Sports betting – Page 15

September 9, 2024

North Carolina operators in August record lowest hold since launch

In August North Carolina operators had single-digit hold for the first time since platforms launched in March. The Tar Heel State's eight operators took $370.5m in bets in August and had a win rate of 9.1%.
Operators paid a total of $6.1m (£4.7m/€5.5m) to the state in taxes, according to the report released on Monday (9 September) by the North Carolina Education Lottery.

North Carolina operators took less money in bets – $340.4m – in July, but had a 12.4% hold, the second-highest in six months since launch. In July, operators paid the state $7.6m in taxes. North Carolina charges online operators an 18% tax on digital sports betting.

In August, the gross wagering revenue was $33,751,015. NC law defines gross wagering revenue as handle minus winnings. Gross wagering revenue is derived before deductions for expenses, fees or taxes. According to the report, North Carolina operators had $13.6m in promotional play and cancelled or voided $3m in bets.

Nearly $3bn in bets in first ..

September 9, 2024

Impressive August for New York sports betting as handle increases 29%

New York saw mobile sports betting handle and gross gaming revenue (GGR) each grow by more than 20% in an impressive August for the state.
In a traditionally quiet month for US sport, handle for New York betting grew by 28.8% year-on-year to $1.44bn, with GGR up 26.5% to $125.0m. However, handle was still the lowest monthly total recorded for 2024 so far.

FanDuel and DraftKings accounted for around two-thirds of total GGR. The former saw GGR up 25.1% to $52.6m on the back of $511.6m handle, which was up 25.0%. DraftKings remained New York’s top operator in terms of handle, bringing in $526.7m, up 17.9% year-on-year. However, it was behind FanDuel in GGR terms, with its $43.4m up 22.9%.

August is one of the quietest months for sports betting because only Major League Baseball (MLB), among the major sports, is in full flow. The NFL season starts in early September so typically operators are preparing for any football season product launches during August.

BetMGM and Caesars were the ..

September 9, 2024

Weekend Report: Brazil names betting chief, Bet365 fined in NJ

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 a letter calling for Austrian gambling reform and Bet365 getting fined in New Jersey.
New secretary of sports betting named in Brazil
In this week’s Weekend Report, Giovanni Rocco Neto, previously a counsellor in Brazil’s ministry of sport, will oversee the promulgation of rules and wagering launch in Brazil, reports Insider Sport. Legal, live sports betting is set to launch in January and 114 operators have applied for licences. Neto will report to sports minister André Fufuca and will be independent of the secretariat of prizes and betting. His new title is national secretary of sports betting for the economic development of sport.

In his last role, he was the chair of the committee of integrity, rights and duties in betting and gaming.

NJ regulator fines Bet365
The New Jersey Department of Gaming Enforcement (DGE) last week fined UK-based Bet3..

September 9, 2024

Brazil government preparing heavy crackdown on illegal betting payments

Pay4Fun director Ari Celia tells iGB Brazil's ministry of finance has established a new department to target black market operators. He expects Pix blocking efforts to be successful.
Brazil’s government is implementing hefty measures to prevent illegal operators from processing payments ahead of the legal betting market’s launch on 1 January 2025.

The government’s ministry of finance is setting up a team of eight civil servants who will specifically work on preventing illegal sites from taking and receiving payments, according to Celia.

The team will process complaints from the sector and seek to punish unlicensed payment providers and illegal sites.

Blocking Pix payments will be successful
One measure the government has publicly announced is blocking payments involving illegal operators made via Pix, an instant payment service controlled by the Central Bank of Brazil which the majority of the betting market uses.

Regulators in other markets like Germany and across Europe..

September 8, 2024

Judge rules Missouri wagering initiative will be on November ballot

One day after a seven-hour hearing, a Missouri judge on Friday (6 September) ruled that a ballot initiative that would allow for statewide mobile sports betting will stay on the ballot.
Cole County Circuit Judge Daniel R Green issued his decision Friday afternoon, hours after lawyers submitted proposed judgements. The decision came less than 24 hours after the hearing.

After more than five years of failed attempts at legalising sports betting in the state legislature, voters now get a shot.

The initiative case was one of two ruled on in Cole County Circuit Court on Friday. Amendment 3, which would make abortion legal in the state, was deemed invalid. Judge Christopher Limbaugh made the ruling, which proponents say they will appeal. There is a Tuesday deadline for a decision – which is when ballots are scheduled to be printed.

The wagering initiative, Amendment 2, is one of two gambling proposals Missourians will vote on. Amendment 5, if passed, would allow the state gaming commi..

September 6, 2024

Judge promises swift decision on fate of Missouri digital wagering initiative

An all-day hearing on Thursday (5 September) in a Missouri federal court did not yield a decision about whether or not a sports betting ballot initiative could move forward. But it was good theatre.
Cole County Circuit Judge Daniel R Green did not rule Thursday in Jacqueline Wood et al vs John Ashcroft, but did say to expect a quick decision.

In the lawsuit, Wood and fellow political consultant Blake Lawrence claim the voting districts used by the secretary of state to certify the Missouri wagering initiative are incorrect. In Missouri, a proposal needs verified signatures from 8% of voters in six of the state’s eight voting districts. Lawmakers redrew the congressional districts in 2020.

According to the lawsuit, the secretary of state’s office used old districts to determine if enough verified signatures were collected. It then used the new districts to determine where voters live.

Essentially that means that even if a signature came from a person who remains at the same address..

September 5, 2024

FanCash links Fanatics Sportsbook to merch business and gives it a leg up

If you log onto the Fanatics merchandise website, you won't find any mention of a sportsbook. If you search the site for 'Fanatics Sportsbook' you'll land on a page full of gift cards and gear. Why? Because just like how legacy casino companies consider their sportsbooks to be amenities – ways to draw in customers – so does Fanatics.
The difference is Fanatics isn’t so much using sports betting to bring customers to its brick-and-mortar locations. Instead, sports betting can drive consumers to buy more gear.

The company’s core digital business is – and has been since the current iteration was founded in 2011 in Jacksonville, Florida – sports merchandise. Founder Michael Rubin has been capitalising on the fan experience for close to 15 years. And that phrase, “the fan experience”, is as critical to the company’s sportsbook mission as it is to any of its other businesses, whether that be team jerseys, trading cards or collectibles.

“The goal is, I think you have ..

September 5, 2024

Ohio: FanDuel continues to hold off DraftKings in wagering revenue in July

FanDuel retained the top spot in the Ohio online sports betting market in July, while the state saw revenue increase month-on-month despite handle falling to a year-low for the second consecutive month.
Players wagered $476.9m (£362.2m/€429.6m) across online and retail sports betting in July. This is 44.0% more than in Ohio last year but 10.0% lower than the previous 2024 low of $529.8m in June.

Figures reported by the Ohio Casino Control Commission show $466.6m was bet online and $10.2m at retail sportsbooks. Operators recorded a double-digit hold approaching 12%, marking the fourth time this year that operators had hold above 10%.

As for total taxable revenue, this totalled $55.3m, up 48.7% from June and also 8.0% higher than July last year. Operators paid the state about $11.1m in taxes on a 20% tax rate. Online revenue for the month topped $53.5m and retail revenue was $1.6m.

July’s total means total revenue year-to-date – covering the seven months to the end of July – is $49..

September 3, 2024

Quickness, convenience key themes as US wagering platforms roll out upgrades for start of football season

Whether it's the ability to place a parlay bet faster or from anywhere on a site, US digital sportsbook platforms from Betr to ESPN Bet have new looks and improved user interfaces as the most lucrative season of the year is set to begin.
The NFL season kicks off on Thursday (5 September) when the Baltimore Ravens play at the defending Super Bowl champion Kansas City Chiefs. The first full Sunday of games is 8 September. College football season had its first full Saturday of games on 31 August.

The SEC on ABC debuted with three games and average viewership of 7.6 million. The triple-header was the second-highest rated college football kickoff Saturday in ABC history, according to AwfulAnnouncing. And Sunday’s USC-LSU game drew 9.2 million viewers, including 11.1 million at the peak.

Football season in the US is a key period for customer acquisition. Sportsbooks are running myriad promotions to draw new customers but, in addition, many are offering new features to keep customers..

September 2, 2024

Federal Revenue Service to address Brazil sports betting tax concerns at CPI hearing

Special secretary of Brazil’s Federal Revenue Service Robinson Barreirinhas will appear in front of the parliamentary commission inquiry (CPI) on match-fixing to explain how sports betting tax from companies abroad will be kept in Brazil.
The special secretary will appear at the request of Carlos Portinho, who is looking to clarify how tax payments will be made across borders.

Barreirinhas will be heard this Wednesday (4 September) by the CPI on manipulation, which was set up in April to counter match-fixing on sports betting in Brazil.

As set out in Normative Ordinance No 827, operators must have a headquarters on Brazilian soil. Foreign companies are still eligible for a licence, although they must have a local subsidiary of which a Brazilian owns at least 20% of the share capital.

Businesses must also provide a joint certificate from the special secretariat of federal revenue and the attorney-general’s office of the national treasury to show they are registered to pay tax in the ..

August 30, 2024

Arizona sportsbooks see 13.5% handle increase over last June; 20% decrease against May

Bettors in Arizona wagered $454m (£345.8m/€410.5m) in June, the latest month of revenue reporting available, according to a Friday (30 August) Arizona Department of Gaming (ADG) press release.
That number beat the same month in 2023 by $60.8m or 13.5%. But it was down 20% from $568.4m in May.

Gross gaming revenue for Arizona sportsbooks before promotional deductions was $46.2m. Operators wrote off $14.6m, meaning adjusted gross revenue was $31.6m, which is taxable. Operators paid the state $3.16m in tax revenue. Digital wagering operators are taxed at 10% and brick-and-mortar sportsbooks are taxed at 8%.

Digital platforms accounted for $449.7m in handle and $31.3 in AGR. The state has three retail sportsbooks that it can tax and they collectively took $4.4m in bets. The rest of Arizona’s brick-and-mortar locations are in Indian Country and bets are not taxed by the state.

There was a $5,210.70 “annual audit adjustment” noted on the report.

DK has highest handle; FD leads in AGR
..

August 30, 2024

Virginia sportsbooks were big winners in July, extending double-digit hold streak

Virginia sports betting operators recorded their fourth consecutive month of double-digit hold in July, the Virginia Lottery reported on Friday (30 August). Bettors laid down $377.6m in wagers, up 28.6% over last July.
Virginia handle was down from $415.4 in June. The state’s 14 digital and three retail sportsbooks have recorded hold of 10% or more five times in 2024.

According to the report, adjusted gross revenue (AGR) was $40.3m, up compared to last July’s $28.2m, but slightly down from $40.5m in June, when hold was 10.95%. The regulator calculates AGR by subtracting player winnings, bonuses and promotions and certain other deductions from total monthly player wagers. Bettors won a total of $331.3m.

Virginia taxes operators at 15% and the state does not release individual sportsbook or sport data. The regulator did report that 10 operators had positive AGR for the month. All of the major operators, including BetMGM, Caesars Sportsbook, DraftKings, ESPN Bet, Fanatic Sportsbook an..

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Tag: Sports betting