Product & technology

November 7, 2024

Sportradar ups 2024 forecast after record Q3

Sportradar has upped its 2024 financial outlook for the third successive quarter after delivering record Q3 figures.

In its financial results for the three months to 30 September 2024, Sportradar said betting and gaming content revenue and strong US market growth were the main drivers of success.

Revenue increased 27% year-over-year to €255.2 million, while adjusted EBITDA was up 30% to €65.8 million.

Sportradar now expects to achieve revenue growth of at least 24% to €1.09 billion and adjusted EBITDA growth of at least 29% to €216 million. In September, the group forecasted year-over-year growth of at least 21% in both revenue and in adjusted EBITDA.

Sportradar’s Betting Technology & Solutions division achieved growth of 32% to €210.1 million during the quarter. This was primarily driven by a 37% increase in betting and gaming content benefiting from existing and new customer uptake of products and premium pricing, as well as from strong US market growth.

Additionally, Managed ..

November 4, 2024

Rush to the polls, bet from anywhere: Prediction markets abound ahead of US elections

On 5 November, US voters will elect a new president and decide a litany of other political issues. What makes this election different from past ones is that investors – and bettors – have pounced on the rise of political prediction markets such as Kalshi.

Prediction markets, or derivatives exchanges that offer “yes/no” event futures contracts on current events like politics and pop culture, have been around for several years in relative grey-area obscurity. But a recent US federal court ruling appears to have opened the floodgates, at least for now.

On 2 October, the US Court of Appeals for the District of Columbia ruled in favour of Kalshi, a New York-based exchange whose senate- and house-related contracts had been delisted by the Commodity Futures Trading Commission (CFTC) in June 2023. The CFTC argued unsuccessfully that the contracts involved gaming due to their speculative nature.

Kalshi, meanwhile, leaned into arguments that have similarities to those used for legalised sp..

October 23, 2024

What could the future hold for Kambi and OpenBet as platform consolidation slows?

Betting platform consolidation has slowed and as operators are turning to smaller, specialist technologies to bolster their sportsbooks, what does the M&A opportunity for incumbents like Kambi and OpenBet look like today?
In September a rumour that Genius Sports was eyeing a takeover of Kambi Group surfaced, resulting in both parties publicly dismissing the suggestion of ongoing talks. The chatter caused both share prices to dip briefly as the market considered what such a deal might look like.

One source at the time told iGB it wasn’t a good time for Kambi to get caught up in a buyout as it was navigating a transition period and ushering in new CEO Werner Becher. But analysts at Swedish investment bank ABG Sundal Collier have suggested that Kambi has been up for sale for a while.

When MGM announced on 24 June that it was acquiring Tipico’s US betting platform to help it move into Brazil and bring its LeoVegas European betting offering onto an in-house tech stack, ABG Sundal Colli..

October 23, 2024

What could the future hold for Kambi and OpenBet as platform consolidation slows?

In September a rumour that Genius Sports was eyeing a takeover of Kambi Group surfaced, resulting in both parties publicly dismissing the suggestion of ongoing talks. The chatter caused both share prices to dip briefly as the market considered what such a deal might look like.

October 22, 2024

How are personalisation and technology driving NBA in-play betting?

The NBA regular season tips off on Tuesday (22 October) with the reigning champion Boston Celtics hosting the New York Knicks. There’s sure to be fast-paced excitement on the court and operators will look to tap into that with their in-play offerings, which have surged in popularity of late.

In June the provider Simplebet, which specialises in micromarket pricing, revealed it had enjoyed a third straight NBA season of growth (up 75% year-on-year), with nearly 13 million in-play bets placed during the 2023-24 season.

Around $325m was wagered with operators using Simplebet’s microbetting products, with the company offering 86 unique in-play markets during the NBA post-season.

Following Simplebet’s third season of consecutive growth, DraftKings announced it had reached an agreement to acquire the microbetting specialist.

The landscape of sports betting in the US since the 1992 Professional and Amateur Sports Protection Act (PASPA) was repealed in 2018 has been one of constant evolutio..

September 19, 2024

New balls please: Tennis goes micro

The launch of micro betting on ATP tennis will offer operators the chance to go beyond point-by-point, writes Scott Longley.
DraftKings’ recent acquisition of the 85% slug of provider Simplebet it didn’t already own for up to $195m threw the spotlight once again on the emergence of micro betting as a form of in-play that has been gathering strength in the US.

The success of the format – sometimes micro markets – has been ascribed to the nature of certain key sports in the US market.

Notably, the stop-start characteristics of both American football and baseball are often seen as being particularly useful from the perspective of breaking games down into more bet-able moments.

Indeed, in announcing the Simplebet acquisition, Corey Gottlieb, DraftKings’ chief product officer was quoted as saying the proposed acquisition would “allow DraftKings to leverage Simplebet’s proprietary technology to create an in-play wagering experience that moves at the speed of sports.”

Such is the enthusi..

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 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..

August 30, 2024

International markets helping to drive growth for BetMakers in FY2024

BetMakers recorded revenue of AU$95.2m (£49.1m/€58.4m/$64.7m) for its 2024 financial year, with its international presence credited as driving growth.
The figure marked a minor increase of AU$200,000 for BetMakers compared to 2023, while a focus on costs helped slash the supplier’s adjusted EBITDA loss for the 12 months ended 30 June 2024.

Its Global Tote division, which has a presence in more than 35 countries, drew in the majority of the revenue. It delivered AU$54.8m, representing 58% of total revenue – a 3% year-on-year increase.

In FY2024, BetMakers entered into or renewed contracts with 29 operators around the world. International customers are a growth focus while its domestic platforms and the loss of its contract with Betr held it back, it explained.

During the year it signed a two-year market access and content agreement with Bet365 to distribute horseracing content to customers in New Jersey and Colorado in the United States. Caesars Entertainment has launched BetMakers’ ..

August 26, 2024

Weekend Report: Addabbo sounds off about NYC casino process, DraftKings stymied in court, Aristocrat’s new UK deal

Welcome to the Weekend Report, where iGB covers the news that you may have missed over Friday, Saturday and Sunday. This week, we look at an FBI arrest in DC, as well as a California bill that would allow tribes to sue cardrooms.
Frustration continues over NYC casino bid process
New York Senator Joe Addabbo continues to push for and vent his frustration about the status of three downstate NYC casino licences. Per Action Network, Addabbo was vocal during the Racing and Gaming Conference at Saratoga, NY earlier this month.

“Why not codify the timelines? Why not give definitive answers to why we’re not doing this on a timely basis when we did three licences upstate in a fraction of time?” Addabbo asked during a conference panel. “Because we’ll have this same panel here five years from now.”

At issue is the timing of awarding three casino licences. Eleven entities are bidding for the licences, which are currently scheduled to be awarded in the middle of 2025. Casinos would be able to op..

August 20, 2024

Revamped product and customer personalisation key to Evoke growth plans

Evoke plc is banking on automation and AI as it embarks on a “total transformation” of the business, says chief executive Per Widerström following disappointing first half results.
Following a profit warning in July, Evoke reported a 2% decline revenue to £862m last week, with adjusted EBITDA falling 26% year-on-year.

“We understand exactly what went wrong and we have taken corrective actions to address the problems,” Per Widerström says of evoke’s h1 results
Widerström did not shy away from acknowledging the operator’s underperformance on Evoke’s H1 earnings call. “[These] results are disappointing and are not acceptable. We understand exactly what went wrong and we have taken corrective actions to address the problems.”

He outlined a range of product improvements, changes to customer lifecycle management and new ways of communicating the overall value proposition for customers in particular.

Product underpins growth plans for Evoke
The product proposition is enhanced by a revamp..

August 8, 2024

Penn CEO Snowden: “Don’t believe everything you read” on M&A, points to late August NY launch

Penn Entertainment CEO Jay Snowden refused to comment on speculation of competitors teaming up to acquire the operator during Thursday's quarterly earnings call. Instead, he talked up deeper and deeper integrations with partner ESPN.
On Thursday’s (8 August) earnings call, Snowden said the company will be live in the biggest legal market in the US – New York – by the start of the college football season. He also addressed the controversial winners’ surcharge that DraftKings is floating. But his main focus was acquisition rumours.

The ESPN Bet launch last November brought the premier sports media brand into the betting sector. Snowden said it was a milestone moment. But it hasn’t yet translated into a podium position for Penn Entertainment.

Blended market share across six states averaged 6% for March, and investors have started to question Penn’s digital strategy. This led to rumours of a sale, suggesting Boyd Gaming would bite. Those rumours evolved into a joint approach with ..

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Tag: Product & technology