Online sports betting – Page 2

November 13, 2024

Tennessee operators set record for handle

Bettors in Tennessee laid down a record $551.2 million (£432.5 million/€521.7 million) in bets in October, marking the third time since the market went live that more than $500 million was bet.

Tennessee bettors previously broke the $500 million barrier in September ($520.8 million) and in November 2023 ($520.8 million).

According to figures released by the Tennessee Sports Wagering Council (SWC) yesterday (12 November), adjusted handle was $547.8 million, after $3.4 million in adjustments. The SWC does not indicate on the report what the adjustments are for, nor does it break down bets by operator or sport. The SWC also does not report operator revenue.

Tax revenue hit an all-time high

The report also revealed that operators paid a record $10.1 million in taxes to the state. Since the state launched in November 2020, October marked the first month that tax revenue exceeded $10 million. The next highest tax payment was $9.6 million last month. Tennessee taxes digital sports bettin..

November 13, 2024

Tabcorp fined for in-play betting breach, ACMA issues more blocking orders

The Australian Communications and Media Authority (ACMA) has fined Tabcorp AU$262,920 (£134,731/€161,778/US$171,731) for breaching rules on in-play betting, while the regulator has also issued banning orders against a further seven illegal gambling websites.

An AMCA investigation, reported today (13 November), found Tabcorp was taking online in-play sports bets, which is illegal under Australia’s Interactive Gambling Act 2001. In total, Tabcorp accepted 854 in-play bets across 69 tennis matches between April and October 2023.

Tabcorp said the breaches were the result of a technical bug in its systems. The first error occurred in April 2023 but was not fixed until October 2023. Tabcorp also noted it voided all bets, meaning consumers did not suffer losses, nor did it profit from the errors.

However, ACMA proceeded with the financial penalty, noting Tabcorp has previously been warned over in-play betting. In November 2021, Tabcorp was issued a formal warning for accepting in-play bets..

November 13, 2024

North Carolina in October: Revenue plummets while handle rises

October marked the first full month of football for North Carolina digital sportsbooks – and revenue dropped $21.4 million (£16.6 million/€20.2 million) despite handle rising $36.6 million against September.

According to the North Carolina revenue report released today (12 November), the differentiator was hold, which was the lowest since sports betting went live in North Carolina. In September, sportsbooks had a 12.2% hold rate, but in October that number dropped to 8%. Operators across the US have lamented a tough October with bettor-friendly results during quarterly earnings calls.

In North Carolina, which launched sports betting operators in March, October was the first full month with football games every week. The NFL season kicked off on 5 September, meaning that the first Sunday of that month had no games.

With regard to hold, North Carolina operators have eclipsed double-digits in six of the eight months since launch. August and October are, so far, the only sub-10% hold..

November 8, 2024

State of the Union: Tyson-Paul betting in Massachusetts, more election results

Welcome to iGB's State of the Union, a look at the biggest North American sports betting stories we've covered over the week and briefs on others we found interesting.

Mass regulators will allow bets on Tyson-Paul

On Thursday (7 November) Massachusetts regulators decided not to ban betting on the Jake Paul-Mike Tyson exhibition boxing match set for 15 November. Citing safety and rules changes as positives, the commissioners unanimously believe the fight falls within the bounds of allowed markets in the state bet menu.

The Tyson-Paul bout, which will air on Netflix, will feature two-minute rounds rather than the standard three minutes. Boxers will also wear 14-ounce gloves as opposed to the usual 10-ounce gloves.

“The rules changes are trending toward safety, which was very influential for me,” said commissioner Nakisha Skinner. Her thoughts echoed those of her fellow commissioners.

Commissioner Eileen O’Brien did say that the exhibition raises another question for her…

November 8, 2024

New York mobile sports betting handle hits record $2.32 billion in October

Consumers in New York spent a record $2.32 billion (£1.79 billion/€2.15 billion) in October, the most ever wagered on sports online in a single month in the US, although a weaker hold meant revenue declined.

Data from the New York Gaming Commission shows a 14.9% year-on-year increase in player spending. The October figure also surpasses September by 15.4% and clears the existing record of $2.12 billion, set in November last year, by 9.4%.

However, despite record handle, monthly revenue came in around $35.0 million under New York’s all-time high. For October, revenue from online sports betting was €176.3 million, up 5.7% from last year but 14.5% behind September. This missed the state’s record – $211.7 million in January 2024 – by 16.7%.

In terms of hold across all licensees, this stood at 7.60% for October. This marks a decline on September’s 9.9% hold and comes as DraftKings downgrades its full-year earnings forecast in the wake of “customer-friendly sport outcomes” early in Q4.

November 7, 2024

“Unfavourable hold” a drag on Penn earnings, but new products, tech are things to look forward to

As expected, Penn Entertainment reported a third-quarter loss on Thursday (7 November), but CEO Jay Snowden said the latest sports betting integration, impending launch of a stand-alone digital casino app and continued focus on land-based projects means there is much to look forward to.

During the presentation Snowden pointed to “unfavourable hold” in the northeast and a decline in the number of customers visiting casinos in the south due to weather and construction as drags on revenue. He said that retail customer demand remained stable. With regard to hold, Snowden said the low hold in the third quarter was industry-wide and not unique to Penn. The third quarter includes two of the slowest wagering months of the year in the US.

At least one analyst, Joseph Greff from JP Morgan, had lowered expectations ahead of the release. On Thursday morning Jefferies Equity Research released a note saying the numbers were “in-line with expectations”.

In terms of hard numbers, Penn has $1.8 bi..

November 6, 2024

Missouri voters barely approve statewide digital wagering

Missouri voters on Tuesday (5 November) night did what the legislature has failed to do in more than five sessions – legalised statewide digital sports betting.

The margin was thin, about a half a percentage point and a 14,000-vote margin, according to the Missouri Independent. But in the end, Caesars’ short-lived opposition campaign did not kill the proposal. The company, one of two that operates three land-based casinos in the state, pulled $1 million (£775,l64/€919,250) worth of scheduled television advertising in mid-October.

And last weekend, iGB confirmed that the Missouri Gaming Commission (MGC) said it interprets Amendment 2 to mean that each casino location is entitled to a digital betting licence. Previously, stakeholders believed that the initiative language indicated that each casino company – not location – would get a licence.

Missouri is the only state this year to legalise a statewide gambling expansion. Six of Missouri’s seven border states already have some form..

November 5, 2024

From Virginia to Missouri, voters to decide fate of these gambling proposals Tuesday

The US presidential election on Tuesday (5 November) could result in major changes to how the country is run but, in four states, gambling expansion is also on the ballot. And in Colorado, the amount of gambling tax dollars earmarked for water projects will be decided.

For the gambling industry as a whole, a decision by Missouri voters to allow statewide retail and digital sports betting would be a prize. Should voters approve Amendment 2, Missouri would be the only US state in 2024 to approve a statewide gambling expansion.

The Missouri Gaming Commission last weekend said it interprets the constitutional amendment to mean that each brick-and-mortar casino location will be eligible for a digital betting licence. The interpretation means companies like Caesars and Penn Entertainment will each get up to three licences. Each company operates three brick-and-mortar locations in Missouri.

In Arkansas, Missouri and Virginia, the fate of a casino licence hangs in the balance. In Maryland..

November 4, 2024

Missouri regulator: Casinos will get one betting platform per location

The Missouri Gaming Commission (MGC) on Saturday (2 November) told iGB that land-based casino operators in the state will get one digital betting platform per location should Amendment 2 pass on Tuesday (5 November).

It’s been widely understood that due to the wording of the proposal, land-based casino companies would get the rights to one digital licence per company instead of one per location. This interpretation of the initiative was not attractive to the state’s existing casino operators. Many operate two or more physical locations in Missouri.

According to the initiative language:
b. The commission shall offer not more than one mobile licence to operate sports wagering in this state to each qualified applicant that is:
(1) an owner of an excursion gambling boat located in this state or a sports wagering operator operating on behalf of each such owner, provided, however, that not more than one sports wagering operator shall be permitted to operate under such mobile licence on..

November 4, 2024

Virginia operators report strong September while fate of fifth casino will be decided Tuesday

Virginia bettors wagered $622.1 million (£481.5 million/€ 574.2 million) in September, the third highest amount this year while operators had double-digit hold for the sixth time in the first nine months of 2024.

According to the Virginia Lottery report released on Friday (1 November), operators paid out $550.2 million in wins and had a combined hold of 11.5%. That was the third highest hold of the year. Betting operators had a combined $65.9 million in adjusted gross revenue, the second highest of 2024.

Operators paid the state a combined $9.9 million in tax revenue. Virginia taxes sports betting operators at 15%.

Handle was up 19.6% over September 2023 when bettors laid down $520.3 million in bets. Compared to August, handle was up $206 million. Virginia does not release individual operator information or a sport-by-sport breakdown. But the start of the NFL season in September annually kicks off the busiest betting season of the year.

Virginia operators wrote off a total of $..

November 1, 2024

State of the Union: ESPN-ESPN Bet now linked, Missouri initiative opposition, more

Welcome to iGB's State of the Union, a look at the biggest North American sports betting stories we've covered over the week and briefs on others we found interesting.

ESPN Bet-ESPN linking now available

On Friday (1 November) Penn Entertainment and ESPN announced that ESPN and ESPN Bet accounts can now be linked. Consumers can “seamlessly track upcoming, live and settled bets within the ESPN app and on ESPN.com.” Connecting accounts will also allow ESPN Bet to offer personalised promotions and bets.

“Bringing this new feature to market is an important step as we work to create a fully interconnected media and betting ecosystem between ESPN and ESPN Bet,” Aaron LaBerge, chief technology officer at Penn Entertainment said via press release. “Account linking allows us to better serve and engage our users by unlocking key personalisation and promotional capabilities. This feature is just the beginning of deeper integrations that will further differentiate the ESPN Bet experi..

November 1, 2024

Ohio sports betting handle reaches year-high $863.0 million in September

Players in Ohio spent $863.0 million (£668.9 million/€794.5 million) betting on sports during September, the highest monthly total so far this year and the largest since November last year.

The September total is 25.0% ahead of the same month last year and 57.5% up from August this year. It is also the third-highest monthly total on record in Ohio, behind $864.2 million in November 2023 and $1.11 billion in the market’s launch in January 2023.

Ohio Casino Control Commission data shows players bet $842.4 million online and a further $20.7 million at retail sportsbooks.

As for taxable revenue, this reached $106.2 million, beating last year by 29.8% and August by 117.6%. Like handle, it is the third-highest total, behind $113.8 million in January this year and $208.5 million in January 2023.

Online sports betting generated $102.9 million in monthly operator revenue, with retail contributing $3.2 million.

In terms of hold, the state-wide figure for September was 11.92%. Ohio players w..

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Tag: Online sports betting