Online sports betting – Page 2

September 12, 2024

Flutter’s Olympics betting handle increased threefold at Paris 2024

Flutter Entertainment has revealed its global handle for the Paris 2024 summer Olympic Games more than tripled from the last edition of the Games.
The group did not disclose exactly how much its customers around the world bet on Paris 2024 in its report.

The increase in handle, Flutter said, was due to growth within new markets. It highlighted the US, with 23 states now offering legal sports betting, compared to 10 at the Tokyo Games. However, it also noted the value of bets placed through its FanDuel brand in those 10 states more than doubled.

Flutter said Paris 2024 also benefit from more favourable viewing times for its customers in both Europe and the US. In addition, it noted an “abundance” of dramatic storylines that captured the attention of bettors.

“Many people who aren’t typical sports fans are Olympics fans,” FanDuel sports trader Eric Gerson said. “It’s a unique chance to branch out to new audiences we wouldn’t normally reach.”

Popularity of parlay bets rockets for Flu..

September 11, 2024

Bet limits discussion in Massachusetts reveals disconnect between regulator, operators

The Massachusetts Gaming Commission (MGC) led a nearly three-hour discussion about bet limits on Wednesday (11 September). It was the second attempt at doing so after most operators stood the commission up in the spring.
The meeting revealed a disconnect between operators, regulators, consumers and responsible gaming advocates about how or if a regulator should have a hand in how operators manage risk.

Every operator live in Massachusetts participated in the meeting. The last time, only Bally’s, which wasn’t yet live with Bally Bet, attended.

Statement from DraftKings on decision to not participate in Massachusetts Gaming Commission roundtable on practice of limiting bettors: pic.twitter.com/thbltgu8jc
— David Payne Purdum (@DavidPurdum) May 21, 2024

In addition, there was a panel of stakeholders, ranging from a bettor/journalist to responsible gaming advocates to those with experience running casinos and sportsbooks. The conversation centred on how and why bettors may be limited…

September 11, 2024

Caesars betting kiosks to replace GambetDC’s in US capital

When the DC Council in June approved a budget that included opening the Washington, DC sports betting market to competition, there was one question mark. What would happen to the small businesses – mostly convenience stores – that have GambetDC kiosks?
That question was answered on Tuesday (10 September) when Caesars Entertainment announced that it will replace GambetDC betting kiosks at 53 small businesses in the District. The company did not share when the new kiosks would be put into place.

On Monday (9 September) Caesars got the go-ahead to replace GambetDC through an Office of Lottery and Gaming executive order.

From May 2020-July 2024, DC had a single-source digital sports betting market. The DC Council in 2019 agreed to give Intralot, its lottery operator, the sports betting contract. There was no bid process and, when Intralot rolled out GambetDC, problems with the platform were almost instantly apparent.

Among the complaints were a difficult customer interface, non-comp..

September 11, 2024

Apuesta Total CEO: There isn’t room for everyone in Peru’s regulated market

Apuesta Total CEO Gonzalo Perez expects three or four operators will dominate the newly-regulated online market in Peru, while the remaining brands will fight for single-digit market share.
Law no 31557 came into effect in Peru on 9 February of this year as the government sought to regulate online gaming and sports betting in the country.

Operators active in Peru before the announcement had until 10 March to submit a licence application. Gambling regulator Mincetur warned those who did not comply could face a fine of up to Sol990,000 (€245,394/£212,401/$257,838) or criminal prosecution.

According to the law, Mincetur will process licence applications within 30 business days of submission. Perez said operators have a 15 November deadline to submit final certifications for their platform and content. Failing to meet that deadline could result in authorisation being revoked.

During that initial window in March, 145 licence requests were submitted. Meanwhile new entrants to Peru were g..

September 10, 2024

US lawmakers Tonko, Blumenthal to introduce federal wagering legislation

On Tuesday (10 September) US Representative Paul Tonko and US Senator Richard Blumenthal announced they will hold a press conference on Thursday (12 September) to introduce new federal online sports betting legislation.
The press conference is set for 1pm ET, and will also be streamed live on Tonko’s X page.

Tonko has previously filed two pieces of federal wagering legislation. Both would have put at least some federal framework around legal sports betting, which is a states’ rights issue. The US Supreme Court in May 2018 overturned the Professional and Amateur Sports Protection Act (PASPA). The act was a federal ban on sports betting.

Within months of the decision, brick-and-mortar casinos in four states were offering in-person sports betting. New Jersey sportsbooks were the first to offer digital betting, starting 6 August 2018. New Jersey governors Chris Christie and then Phil Murphy led the lawsuit that overturned PASPA.

According to a press release, representatives from the..

September 10, 2024

How Sporttrade is like… pizza dough

It would be fair to say that Sporttrade, in its current incarnation, isn't exactly what founder Alex Kane envisioned. But it would also be fair to say that he's still growing his business and having a good time doing it.
“I am still excited because I do still have this long-term vision of wanting to create something different,” Kane told iGB. “I love listening to players and learning from them.”

When Sporttrade made its debut in New Jersey in 2022, it became the first company in the US to offer a different experience known as exchange wagering. Bettors can buy and sell bets throughout a game for an experience that more resembles stock trading than traditional sports betting.

The Sporttrade odds format was “implied probability” where, instead of seeing “+300”, players would see “25%”. With implied probability players can, for example, “buy at 25%”, then have the ability to “sell at 60%” if the bet started to look more likely.

Sporttrade went on to add a “limit order”. This..

September 10, 2024

Waterhouse VC: Why betting can’t survive without sports data

In his latest column, Tom Waterhouse of Waterhouse VC considers the role of sports data and data providers in revolutionising sports betting.
Eighteen years ago, mathematician Clive Humby coined the phrase “data is the new oil”, underscoring the vital role data would play in driving business and innovation. If not as scarce, high-quality data is just as valuable for sports and wagering.

Access depends on securing rights, with rising costs creating natural barriers to entry. AI and machine learning is now being applied to premium sports data to unlock new opportunities for fan engagement, especially in the wagering industry.

Data hasn’t always been as central to sport and wagering as it is today. Before televisions, attending a sporting event was the only way of knowing what really happened. Radio helped, but listeners were still reliant on the commentator’s account. In betting shops, trying to gauge how your bet was faring over shouting and excitement would have been a real challeng..

September 9, 2024

North Carolina operators in August record lowest hold since launch

In August North Carolina operators had single-digit hold for the first time since platforms launched in March. The Tar Heel State's eight operators took $370.5m in bets in August and had a win rate of 9.1%.
Operators paid a total of $6.1m (£4.7m/€5.5m) to the state in taxes, according to the report released on Monday (9 September) by the North Carolina Education Lottery.

North Carolina operators took less money in bets – $340.4m – in July, but had a 12.4% hold, the second-highest in six months since launch. In July, operators paid the state $7.6m in taxes. North Carolina charges online operators an 18% tax on digital sports betting.

In August, the gross wagering revenue was $33,751,015. NC law defines gross wagering revenue as handle minus winnings. Gross wagering revenue is derived before deductions for expenses, fees or taxes. According to the report, North Carolina operators had $13.6m in promotional play and cancelled or voided $3m in bets.

Nearly $3bn in bets in first ..

September 9, 2024

Impressive August for New York sports betting as handle increases 29%

New York saw mobile sports betting handle and gross gaming revenue (GGR) each grow by more than 20% in an impressive August for the state.
In a traditionally quiet month for US sport, handle for New York betting grew by 28.8% year-on-year to $1.44bn, with GGR up 26.5% to $125.0m. However, handle was still the lowest monthly total recorded for 2024 so far.

FanDuel and DraftKings accounted for around two-thirds of total GGR. The former saw GGR up 25.1% to $52.6m on the back of $511.6m handle, which was up 25.0%. DraftKings remained New York’s top operator in terms of handle, bringing in $526.7m, up 17.9% year-on-year. However, it was behind FanDuel in GGR terms, with its $43.4m up 22.9%.

August is one of the quietest months for sports betting because only Major League Baseball (MLB), among the major sports, is in full flow. The NFL season starts in early September so typically operators are preparing for any football season product launches during August.

BetMGM and Caesars were the ..

September 8, 2024

Judge rules Missouri wagering initiative will be on November ballot

One day after a seven-hour hearing, a Missouri judge on Friday (6 September) ruled that a ballot initiative that would allow for statewide mobile sports betting will stay on the ballot.
Cole County Circuit Judge Daniel R Green issued his decision Friday afternoon, hours after lawyers submitted proposed judgements. The decision came less than 24 hours after the hearing.

After more than five years of failed attempts at legalising sports betting in the state legislature, voters now get a shot.

The initiative case was one of two ruled on in Cole County Circuit Court on Friday. Amendment 3, which would make abortion legal in the state, was deemed invalid. Judge Christopher Limbaugh made the ruling, which proponents say they will appeal. There is a Tuesday deadline for a decision – which is when ballots are scheduled to be printed.

The wagering initiative, Amendment 2, is one of two gambling proposals Missourians will vote on. Amendment 5, if passed, would allow the state gaming commi..

September 6, 2024

Judge promises swift decision on fate of Missouri digital wagering initiative

An all-day hearing on Thursday (5 September) in a Missouri federal court did not yield a decision about whether or not a sports betting ballot initiative could move forward. But it was good theatre.
Cole County Circuit Judge Daniel R Green did not rule Thursday in Jacqueline Wood et al vs John Ashcroft, but did say to expect a quick decision.

In the lawsuit, Wood and fellow political consultant Blake Lawrence claim the voting districts used by the secretary of state to certify the Missouri wagering initiative are incorrect. In Missouri, a proposal needs verified signatures from 8% of voters in six of the state’s eight voting districts. Lawmakers redrew the congressional districts in 2020.

According to the lawsuit, the secretary of state’s office used old districts to determine if enough verified signatures were collected. It then used the new districts to determine where voters live.

Essentially that means that even if a signature came from a person who remains at the same address..

September 5, 2024

FanCash links Fanatics Sportsbook to merch business and gives it a leg up

If you log onto the Fanatics merchandise website, you won't find any mention of a sportsbook. If you search the site for 'Fanatics Sportsbook' you'll land on a page full of gift cards and gear. Why? Because just like how legacy casino companies consider their sportsbooks to be amenities – ways to draw in customers – so does Fanatics.
The difference is Fanatics isn’t so much using sports betting to bring customers to its brick-and-mortar locations. Instead, sports betting can drive consumers to buy more gear.

The company’s core digital business is – and has been since the current iteration was founded in 2011 in Jacksonville, Florida – sports merchandise. Founder Michael Rubin has been capitalising on the fan experience for close to 15 years. And that phrase, “the fan experience”, is as critical to the company’s sportsbook mission as it is to any of its other businesses, whether that be team jerseys, trading cards or collectibles.

“The goal is, I think you have ..

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Tag: Online sports betting