetts fell to a calendar year-low during August, though the state was able to report year-on-year growth across both revenue and handle.
Combined taxable online and retail revenue in August reached $33.3m (£25.2m/€29.9m). This is 51.4% more than in Massachusetts last year but 19.2% behind July – and the lowest monthly figure so far this year.

Online betting accounted for $32.9m of all revenue during the month, with retail’s share at just $381,134.

Handle-wise, the $447.3m spent across online and retail was some 42.1% ahead of last year. It is also 8.6% more than the $411.8m wagered on sports in July this year.

Players spent a total of $439.7m betting online during August, in addition to $7.6m at retail sportsbooks across Massachusetts.

In terms of hold, the overall figure for the state’s market in August was 7.71%. Online hold was slightly above this at 7.74%, with retail lower at 6.12%.

DraftKings still the one to beat in Massachusetts
As for in..

September 17, 2024

CFTC: Lower court made several errors in allowing Kalshi’s US political futures

Last week, two federal court rulings allowed then subsequently disallowed Kalshi from offering futures contracts on the outcome of congressional elections. Over the weekend, federal regulators said it should have never been allowed in the first place.
On 12 September, Judge Jia Cobb from the US District Court for the District of Columbia Circuit ruled that the Commodity Futures Trading Commission (CFTC) “exceeded its statutory authority” when it halted the contracts last year. But hours later, the CFTC appealed to the US Court of Appeals for the District of Columbia Circuit. That court granted a stay, meaning Kalshi cannot offer futures until the appeals court rules. Kalshi and the CFTC are scheduled to give oral arguments for the case on Thursday (19 September).

Kalshi and the CFTC will face off in court- again- on Thursday, to debate the commission's argument that election betting should be frozen pending its appeal pic.twitter.com/GEPbuc5I2D
— Alexander Osipovich (@aosipovic..

September 17, 2024

FanDuel dominated Washington, DC wagering in August

In the first full month of an open competitive market in Washington, DC, FanDuel was the clear choice for bettors, taking $21.7m in bets. Four operators were live online.
Washington, DC also has four in-person only sportsbooks and the eight combined to take $40.6m in bets, the highest in history according to the Office of Lottery and Gaming (OLG) report. The group had a combined $4.5m in gross gaming revenue (GGR).

In June, the DC Council voted to open the market, which during its first three years, only had one digital option available throughout the District and that for just 11 months. GambetDC, a white-label platform provided by lottery provider Intralot, was live.

But issue after issue arose and, in March, the OLG announced that Intralot was preparing to take the platform down and replace it with FanDuel. The wagering giant subcontracted with Intralot, but its run as a monopoly was short-lived. FanDuel went live in April, but on 15 July the market opened and the OLG declined t..

September 17, 2024

New Jersey: Record igaming revenue drives growth in August

Gambling revenue in New Jersey increased 4.4% year-on-year in August, helped by a record performance by the Garden State’s igaming market.
Total revenue for August reached $555.1m (£420.0m/€498.7m). This is ahead of $531.6m in New Jersey last August and also 1.3% more than $547.8m in July this year.

Without doubt, the stand-out figure for New Jersey in August was igaming revenue. Here, revenue jumped 27.8% year-on-year to $198.4m – a new monthly record for the state.

This includes $196.0m in internet slots revenue, an increase of 28.2%. On the other hand, online peer-to-peer remained level at $2.4m for the month.

Golden Nugget was again the leading master licensee in the igaming market. Skins operating via its licence, which in addition to Golden Nugget are FanDuel, Betway and BetRivers, generated $55.0m in revenue.

However, as was the case in July, DraftKings was the leading igaming operator. It posted $43.2m in online casino revenue, ahead of FanDuel on $41.3m. Another brand of n..

September 17, 2024

ICO investigates Sky Bet for unlawfully processing player data

The Information Commissioner’s Office (ICO) has reprimanded Bonne Terre Limited, trading as Sky Betting and Gaming, for an outdated cookie policy that players couldn't opt out of.
The ICO found Sky Bet had used cookies to collect player data and share it with various marketing platforms before players were able to provide their consent and opt in or out of advertising cookies.

A complaint from campaign group Clean Up Gambling was submitted to the ICO, sparking an investigation into whether the Flutter business was deliberately misusing personal data to target vulnerable gamblers.

While Sky Bet was found to have processed data in a way that was “not lawful, transparent or fair”, the ICO said it found no evidence of deliberate misuse.

ICO deputy commissioner Stephen Bonner believes the case should be a lesson to gambling operators as she urged them to reconsider how they process player data.

“Our enforcement action against Sky Betting and Gaming is a warning that there will be..

September 16, 2024

Illinois regulator tightens wagering and casino advertising rules

Illinois regulators late last week became the latest to revamp advertising and marketing rules for sports betting and casinos. The move follows a trend in the US that regulators say aims to protect minors and those at-risk from potential harms.
The Illinois Gaming Board (IGB) on Thursday (12 September) voted in more strict measures around wagering, casino advertising and video gaming. The new guidelines mirror those in Massachusetts and Ohio. Those two states are recognised to be the most stringent when it comes to advertising and marketing.

The IGB previously did not have such guidelines for casino and video gaming.

The board voted the same day that two US lawmakers introduced legislation that would, in part, create national gambling advertising guidelines.

The overall document now seeks to consider digital sports betting and advertising. But the rules apply to the physical and digital worlds.

IGB CEO Marcus Fruchter said the new rules were designed to “include additional safeg..

September 16, 2024

US betting revenue round-up: New Illinois tax structure, Indiana, Iowa, West Virginia

Analysing some of the latest monthly sports betting reports in the US, iGB looks at how Illinois, Indiana, Iowa and West Virginia performed in July and August.
Starting in Illinois, July was the first month of new tax rules in Illinois. The previous 15% flat AGR rate was replaced by a sliding scale, ranging from 20% to 40%, depending on handle. Despite handle being down against June, operators paid $14.3m (£10.8m/€12.9m) in the state in taxes on $71.1m in adjusted gross revenue (AGR), as compared to $13.8m on $84.6m AGR.

Total player spending in July amounted to $774.1m. This is 8.7% lower than June but 26.7% ahead of July last year, according to the Illinois Gaming Board.

Online betting accounted for $753.6m of the total, with retail’s share at $20.5m for July.

Professional sports drew $769.6m of bets across online and retail during the month. Motor racing bets topped $1.4m, college sports $927,015 during the summer break and other events $1.8m.

Revenue-wise, for the entire state..

September 16, 2024

Weekend Report: Caesars launches retail betting in Maine; talk of Newfoundland casino

Welcome to the Weekend Report, where iGB looks at the news that you may have missed over Friday, Saturday and Sunday. This week, we cover Caesars launching in-person betting in Maine, reports of a new casino in Newfoundland and the start of SkyCity’s temporary closure in Auckland.
Caesars first to launch retail sports betting in Maine
First off, Caesars has become the first to operator to roll out retail sports betting in the state of Maine. The Portland-based Oddfellahs sportsbook officially opened on 13 September and is operating in partnership with First Tracks Investments.

Portland mayor Mark Dion placed the first ceremonial first bet at the site, which features self-service betting kiosks and a ticket window on-site. Cash deposits and withdrawals for Caesars Sportsbook mobile accounts is also available.

Online sports wagering with Caesars has been available in Maine since November of 2023.

Local mayor proposes new casino in Newfoundland
North of the border, reports of a poten..

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