Online sports betting – Page 58

August 9, 2023

Flutter’s US business reaches “profitability inflection point” in H1

Flutter Entertainment has revealed its US business reached a “profitability inflection point” during the first half, with CEO Peter Jackson describing the period as “pivotal”.

Group revenue was up 41.9% in the six months to 30 June, while net loss also flipped to a profit. Much of this, Flutter said, was down to the performance of its US segment, namely the FanDuel Group brand.

Since taking ownership of FanDuel in May 2018, the brand has gone from strength to strength. FanDuel has moved far from an initial daily fantasy sports offering to now deliver sports betting and online casino in states across the US.

FanDuel investment coming in H2

US is Flutter’s star performer in H1

A strong six months for European operations

Australia disappoints

Working down the balance sheet

FanDuel US listing nears

Flutter CEO: Profits will fuel H2 investment for FanDuel

With CEO Jackson revealing that the US business took on more than two million new players in the first half, there is little ch..

August 8, 2023

ESPN makes its betting move as Penn lets go of Barstool

Disney-owned sports broadcaster ESPN is moving into sports betting in partnership with Penn Entertainment, which will sell the Barstool brand back to founder Dave Portnoy.

Penn’s Barstool Sportsbook is relaunching as ESPN Bet this autumn through the $1.5bn deal. This immediately provides the brand with a footprint across 16 legal betting states, covering its mobile website and app and desktop site.

Penn says its partnership with the largest sports brand in the US increases the long-term adjusted EBITDA potential for its interactive segment by between $500m and $1.0bn.

Penn is divesting Barstool Sports, its sportsbook brand since 2020, as a result. Barstool founder Dave Portnoy buys back 100% of its share capital “in exchange for certain non-compete and other restrictive covenants”.

The terms of the deal

ESPN and Snowden comment

What about theScore and icasino?

Barstool back with Portnoy

Disney’s history with betting

Exclusive access to ESPN assets

ESPN Bet leverages ESPN’s m..

August 8, 2023

FanDuel expands golf betting with IMG Arena integration

Flutter Entertainment-owned FanDuel Group has expanded its range of golf betting options with the integration of IMG Arena’s Golf Event Centre.

The addition of the Golf Event Centre opens up a number of new betting markets for users. These include closest-to-the-pin, longest drive and other stroke-by-stroke bets.

The Golf Event Centre also allows users to track each shot in real-time, view hole profiles and see course maps. In addition, FanDuel customers will have access to a customisable live leaderboard.

The golf betting tool will be available to FanDuel users from the FedEx St. Jude Championship, which begins on 10 August.

Read the full story on iGB North America

August 7, 2023

BetMGM clinches Kentucky market access agreement

BetMGM and Revolutionary Racing Kentucky (RRKY) have partnered for a new market access agreement.

The agreement will see BetMGM offer its online and retail sports betting platform to Kentucky’s market, once sports betting becomes legalised in the state.

Retail sports betting will go live on 7 September, followed by online betting on 28 September.

Read the full story on iGB North America

August 7, 2023

Amelco secures gaming related supplier licence in Ontario

Gambling technology provider Amelco has secured a new gaming related supplier licence in the Canadian province of Ontario.

Issued by the Alcohol and Gaming Commission of Ontario (AGCO), the permit allows Amelco to launch its solutions in Ontario.

The licence covers both sports betting and igaming activities. Amelco offers a range of sports wagering, casino, lottery and financial products to the market.

“This represents a significant milestone for us,” Amelco USA head Brandon Walker said. “We are thrilled to be finally entering Ontario.”

Read the full story on iGB North America

August 7, 2023

Victoria bans sports betting on minors

Australia's Victorian Gambling and Casino Control Commission (VGCCC) has announced a blanket ban on betting on all under-19 sports competitions.

The VGCCC’s ban applies to sporting events where all participants are minors. It also prohibits betting in Victoria on the individual performance of athletes aged under 18 who are playing in senior or junior events.

This includes wagering on outcomes such as first goal scorer or first wicket taken, when the player is a minor. However, bets can still be made on team outcomes in senior sports when minors are playing.

Sports controlling bodies have been directed to amend agreements with betting providers to ensure they prohibit offering markets involving minors. The VGCCC said the ban also applies to other sports not governed by an approved sports controlling body.

Sporting bodies and betting operators will have 60 days from 3 August to comply with the new rules. After this period, offering bets on minors could lead to regulatory acti..

August 4, 2023

IBIA welcomes Galera.bet as latest member

The International Betting Integrity Association (IBIA) has announced sports betting brand Galera.bet as its latest member.

Match Time Solutions-owned online operator Galera.bet is focused on the Brazil market.

Galera.bet joins almost 50 companies and more than sports betting brands within the IBIA network of members.

“We are honoured to work with IBIA and to be able to reinforce our purpose of developing business with integrity as our priority.,” Galera.bet CEO Marcos Sabiá said. “We believe that collaboration between partners is extremely important to protecting the integrity of sport and betting markets from corruption.”

IBIA CEO Khalid Ali added: “We welcome Galera.bet’s decision to join IBIA. It recognises the unique benefits of IBIA’s operator-run integrity monitoring network and its ability to track members’ individual consumer transactional activity, rather than just analysing simple odds movements.

Brazil regulates sports betting

The decision to join IBIA coincides with ..

August 4, 2023

DraftKings further increases full-year guidance after Q2 growth

DraftKings has increased its full-year revenue and earnings guidance after reporting growth during both its second quarter and first half.

The operator put Q2 success down to continued customer retention and engagement, as well as the acquisition of new players. DraftKings also highlighted an expanded parlay offering and improved promotional intensity.

This led to a year-on-year rise in revenue and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA). DraftKings was also able to reduce net loss.

Based on these figures, the operator was confident in increasing FY guidance for the third consecutive quarter. DraftKings already raised FY expectations in both the first quarter of 2023 and final quarter of last year.

DraftKings also took into account anticipated launches in new markets when increasing its FY guidance. The operator expects to go live in Kentucky in September and Puerto Rico before the end of the year, with these launches set to further improve f..

August 3, 2023

Arizona sports betting handle down again in May

Player spending on sports betting in Arizona fell again in May, while revenue also declined month-on-month.

Monthly handle in Arizona amounted to $451.7m, down 2.1% from May of 2022 and 17.7% lower than April this year.

Consumers wagered $446.9m online and a further $3.9m at retail sportsbooks in the state.

Player winnings for the month amounted to $398.2m, resulting in $48.6m in adjusted gross event wagering revenue before free bets. This was 12.0% down on last year but marginally higher than April’s total.

Read the full story on iGB North America

August 3, 2023

Rhode Island sports betting handle declines in FY23

Rhode Island’s sports betting handle for the 2023 financial year declined year-on-year despite consumers spending more than $500.0m.

Handle for the 12 months to 30 June hit $509.5m, down 1.5% from $517.2m in the previous year.

Players spent $331.9m betting online, up 14.3% but retail across the Twin River and Tiverton casinos fell 21.7% to $177.6m. Twin River took $115.3m in bets and Tiverton $62.3m.

However, total revenue for the year reached $50.9m, up 28.2% from 2022’s $39.7m. Players won $458.6m from sports betting.

Read the full story on iGB North America

August 3, 2023

FL Entertainment lauds betting and gaming segment in H1

FL Entertainment saw revenue of €489.3m in its online sports betting and gaming segment in H1, up by 23.3% year-on-year.

FL Entertainment’s online sports betting and gaming segment is generated by the Betclic Everest Group, which owns both German-facing Bet-at-home.com and Betclic.

The overall revenue was €1.92bn for the six months, an increase of 6.8% year-on-year. Content production and distribution revenue was €1.43bn.

François Riahi, CEO of FL Entertainment, said the overall revenue was due to increased unique active players in its online sports betting and gaming segment, as well as FL Entertainment’s business model.

“We delivered excellent first half results that demonstrate the strength of our differentiated and complementary business model, as well as the creativity and agility of our teams,” said Riahi.

“Our online sports betting and gaming business maintained its double-digit revenue growth across all activities thanks to an increased number of unique active players and..

August 3, 2023

Pagcor details new regulatory framework for offshore gaming

The Philippine Amusement and Gaming Corporation (Pagcor) has announced details of a new regulatory framework for offshore gaming licensees.

Effective since last month, the new framework is part of inter-agency efforts to tackle illegal offshore activities in the country.

The stand-out measure is that all licensees and service providers are declared probationary. They will need to re-apply for approval from Pagcor before a cut-off date of 17 September this year.

Operators and providers that have been operating illegally will not be considered for a new licence.

“In the present framework, all service providers who are accepting bets are required to apply for a licence,” Pagcor’s assistant vice-president for offshore gaming licensing, Jessa Fernandez, said.

“We will also evaluate the beneficial owners of these companies so that they will be held liable in case they are found to be involved in any illegal activity.

“Entities with findings of activities outside their granted licence..

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Tag: Online sports betting