Sports betting – Page 27

July 8, 2024

What’s behind the slow uptake in Brazil online betting licences?

Brazil is expected to announce its final online wagering regulations in July, but so far only one licence application has been submitted to the regulator. The market has been buzzing with excitement since the window opened on 21 May, so when will the rest of the applications flood in?

The opening of the licensing window marked a crucial milestone in the hotly anticipated legalisation of betting in Brazil, which is expected to become a $9bn (£7bn/€8.3bn) market by 2028, H2 Gambling Capital has estimated.

Fellipe Fraga, chief business officer at local operator EstrelaBet, predicts operators may be waiting for the final regulations to drop in July before formally applying for a licence.

“There are still important topics that need to be discussed in the process of obtaining the licence,” he says.

“The remaining ordinances will contribute to the definition of the strategies that companies will adopt in the regulatory process.”

Fraga says EstrelaBet is seeking further explanation from ..

July 8, 2024

New York sports betting handle hits 10-month low in June

Player spending on online sports betting in New York fell to its lowest total in 10 months in June, while revenue slipped to its shortest monthly total since February.

Total monthly handle in New York for June amounted to $1.47bn (£1.15bn/€1.36bn). This is 25.6% up from the same month last year but 25.4% behind $1.97bn in May this year.

New York online sports betting spend has not fallen to this level since consumers wagered $1.11bn in August 2023.

There was a similar story for New York in terms of gross gaming revenue. For June, this hit $133.9m, a total 29.0% higher year-on-year but 34.1% short of May’s total. The month is traditionally quieter for betting, with the NBA and NFL finals concluding in the first few weeks. Neither competition had a New York team battling for the title.

Incidentally, this total was only marginally higher than the $131.4m posted in February this year, another quiet period after the Super Bowl. That low revenue total for February was the only thing sto..

July 8, 2024

CFL wants Canadian parliament to spike gambling ad ban, as other countries ponder similar moves

Canada's parliament is considering a bill that would limit or potentially ban gambling ads. The commissioner of the Canadian Football League sent a letter to his country's parliament essentially telling it to butt out.

“We do not agree a national framework is required to regulate the advertising of sports betting in Canada,” CFL commissioner Randy Ambrosie wrote in a letter the senate’s standing committee on transport and communications.

“Having said that, we do not claim perfection on this or any other issue. We recognise in all we do we must remain open minded and continue to learn and evolve.”

Ambrosie may be the first major professional league commissioner anywhere in the world to publicly oppose a gambling ad ban. In the letter to the committee, Ambrosie outlined measures the league has already taken to limit exposure to gambling advertising. The CFL also has responsible gaming initiatives in place and educates its employees on the topic.

Ambrosie wrote that the C..

July 5, 2024

Report: Flutter may join Boyd in bid for Penn Interactive assets, including ESPN Bet

As activist investors are pushing Penn Entertainment to divest its digital gaming arm, The Deal is reporting Flutter and Boyd Gaming may partner on an agreement. Boyd has a 5% ownership stake in Flutter, and partners with Flutter's FanDuel in the US for retail and digital sports betting.

Penn stock was up 4.22% at midday on Friday on receiving the news, while Flutter stock was essentially flat after a morning uptick. Boyd Gaming stock was also relatively flat after an early rise reacting to the news.

“Adding Flutter into the equation with Boyd of a potential Penn acquisition makes it more than interesting,” gaming consultant Brendan Bussmann told iGB. “It’s a back door into the ESPN brand for online, but would also give a brick-and-mortar presence to Flutter.”

On Friday (5 July) Seeking Alpha wrote “Flutter (FLUT) may want to partner with Boyd Gaming (BYD) as the owner of FanDuel is interested in Penn’s interactive assets, according to a report from TheDeal.com on Friday, whi..

July 5, 2024

State of the Union: CNBC Sports, new Illinois tax now in place, more

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.

CNBC getting into sports

Per Steve Ruddock’s “Straight to the Point” substack, CNBC is adding a sports channel. What does that mean for sports betting? “That coverage includes sports betting, an area CNBC’s Contessa Brewer has been in the thick of for several years,” Ruddock wrote on Wednesday (3 July). Overall, the channel will focus on the intersection of sports and business.

Brewer has been among a handful of national news voices to cover the sports betting industry since PASPA was overturned in May 2018. She “will continue to focus on the money, data statistics and strategy behind the sports gaming industry” according to the press release.

Betting on colleges coming to NJ?

The one thing missing from the market often considered the gold standard of US wagering is the ability to bet on college sports in ..

July 5, 2024

Veikkaus lands former Kindred exec Reimblad as sports betting VP

Finland’s Veikkaus has appointed Andreas Reimblad, formerly director of sportsbook at Kindred Group, as its new vice-president of sports betting.

Veikkaus confirmed the news in a LinkedIn post and Reimblad begins his new role today (5 July). He joins having only left Kindred last month following 12 years with the business.

Reimblad spent three and a half years as director of sportsbook at Kindred. Prior to this, he held a number of development roles for the vertical. Reimblad also had a short spell at IGT as product manager for betting and bingo, sandwiched by another stint at Kindred in the Unibet days.

“I’m excited to be part of Veikkaus’ journey,” Reimblad said. “The opportunity that Veikkaus may have to enter the global stage fits well with my experience of operating in several markets.

“I’m eager to contribute my knowledge to this exciting journey. Veikkaus has a respected reputation in the industry among both operators and suppliers. So, the timing of my transition feels per..

July 3, 2024

US DoJ preps to criminally charge Porter with felony in illegal gambling scheme

Federal prosecutors in New York are preparing to charge Jontay Porter for his involvement in the illegal betting scandal that got him banned from the NBA. Porter's name appeared on a federal court docket on Wednesday (3 July), reports the New York Daily News.

Court papers were not immediately available but, according to the Daily News, the US Department of Justice (DoJ) will seek felony charges. Porter is accused of game fixing in an illegal gambling scheme. Four others have been arrested and arraigned for conspiracy to commit wire fraud in the case.

The Daily News wrote that Porter will likely be charged “through an ‘information’ document instead of an indictment, which typically happens when a suspect plans to plead guilty to the charges at the case’s onset”.

Porter allegedly removed himself from two Toronto Raptors games to allow bettors to win on “under” prop bets. DraftKings reported suspicious activity to the NBA after games on 26 January and 22 March. The four arrested..

July 2, 2024

Dog eat dog world? In US, Nathan’s Hot Dog Eating contest a kooky cultural event

The Nathan's Hot Dog Eating contest takes the idea of the traditional fourth of July barbecue to a new level. This year, the contest won't feel the same after 16-time champion Joey Chestnut has parted ways with organisers.

The Nathan’s hot dog contest, held at Coney Island in New York, pits America’s top competitive eaters against one another in a race against the clock. How many hot dogs and buns can a person eat in 10 minutes? You would be surprised – in 2021, Chestnut set a world record by eating 76, including the buns. It’s not pretty – but it’s pretty funny – to watch.

Competitors dip their buns and dogs in water to soften them up and then quite literally suck them down. Their cheeks bulge like chipmunks. Their faces anguish like marathon runners. The winner is the person who eats the most – and keeps it down. The contest isn’t just about speed.

The winner gets the coveted Mustard Belt, which looks a lot like a boxing championship belt… but with a hot dog and Uncle ..

July 2, 2024

Bally Bet now live in Bay State

Bally Bet launched in its seventh state on Tuesday (2 July). The operator joins six other national sports betting platforms in Massachusetts.

Seven seems to be the lucky number for the launch – not only did Bally Bet launch in its seventh state, it is the seventh live operator in Massachusetts. The state at one point had eight platforms live, but Betr and WynnBet exited the market earlier this year. That left BetMGM, Caesars Sportsbook, DraftKings, ESPN Bet, Fanatics Sportsbook and FanDuel.

Under Massachusetts law, there can be a maximum of 17 platforms. Operators can partner with existing casinos or horse racetracks, or apply for a stand-alone mobile licence. BetMGM (MGM Springfield) and ESPN Bet (Plainridge Park) are tethered to casinos. WynnBet was tethered to Encore Boston Harbor, but that licence is no longer in use since WynnBet shuttered.

Bally Bet was among the first group of digital wagering platforms to be licensed in Massachusetts. The company decided not participate i..

July 2, 2024

DraftKings topples FanDuel in Ohio during May

DraftKings took pole position in Ohio's betting market for May as FanDuel fell to second, while Bet365 continues to follow behind the top two.

Total handle for May topped $611.6m, up 37.0% year-on-year in May. The Cleveland Cavaliers progressed to the NBA Conference semi-finals, losing to the Boston Celtics. Handle, however, was 9.2% down on the $673.2m wagered on Ohio sports betting in April.

Online betting accounted for the vast majority of amounts wagered, contributing $595.2m, with a further $16.4m staked at retail sportsbooks across the state. After customers won $538.3m, gross gaming revenue for the month was up 16.4% to $67.4m – suggesting a market hold of 11.0% – with online accounting for 98% of GGR.

Ohio sportsbooks cannot deduct promotional spend until 2027. The state’s sports betting law allows for 10% of promotional spend to be deducted beginning in 2027 and 20% to be deducted beginning in 2032.

Despite reporting year-on-year growth, revenue was 8.8% behind the ..

July 1, 2024

Virginia wagering operators see 24.6% year over year revenue growth in May

Sports betting operators in Virginia had a stunning May, earning $60m in adjusted gross revenue as compared to $42.5m in May 2023. Those betting in the state laid down $505.6m, a 25.2% increase against the same month last year.

Handle and revenue were down for Virginia wagering operators against April, but that is consistent with the US sports calendar. The men’s and women’s NCAA basketball semi-finals and finals were played in April. This year’s women’s basketball tournament fetched more handle than ever before.

May featured the start of the post-season in the NBA and NHL as well as regular-season baseball.

Virginia wagering operators had an 11.9% win rate, continuing a trend of double-digit holds, according to the report. It marked the 21st time that operators had a double-digit hold since the first platforms went live in January 2021.

The state was able to tax $53.6m of the total AGR as operators wrote off just over $6m in promotions and “other deductions”. When sports bettin..

July 1, 2024

Weekend Report: PH senator pushes POGO ban, FanDuel’s strong week in NY and more

Welcome to the Weekend Report, where iGB updates you with the stories you may have missed over the last few days. This week we cover POGOs in the Philippines, as well as stopping off in New York, New Hampshire, Thailand and Brazil.

Philippine senator renews call for online gambling ban

Philippines Senator Joel Villanueva is pushing for his 2022 legislation banning Philippine Offshore Gaming Operators (POGOs) and all forms of online gambling to progress through the country’s legislature.

First filed in September 2022, Villanueva’s Senate Bill 1281 aims to repeal all legislation granting the power to regulate online gambling and criminalise the vertical. Those found to have placed, received or otherwise unknowingly transmitted a bet or wager online would face either a prison sentence of up to six months or a fine of PHP500,000 (£6,736.74/€7,943.75/8,524.33).

Villanueva urges PAGCOR to intensify investigation on POGOs and other forms of online gamblinghttps://t.co/dDChQ5jZSZ
— DZRH..

November 2024
Mon	Tue	Wed	Thu	Fri	Sat	Sun
				1	2	3
4	5	6	7	8	9	10
11	12	13	14	15	16	17
18	19	20	21	22	23	24
25	26	27	28	29	30

Tag: Sports betting