Finance – Page 3 – Bookielink

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 9, 2024

Brazil government preparing heavy crackdown on illegal betting payments

Pay4Fun director Ari Celia tells iGB Brazil's ministry of finance has established a new department to target black market operators. He expects Pix blocking efforts to be successful.
Brazil’s government is implementing hefty measures to prevent illegal operators from processing payments ahead of the legal betting market’s launch on 1 January 2025.

The government’s ministry of finance is setting up a team of eight civil servants who will specifically work on preventing illegal sites from taking and receiving payments, according to Celia.

The team will process complaints from the sector and seek to punish unlicensed payment providers and illegal sites.

Blocking Pix payments will be successful
One measure the government has publicly announced is blocking payments involving illegal operators made via Pix, an instant payment service controlled by the Central Bank of Brazil which the majority of the betting market uses.

Regulators in other markets like Germany and across Europe..

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

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 21, 2024

Sports betting and igaming continue to offset Pennsylvania retail decline in July

Pennsylvania posted further year-on-year declines in land-based gambling revenue in July, although the state saw total market revenue increase on the back of ongoing growth across igaming and sports betting.
Revenue from gambling in Pennsylvania in July hit $500.8m (£384.2m/€450.2m), according to the state’s Gaming Control Board. This is 7.2% higher than last year and also 6.1% more than $472.0m in June this year.

Despite revenue from retail slots declining 4.8% year-on-year to $204.3m, this remains the biggest source of gambling revenue in Pennsylvania. Land-based table revenue also fell 4.8% to $79.4m but still ranked third in terms of total revenue generated.

Igaming revenue tops $174.3m in July
Turning to online gambling, there is seemingly no stopping growth within the igaming sector in Pennsylvania. For July, total revenue from igaming was $174.3m, a rise of 31.2% from last year.

Of this total, $125.4m came from online slots, up 32.2%. Internet table games revenue was also up ..

August 21, 2024

Michigan online gambling, sports betting AGR up YoY and month over month

Michigan's online gambling industry continues to grow, as July igaming and digital sports betting adjusted gross receipts (AGR) grew a combined 3.2% over June.
In addition, compared to July 2023, online gambling AGR was up 24.7% and sports betting was up 5.2%, according to the Michigan Gaming Control Board (MGCB), which released results on Tuesday (20 August).

But the big news was wagering hold. Digital sports betting operators recorded an 11.3% win rate in July, the fourth consecutive month of double-digit hold, according to the Sports Handle revenue database. That’s the second-highest hold since digital operators went live in January 2021.

The operators’ most successful month for hold was September 2022 – the second football season during which digital betting was live. That month, operators kept 13.15% of handle.

Overall, Michigan online gambling commercial and tribal operators reported a combined $220.9m (£169.4m/€198.4m) in gross receipts. Michigan has three land-based ..

August 19, 2024

Colombia government credits online gambling for supporting GDP growth in Q2

Colombia’s igaming market revenue reached COP10bn (£1.9bn/€2.2bn/$2.5bn) in Q2, with the sector credited as a key component of the nation’s economic growth over the quarter.
National gross domestic product (GDP) grew by 2.1% over Q2 and the country’s National Administrative Department of Statistics (DANE) pointed to Colombian online gambling as one of the activities that most helped that growth.

DANE director Piedad Urdinola highlighted the impact of recent sporting activities in particular as driving a rise in online betting. In this summer’s Copa América tournament the Colombia national team reached the final.

Marco Emilio Hincapié, president of Colombian gambling regulator Coljuegos, revealed that sports betting was indeed the largest contributor to the online betting sector, accounting for 47% of total gross gaming revenue (GGR) nationally.

Localised games such as bingo and casino were second with 33% of GGR, while lottery games AstroSport and Baloto generated 13% and 7% respect..

August 19, 2024

New Jersey: Sports betting and igaming growth offset land-based decline in July

Year-on-year growth across sports wagering and igaming in New Jersey offset a 6.1% decline in revenue from the Garden State’s land-based market during July.
Total market revenue in July amounted to $547.8m (£423.4m/€496.7m) according to New Jersey Division of Gaming Enforcement figures. This is 8.2% more than $506.2m in New Jersey last year and also 11.6% more than June this year.

Despite the year-on-year decline, land-based gambling remains the main source of revenue. In July, land-based revenue topped $272.3m, down from $290.0m last year. Of this, $207.3m came from slots, a drop of 4.8%, while table games revenue also fell 10.0% to $65.0m.

How far is igaming from overtaking land-based in New Jersey?
The decline in land-based revenue begs the question: could it be surpassed by igaming? For July, igaming revenue hit $195.4m, a 25.9% increase from the same month last year.

Of all igaming revenue, $192.8m was attributed to slots and table games, an increase of 26.4%. The remaining $2…

August 16, 2024

Casino expansions lift US Q2 GGR

US gross gaming revenue (GGR) increased by 8.9% year-on-year to $17.63bn (£13.66bn/€16.04bn) in the second quarter of 2024.
The American Gaming Association (AGA) stated that casino expansions in states such as Illinois, Nebraska and Virginia drove the increase. This led to traditional casino GGR improving by 1.8% to $12.49bn.

However, there were also sharp rises in sports betting and igaming GGR.

Sports betting GGR rocketed by 35.3% year-on-year to $3.16bn in Q2, while igaming GGR increased by 25.2% to $1.97bn.

Q2 record
In total, it was the 14th consecutive quarter of year-on-year growth and the highest-grossing Q2 revenue performance on record. However, the total figure was slightly below the quarterly commercial gaming revenue record of $17.7bn registered in Q1.

Over the first six months of the year, total GGR was up 7.7% to $35.48bn. Traditional casino GGR was up 1.1% to $24.83bn, while sports betting GGR improved by 28.7% to $6.67bn and igaming GGR rose by 25.6% to $3.95bn.

Q..

August 16, 2024

Casino expansions lift US Q2 GGR

However, there were also sharp rises in sports betting and igaming GGR.

Sports betting GGR rocketed by 35.3% year-on-year to $3.16bn in Q2, while igaming GGR increased by 25.2% to $1.97bn.

Q..

August 16, 2024

Massachusetts operators hold 10.3% as Bally Bet makes debut

Massachusetts sportsbook operators were the winners in July, according to the Massachusetts Gaming Commission revenue report released on Thursday (15 August).
The state’s seven mobile operators and three retail operators combined for a 10.3% hold and handle was up significantly over July 2024.

Bally Bet, BetMGM, Caesars Sportsbook, DraftKings, ESPN Bet, Fanatics Sportsbook and FanDuel took a combined $405.3m (£315.3/€369.3m) in wagers compared to $294.9m in July 2023. Massachusetts’ handle was down against June’s $509.3m. Four digital operators recorded hold of over 10%.

Massachusetts operators paid more than $8m to the state in taxes.

Boston-based DraftKings retained its spot as the market-share leader, taking $202m in wagers, holding 10.3% and recording adjusted gross revenue (AGR) of $20.9m. FanDuel was second with $119.9m in handle and a hold of 10.97%.

Bally Bet had lowest hold of all operators
Massachusetts was back up to seven operators for July, after Bally Bet launched o..

August 13, 2024

Flutter beats street and won’t tax winners in the US; DraftKings backs off plan

Flutter CEO Peter Jackson said on Tuesday (13 August) that his company has no plans to follow DraftKings' lead with a winners' surcharge. The company, the market-share leader in the US, reported second-quarter results that exceeded analyst expectations and raised earnings guidance for FY2024.
DraftKings in early August announced that it will introduce a winners’ surcharge in four high-tax states beginning 1 January 2025. Industry watchers have since been waiting to see if other companies, and Flutter in particular, would follow suit.

“We have no plans to introduce a surcharge to winners,” Jackson said during the Q&A portion of the call. He then declined to entertain the issue further when others asked.

Less than an hour after the Flutter call ended, DraftKings released an announcement saying it would not move forward with the idea.

DraftKings Statement on Gaming Tax Surcharge pic.twitter.com/cucbsQJIVD
— DraftKings News (@DraftKingsNews) August 13, 2024

Other companie..

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Tag: Finance