Retail sports betting – Page 31

January 6, 2023

How much do sportsbooks spend on marketing and will it lead them to profit?

Russell Karp of DataArt explores how leading US sportsbooks spend their marketing dollars, examines their strategy and results and looks for a path to profitability.

Fall and winter are intensely hot seasons for sports betting with NFL, NBA, college football and basketball, NHL and MLB post-season action. So it’s no surprise that the last three months of the year became the most expensive in terms of advertising.

BIA Advisory Services forecasted that up to $1.8bn would be spent in 2022 to promote gambling products online, with a sizeable chunk going towards sports betting. In the first week of the year alone, ad spending by the four biggest sportsbooks rocketed to a lofty $24m.

But how do these heavy marketing investments impact the sports betting business? And are sportsbooks getting a return on their investment?

Where does the money go?

To acquire as many users as possible, as early as possible, sportsbooks invest heavily in marketing. A larger share of voice, paired with attra..

January 5, 2023

ICE London partners Gambling Business Group for High Street Gaming Hub

Clarion Gaming has entered into a partnership with strategic body the Gambling Business Group to run a new show floor feature at this year’s edition of ICE London.

Dedicated exclusively to licensed street gaming, the GBG High Street Hub will feature both contributions and insight from leading brands including Novomatic UK, Entain, Buzz Bingo, Merkur UK and GameNation.

The new hub will be situated adjacent to the Pillar Hall Casino, a networking space and bar for the land-based industry, and allow visitors to explore the latest developments in the street gaming sector.

ICE London 2023 will take place from 7-9 February at the ExCeL London,

“ICE London 2023 will be the biggest edition on record and I am delighted that this will include a section of the show floor dedicated to the street gaming sector of the business,” Clarion Gaming managing director Stuart Hunter said.

“Our strategy and remit is to work in partnership with the industry that we serve and our collaboration with the Ga..

January 5, 2023

Missouri sports betting bill introduced

A bill that would permit sports betting in Missouri has been introduced in the state house as the current legislative session begins.

House Bill 581 was sponsored and introduced on 4 January 2023. It was sponsored by representative Phil Christofanelli.

If passed, the bill would repeal three sections of the current law and enact seventeen new ones related to sports gambling.

The bill would enable land-based casinos to offer sports betting as well as to partner with suppliers to offer sports gambling online.

Number of sports betting operators in Missouri

Each land-based casino can partner up with three online sports gambling brands , with a limit of six online partners for companies that own multiple casinos.

The proposed amendments would also allow Missouri-based sports teams to partner with a digital sports gambling provider to launch an online service. Sports teams to qualify must play in the NFL, MLB, NHL, NBA, MLS, WNBA or NWSL.

The state has multiple sports teams that would..

January 3, 2023

Top Sport handed another fine in Lithuania

Lithuania’s Gambling Supervisory Authority has issued Top Sport with another fine after it was again found to have breached regulations in the country regarding CCTV at its retail betting facilities.

Top Sport was fined €15,000 (£13,273/$15,854) over the improper installation of a digital video recording system at a betting and slots location in Vilnius.

During an inspection, the Authority found that the image quality of videos was poor and the actions of employees working at the cash desk in the facility were not clearly visible in the footage.

The Authority also said that the way the video cameras were installed meant it was not always possible to see how much money was being paid in by and out to customers.

This, the regulator said, was in breach of Article 15, Paragraphs 2 and 3 of the Lithuanian Law on Gambling.

In addition, the Authority said certain parts of video recording at the betting facility were not saved, which constituted a further breach of regulations, namely P..

November 28, 2022

The man who revitalised Fremont Street

Downtown Las Vegas was once associated with Sin City’s Rat Pack era, but the Fremont Street experience is – quite literally – very different today. Enter Circa Sports’ Derek Stevens, an industry outsider who is playing a huge role revitalising the area by bringing a brand new casino and sports betting experience.

Derek Stevens of Circa Sports is a gambling industry outsider. He built up a successful auto parts business in his native Michigan before moving into the casino business, purchasing the Golden Gate in 2008. He’s honest about what attracted him to the city.

“The key thing that brought me to Vegas was the fact there’s no income tax in the state of Nevada,” he says, bluntly. “I run an investment portfolio, so that was helpful.”

Derek Stevens poses next to Vegas Vickie, an iconic symbol of ‘Old Vegas’

“But,” he adds, “I’m more of an operator.” He’s also someone who likes a challenge, acquiring a casino on the cusp of the Great Recession. Stevens “really fell in love with downt..

November 25, 2022

GB gross gambling yield recovers to almost £10bn in 2021-22

Great Britain’s gross gambling yield (GGY), excluding lotteries, increased 16.5% to £9.93bn ($12.0bn/€11.53bn)
from April 2021 to March 2022.

The figures were supplied through industry research from the Gambling Commission.

While this is a significant rise, the total is 0.8% below the 2019-20 numbers, which mostly occurred pre-pandemic. Despite the increase in the headline numbers since this, the Commission reports that the number of bettors in the sector have fallen.

“Since Covid-19 restrictions were lifted in 2021 and products and opportunities to gamble are available to consumers again, the overall percentage of the adult population who gamble remains lower than it was pre-Covid (28%),” said the Commission.

This can be explained by gaming spend increasing to a proportionally larger extent than the number of consumers. However, as the Commission outlines, there are strong signs of increased participation in gambling activities from younger demographics.

“There are signs of a r..

November 24, 2022

New Hampshire sports handle reaches 10-month high in October

Players in New Hampshire bet $91.3m (£75.3m/€87.8m) on sports during October, a 7.0% drop from last year but the highest monthly total since January 2022.

Spending was down from $98.2m in October 2021 but 16.8% ahead of the $78.2m wagered by consumers in September this year.

Of the $91.3m spent in October, $68.2m was bet online with the remaining $23.1m at retail sportsbooks.

Read the full story on iGB North America

November 22, 2022

Industry slams NYT sports betting coverage

On Sunday, the New York Times (NYT) published an article on sports betting lobbying efforts, which has been criticised by industry trade groups and individuals as including “several mischaracterisations”.

Titled “Cigars, Booze, Money: How a Lobbying Blitz Made Sports Betting Ubiquitous”, the article makes the argument that the gambling sector “got their way with lawmakers after showering them with donations, gifts and dubious arguments”.

This assertion has been criticised by a number of US-based trade organisations, who pointed to the already stringent regulatory environment and the industry-wide commitments to responsible gaming.

Criticised by trade bodies

In a statement published on LinkedIn, the American Gaming Association (AGA) said that the NYT had made “several mischaracterisations” in the article, and emphasised that there is a high standard for obtaining gaming licences in the US.

“As unapologetic advocates for our industry, the AGA engages with the New York Times and any..

November 21, 2022

Industry gears up for record betting volumes as World Cup begins

The industry expects a record number of bets to be placed during the 2022 Fifa World Cup.

The 2018 tournament saw high betting levels and is widely considered to be the most bet-on sports event in history. For many sports betting operators, 2022’s controversial tournament will be the most significant betting event of the year.

Looking across the industry, Flutter has predicted that its UK and Ireland brands will see £300m staked during the World Cup.

In particular, Flutter noted that its FanDuel and Sportbet brands may see greater engagement due to both the USA and Australia qualifying for the competition.

Flutter cited a study from Fifa, conducted in conjunction with Sportradar, which estimated that $136bn was staked globally on various teams during the 2018 event. Whether betting levels will surpass the previous record will depend on many factors, not least which teams are able to proceed the furthest.

Elsewhere, Ladbrokes, Coral and Bwin agreed with Sportingbet brand operator ..

November 18, 2022

Betfred and DraftKings launch sportsbook products in Maryland

DraftKings and Betfred have become the latest operators to announce their entry into the Maryland sports betting market.

Betfred’s physical sportsbook will go live from today (18 November), while DraftKings’ sportsbook app is set to launch on 23 November.

Both operators completed the mandatory early access test period, a measure implemented by the Maryland State Lottery & Gaming Control Agency and paid the $500,000 application fee.

Read the full story on iGB North America

November 18, 2022

New Jersey betting revenue down as challengers struggle in October

Sports betting revenue in New Jersey declined by 7.4% year-on-year to $77.9m, as revenue for its leading brands increased but challengers in the market struggled.

This figure came as players bet $1.06bn on sports, down by 18.1% from October 2021’s record-high $1.30bn. Of this total, $987.6m was placed online, with the remaining $72.6m placed in person.

The Meadowlands, with a FanDuel betting skin, continued to easily lead the market with $45.4m in sports betting revenue, up 3.0%. In second place was Resorts Digital, which has partnered with DraftKings and brought in $17.2m, up 8.0%

BetMGM partner the Borgata was the only other operator to crack even a 3% market share, bringing in $9.5m, up by 18.7%.

Read the full story on iGB North America

November 18, 2022

What will it take to create a US challenger that’s actually viable?

iGB op-ed: Following MaximBet’s exit from the US sports betting market, Daniel O’Boyle asks what it will take for a lower-tier US brand to succeed.

This week’s column comes to you as I prepare to board a flight for a week off in the Hampton Roads region of Virginia, so what better to focus on than the idea of retreating from costly US battles?

Maximbet became the latest US operation to shut down, hot on the heels of the Fubo Sportsbook. If it wasn’t clear already, it’s fair to say now that it’s tough for second-tier and below operators to make much money, and other exits are likely coming soon.

In August, I wrote that the podium of top US sports betting operators had effectively been set, with no path for challengers to compete with the likes of FanDuel, DraftKings and BetMGM.

The chances of anyone coming close to FanDuel’s market share disappeared a long time ago

Recent events have only reinforced that there simply isn’t a path into the top tier for the also-rans. So the question..

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Tag: Retail sports betting