Sports betting – Page 25

July 18, 2024

Evoke misses H1 EBITDA target, cites leadership change as H2 growth driver

Evoke Plc missed its H1 2024 adjusted EBITDA target by £35m to £40m due to high marketing costs and lower than expected revenue, it said in a trading update today.

The 888, William Hill and Mr Green parent company expects to mitigate its losses in H2 by employing up to £30m in cost savings and meeting its full-year earnings expectation.

A change in leadership and operational overhaul were cited as key drivers for cost efficiencies in the second half of the year. This includes 888’s new strategy and value creation plan, set out in March.

As a result, the firm expects H2 2024 revenue growth to be in line with its medium-term guidance of 5%-9%. It also hopes to deliver a 20% EBITDA margin in 2025. Marketing costs will be between £35m and £40m lower in H2 than in H1.

In an analyst note, Regulus Partners said the profit warning was “neither small nor unlucky”.

On the impact from marketing spend, Regulus said: “What is slightly alarming is that such poor tactics were allowed to unfol..

July 17, 2024

BetMGM, Caesars go live in Washington, DC after short delay

BetMGM and Caesars Sportsbook went live across Washington, DC on Wednesday (17 July). Previously both operators could only offer their platforms in exclusion zones.

The launch is two days later than both operators planned. But they had to await the FY2025 budget being in force.

The budget includes provisions that open the market from a monopoly to a competitive landscape. DC Mayor Muriel Bowser did not sign or veto the budget. Her deadline to do so was 25 July. Instead, she sent it back to the DC Council. The move allows BetMGM and Caesars to begin offering their platforms throughout the city.

Bowser’s press secretary told Sports Handle that Bowser’s non-action “will still permit” the expansion. By sending it back, Bowser was demonstrating that she had “objections to several elements of the budget”. Given the contentious history of sports betting in DC, the expansion could be one of those objections.

Neverthelesss, BetMGM and Caesars Sportsbook announced on Wednesday that they had..

July 17, 2024

New Jersey: Sports betting decline fails to halt gambling revenue growth in June

A second consecutive month of year-on-year decline in sports betting revenue failed to halt overall growth in the New Jersey gambling market, with total revenue rising 7.4% in June.

Combined land-based casino, igaming and sports betting revenue in New Jersey hit $491.0m (£378.6m/€450.3m) for June. This is clear of $457.2m in the same month last year but 3.7% behind the $510.0m posted in May this year.

Land-based casino again generated the most gambling revenue for New Jersey during June. In total, revenue in this segment edged up by 1.0% to $244.1m. This includes $184.0m in slot machine revenue, a rise of 0.6%, and $60.1m table games, up 2.5%.

Igaming edges closer to New Jersey land-based casinos

By far the biggest area of growth in New Jersey in June was the igaming market. Here, total revenue was 25.2% higher year-on-year at $186.8m. This was $57.3m behind the long-established casino land-based sector.

‘Other authorised games’ drew $184.4m of all igaming revenue, up 25.6%. Howe..

July 17, 2024

Judge denies Jontay Porter’s request for his passport so he can play pro ball in Greece

On Tuesday (16 July), banned NBA player Jontay Porter filed a motion to get his passport back before sentencing in an NBA sports betting scandal, so he can play basketball in Greece. A district court judge denied the motion.

The motion, filed by Porter in the US District Court for the Eastern District of New York, included four requests:

1. for Jontay Porter to get his passport back;

2. to travel to and around Europe;

3. to live in Patras, Greece; and

4. to play pro basketball in Patras, Greece.

Porter last week pleaded guilty to felony charges and admitted to being part of a gambling scandal in which he removed himself from two NBA games so others could win their bets. Four others have been charged in the scandal.

Porter is set to be sentenced in December. Federal prosecutors are recommending that he serve 41-51 months in prison. He’ll also have to pay more than $450,000 in fines and fees.

Porter was released on $250,000 bond put up by his wife and mother.

Jontay Porte..

July 16, 2024

Report: Louisiana regulator drops gambling charges against Patriots player

ESPN reported on Tuesday (16 July) morning that the Louisiana State Police Gaming Enforcement Division had dropped gambling charges against Kayshon Boutte. The charges stemmed from actions when Boutte played for the Louisiana State college football team.

Boutte, now a wide receiver with the New England Patriots, was arrested on gambling charges in January, per ESPN. State investigators found that Boutte bet on sports between 6 April 2022 and 7 May 2023. He was 20 at the time. Under Louisiana law, only those over the age of 21 are permitted to wager.

The ESPN report did not indicate why the gambling charges were dropped.

Boutte allegedly created a betting account on a legal sportsbook using an alias. He allegedly placed more than 8,900 bets, including 17 on the NFL and six on LSU during a 13-month span. The betting continued for a week after he was drafted by the Patriots in 2023.

NFL suspended 10 last year

It is a violation of NFL rules to bet on football and a violation of NCA..

July 16, 2024

Online wagering in US capitol on hold until mayor signs budget; platforms were ready to go Monday

Two sports betting platforms were ready to begin offering their products throughout Washington, DC on Monday (15 July). But Mayor Muriel Bowser still hasn't signed the budget bill that would allow BetMGM and Caesars Sportsbook to go live.

Bowser has until 25 July to sign the budget. If she does not sign or veto it by then, it will automatically go into effect.

BetMGM and Caesars sportsbooks indicated on Monday that they are waiting for the mayor’s signature, but are unsure when it will come. BetMGM cancelled a planned celebration at Nationals Park, a company representative said. As of Monday night, FanDuel, partnered with the DC Lottery, remained the only platform available to those betting in DC.

But according to the Washington Examiner, FanDuel’s platform was unavailable Tuesday (16 May). For now, Washington, DC sports bettors can only place bets in person. FanDuel said in a statement to the Washington Post that it would re-launch once the budget was approved.

On 25 June th..

July 16, 2024

Illegal market outstrips licensed French gambling, AFJEL warns

French online gaming association AFJEL says Euro 2024 handle for its members fell far below pre-tournament estimates amid a rise in illegal gambling in the country.

The illegal gambling problem has reached a tipping point, l’Association Française des Jeux En Ligne (AFJEL) warned, with illegal players totalling four million in 2023, ahead of the regulated sector’s 3.6 million.

While French gambling regulator l’Autorite Nationale des Jeux (ANJ) predicted €1bn would be wagered on the tournament, AFJEL said around half of that figure was staked.

Instead, the association betting volumes were stagnant compared to the last European Championship in 2021. After that tournament, when France was eliminated in the second round, online punters wagered €343m. This would be increased to around €500m when La Francaise des Jeux’s retail network was included.

The amounts staked were also down 25% from the 2022 World Cup, AFJEL added, when €900m was bet as France reached the final.

AFJEL: Frenc..

July 16, 2024

Massachusetts reports sports betting growth despite retail loss in June

Massachusetts saw its sports betting handle and taxable gaming revenue both increase year-on-year in June despite reporting a loss within its retail market.

Total player spending on sports betting in Massachusetts during June amounted to $509.4m (£303.1m/€467.8m). This is 57.5% up from $323.5m last year but 13.3% behind $587.3m in May this year. It is also the lowest monthly total since $314.9m was bet in August 2023.

Online betting spending hit $500.7m in June, with retail drawing just $8.6m in comparison.

Revenue-wise, operators across online and retail reported $40.5m. This is up 25.8% from last year’s $32.2m haul but 29.0% short of $57.0m in May and the lowest monthly amount since $22.7m last August.

Online sports betting generated $41.0m in revenue during June. However, a $588,965 loss from the retail sector pushed the overall revenue total down for the month.

As for hold, across the Massachusetts market, this stood at 8.30% in June. Online hold hit 8.44% with retail at 0.01..

July 15, 2024

Weekend Report: DraftKings to divest VSiN, Bermuda’s banks slow casino launch and more

Welcome to the Weekend Report, where iGB covers the news you may have missed over Friday, Saturday and Sunday. This week we’ve got news of DraftKings cashing out of its big media bet, Bermuda’s casinos struggling for acceptance in the banking sector and more.

DraftKings turns off VSiN?

DraftKings could be preparing to sell off its sports betting media specialist Vegas Sports Information Network (VSiN), according to Eilers & Krejcik Gaming.

Original owner Brent Musburger is allegedly set to take back control of the TV and radio network, which was acquired by DraftKings for $70m back in 2021. Active since 2017, VSiN broadcasts 18 hours of content a day, across multiple markets and streaming platforms, at one time showing Betting Across America, a BetMGM-backed sports betting programme.

While the sale is not confirmed it would take a significant media asset out of DraftKings’ stable, although it still maintains a distribution deal with Meadowlark Media, as well as its own streaming..

July 15, 2024

US sports betting round-up: FY24 decline for NH, IN enters summer lull

New Hampshire’s sports betting market is in decline, while Indiana handle fell below $300m in June, although the Caitlin Clark effect is having a big impact on basketball betting in the Hoosier State.

New Hampshire sports betting declined during the 12 months to 30 June 2024 as retail betting struggled, while Indiana reported its third straight month of handle decline. However, as with many other states, handle and revenue is tracking above prior year figures.

Retail betting decline hits New Hampshire

Starting in New Hampshire, handle for FY24 hit $753.1m (£580.8m/€691.7m), down 14.8% from $753.1m last year according to NH Lottery figures. Of this, $661.5m was bet online, a drop of 6.8%, while retail betting totalled $91.6m, some 47.3% lower. DraftKings operates sports betting exclusively in the state on behalf of the lottery.

Turning to gross gaming revenue, for FY24, this amounted to $76.8m, a drop of 5.2% from the previous year’s $81.0m haul, suggesting a 10.2% hold. This incl..

July 12, 2024

State of the Union: DC’s new open market, bye-bye SaharaBets, FanDuel fine

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.

On Monday in DC, bettors will have more options

After four years of being limited to offering their digital platforms within a two-block radius in Washington DC, on Monday BetMGM and Caesars Sportsbook plan to take off the geofence. Last month, the DC Council passed a new budget that allows for a competitive wagering marketplace. Because BetMGM and Caesars have been live with digital platforms with limited reach for several years, they’ll be the first to join lottery partner FanDuel in offering citywide access.

Under the new law, commercial operators can apply to offer their platforms in the District. FanDuel, which took over the lottery’s offering in April, will continue to be available. But the company, which subcontracted with lottery provider Intralot to offer its platform, will shift to being tethered ..

July 12, 2024

Waterhouse VC: Turning back the clock

In his latest column, Tom Waterhouse of Waterhouse VC reviews how the fund has performed over the last year.

We started the fund on 19 August 2019 and I am very pleased that our five-year anniversary is fast approaching, with outstanding results for investors over the past year. The fund returned 53.3% for the 2024 financial year, a result our team is proud of.

While global equities have been favourable over the past 12 months, our performance has not relied on these tailwinds, outperforming the S&P 500 by +31%. Returns have been achieved across each pillar of our strategy (Option Deals, Professional Betting, Global Equities).

We’re pleased with the fund’s performance since launching, particularly given the challenges of finding attractive deals during a period of exuberance for growth assets in 2021. Last year’s results bring the return since inception to 102% per annum before all fees. An investment of $100,000 at inception in August 2019, assuming reinvestment of all distribution..

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Tag: Sports betting