Online sports betting – Page 84

October 19, 2022

Sports betting growth drives PA gambling revenue up 7.9% in September

Gambling revenue in Pennsylvania increased by 7.9% year-on-year in September following a 77.7% jump in sports betting revenue.

Total gambling revenue for the month amounted to $448.5m (£399.5m/€459.1m), which was ahead of $415.7m in September 2021 and also 5.4% higher than $425.4m in August of this year.

Retail slots remained by far the main source of revenue for operators in Pennsylvania during September, though revenue from this area of the market fell 0.2% to $198.5m. Retail table games revenue was also down 2.9% to $81.6m.

However, these declines were more than offset by growth in almost all other sections of the state’s market, including sports betting where revenue rocketed from $28.3m in 2021 to $50.2m this year.

Of this total, $43.0m came from online wagering, with the remaining $7.3m generated at retail sportsbooks. Sports betting handle was also up 11.5% year-on-year to $645.2m.

Valley Forge Casino Resort and FanDuel moved into first place in the sports betting market in..

October 19, 2022

MI sports betting and igaming revenue continue upward trend in September

Michigan commercial and tribal operators reported combined total gross internet sports betting and igaming revenue of $176.5m (£157.1m/€180.6m) in September, a year-on-year increase of 40.0%.

The September total was comfortably ahead of the $126.1m in combined revenue for the same month in 2021, while it was also 13.9% higher than $154.9m in August this year, figures from the Michigan Gaming Control Board (MGCB) showed.

Online gaming gross receipts were up 25.7% year-on-year to $128.7m, while internet sports betting adjusted gross receipts more than doubled from $23.7m last year to $47.8m. Sports wagering handle also edged up 2.9% to $364.5m.

Combined total adjusted gross receipts, which also account for promotional spending, were $143.0m. These included $115.8m from igaming activity and $27.2m from sports betting.

Licensed operators submitted $25.6m in taxes and payments to the state of Michigan during the month, with $24.0m coming from igaming taxes and fees and $1.6m sports wage..

October 18, 2022

SunBet eyes African expansion with Sportingtech partnership

Africa-focused online bookmaker SunBet has entered into a partnership with betting and gaming platform provider Sportingtech as it intends to expand into three new territories on the continent.

Under the deal, SunBet, which is owned by South Africa-based casino and resort giant Sun International, will have access to Sportingtech’s Quantum platform.

Quantum covers more than 65 sports, 9,000 games and over 1,000 betting markets, with SunBet to roll out the platform in its existing markets and new regions across Africa.

SunBet did not disclose the countries into which it intends to expand but did say it has highlighted “three well-established territories” as target markets.

“This collaboration will benefit us massively as we continue to expand,” SunBet’s general manager Simon Gregory said. “Bringing both in-depth expertise and high-quality product offering, Sportingtech is the ideal partner for us in this venture and look forward to growing these African markets together.”

Sportingte..

October 18, 2022

FuboTV to immediately shut down sportsbook

Streaming provider FuboTV has announced it is to close its Fubo Gaming subsidiary and cease operations of its owned-and-operated Fubo Sportsbook with immediate effect.

The decision was made following a strategic review of the business, which was launched in August after FuboTV said it could not operate its sports betting division alone in the current economic environment.

FuboTV said while multiple parties expressed interest in the betting business, the provider also said that none of these opportunities would have allowed FuboTV to “lower its funding requirements and generate sufficient returns to shareholders”.

As a result, FuboTV will close Fubo Gaming and cease all operations of the Fubo Sportsbook immediately.

“Following our previously announced strategic review, we have concluded that continuing with Fubo Gaming and Fubo Sportsbook in this challenging macroeconomic environment would impact our ability to reach our longer-term profitability goals,” FuboTV co-founder and chief ..

October 13, 2022

Nygaard-Andersen: Interest rates won’t stop Entain from acquiring

Entain chief executive Jette Nygaard-Andersen has said high interest rates will not stop the business from making new acquisitions, and may even “open up new doors”.

Nygaard-Andersen spoke on an earnings call after Entain published a third-quarter earnings update. Revenue was up 2% year-on-year for the group, thanks to both record customer numbers and a favourable impact from currency movements.

When asked whether the new macroeconomic environment and high interest rates would make acquisitions difficult due to the costs of borrowing money, Nygaard-Andersen said that this was not necessarily the case.

“We of course remain vigilant and very prudent,” she said. “But the health of the business remains good. We still have a strong pipeline on M&A and we have opportunities that we will continue to pursue.”

The results came after a busy period of acquiring for the business, with Nygaard-Anderson noting the business agreed nine acquisitions in the past 18 months, including those of Unikrn..

October 11, 2022

Metric Gaming to launch B2C sportsbook Bhet

Sports betting supplier Metric Gaming has announced it will launch a B2C sportsbook offering through its wholly owned Bhet subsidiary.

The sportsbook will build on Metric’s previously announced partnership with Lacerta Sports. Lacerta was founded by a team from London-based data betting syndicate and consultancy Starlizard, whose data solution will power the sportsbook’s pricing, risk management and player profiling.

“The pricing will be among the most player-friendly in the industry, and the scope and availability of live in-game wagering will be significantly more innovative and engaging than competitor brands,” said Metric CEO Keith Hayes.

The new venture will be funded through Metric’s latest debt financing round, during which it had raised $15m. Metric said it has received strong “indication of interest” from an unnamed “high-net worth” strategic investor who is seeking to increase the size of the round to $30m and close it out entirely.

“Metric has made significant progress ..

October 10, 2022

AGA welcomes Xpoint as board-level member

Geolocation and compliance technology business Xpoint has been announced as a board-level member of the American Gaming Association (AGA).

Xpoint co-founder and chief executive, Marvin Sanderson, will now serve on the AGA board of directors, while a number of Xpoint’s C-suite leadership team will sit on a range of AGA committees and task forces.

Focused on the North America sports betting and igaming markets, Xpoint launched its first live partnership in June of this year, linking up with SkillOnNet in Ontario, Canada.

One of only two geolocation technology vendors licensed in New Jersey, Xpoint last month announced the launch of its Xpoint Verify real-money gaming geolocation solution in the state with Sporttrade and PlayStar.

Xpoint has also secured investor backing from the likes of Bettor Capital, Courtside Ventures, Acies Investments, The Raine Group and SuRo Capital Sport.

“We are very proud to join the AGA and look forward to being active participants across a range of the ..

October 10, 2022

New York sports betting revenue hits record $143.3m in September

Sports betting revenue in New York reached a record $143.3m (£130.1m/€147.7m) in September as consumer spending hit its highest monthly total since May.

Gross gaming revenue from sports betting in September was 15.5% higher than the previous monthly high of $124.1m, which was set in the first month of legal wagering in January this year.

The September total was also 43.9% higher than $99.6m in August.

In terms of spending, handle for the month amounted to $1.26bn, up 44.1% from $872.2m in August and was the highest monthly total since May.

Flutter Entertainment-owned FanDuel remained comfortably the market leader with $65.7m in GGR from $499.8m in player bets during the month.

DraftKings was the closest challenger with $44.9m in GGR from a $422.2m handle, followed by Caesars Sportsbook, which posted $18.6m in GGR and a $163.2m handle.

BetMGM generated $8.6m in GGR from $95.7m in wagers in September, while Rush Street Interactive posted $3.7m in GGR off $34.9m and PointsBet $1.7m ..

October 7, 2022

Lotteritilsynet halts daily fines as Kindred stops targeting Norway

Norwegian regulator Lotteritilsynet has paused issuing daily fines to Kindred Group after the operator confirmed its Trannel subsidiary would no longer target consumers in the country.

However, the operator added that it had done so only as a show of goodwill and that it was confident that its legal position was still correct.

Earlier this month, Lotteritilsynet warned Kindred that it would impose a fine of NOK1.198m (£100,106/€114,549/$112,184) for every day that Trannel did not withdraw from Norway.

The daily fine was due to come into effect three weeks after the day that Lotteritilsynet decided to implement the fine. That decision came on 14 September, after it previously warned the operator it would issue fines if it did not exit the market.

The regulator said these fines would only stop when the amount owed reaches Trannel’s annual gross profit, which the regulator estimated to be approximately NOK437m, or when the operator withdraws from the country.

Trannel does not hold a ..

October 7, 2022

DraftKings shares rocket after reported “large new partnership” with ESPN

US-based sports betting operator DraftKings’ shares rose 14% to $18.26 in after-hours trading following report of “large new partnership” with Disney’s sports broadcasting arm ESPN.

Business news agency Bloomberg broke the story overnight, reporting that “people familiar with the matter” had indicated the existence of such a partnership.

In the wake of the story, DraftKings’ shares briefly jumped 14% to $18.26 per share in after-hours trading, up from $16.04 before the news broke. Since the after-hours peak, the share price has settled down to $17.45 per share, 8.79% above close.

ESPN speculation

The deal would be Disney’s most significant foray into the rapidly growing US sports betting market, after years of speculation, which have only increased in recent months.

In November 2021, CEO Bob Chapek hinted at the business’ interest during its fourth quarter earnings call. On that occasion Chapek called ESPN the “perfect platform” for sports betting.

“We have done substantial res..

October 6, 2022

Entain to promote online betting brands at NSW hotels in new deal

Global gambling giant Entain has agreed a new deal with the Australian Hotels Association (AHA), allowing it to promote its online betting brands Neds and Ladbrokes at New South Wales hotels.

The agreement comes despite hotels in the state having an existing exclusivity deal with Tabcorp, the national totalisator board.

As a result, the deal will not involve any Entain wagering terminals, or hotel staff accepting or taking commission for bets. Instead, Ladbrokes and Neds will simply be advertised at these venues.

“For decades now, many NSW hotels have operated PubTABs for Tabcorp at a significant loss – primarily due to high Sky Channel and EBT (betting terminal) fees,” AHA NSW CEO John Whelan said. “In-country NSW it’s even worse, with the majority of country pubs currently running their PubTAB at a loss.

“Today’s partnership with a world leader in Entain will finally give NSW hotels competition and choice.”

An evolution?

Entertain Australia chief executive Dean Shannon said th..

October 6, 2022

Kambi agrees terms for Penn Entertainment sportsbook migration

Sports betting solutions supplier Kambi Group and Penn Entertainment have reached an agreement over the migration of the operator’s online and retail sportsbooks from Kambi to Penn’s proprietary technology.

Under the arrangement, Penn, previously known as Penn National Gaming, will migrate its online sportsbook in the third quarter of 2023, with the retail switch expected to take pace in 2024.

The two parties also agreed to cooperate on additional US state launches for the Barstool sportsbook during the transition period.

In August, Penn exercised its option to acquire all remaining shares of media brand Barstool Sports, having in February announced it would take full control of the business by early 2023.

The agreement provides for ongoing revenue share payments related to online and retail sports betting services for the duration of the provision of each respective service.

In addition, Kambi will receive one-time fees of $12.5m (£11.0m/€12.6m) for the early termination of the o..

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Tag: Online sports betting