Sports betting – Page 33

April 4, 2024

ESPN Bet can challenge market leaders, Truist report shows

ESPN Bet could soon challenge US market leaders Draftkings and FanDuel according to Truist's nationwide survey focused on consumer preferences.

Data collected by Truist Securities analysts in their 2024 Interactive Gaming Survey shows that Penn Entertainment’s ESPN Bet gaming brand has the potential to take on the big two.

According to Truist, it is ESPN’s position as the primary app for bettors to check scores that could help its branded sports betting platform rival DraftKings and FanDuel.

Some 44% of sports fans surveyed said they checked scores on ESPN and 64% of those said they would have interest in betting integration beyond listed lines.

Of the respondents who both frequent ESPN and showed an interest in betting integration, a majority (52%) stated it was likely that ESPN Bet will become their primary wagering platform. Nearly all others (45%) stated it was possible.

Penn’s prospects of overhauling DraftKings and FanDuel

Reflecting on the results, Truist managing d..

April 4, 2024

Ontario market growing two years on, shifting focus to consumer protections

In the two years since single-event wagering was legalised in Ontario, Canada, one thing has become clear: consumers are sick of gambling ads. The most recent proof of that is a Maru Public Opinion poll, taken 7-8 February, of 1,534 Canadians who are also Maru Public Opinion panelists.

Of those surveyed, 59 percent said they favour a total ban on wagering advertising. Most also believe that operators are not acting responsibly and that there should be more government regulation.

While polls are often designed and taken to get a certain result, and a significant percentage of those polled by Maru were in the over-55 category, the sentiment matches the hue and cry that has been echoing through Canada since wagering went live on 4 April 2022. Since its launch, televised hockey games were flooded with advertisements for sportsbooks and have been since.

There is similar sentiment in some parts of the US. In 2023, for example, Senator Paul Tonko proposed a federal wagering advertising ..

April 4, 2024

Betano set for UK launch through BVGroup

Betano is to launch in the UK market through a partnership between the brand’s owner, Kaizen Gaming and technology provider BVGroup.

Kaizen said the collaboration combines Betano’s global brand recognition with BetVictor owner BVGroup’s proprietary technology and experience as a UK operator. Betano’s entry into the UK market follows its establishment in Europe, Africa and the Americas.

Betano’s move into the UK comes during a year in which it has become an official sponsor of both Uefa Euro 2024 and the CONMEBOL Copa America 2024. The UK site features the Euro 2024 logo, indicating the brand will launch in time for this summer’s European Championships in Germany.

“It is a challenge to enter one of the largest regulated online gaming markets in the world,” said Julio Iglesias Hernando, Kaizen’s chief commercial officer.

“To ensure a successful entry, you need excellent partners. A bit like competing in the Premier League. Finding the right partner has been a top priority for us. Thi..

April 4, 2024

OpenBet owner Endeavor taken private in $13bn deal

Technology investment company Silver Lake has agreed to take OpenBet owner Endeavor private in a deal worth $13bn (£10.2bn/€13bn).

Silver Lake will acquire 100% of the outstanding shares in Endeavor that it does not already own. This is with the exception of rolled interests.

Shareholders in Endeavor will receive $27.50 in cash per share. This is a premium of 55% compared to the $17.72 per share seen at market close on 25 October 2023.

On October 26, Endeavor announced that it had initiated a strategic review. This was to examine the potential of taking the business private. Silver Lake expressed its interest in taking Endeavor private at this time.

The deal’s $13bn equity value combined with the consolidation of TKO’s total value brings the total enterprise value to $25bn.

According to Silver Lake, this makes the acquisition the biggest private equity privatisation investment deal in more than a decade. It is also “the largest ever in the media and entertainment sector”.

When ..

April 3, 2024

Tracks and tribes key sticking points in Minnesota wagering debate

Minnesota representative, Zack Stephenson, brought his legal online sports betting bill to the House Commerce Finance and Policy Committee on 3 April, but was met with pushback from committee members.

Committee members pushed back on issues including horse racetracks and how to structure a deal for the state’s 11 tribes.

There was no vote, and HF 2000 is currently sitting in the House Taxes Committee awaiting a vote there. But Stephenson, who is the chair of the Commerce Finance and Policy Committee, said he wanted to have an informational session about Minnesota wagering legislation with his committee as the bill moves forward.

Stephenson’s bill, which was carried over from last session, has been heavily amended, including doubling the tax rate and adding in daily fantasy sports regulation. Stephenson also brokered a deal between the state’s charitable gaming foundations and the tribes that is reflected in the latest version of the bill.

But Commerce Finance and Policy Committe..

April 3, 2024

Botafogo owner reported to Brazilian federal police over match-fixing claims

Senator Jorge Kajuru has requested Brazil's federal police to investigate John Textor, the owner of football club Botafogo de Futebol e Regatas, after Textor made match-fixing allegations against the São Paulo and Palmeiras football teams.

Kajuru – a senator for the Brazilian state of Goiás – confirmed the report during a senate plenary meeting yesterday (2 April). He said he had outlined his concerns to the federal police in the form of a letter, which he encouraged others in the session to sign.

During the meeting Kajuru outlined Textor’s allegations. Textor had alleged that five players from the São Paulo football club had received bribes from Palmeiras in regards to the Brazilian Championship Series A game, where Palmeiras beat São Paulo 5-0. He also claimed to have evidence to support this.

Kajuru added that one month prior, Textor said he had a recording of a referee that had been collecting bribes.

Kajuru said that he had sent the claims to Andrei Rodrigues, director of..

April 3, 2024

Swedish memorandum would strengthen match-fixing battle

A memorandum proposed by Sweden's government would grant greater powers to process and share data related to suspected match-fixing.

If passed, the memorandum would amend chapter 17, section 8 of Sweden’s Gaming Act by allowing licensed operators to process personal data on players if they suspect match-fixing is taking place.

The proposed changes would also allow for more information to be exchanged between Sweden’s gambling regulator (Spelinspektionen), licensees and sports associations if match-fixing is suspected.

However, the memorandum notes that a player’s “personal data” would only be processed under certain circumstances. These include if the data would determine which sporting event might have been affected by match-fixing and the amount of influence the suspected match-fixing might have had.

Therefore, the data processing would be “permitted if it is necessary to review a game for money with the aim of detecting cheating, fraud and other criminal activity” and “to c..

April 3, 2024

Rhode Island sports betting revenue plummets 42% in February

Rhode Island saw a 42% drop in sports betting revenue for February, the month before igaming went live in the state.

Rhode Island reported $2.9m (£2.3m/€2.7m) in sports betting revenue for February, significantly down on the $5m accumulated in January. February’s revenue also fell 19.4% short of the same month last year, when the Ocean State accumulated $3.6m in revenue.

The state’s February handle also declined by 13.4%, down to $38.8m from $44.8m in January. Additionally, Rhode Island’s handle dropped year-on-year, with February’s total 10% behind the $43.1m accepted in bets in the same month last year.

Online continues to command the most interest with $30.4m in handle, 78.4% of the total. Online operators paid out $30m in winnings.

Of the $8.4m in bets received by retail, Twin River led the way with $6m, while Tiverton Casino took $2.4m in wagers. Despite the large disparity in handle, Tiverton Casino actually accumulated more revenue, generating $288,000 to Twin River’s $206,0..

April 3, 2024

Mississippi senate committee keeps online sports betting bill alive

On 2 April, Mississippi's senate gaming committee held a special two-minute meeting in an effort to keep a statewide mobile sports betting bill alive with about a month left in the legislative session.

During the meeting, committee chairman David Blount said that he had been told that “people have been talking” about the Mississippi sports betting bill HB 774 in an effort to reach consensus. He added that “if people are talking, that is a good thing and we want to let them continue to do that.”

The committee adopted a strike-all bill, which in this case updates the bill with codes used in the house. While it does not change any of the text, it does keep the online sports betting bill alive. The state legislature is scheduled to be in session until 5 May and HB 774 passed the house on 1 February. It was transmitted to the senate on 5 February and then assigned to the gaming committee on 27 February.

Tuesday was the final day for a committee to pass out a bill that did not orig..

April 2, 2024

Nearly $200m wagered in first week of North Carolina sports betting

The Tar Heel State has released its first week's sports betting figures, with a total handle already nearing a quarter of a billion dollars.

The North Carolina State Lottery Commission has plenty of reasons to celebrate with over $198m wagered in the first week of sports betting, starting on Monday 11 March.

Detailed numbers have been released by the Commission’s first sports betting report. In total, payouts amounted to $142m from the $198m wagered, with $43m in gross wagering revenue.

A further breakdown revealed that $24m was wagered on the market’s first day. Of that total, $11m was paid out in gross wagering revenue. North Carolina is subject to an 18% tax rate on gross gaming revenue.

Which operators are live in North Carolina?

So far, the North Carolina State Lottery Commission has awarded eight interactive sports wagering licences to operators.

FanDuel, Caesars Entertainment, DraftKings, Fanatics, Bet365, BetMGM, ESPN Bet and Underdog have all secured licences.
..

April 2, 2024

Ohio sports betting revenue down by 41.4% despite Super Bowl

Sports betting revenue in Ohio fell by over 40% in February, despite the Super Bowl early in the month.

Sports betting revenue dropped 41.4% to $66.3m (£52.8m/€61.5m) in February from January’s figure of $113.1m. February’s revenue was also 18.5% down year-on-year, with Ohio accumulating $81.3m in the same month last year, which was the second month of its sports betting market launching.

Ohio also saw a 17.2% decrease in handle, from $810.4m in January to $671.1m in February. However, February’s handle amount was 5% more than the $639m in bets received in the same month last year.

$599.7m was paid out in winnings during February, while $28.3m was written off as promotions. Taxable revenue amounted to $67.6m.

Ohio’s online sports betting sector continues to dominate the market. It was responsible for $66.4m in revenue and $657.7m in handle, the latter of which accounts for 98% of the monthly total. Retail actually finished in the red for the month, losing $122,288 during February.
..

April 2, 2024

Virginia wagering revenue report: February handle up 26% over last year

Virginians laid down $545.1m in bets in February, a 25.6% increase over the same period in 2023. Sportsbooks paid the state a total of $6.3m in taxes and had a hold of 9.18%.

Sportsbooks are taxed at 15% of adjust gross revenue (AGR). According to the Virginia Lottery wagering revenue report, 11 operators finished the month with “net positive AGR”.

Mobile betting accounted for $540m of the total while bettors wagered a combined $4.9m at retail locations. Promotions and deductions continued to decrease. After one senator proposed a cap on allowing operators to write off deductions in 2023, Virginia’s governor, Glenn Youngkin, went a step further and included a 12-month sunset on promotional deductions in his budget.

In total, four new operators also went live in 2023 in Virginia: Bet365 on 31 January 2023; Betfred on 1 February 2023; Betr on 6 September 2023 and SuperBook on 19 October 2023.

Betr, SuperBook only operators that can deduct promos

Bet365 and Betfred have passed th..

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Tag: Sports betting