Online sports betting – Page 20

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

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

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..

July 5, 2024

State of the Union: CNBC Sports, new Illinois tax now in place, 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.

CNBC getting into sports

Per Steve Ruddock’s “Straight to the Point” substack, CNBC is adding a sports channel. What does that mean for sports betting? “That coverage includes sports betting, an area CNBC’s Contessa Brewer has been in the thick of for several years,” Ruddock wrote on Wednesday (3 July). Overall, the channel will focus on the intersection of sports and business.

Brewer has been among a handful of national news voices to cover the sports betting industry since PASPA was overturned in May 2018. She “will continue to focus on the money, data statistics and strategy behind the sports gaming industry” according to the press release.

Betting on colleges coming to NJ?

The one thing missing from the market often considered the gold standard of US wagering is the ability to bet on college sports in ..

July 3, 2024

US DoJ preps to criminally charge Porter with felony in illegal gambling scheme

Federal prosecutors in New York are preparing to charge Jontay Porter for his involvement in the illegal betting scandal that got him banned from the NBA. Porter's name appeared on a federal court docket on Wednesday (3 July), reports the New York Daily News.

Court papers were not immediately available but, according to the Daily News, the US Department of Justice (DoJ) will seek felony charges. Porter is accused of game fixing in an illegal gambling scheme. Four others have been arrested and arraigned for conspiracy to commit wire fraud in the case.

The Daily News wrote that Porter will likely be charged “through an ‘information’ document instead of an indictment, which typically happens when a suspect plans to plead guilty to the charges at the case’s onset”.

Porter allegedly removed himself from two Toronto Raptors games to allow bettors to win on “under” prop bets. DraftKings reported suspicious activity to the NBA after games on 26 January and 22 March. The four arrested..

July 2, 2024

Dog eat dog world? In US, Nathan’s Hot Dog Eating contest a kooky cultural event

The Nathan's Hot Dog Eating contest takes the idea of the traditional fourth of July barbecue to a new level. This year, the contest won't feel the same after 16-time champion Joey Chestnut has parted ways with organisers.

The Nathan’s hot dog contest, held at Coney Island in New York, pits America’s top competitive eaters against one another in a race against the clock. How many hot dogs and buns can a person eat in 10 minutes? You would be surprised – in 2021, Chestnut set a world record by eating 76, including the buns. It’s not pretty – but it’s pretty funny – to watch.

Competitors dip their buns and dogs in water to soften them up and then quite literally suck them down. Their cheeks bulge like chipmunks. Their faces anguish like marathon runners. The winner is the person who eats the most – and keeps it down. The contest isn’t just about speed.

The winner gets the coveted Mustard Belt, which looks a lot like a boxing championship belt… but with a hot dog and Uncle ..

July 2, 2024

Bally Bet now live in Bay State

Bally Bet launched in its seventh state on Tuesday (2 July). The operator joins six other national sports betting platforms in Massachusetts.

Seven seems to be the lucky number for the launch – not only did Bally Bet launch in its seventh state, it is the seventh live operator in Massachusetts. The state at one point had eight platforms live, but Betr and WynnBet exited the market earlier this year. That left BetMGM, Caesars Sportsbook, DraftKings, ESPN Bet, Fanatics Sportsbook and FanDuel.

Under Massachusetts law, there can be a maximum of 17 platforms. Operators can partner with existing casinos or horse racetracks, or apply for a stand-alone mobile licence. BetMGM (MGM Springfield) and ESPN Bet (Plainridge Park) are tethered to casinos. WynnBet was tethered to Encore Boston Harbor, but that licence is no longer in use since WynnBet shuttered.

Bally Bet was among the first group of digital wagering platforms to be licensed in Massachusetts. The company decided not participate i..

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Tag: Online sports betting