Sports betting – Page 25

May 15, 2024

Sportradar reports Q1 loss despite revenue and EBITDA growth

Sportradar has reported a €649,000 (£557,099/$704,906) loss for Q1, despite revenue and EBITDA both increasing significantly year-on-year.

Sportradar posted Q1 revenues of €265.9m, up 28.1% on the €207.6m generated in the same quarter last year. Meanwhile, adjusted EBITDA reached €47.2m, a 28.6% increase on the €36.7m accumulated in Q1 2023. Sportradar attributed the adjusted EBITDA increase to revenue growth and enhanced operating efficiency, both of which offset increasing sports rights’ costs.

Sportradar pointed to “broad-based strength” across its product portfolio as the reasons for its revenue growth. Revenues from its betting technology and solutions sector shot up by 34.6% to €218.8m, accounting for 82.3% of Sportradar’s total revenue. Its sports content, technology and solutions segment accounted for the other 17.7%, also seeing its revenue increase 4.7% to €47.1m.

The company’s total liquidity of €494.6m was also 7.6% higher than the €459.6m it had at the end of Q1 2023.

May 15, 2024

Detroit casino revenue dips to $109.4m in April

Commercial casinos in Detroit reported a year-on-year decline in revenue during April, while the three venues in the Michigan city also posted a month-on-month drop.

Total Detroit casino revenue for April amounted to $109.4m (£86.8m/€101.0m). This is only marginally lower than $109.7m in April 2023 but 11.7% less than $123.9m in March this year.

Of this total, $107.9m came from table games and slots, down 1.6% year-on-year. This was also 11.8% behind March’s total.

The other $1.6m of revenue was generated in qualified adjusted gross receipts (QAGR) from sports betting. This is in contrast to a $14,489 loss in April 2023 and in line with the $1.6m posted in March.

MGM retains the lead in Detroit

Looking at each commercial casino in Detroit, MGM remains some way out in front in terms of total revenue. During April, MGM held a market share of 46.0%, compared to MotorCity on 30.0% and Hollywood Casino at Greektown with 24.0%.

MGM reported $49.9m in table games and slots revenue in A..

May 15, 2024

Maine sports betting revenue bounces back despite handle dip in April

Sports betting revenue in Maine climbed 51.9% month-on-month to $4.1m (£3.3m/€3.8m), halting three consecutive months of decline in the state, despite a fall in player spending.

Adjusted gross receipts from sports betting in April was comfortably higher than $2.7m in March. Incidentally, March’s total was the lowest monthly amount since Maine launched legal sports wagering in November last year.

Maine calculates adjusted gross receipts by subtracting voided and cancelled bets, federal excise tax and player winnings from handle. Void bets in April totalled $173,638, with federal excise tax at $93,326, and player winnings $33.9m.

The revenue increase came despite a 19.5% drop in total handle to $38.3m. Players in Maine wagered $47.6m in March, a monthly record for the state.

DraftKings out in front in Maine

At present, sports betting is only available through two licensed operators in Maine: Caesars and DraftKings. To date, DraftKings has eclipsed Caesars, drawing significantly more..

May 14, 2024

Ohtani’s ex-interpreter pleads not guilty as part of deal; plans to change plea as early as next week

News trucks lined Temple Street in downtown Los Angeles on Tuesday (14 May) where Ippei Mizuhara was surrounded by Japanese and English-language reporters as he walked into his arraignment in federal court. Mizuhara pleaded not guilty to fraud charges as a “procedural matter,” with the intent to change his plea as early as next week.

Mizuhara, the ex-interpreter for LA Dodgers star Shohei Ohtani, faces up to 33 years in prison and $1.25m in fines. He agreed last week to plead guilty to one count of bank fraud and one count of filing a false tax return. Mizuhara’s theft and illegal gambling were first reported on 20 March and the translator turned himself in to authorities on 12 April.

The arraignment took place at the Edward R Roybal Center and Federal Building in downtown Los Angeles.

As a testament to Ohtani’s popularity, an auxiliary courtroom was jammed with 46 reporters from media outlets, including CNN, Bloomberg and the Associated Press. Reporters signed a petition criticisi..

May 14, 2024

Loterj approves operator licence for Rio Jogo

Casa de Aposta Rio Jogo (Lema) has become the fifth operator to be licensed to offer sports betting and igaming by the Rio de Janeiro State Lottery (Loterj).

Ahead of the launch of the regulated sports betting and igaming market in Brazil, operators are making steps to secure licences, with Rio Jogo now doing so thanks to an approval in the Loterj accreditation notice.

Rio Jogo becomes the fifth operator approved by Loterj, joining the likes of PixBet and BestBet. Meanwhile, seven operators are currently in the process of gaining accreditation, including Caesars Sportsbook and PNR Tecnologia.

Rio Jogo chief executive João Victor de Araújo Souza thanked Loterj for its work on implementing wagering accreditation in Brazil.

“We believe in a regulated gaming market and its legality,” the CEO said. “We are aware of the responsibilities and duties assigned to us in the contract and we affirm that we are fully prepared for the success of the project.”

Loterj grants Rio Jogo licence in th..

May 14, 2024

US DoJ to Supreme Court: Florida sports betting case isn’t in your purview

Late on Monday (13 May) the US Department of Justice (DoJ) filed its response in the Supreme Court in the Florida sports betting case. The filing is the final piece before the court determines whether or not it will hear the case that could change the future of sports betting in Florida.

West Flagler and Associates (WFA) filed a writ of certiorari with the Supreme Court in April. In its response to WFA, the DoJ essentially argues that the Florida pari-mutuel’s case has no place before the court.

DoJ attorneys, on behalf of the Department of the Interior (DoI) wrote that the key issue, the validity of the Seminole-Florida 2021 compact, is not a federal issue. They also argued that the compact itself is well within bounds and that the DoI decision to allow it to be “deemed approved” does not violate any laws.

At issue is whether or not the DoI should have approved a compact that gives the Seminoles exclusivity to online sports betting. DoJ lawyers said the Florida sports betting ca..

May 13, 2024

Fanatics SVP of trading Wright departs after two years

Andy Wright has announced he has left his role as senior vice-president of trading at Fanatics Betting and Gaming (FBG).

Wright joined Fanatics in May 2022 from his previous position of trading director at KingMakers.

Wright’s time at Fanatics saw the company launch its sportsbook offering in January 2023. With its launch at the then-named FedExField in Maryland, Fanatics became the first sports betting operator to open a retail sportsbook within a National Football League stadium.

Fanatics has since expanded across the US, launching its online casino in November 2023. Additionally during Wright’s tenure, FBG acquired PointsBet’s US business for $225m (£179.2m/€208.5m).

In a Linkedin post, Wright stated he was “incredibly grateful” for his time at Fanatics helping to build its betting and gaming division.

“Now it’s time to recharge the batteries and spend more time with the family before finding a new venture,” Wright said.

“All the best to the team at Fanatics Betting & Gaming. ..

May 13, 2024

Tennessee sports betting records further year-on-year gains

Gross mobile sports betting wagers in Tennessee increased 20.7% year-on-year to $384.2m (€356.5/£306.6m) in April.

In April, Tennessee sports betting saw a year-on-year rise that was almost identical to the 20.6% recorded in March. However, wagers collected in April were well down on the $473.6m collected in March, which enjoys a busy sports schedule.

With some $3.3m of income attributed as adjustments, overall gross handle was recorded as $380.9m. This compared to $472.0m in March, with no comparable figure released in April 2023.

In terms of privilege tax from sports betting, the state collected a total of $7.0m. This was up 9.4% compared to last year.

The Tennessee Sports Wagering Council does not publish data regarding monthly revenue, nor any information on individual operator performances.

Who is active in Tennessee sports betting?

While data on Tennessee sports betting is limited, the Volunteer State does feature some of the leading names in US sports betting. BetMGM, FanD..

May 13, 2024

Betano named sponsor and betting partner of top Argentina football league

Betano will be the new sponsor of the top football league in Argentina after Kaizen Gaming and the Argentina Football Association (AFA) announced a partnership.

The top division in Argentina will now be known as Torneo Betano commencing from the opening of the season this past weekend. Meanwhile, the cup competition Copa de la Liga Profesional will be renamed Copa Betano from next season onwards.

Betano will also be the league’s exclusive betting partner following its launch in Argentina earlier this year.

AFA president Claudio Tapia is excited for the potential of the new deal.

“The Liga Profesional de Fútbol is, without a doubt, one of the most important and popular sports competitions in Argentina,” Tapia said. “This agreement with Betano strengthens our vision and confirms, once again, the massive reach of Argentine football.”

Kaizen’s chief commercial officer, Julio Iglesias, added: “Our new partnership with the AFA reinforces our growing dedication to the Argentinian footbal..

May 13, 2024

ITIA bans two tennis players for corruption linked to Belgian syndicate

The International Tennis Integrity Agency (ITIA) has banned two tennis players for corruption linked to a syndicate in Belgium.

The ITIA has issued Alejandro Mendoza Crespo with the maximum penalty of a lifetime ban from tennis for 20 offences. Meanwhile, Jorge Panta Herreros has been suspended for three years for four infringements.

The sanctions were handed down by independent anti-corruption hearing officer Professor Richard McLaren. This came after a formal hearing in early March, with the suspensions effective from 4 April onwards.

Mendoza and Panta were also issued with fines of $250,000 (£199,619/€231,942) and $10,000 respectively. The pair will be banned from playing, coaching or attending any event sanctioned by ITIA members, including the ATP and WTA.

Last week, Eduardo Agustín Torre was suspended for five years following 35 breaches of the Tennis Anti-Corruption Programme (TACP). Torre was also fined $35,000.

New ITIA sanctions follow syndicate-related tennis bans

The ..

May 13, 2024

Iowa posts year-on-year sports betting market growth in April

Sports betting handle in Iowa increased 21.4% year-on-year to $209.5m (£167.2m/€194.5m) in April, while the state also reported higher revenue for the month.

Player spending in April is comfortably clear of the $172.6m wagered in Iowa in the same month last year. However, the April total fell short of March’s total spend of $272.4m and also behind the $220.6m bet in February.

Of the total wagered in April, $196.6m was bet online and $12.9m via retail sportsbooks across Iowa.

An increase in player spending helped push revenue to $16.5m. This is 17.0% more than last year but a drop of 9.3% from $18.2m in March.

Online sports betting generated $15.7m in revenue during April, while retail drew $812,305.

Total player winnings for the month reached $192.3m, including $180.9m from online and $12.1m retail. As for tax, this amounted to $1.1m.

Who is winning in Iowa?

As has been the case for some time, FanDuel and partner Diamond Jo Dubuque remain out in front in Iowa. During April, the ..

May 13, 2024

Indiana sports betting handle and revenue up in April

Indiana reported a year-on-year increase in both handle and revenue for its regulated sports betting market in April, although the state also posted month-on-month declines.

Total handle in Indiana in April amounted to $393.9m (£314.4m/€365.7m). This is 22.6% ahead of $321.4m last year but 21.4% short of March’s $500.8m figure.

Basketball was once again the sport of choice for bettors in the state, attracting $121.5m in total wagers. Indiana is home to NBA franchise the Indiana Pacers and Indiana Fever of the WNBA, as well as a raft of college teams.

Meanwhile, players spent $67.7m betting on baseball during April and a further $2.9m on American football. Some $84.8m was bet across other sports while parlay betting totalled $116.8m.

In terms of revenue, taxable adjusted gross revenue for April hit $37.1m. This is 26.2% up from $29.4m in April 2023 but 5.8% less than $39.4m in March of this year.

Indiana does not publish a sport-by-sport breakdown for monthly revenue. However, it w..

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Tag: Sports betting