Sports betting – Page 144

August 5, 2022

RSI still on track for long-term earnings goals despite higher Q2 losses

Rush Street Interactive (RSI) said it still expects to achieve its longer-term earnings targets despite posting an increased net loss and negative adjusted earnings before interest, tax, depreciation and amortization (EBITDA) during the second quarter and first half.

Speaking after the business published its results for the two operating periods, RSI’s chief executive Richard Schwartz said that the operator continues to move towards becoming profitable.

Schwartz said RSI experienced profit across six of its markets during the second quarter of its 2022 financial year, with the states of New Jersey, Pennsylvania, Illinois and Michigan, along with Colombia in South America, being profitable in the quarter. In addition, West Virginia also turned profitable after only four full quarters of operation in the state.

“We are continuing to build a global business,” Schwartz said “With the recent launches in Ontario in Canada and Mexico, we are now live in a total of four countries. This give..

August 5, 2022

FuboTV gaming business under strategic review with negative revenue

Streaming provider FuboTV will implement a strategic review of its betting arm, after determining that it could not operate the business alone in the current economic environment.

Fubo chief executive David Gandler said that the business was determined to ensure that its betting product – created when it acquired Vigtory – would be fully integrated with its streaming service. However, he said it could not achieve this by building its own technology.

As a result, it has initiated a strategic review of the wagering business.

“We continue to believe that an integrated wagering platform, offering both live video and a sportsbook, will result in the best viewing and gaming experience for consumers,” Gandler said. “However, as we have evaluated how best to scale these capabilities in today’s market, we have concluded that we will no longer pursue this opportunity on our own.

“Accordingly, our interactive wagering business is under strategic review. We are in internal and external discu..

August 4, 2022

DC sports betting revenue and handle down in June

Washington DC’s sports betting gross revenue and handle both declined year-on-year in June despite an increase in the number of operators active in the market.

Player spending during the month amounted to $13.8m, down 29.3% from $19.5m in June of last year and also 19.8% lower than $17.2m in May 2022.

Gross gaming revenue from sports betting reached $1.0m, less than half the $2.2m posted in the same month in 2021 and also down from $2.0m in May this year.

The year-on-year declines came despite the DC market now having five active operators, whereas in June 2021, there were just three brands taking sports bets.

Caesars processed the largest number of bets during the month, reporting a total handle of $6.0m and posting $409,057 in revenue.

Gambet, which is operated by the DC Lottery and powered by Intralot, placed second after paying out $3.3m in winnings from $53.8m in wagers, resulting in $444,635 in revenue.

BetMGM, which operates in DC in partnership with Major League Baseball ..

August 4, 2022

GB gambling revenue drops in June as almost all sectors struggle

Gross gambling revenue in Great Britain dropped by 13.6% month-on-month in June, new figures from the Gambling Commission show, as almost all types of gambling experienced a significant decline.

The regulator published data based on reports from operators making up 80% of the GB online gambling market and 85% of the retail betting shop market, building on its earlier online-only reports launched in 2020. As such, the absolute figures reported do not include the entire market within these verticals.

Month-on-month, online gross gambling yield was down by 13.2% to £370.2m in June. The total was also a drop of 20.0% from the highest monthly total of the year, recorded in January. Revenue was, however, higher than March, when sports betting revenue experienced a sharp drop that was likely related to special officers around the Cheltenham Festival.

At the same time, revenue from retail bookmakers was down as well, by 5.6% to £181.7m.

Revenue from almost every single gambling vertical wa..

August 3, 2022

OpenBet acquires Multi Builder ahead of sale to Endeavor

B2B sportsbook supplier OpenBet has acquired betting technology and trading business Multi Builder ahead of OpenBet’s own acquisition by sport media conglomerate Endeavor Group.

The deal comes soon after OpenBet owner Scientific Games slashed the sale price of OpenBet by $400m (£328.4m/€392.83), in order to ensure the deal closes smoothly.

Multi Builder was founded by industry veterans Oliver Preston and Jonathan Smith, with the business’ trading technology operating under the brand “Sportsbook Models”. The goal will be for the services to be integrated into OpenBet’s existing product portfolio.

Smith also founded sportsbook training company “Sportsbook Training Services Limited” and will provide training services exclusively to OpenBet as part of the deal.

Commenting on the deal OpenBet chief product officer Nikos Konstakis emphasised the value to clients of deeper market understanding.

“This deal marks another significant milestone into the development of our pricing and trading..

August 2, 2022

GiG reveals Betsson as first Colombia sportsbook partner

Gaming Innovation Group (GiG) has revealed Betsson Group as its first sportsbook partner in Colombia, after only initially releasing partial details of the deal.

In June, GiG said its Sportnco subsidiary had signed its first Colombia-facing sportsbook deal with an unnamed ‘tier-one’ operator.

GiG has now revealed it has been working with Betsson in Colombia for the past year, with the country the third regulated market in which GiG provides both software and services to this client.

The deal, GiG said, ratifies a partnership that was initiated more than 12 months ago when Betsson completed the takeover of regional operator Colbet.co in June 2021, shortly after which it agreed to migrate onto GiG’s Sportnco’s platform.

Betsson, which operates both online and via retail in Colombia, said that its presence in the country increased significantly over the past year as a result of using GAN’s player account manager.

“As part of our rebranding in Colombia, we migrated to GiG’s platform ..

August 2, 2022

Scout shareholders to vote on 90% share dilution next month

Scout Gaming Group shareholders will vote next month on a share issue that would dilute existing holdings in the business by 90%.

Fantasy provider Scout announced that it would conduct a share issue in order to save the business in June, after it identified a SEK17m ($1.7m/£1.4m/€1.6m) commitment in its finances which it said it was previously unaware of.

The commitment will impact cash flow for third quarter of this year and have a negative effect on profit and loss in the quarter of around SEK5.5m.

As a result of the new cost, Scout leadership took drastic action to save the business, including laying off 68 employees, between its offices in Bergen in Norway and Lviv in Ukraine.

As well as the layoffs, Scout said it would issue 202.7 million new shares, diluting existing shares by 90%.

The board has now revealed more details of the share issue. Each shareholder will be offered the opportunity to buy nine more shares in the business, at SEK0.50 per share.

Scout said that the iss..

August 2, 2022

Gaining altitude or experiencing turbulence?

Robin Harrison talks to the local operators and lobbyists involved in the early stages of the Netherlands’ regulated igaming market.

Online gambling regulation in the Netherlands was discussed as far back as 2009 yet only launched in October 2021.

And the operators licensed were different to what the industry had expected. The local incumbents, Nederlandse Loterij (NLO) and Holland Casino, were among them as were international brands such as Bet365 and Tombola.

A host of high-profile names were conspicuous by their absence. The likes of Entain, Betsson, 888 Holdings and Kindred Group pulled out, having passively accepted bets from local consumers.

This led to a “deluge” of players coming to Holland Casino, according to director of digital transformation Jeroen Verkroost.

“We were over the moon but completely understaffed and had to shift from first to fifth gear almost immediately, which came with some teething problems,” Verkroost recalls.

Sam Depoortere, business director for N..

August 1, 2022

BetRivers launches retail sportsbook in Maryland

Rush Street Interactive (RSI) has partnered with Bingo World to launch the BetRivers retail sportsbook in Maryland today.

The 3,000 square foot sportsbook features 12 self-service kiosks and three over-the-counter machines.

The sportsbook is set to open at 12:00 EST today (1 August), in a ceremony that will feature Qadry Ismail, former player for the Baltimore Ravens, BetRivers B2B services director Adam Glass and Maryland state Senator Pamela Beidle among others.

Read the full story on iGB North America.

August 1, 2022

Rhode Island betting handle surpasses $500m in 2021-22

Consumers in Rhode Island spent more than $500m on sports betting during the 2021-22 financial year, while the US state’s betting revenue amounted to $39.7m.

Total handle for the 12 months through to the end of June 2022 was $517.2m, an increase of 46.5% from $353.0m in the previous financial year, according to figures published by the Rhode Island Lottery.

Some $290.5m was wagered via mobile during the year, while players also spent $226.8m at retail sportsbooks, split $164.9m across the Twin River casino and $61.9m at the Tiverton Casino.

Combined online and retail revenue for the year was up 9.7% from $36.2m in 2020-21 to $39.7m.

Online betting accounted for $122.1m of total revenue for the financial year, with $17.7m coming from retail. Twin River was responsible for $11.7m of all retail revenue and the Tiverton Casino $6.0m.

Meanwhile, the Rhode Island Lottery also published figures for the final month of the year, with handle for June climbing 29.1% year-on-year to $34.2m. H..

August 1, 2022

Holding back the tide

René Jansen, chair of Dutch regulator de Kansspelautoriteit (KSA), speaks to Daniel O’Boyle about the challenges involved in fighting on two fronts since the country launched its regulated online gambling market. On one hand he’s keeping the unlicensed market at bay, on the other he’s working to ensure the licensed sector moderates its advertising

After eight years of anticipation, it could have been difficult for the launch of the Netherlands’ online gambling market to fulfil expectations.

For Jansen, chair of regulator de Kansspelautoriteit (KSA), the launch did indeed live up to what he anticipated.

“It’s been a success in several aspects,” he says.

But going as expected is only a good thing if the predictions are optimistic. And it’s hard to miss the fact that one aspect of the market launch went exactly as Jansen predicted, in exactly the wrong way.

Advertising turmoil

In May 2021, the KSA chair warned of an advertising “bombardment” when the legal market opened.

Looking at..

August 1, 2022

Tab NZ misses June revenue and turnover budgets

New Zealand’s Tab NZ fell short of both revenue and turnover budgets in June as a result of ongoing “softening economic conditions” in the country as consumers continued to adjust to the rising cost of living.

Wagering turnover for the month reached NZ$197.3m (£102.0m/€121.5m/US$124.2m), which was 3.9% or $8.1m below budget.

Net profit amounted to $11.0m, some $1.7m below a budget of $12.7m, with betting profit $1.5m under budget at $9.3m and gaming profit also $200,000 off budget at $1.7m.

However, Tab NZ did note that operating expenses for the month were $200,000 below an initial budget of $10.0m, amounting to $9.6m, while code distributions and other payments were $100,000 above budget at $13.2m.

Analysing its monthly performance, Tab NZ said the primary reason for it missing budgets was due to consumers not spending as much as initially anticipated amid the rising cost of living in New Zealand.

Retail and hospitality was able to operate without capacity restrictions despite t..

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Tag: Sports betting