Betting News – Page 27

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..

July 9, 2024

Survey reveals Betano as most recognisable brand in Brazil

Kaizen Gaming-owned Betano is the most recognisable and trusted betting brand in Brazil, a survey by Env Media has revealed.

Env Media centred its survey on the 20 most popular brands in Brazil, including the likes of Betano, Bet365 and Betfair. The study aimed to establish what operators held the greatest share of voice in Brazil by looking at their visibility and market shares.

This is ahead of the regulated market going live following the December approval of Bill 3,626/2023, legalising sports betting and igaming.

The survey asked 500 active adult bettors which operators they were both aware of and trusted. Betano led the way with 73.4% of respondents stating they recognised and trusted the operator. Bet365, meanwhile, was second, selected by 67.2% of those surveyed.

Brazilian operator Pixbet was third, recognised and trusted by 54.7% of respondents, while Sportingbet and Betnacional were selected by 42.6% and 41.6% respectively.

Betano also held the advantage in Env Media’s s..

July 9, 2024

NJ DGE slaps DraftKings with $100,000 fine, stern words

The New Jersey Division of Gaming Enforcement (DGE) has smacked DraftKings with a six-figure fine and a verbal undressing for reporting inaccurate sports wagering numbers over several months, the Associated Press reported on Monday (8 July).

In a letter sent to DraftKings on 16 June, DGE’s acting director Mary Jo Flaherty wrote, “These types of gross errors and failures cannot be tolerated in the New Jersey gaming regulatory system.” Flaherty, not mincing words, described DraftKings’ conduct as “unacceptable”.

The DGE levied a $100,000 fine against the company for the offence, wrote the AP.

Every month, each of New Jersey’s 16 licensed mobile sportsbooks has to report its financials in a number of categories. Included are handle (amount wagered) and revenue, broken down by sport, with multi-leg parlay bets separated out. According to the DGE, the Boston-based company over-reported the amount wagered on parlays and under-reported in other categories.

The company has consistently bee..

July 8, 2024

Handle and hold dip in North Carolina’s third full month of sports betting

In its fourth month of operation, North Carolina recorded $398m in mobile betting handle, the lowest amount since its launch in March.

According to the report released on Monday (8 July) by the North Carolina State Lottery Commission, revenue dipped almost 26% in the Tar Heel state between May and June. Such a dip isn’t unusual, as the US moves into a slower summer sports calendar. New York experienced a similar shift with amount wagered on mobile dropping 34% in June against May.

Bets made via promotions in North Carolina came in at $16.5m, while gross gaming revenue (GGR) hit $40.3m. Operators cannot deduct promotional play in North Carolina.

Operators maintained a 10% hold, which was 2% lower than in May. GGR is taxed at 18%.

Player winnings paid out in June totalled $354.7m, according to the report. Operators cancelled $3.2m in bets, or almost 1% of the state’s overall handle.

Since its launch, North Carolina has taken $2.2bn in handle and $275m in GGR.

Its biggest month s..

July 8, 2024

Weekend Report: Labour win’s impact on gambling, FanDuel thriving in NY

Welcome to the Weekend Report, where iGB updates you with the stories you may have missed over the last few days.

New Labour government brings gambling uncertainty

Thursday’s (4 July) UK general election brought with it a significant shift in power as Labour claimed a huge majority. This ended a 14-year reign by the Conservatives and led to a major overhaul of key parliamentary personnel.

Lisa Nandy MP, who has taken over as the new secretary of state for culture, media and sport, will be charged with overseeing Britain’s gambling industry. On the World Series of Politics podcast prior to the election this week, Regulus Partners’ Dan Waugh outlined how a Labour government could impact the gambling industry.

“In terms of whether it has a major bearing on the gambling market, it’s unclear,” Waugh said. “From an industry perspective, it looks reasonably comforting. Labour is making some fairly positive noises about this.

“I’m not sure it’s that straightforward and the reason I say th..

July 8, 2024

EveryMatrix buys FSB in all-cash acquisition

EveryMatrix chief executive Ebbe Groes described the supplier’s acquisition of betting and igaming platform provider FSB Technology as its “most ambitious acquisition to date”, giving its OddsMatrix sportsbook division a foothold in the African, Irish and UK markets.

FSB’s full end-to-end turnkey solutions, including its player account management software and horse racing products, will strengthen the OddsMatrix platform and generate “immediate additional revenues and cross-company synergies”, EveryMatrix said.

“This is our most ambitious acquisition to date, by value, size and complexity,” EveryMatrix chief executive Ebbe Groes commented.

FSB Deal ACCELERATES EVERYMATRIx’S regulated market rollout for sports betting, says CEO Ebbe Groes

“This transaction facilitates our long-term growth strategy of entering and growing within a greater number of regulated markets, including the UK, Ireland and Africa, where many FSB clients operate.

“It also allows us to accelerate this process, ..

July 8, 2024

What’s behind the slow uptake in Brazil online betting licences?

Brazil is expected to announce its final online wagering regulations in July, but so far only one licence application has been submitted to the regulator. The market has been buzzing with excitement since the window opened on 21 May, so when will the rest of the applications flood in?

The opening of the licensing window marked a crucial milestone in the hotly anticipated legalisation of betting in Brazil, which is expected to become a $9bn (£7bn/€8.3bn) market by 2028, H2 Gambling Capital has estimated.

Fellipe Fraga, chief business officer at local operator EstrelaBet, predicts operators may be waiting for the final regulations to drop in July before formally applying for a licence.

“There are still important topics that need to be discussed in the process of obtaining the licence,” he says.

“The remaining ordinances will contribute to the definition of the strategies that companies will adopt in the regulatory process.”

Fraga says EstrelaBet is seeking further explanation from ..

July 8, 2024

New York sports betting handle hits 10-month low in June

Player spending on online sports betting in New York fell to its lowest total in 10 months in June, while revenue slipped to its shortest monthly total since February.

Total monthly handle in New York for June amounted to $1.47bn (£1.15bn/€1.36bn). This is 25.6% up from the same month last year but 25.4% behind $1.97bn in May this year.

New York online sports betting spend has not fallen to this level since consumers wagered $1.11bn in August 2023.

There was a similar story for New York in terms of gross gaming revenue. For June, this hit $133.9m, a total 29.0% higher year-on-year but 34.1% short of May’s total. The month is traditionally quieter for betting, with the NBA and NFL finals concluding in the first few weeks. Neither competition had a New York team battling for the title.

Incidentally, this total was only marginally higher than the $131.4m posted in February this year, another quiet period after the Super Bowl. That low revenue total for February was the only thing sto..

July 8, 2024

CFL wants Canadian parliament to spike gambling ad ban, as other countries ponder similar moves

Canada's parliament is considering a bill that would limit or potentially ban gambling ads. The commissioner of the Canadian Football League sent a letter to his country's parliament essentially telling it to butt out.

“We do not agree a national framework is required to regulate the advertising of sports betting in Canada,” CFL commissioner Randy Ambrosie wrote in a letter the senate’s standing committee on transport and communications.

“Having said that, we do not claim perfection on this or any other issue. We recognise in all we do we must remain open minded and continue to learn and evolve.”

Ambrosie may be the first major professional league commissioner anywhere in the world to publicly oppose a gambling ad ban. In the letter to the committee, Ambrosie outlined measures the league has already taken to limit exposure to gambling advertising. The CFL also has responsible gaming initiatives in place and educates its employees on the topic.

Ambrosie wrote that the C..

July 5, 2024

Report: Flutter may join Boyd in bid for Penn Interactive assets, including ESPN Bet

As activist investors are pushing Penn Entertainment to divest its digital gaming arm, The Deal is reporting Flutter and Boyd Gaming may partner on an agreement. Boyd has a 5% ownership stake in Flutter, and partners with Flutter's FanDuel in the US for retail and digital sports betting.

Penn stock was up 4.22% at midday on Friday on receiving the news, while Flutter stock was essentially flat after a morning uptick. Boyd Gaming stock was also relatively flat after an early rise reacting to the news.

“Adding Flutter into the equation with Boyd of a potential Penn acquisition makes it more than interesting,” gaming consultant Brendan Bussmann told iGB. “It’s a back door into the ESPN brand for online, but would also give a brick-and-mortar presence to Flutter.”

On Friday (5 July) Seeking Alpha wrote “Flutter (FLUT) may want to partner with Boyd Gaming (BYD) as the owner of FanDuel is interested in Penn’s interactive assets, according to a report from TheDeal.com on Friday, whi..

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