Sports betting – Page 16

August 30, 2024

State of the Union: California sports betting scandal, BlueBet exit, proposed MD regs

Welcome to iGB's State of the Union, a look at the biggest North American sports betting stories we've covered over the week and briefs on others we found interesting.
Another California illegal bookie pleads
On Monday (26 August) professional poker player Damien LeForbes agreed to plead guilty to running an illegal sportsbook in California. His business is likely tied to Mathew Bowyer’s. Bowyer is the illegal California bookmaker who took wagers from former Shohei Ohtani interpreter Ippei Mizuhara. Bowyer last month agreed to plead guilty to multiple federal counts

Both operated illegal sportsbooks in Los Angeles and Orange counties in California and Clark County, Nevada.

LeForbes, according to Legal Sports Report, wagered $148 million at “Casino A”, as it is referred to in court documents. It’s possible that casino is Resorts World. A May Nevada Current story said he owed Resorts World $12.3 million. Resorts World was identified as a casino at which Bowyer laundered illeg..

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 30, 2024

Does Flamengo’s Flabet set a blueprint for sports teams to become betting operators?

Brazilian football club Flamengo’s new Flabet sportsbook could set a trend for other teams to become operators, according to two lawyers from Bichara e Motta Advogados.
Udo Seckelmann and Pedro Heitor de Araújo, who work in the gambling & crypto practice of Brazilian law firm Bichara e Motta Advogados, say other clubs may adopt a similar model to grow revenue.

Earlier this month, Flamengo revealed plans to launch Flabet with Pixbet, the club’s master sponsor, managing the brand. Essentially the arm’s-length agreement allows the operator to become an active participant in Brazil’s sports betting market, rather than only generating revenue through sponsorship.

The Flabet agreement lasts until 2027, with Pixbet paying Flamengo a minimum amount of BRL82.5m (£11.1m/€13.2m/$14.7m) over that timespan. The club will receive BRL10m in 2024, BRL22.5m in 2025 and then BRL25m in both 2026 and 2027.

Additionally, the club could receive a royalty fee of 1% of gross gaming revenue (GGR) if that ..

August 30, 2024

Colorado wagering numbers up YoY, but handle down against June

Colorado's sportsbooks had a strong July, reporting increases in handle, revenue and taxes paid to the state against July 2023. Handle was up 14% and taxes paid to the state were up 33.2% according to the state's department of revenue.
The latest Colorado revenue report shows an 8.6% decrease in handle compared to June, but a 30.4% increase in taxes paid to the state. Digital wagering operators paid $2.4m (£$1.8m/€2.2m) to the state and bettors laid down $320.3m in handle.

The department of revenue uses the term “net sports betting proceeds” (NSBP) to identify operator revenue. For July, it was $25m, compared to $19.2m in June. Of that, the state’s online platforms accounted for $24.8m in NSBP and retail sportsbooks accounted for $175,009. Revenue was up from $19.1m in July 2023.

Baseball the most popular sport
The Colorado regulator does not break down its sports betting report by operator, but it does break it down by sport. Betting on baseball led all categories, with..

August 29, 2024

SEC latest US college football conference to require college injury reports

The Southeastern Conference (SEC), one of the four remaining college football power conferences, is mandating injury reporting amid the spread of sports betting in the US. The Big Ten last year was the first to do so and Mid-American Conference last week also required reporting.
The SEC injury reports mandate is not for football only, it also extends to men’s and women’s college basketball and baseball.

The requirement is in direct response to the rise of legal wagering in the US. College football administrators see it as a tool to protect student-athletes from the betting public. Injury reporting is a staple in US professional sports leagues.

SEC teams will kick off their first full day of the 2024 season Saturday. Last week, No 10 Florida State played at Georgia Tech.

“This availability reporting policy is intended to reduce pressure from outside entities seeking participation information and represents a commitment of our 16 institutions to provide enhanced transparency to sup..

August 29, 2024

Caixa expects to be a major player in the Brazil betting market

Caixa Loterias president Carlos Antônio Vieira Fernandes believes the company will be one of the leaders in the upcoming Brazil betting market.
Caixa, Brazil’s federal bank, submitted its licence application on 20 August, a day before the initial 90-day preference window closed. By applying during that timespan, Caixa, like other operators who filed in that window, is guaranteed its request will be processed by 1 January 2025. That is the expected launch date of the legal betting market in Brazil.

Brazil’s Secretariat of Prizes and Betting (SPA) received 113 applications during the priority window.

If the application is successful, Caixa, a Brazilian bank which holds a federal monopoly on lottery, will be able to offer sports betting to players in Brazil. The market is expected to be highly lucrative.

A study by the International Betting Integrity Association (IBIA) predicted sports betting turnover will reach $34bn (£26.8bn/€31.1bn) by 2028. Of that, onshore gross win is expected ..

August 29, 2024

Betano named new official sponsor of two major Uefa competitions

Kaizen Gaming-owned Betano has signed a three-year agreement to become the official sponsor of Uefa’s Europa League and Europa Conference League football competitions.
Kaizen’s Betano brand will sponsor the two Uefa competitions until the end of the 2026-27 season. Meanwhile, Kaizen’s Stoiximan brand will be the sponsor of the Europa League and Europa Conference League in Greece and Cyprus, the two countries in which it operates.

The move follows Betano’s sponsorship of Uefa’s Euro 2024 tournament over the summer as the competition’s first ever betting partner.

The new deal was signed in Monaco ahead of the draws for the two competitions, with the Europa League and Europa Conference League set to get under way on 25 September and 3 October respectively.

Kaizen Gaming deputy CEO Aris Dimarakis said he is excited to continue working with Uefa after the success of its Euro 2024 sponsorship.

“During Uefa Euro 2024, we formed an impeccable partnership with Uefa, elevating the experience..

August 28, 2024

AGA survey: US responsible gambling efforts improving, especially for sports betting

Ahead of September's Responsible Gaming Education Month initiative, the American Gaming Association (AGA) on Wednesday (28 August) released new research showing that RG efforts are improving in the US, for both land-based casinos and sports betting.
The survey, conducted online by Kantar between 31 July and 9 August, featured responses from 2,000 nationwide voters. Its results, the AGA said, highlighted several positive developments with regards to consumer trust with the casino and sports betting industries.

Overall, 75% of respondents said that gaming “behaves responsibly in the communities where it operates”. With sports betting specifically, 90% of respondents felt it was an acceptable form of entertainment and 75% support having legal sports betting in their state of residence. Sports betting is currently legal in 38 states plus Washington, DC. No new markets have legalised wagering so far this year.

The main theme of the AGA survey was responsible gambling – 65% of over..

August 28, 2024

DraftKings agrees to buy in-play betting company Simplebet

DraftKings on Wednesday (28 August) announced that it has come to terms to buy Simplebet in an effort to punch up its in-play betting capabilities and boost its AI game.
The acquisition will be DraftKings’ second major purchase this year, after it completed the purchase of digital lottery company Jackpocket in May. DraftKings earlier this year also acquired SportsIQ Analytics and sold VSiN back to its original owners.

DraftKings, founded in 2012 in Boston, is the second-biggest US sports betting company by market share.

Details of the deal were not released and are pending regulatory approval. The boards of directors for both companies have approved the acquisition, according to a DraftKings press release.

The Simplebet deal would allow DraftKings to integrate Simplebet’s machine learning models into its platform and offer customers “highly accurate betting opportunities during every moment of a game”. By adding Simplebet’s technology, according to the press release, DraftKings ..

August 27, 2024

Yield Sec report: Illegal US gross gaming revenue continues to significantly outpace legal GGR

A new Yield Sec report shared exclusively with iGB shows that the US gambling market reached $39.9bn (£30bn/€35.7bn) in gross gaming revenue (GGR) in the first half of 2024. The company said $29.1bn of that GGR came from illegal platforms between January and June 2024.
Yield Sec uses predictive analytics in its report. The report is for sports betting and online gambling only and reveals $10.8bn in GGR on legal platforms. According to the report, there were 892 illegal operators working in the US in the first half of 2024. In addition, 651 affiliates were promoting illegal platforms.

In 2023, Yield Sec predicted that the US market was $40.9bn in GGR for the year. It appears the 2024 numbers will easily eclipse that. Two new US states entered the live US market in 2024 – North Carolina and Vermont. No US jurisdictions legalised wagering in 2024. North Carolina is the ninth-biggest US state by population and the sixth-biggest legal betting state by population.

Through its first five ..

August 27, 2024

Survey estimates 10% of Brazil population has suffered gambling-related financial issues

A survey by market research specialist Hibou has revealed 10% of the population in Brazil has endured financial problems from gambling ahead of regulation coming into force.
The survey, which included 2,839 respondents in Brazil from all social classes, studied the prevalence of gambling in the population.

The study found 68% of Brazilians gamble, with around 16% of respondents stating they had suffered from financial issues due to their gambling.

Is pre-regulation gambling causing social issues?
That equates to around 10% of the Brazilian population. While this may cause concern it is important to note it covers a period before the legal online market launches. The first legal bets will be placed on 1 January 2025, with 113 operators applying for a licence during the initial 90-day window of preference.

Of those who had endured financial problems from gambling, 32% stated they had sold assets to make up for their losses. Additionally, 29% borrowed from friends or family, while 25% ..

August 27, 2024

LiveScore CEO on overregulation and users’ “endless” demand for sports content

LiveScore Group chief executive Sam Sadi says the business may turn to generative AI to satisfy sports fans’ insatiable demand for content and admits the operator would not have entered the Dutch igaming market today.
“Betting has moved towards the recreational, socially acceptable way to consume sports,” Sadi tells iGB. “Maybe 10 years ago, people would be betting on one or two types of markets, the winner market or number of goals.

“Now we see a wider distribution of bets into more entertainment-like products [such as] bet builders and SGPs (same game parlays), as [users consume] different types of statistics. People follow the sports in a much deeper way than they used to.”

With this evolution of betting behaviours, users have developed an almost insatiable demand for content Sadi explains. “Producing this, almost to individual needs, is expensive to be able to deliver at scale.”

Like others, LiveScore sees generative AI as a solution to satisfying that consumer demand.

Can g..

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Tag: Sports betting