Retail sports betting – Page 3

July 23, 2024

DraftKings announces plans for DC sports betting launch

The pool of sports betting operators in Washington, DC got a little bit bigger on Tuesday (23 July) when DraftKings announced intentions to launch its platform in the newly opened competitive market.
With the addition of DC, DraftKings will have launched in 29 North American jurisdictions.

“We would like to thank the DC Council for creating a path to bring DraftKings’ top-rated sportsbook to the nation’s capital,” DraftKings’ North American president, Matt Kalish, said in a statement.

“Together with DC United, we look forward to delivering fans a best-in-class experience through our customer-friendly product.”

DraftKings will join FanDuel, BetMGM and Caesars Sportsbook in offering mobile sports betting throughout the District. The latter two operators went live in the nation’s capital on 17 July.

They had expected to launch two days earlier. But there was a short delay related to the city’s FY2025 budget, which included the provisions needed to open the marketplace from a monop..

July 22, 2024

US round-up: online growth drives Louisiana in FY, mixed June for Mississippi

Rounding up some of the latest gambling figures in the US, Louisiana reported a year-on-year rise in sports betting revenue and handle despite a decline in the retail market during its 2023-24 financial year, while Mississippi saw player wagers fall in June.
Starting in Louisiana, players staked $3.33bn, an increase of 32.1% figures from the state Gaming Control Board show. Of this, $3.04bn was bet online, a rise of 37.2%, and $291.7m at retail sportsbooks, down 5.0%.

After promotional spend – something that skewed Michigan sports betting figures in June – of $44.4m, net revenue from sports betting came to $388.1m, up 58.3% on the prior year.

Mobile betting accounted for $358.2m of the total (a rise of 73.2%) although retail’s $29.9m contribution was down on the prior year. Mobile launched in January 2022, months after the first retail bets were placed in October 2021.

American football was the sport that generated most revenue across online ($30.1m) and retail ($3.5m). However, pa..

July 22, 2024

Student athletes face new wave of harassment – how is the NCAA and the betting industry addressing the issue?

The National Collegiate Athletic Association (NCAA) and the National Council of Legislators from Gaming States (NCLGS) are working together to afford collegiate athletes safety in the new world of sports betting.
Dangers for student athletes range from integrity to the illegal betting market, to physical danger to athletes from bettors who lose individual player prop bets said panelists on Friday (19 July) at the NCLGS summer meeting in Pittsburgh.

The NCAA and NCLGS are banding together for a solution, said Clint Hangebrauck, the NCAA’s managing director of enterprise risk management. The two entities have formed a special committee on education to create draft legislation that can address protecting student athletes.

“We have drafted a model legislative framework that starts with really enforcing the unregulated market,” Hangebrauck said. He went on to say that the current situation presents a “clear and present danger to the safety and well-being of our student athletes”.

Wayne ..

July 19, 2024

Bettor perspective? Walters, “Spanky” say US sportsbooks have much to learn

As legal sports betting in the US proceeds in its seventh year, many have expressed concerns about whether the current wagering model is sustainable for the long term.

A panel discussion on Friday (19 July) at the summer meeting of the National Council of Legislators from Gaming States (NCLGS) in Pittsburgh featured views on the subject from legendary sports bettors Billy Walters and Gadoon “Spanky” Kyrollos. Both the legendary Walters, 78, and Kyrollos said sustainability depends on treating sports bettors fairly.

That, they said, means an equal playing field for all customers.

Richard Schuetz, a veteran casino executive, regulator and onetime Las Vegas sportsbook operator, moderated the panel. Schuetz hosted Walters when Schuetz ran the sportsbook at the Stardust.

Transparency, betting limits are concerns

One problem threatening the long-term sustainability of legal sports betting, panelists said, is a lack of knowledgeable operators. “The (legal) industry is new in this country..

July 19, 2024

Pennsylvania gaming market shored up by record icasino performance in FY23-24

Pennsylvania reported year-on-year declines in slots, table games, sports betting, VGTs and fantasy sports in its fiscal year ended 30 June, yet a strong performance from online gaming was enough to push the state to record revenue and taxes.

Total gambling revenue for the 12 months to 30 June came to $5.89bn (£4.55bn/€5.41bn), 6.9% ahead of last year’s $5.51bn according to full-year figures from the Pennsylvania Gaming Control Board.

This generated $2.36bn in tax revenue for the Keystone state, a record breaking total. Of this total, $1.34bn came from casino slots and $157.6m table games. Sports betting generated $175.2m, video gaming terminals $21.4m and fantasy sports $2.9m.

However, it followed a year in which all verticals – bar one – declined year-over-year. The land-based casino market made the biggest contribution, with slots making up $2.44bn of FY23-24 revenue, down 0.6% from the prior year. A further $958m came from table games, with video gaming terminals (VGT) revenue ..

July 17, 2024

New Jersey: Sports betting decline fails to halt gambling revenue growth in June

A second consecutive month of year-on-year decline in sports betting revenue failed to halt overall growth in the New Jersey gambling market, with total revenue rising 7.4% in June.

Combined land-based casino, igaming and sports betting revenue in New Jersey hit $491.0m (£378.6m/€450.3m) for June. This is clear of $457.2m in the same month last year but 3.7% behind the $510.0m posted in May this year.

Land-based casino again generated the most gambling revenue for New Jersey during June. In total, revenue in this segment edged up by 1.0% to $244.1m. This includes $184.0m in slot machine revenue, a rise of 0.6%, and $60.1m table games, up 2.5%.

Igaming edges closer to New Jersey land-based casinos

By far the biggest area of growth in New Jersey in June was the igaming market. Here, total revenue was 25.2% higher year-on-year at $186.8m. This was $57.3m behind the long-established casino land-based sector.

‘Other authorised games’ drew $184.4m of all igaming revenue, up 25.6%. Howe..

July 16, 2024

Massachusetts reports sports betting growth despite retail loss in June

Massachusetts saw its sports betting handle and taxable gaming revenue both increase year-on-year in June despite reporting a loss within its retail market.

Total player spending on sports betting in Massachusetts during June amounted to $509.4m (£303.1m/€467.8m). This is 57.5% up from $323.5m last year but 13.3% behind $587.3m in May this year. It is also the lowest monthly total since $314.9m was bet in August 2023.

Online betting spending hit $500.7m in June, with retail drawing just $8.6m in comparison.

Revenue-wise, operators across online and retail reported $40.5m. This is up 25.8% from last year’s $32.2m haul but 29.0% short of $57.0m in May and the lowest monthly amount since $22.7m last August.

Online sports betting generated $41.0m in revenue during June. However, a $588,965 loss from the retail sector pushed the overall revenue total down for the month.

As for hold, across the Massachusetts market, this stood at 8.30% in June. Online hold hit 8.44% with retail at 0.01..

July 15, 2024

US sports betting round-up: FY24 decline for NH, IN enters summer lull

New Hampshire’s sports betting market is in decline, while Indiana handle fell below $300m in June, although the Caitlin Clark effect is having a big impact on basketball betting in the Hoosier State.

New Hampshire sports betting declined during the 12 months to 30 June 2024 as retail betting struggled, while Indiana reported its third straight month of handle decline. However, as with many other states, handle and revenue is tracking above prior year figures.

Retail betting decline hits New Hampshire

Starting in New Hampshire, handle for FY24 hit $753.1m (£580.8m/€691.7m), down 14.8% from $753.1m last year according to NH Lottery figures. Of this, $661.5m was bet online, a drop of 6.8%, while retail betting totalled $91.6m, some 47.3% lower. DraftKings operates sports betting exclusively in the state on behalf of the lottery.

Turning to gross gaming revenue, for FY24, this amounted to $76.8m, a drop of 5.2% from the previous year’s $81.0m haul, suggesting a 10.2% hold. This incl..

July 12, 2024

US sports betting round-up: FY growth in Kansas, mixed results for Kentucky

Rounding up some of the latest sports betting results across the US, iGB analyses growth in Kansas during the state’s 2024 financial year and month-on-month declines in handle in Kentucky throughout April and May.

Kansas saw both sports betting revenue and handle increase year-on-year, in 2024, with player spending hitting $2.36bn (£1.83bn/€2.18bn). As for Kentucky, the state reported lower player spending for the second straight month.

Kansas stakes up 41% in full fiscal year of betting

Handle for the 12 months to 30 June was 41% ahead of the previous year according to Kansas Lottery figures. Players wagered $2.26bn online and $102.3m with retail sportsbooks across the state.

Revenue reached $117.2m, a year-on-year rise of 100.2% from last year’s $58.7m, a 5.0% hold, below the national average of 9.1%. Of this, $112.4m came from online betting, while retail contributed $4.8m.

DraftKings leads the way but low hold typifies Kansas sports betting market

Looking at individual operat..

July 11, 2024

US round-up: Maryland betting grows in first fiscal year of mobile, Tennessee handle jumps 49% in June

Players wagered $5.37bn in Maryland’s first full fiscal year of mobile sports betting, while Tennessee handle jumped 49.7% in June and Detroit’s casinos posted a modest increase in revenue for the month.

Maryland saw both revenue and handle increase year-on-year during the 12 months to 30 June, while Tennessee stakes climbed significantly during the month.

Full-year handle hits $5.37bn in Maryland

Maryland Lottery and Gaming figures show handle for the state’s 2024 fiscal year rise $85.9% to $5.37bn (£4.18bn/€4.96bn). The 12 months which ended on 30 June mark Maryland’s first full fiscal year of mobile betting, after it launched in November 2022.

Of this total, $5.19bn was wagered online, while $180.6m was staked with retail sports books.

Parlay popularity

In terms of handle by sport, pro basketball took top spot with $873.6m in bets, or 16.3% of all wagers placed in FY24. Players spent the most on parlay bets, with these wagers hitting $2.03bn, or 38.2% of handle.

Players won..

July 10, 2024

US round-up: Iowa FY24 handle tops $2.6bn, mixed June for Maine

Rounding up the latest US state reports, iGB analyses growth in Iowa sports betting during the state’s 2024 financial year and a mixed June for Maine.

Iowa’s sports betting market closed out its 2024 fiscal year with growth in June, while Maine sports betting operators DraftKings and Caesars reported a decline in handle for the month.

Iowa market up 14% in 2024 fiscal year

Iowa reported year-on-year growth across revenue and handle for the full year to 30 June. Maine, meanwhile, saw sports betting revenue rise month-on-month despite lower spending among consumers.

Starting in Iowa, betting handle for the year hit $2.62bn (£2.05bn/€2.43bn). This is 16.4% higher than the $2.25bn spent in the previous year. Online wagers amounted to $2.41bn while retail spend totalled $207.1m.

In revenue terms, this amounted to $212.3m, an increase of 14.0% from 2023. Of this, $193.5m came from betting over the internet and $18.7m retail sportsbooks.

Looking at individual operators’ performance for..

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..

September 2024
Mon	Tue	Wed	Thu	Fri	Sat	Sun
						1
2	3	4	5	6	7	8
9	10	11	12	13	14	15
16	17	18	19	20	21	22
23	24	25	26	27	28	29
30

Tag: Retail sports betting