Betting News – Page 39

May 9, 2024

Brazil bettors set to face 15% tax on winnings

A new normative ordinance in Brazil has confirmed a 15% tax on player winnings above BRL2,824 (£437.77/€508.05/$547.25).

The Special Secretariat of Federal Revenue of the ministry of finance published Normative Ordinance No 2,191 in the Official Diary of the Union on Tuesday. The ordinance outlined the tax framework for betting in Brazil after the Federal Revenue Service (RFB) confirmed its ruling for a personal income tax (IRPF) on betting.

Brazil is in the process of clarifying its betting laws. The country passed legislation to regulate sports betting and igaming on 21 December. President Luiz Inacio Lula da Silva signed Bill 3,626/2023 into law in late December.

There will be a 15% personal income tax in Brazil, as decided by the Economic Affairs Commission in November. However, the tax will only apply on net winnings of more than BRL2,824. The tax will apply at the time of winnings being paid and be taxed at source before a player receives their winnings. The betting operator w..

May 9, 2024

Stake.com sees $100m IPL boost after backing Indian market

Global gambling site Stake.com is reaping the rewards of its investment in India with more than $100m already wagered on the continuing Indian Premier League (IPL) cricket season.

Cyprus-headquartered Stake has targeted growth in India just as other operators are distancing themselves from the market due to concerns about the GST flat tax on turnover. The group enabled deposits in Indian rupees for the first time ahead of IPL 2024 and has commenced a series of marketing campaigns.

Stake said this has led to “unprecedented levels of betting activity” during the IPL season, which concludes later this month.

“We are constantly striving to improve our product and want to make Stake easily accessible to as many players as possible,” said Stake’s director of commercial, Jarrod Febbraio. “With more than $100m wagered this season alone, the IPL is soaring in popularity, and so is Stake.”

IPL marketing boosts Stake’s Indian presence

The Indian rupee has become the sixth fiat currency avail..

May 9, 2024

Ex-MGM exec Sibella gets probation, $9,500 fine in money laundering case

Wearing a navy blazer and a sombre expression, Scott Sibella said he was sorry. Minutes later, US District Court Judge Dolly M Gee sentenced Sibella to 12 months probation, a $9,500 fine and a $100 special assessment. And so ended the legal portion of Sibella's part in the Wayne Nix illegal gambling ring.

Sibella was sentenced late Wednesday afternoon in the US District Court for the Central District of California.

The lightly attended event was speedy and without drama. Sibella was found guilty of one count of failing to file a suspicious activity report while employed by MGM Grand. He gave Nix, a known illegal bookmaker, $120,000 in exchange for a casino marker.

Sibella, the first to be sentenced in a wide-reaching federal investigation around Nix, stood, head slightly bowed during the 18-minute sentencing.

When he was allowed to speak, he said this: “I want to apologise to the court, my family, my friends, the casino industry. Committing this crime has turned my life ups..

May 9, 2024

Ippei Mizuhara agrees to plead guilty in illegal sports betting case

Shohei Ohtani's former interpreter Ippei Mizuhara Wednesday (8 May) agreed to plead guilty to two US federal charges–one count of bank fraud and one count of filing a false tax return–surrounding his theft of nearly $17m from the Japanese baseball star.

According to a US Attorney’s office press release, Mizuhara will plead guilty to both counts at a 14 May arraignment. The arraignment in US District Court for the Central District of California was initially scheduled for Thursday (9 May), but was postponed Wednesday (8 May).

The announcement of the plea deal came two hours ahead of Scott Sibella’s sentencing hearing. Sibella is the former Resorts World and MGM Grand executive who pled guilty in another tentacle of the federal investigation surrounding the Wayne Nix illegal gambling ring.

Mizuhara could face up to 33 years in prison for both charges in addition to fines up to $1.25m. The plea agreement said that prosecutors will advocate for a lesser sentence. By pleading, ..

May 8, 2024

Mizuhara arraignment postponed to 14 May

On Wednesday (8 May) the US District Court for the Central District of California granted a request to posptone Ippei Mizuhara's arraignment to 14 May, according to court documents. The arraignment was originally scheduled for Thursday (9 May).

US Attorney E Martin Estrada submitted the request. Mizuhara’s attorney, Michael Freedman, agreed to the postponement, and the court has now signed off as well.

Mizuhara was Los Angeles Dodgers’ star Shohei Ohtani’s interpreter until, on 20 March, he was accused of stealing $16 million to pay off gambling debts.

Mizuhara turned himself in on 12 April and faces charges of bank fraud. Federal investigators are considering Ohtani a “victim” and the two-way baseball player said that he had been duped.

MLB not investigating Ohtani

On Monday (6 May), Major League Baseball Commissioner Bob Manfred told reporters that the league would let the criminal investigation play out. USA Today reported that Manfred “doesn’t feel a lot of pressure” t..

May 8, 2024

Super Group hits record revenue, deal to acquire platform revealed

Betway operator Super Group has reported Q1 revenues of €379.3m (£326.7m/$407.6m), its highest ever in a first quarter as it announced an agreement to fully acquire its sportsbook technology platform.

Super Group’s revenue total for Q1 is 5.4% up on the €359.9m generated in the final quarter of 2024. It was also a 12.1% hike on the first quarter of 2023.

Super Group attributed the rise in revenue to growth in Africa and North America. Super Group’s Africa and Middle East revenue was 58.9% up year-on-year, while North America’s figure was an 8.2% rise. Africa now accounts for 38% of Super Group’s revenue from 27% in Q1 2023. However, Super Group did note decreases in its Middle East and Asia-Pacific markets.

Super Group announced a profit of €41m for Q1. However, that included a pre-tax gain of €40.1m from the sale of the B2B division of Digital Gaming Corporation (DGC) to Games Global, as well as a non-cash charge of €13.1m for change in fair value of option liability.

Adjusted EBI..

May 7, 2024

ESPN Bet, PGA Championship strike sports betting deal

On Tuesday (7 May) the PGA Championship became the first major golf tournament to make a deal with a wagering company. ESPN Bet parent company Penn Entertainment announced the deal.

Under the terms of the deal, ESPN Bet becomes the “official sports betting partner” of the PGA Championship.

The tournament will be held at Valhalla Golf Club in Louisville between 16-19 May. Because the PGA Championship changes venues each year, no brick-and-mortar sportsbook will be associated with the deal.

Next week, ESPN Bet will have a members lounge set up adjacent to the green on the 13th hole. ESPN Bet customers will be able to use the lounge.

Inside the lounge, ESPN Bet account holders will find beverages and covered seating and will also get special betting offers. The lounge will have a view of the par-4 13th hole.

“The added onsite presence of ESPN Bet as well as broadcast and content offerings will provide spectators with exciting new ways to enjoy and engage with all of the action du..

May 7, 2024

Ohio regulator considers extending licence runway; Arkansas casino application opens

Tuesday (7 May) marks the final day for comments on a rule change that would extend the deadline for Ohio licensees to launch. But the Ohio Casino Control Commission is considering extending the runway.

Currently, licensees have one year to go live from when a licence was issued. For local or retail entities, it’s not always easy to go from concept to launch in 12 months. According to the Business Journal, Phantom Fireworks is among those pressing against the deadline set by the Ohio regulator. Licensed as a Type B operator, which is brick-and-mortar only, the company does not yet have a definitive location for its sportsbook.

The proposed rule change would allow the OCCC executive director the latitude to extend the deadline on a case-by-case basis. Should the executive director determine that the licensee is making progress toward launch, he would have the option to give it more time.

HOF, Muirfield haven’t launched

The Ohio regulator launched legal sports betting on 1 Januar..

May 7, 2024

New ordinance reveals some exceptions for data centres outside Brazil

New rules outlined by the Regulatory Policy of the Prizes and Betting Secretariat (SPA) and the ministry of finance have outlined some exceptions will be made for data centres to be located outside Brazil.

Brazil’s Official Diary of the Union published Normative Ordinance No 722 last week. The new ordinance comes with Brazil clarifying its regulation after a four-part regulation rollout was announced in April. This follows Brazil passing legislation on 21 December to allow for sports betting and igaming. President Luiz Inacio Lula da Silva signed Bill 3,626/2023 into law later that month.

Normative Ordinance No 722 has outlined the rules around betting systems, such as the relevant technology and security requirements. Notably, the ordinance clarified special situations where it will permit data centres to be outside Brazil.

Special circumstances for data centres outside Brazil

The new ordinance outlines that data centres must be located in Brazil. However, specific conditions coul..

May 7, 2024

NCAA proposed ban on college player prop bets isn’t black and white

Some Sundays, when Charles Moore goes to church, he finds himself sitting behind a professional or college athlete. And he starts to wonder: What kind of gambling education is that player getting? Will he be harassed if he blows a play? What can I do to help?

Charles Moore is the executive director of the Wyoming Gaming Commission (WGC). Casper, population of 58,543, is the second-biggest city in the least populous state in the US. It is also Cincinnati Bengal Logan Wilson’s hometown.

Wyoming’s current athletic claim to fame is Buffalo Bills starting quarterback Josh Allen, a University of Wyoming graduate. There are four active NFL players who went to college in Wyoming and one active NBA player (Larry Nance Jr). New York Met Brandon Nimmo is a native of the state’s biggest city, Cheyenne (population 64,795).

Does harassment have a “direct relationship” to props?

Each one of them is on Moore’s mind.

“We know for a fact that our student athletes are being harassed,” Moore said…

May 6, 2024

Operators favour open DC market, but small businesses voice concerns

The DC Council's first hearing on a bill that would create an open, competitive sports betting marketing wasn't without rancour or criticism. And while there were some insights, there wasn't a vote or a clear plan for what happens next.

On Monday (6 May) Councilman Kenyan McDuffie chaired a three-hour hearing in the business and economic development committee exploring an open DC market.

Representatives from BetMGM, Caesars Sportsbook, DraftKings and Fanatics Betting & Gaming testified in favour.

The committee also heard heated opposing testimony from representatives of the small business community. And McDuffie and DC Lottery chief Frank Suarez revisited an earlier combative discussion about why change has taken so long.

On the financial side, a new bill would increase the tax rate for retail sportsbooks and reinstate funding for problem and responsible gaming initiatives. It would also allow seven professional sports franchises and teams to partner with sportsboo..

May 3, 2024

Iowa betting investigation: “If they get suspended or a scholarship taken away, so be it”

An Iowa criminal investigator appears to have lost his moral compass and is more concerned with garnering attention than following the rules, emails released to the Associated Press reveal this week.

In the ongoing investigation around the suspension and arrests of multiple college athletes, the emails shine new light on what motivated at least one investigator.

An Iowa betting investigation “would bring attention to our unit, not only in the public’s eyes, but also as far as the commissioner and even possibly the legislatures,” Iowa Division of Criminal Investigation special agent Chris Adkins wrote in a 2023 email to colleagues, according to the AP.

The emails shine another light on an investigation that has begun to look a lot like an abuse of power. The end result was that dozens of athletes from the University of Iowa and Iowa State University either faced criminal charges in the state or NCAA suspensions.

In some cases, potentially including for then-Iowa State quarterback..

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