Sports betting – Page 34

May 30, 2024

LiveScore Bet launches new UK and Ireland sportsbook with Kambi

LiveScore Group has rolled out its new LiveScore Bet online sportsbook in the UK and Ireland in partnership with sports betting solutions provider Kambi Group.

The launch builds on the LiveScore Bet platforms already live in Nigeria and the Netherlands. Kambi is replacing a third-party supplier to power the new sportsbook.

Confirmation of the roll-out comes after LiveScore and Kambi entered into a new sportsbook partnership in October of last year. The deal covers both the LiveScore Bet and Virgin Bet brands.

Kambi is providing its sports betting product suite for the new-look sportsbook. This offering includes a sports betting platform, managed services, AI-powered trading and Bet Builder.

In addition, the LiveScore in-house product teams will utilise Kambi’s open APIs, incentives tools and bespoke bet offer specials.

“We are delighted to have launched in the UK and Ireland with our enhanced sportsbook product ahead of the Euros and Copa América,” LiveScore Group CEO Sam Sadi sai..

May 29, 2024

Fanatics goes live in Wyoming

On Wednesday (29 May) Fanatics Sportsbook became the fifth operator to launch in the smallest US state. Fanatics is now live in 21 states.

Fanatics, which purchased PointsBet’s US assets last summer, went from being live nowhere in the US in January 2023 to now being in 21 states. The deal gave Fanatics access to 20 US markets.

The company most recently launched sports betting and online gambling platforms in New Jersey in May. That launch marked the completion of the PointsBet deal.

Fanatics first launched in four states in beta mode in August 2023. From there, the company has launched across the US, including in Arizona, Illinois, New York and North Carolina.

BetMGM, Caesars Sportsbook, DraftKings and FanDuel are all live in the state. Lawmakers in Wyoming legalised digital sports betting in April 2021 and the Wyoming Gaming Commission launched two operators on 1 September 2021, ahead of the NFL season.

Fanatics Sportsbook cross markets

According to a Fanatics press release..

May 29, 2024

The “Caitlin Clark Effect” goes beyond the basketball court

Few athletes have the ability to captivate a sport and send its popularity soaring almost on their own, but basketball player Caitlin Clark certainly appears to be one of them.

Clark’s meteoric rise is sending ripples beyond the basketball court. In early April, she played her last college basketball game and retired with the highest points total in men’s and women’s National Collegiate Athletic Association (NCAA) history. Her Iowa Hawkeyes got to back-to-back national championship games after having previously reaching the final only once in programme history.

Eight days later, she was the WNBA’s number one pick. She has played five games for the Indiana Fever and has already made quite a splash in the professional game. The fans’ desire to see her play is evident.

Both of the Fever’s home games were played in front of sold-out Gainbridge Fieldhouse crowds. Additionally, the Fever’s road game at the Connecticut Suns was the first sell-out home opener since 2003. Their trips to the..

May 29, 2024

US round-up: Arizona grows in March, Rhode Island April betting revenue dips

Casting an eye over the latest monthly US state results, iGB analyses growth in the Arizona sports betting market in March and a decline in revenue despite steady spending in Rhode Island during April.

Arizona reported year-on-year growth across revenue and handle in March. However, Rhode Island saw revenue slip to an eight-month low in April.

Starting with Arizona, which reports its monthly results at a delayed rate compared to other states. All other US states are currently publishing results for April, whereas Arizona has just released an update for March.

During March, player spending amounted to $759.8m (£595.7m/€700.3m). This is 17.8% up from $644.8m in the same month last year. It is also 19.2% ahead of $637.5m in February of this year.

Players wagered a total of $752.4m online and $5.3m at retail sportsbooks. A further $2.1m was bet through limited event wagering (LEW) operators in Arizona.

In terms of revenue, gross event wagering before the impact of free bets hit $57.5..

May 29, 2024

DraftKings and Flutter stock falls on proposed Illinois tax hike

DraftKings and Flutter Entertainment – owner of FanDuel Group – both saw their stock price decline yesterday (28 May) as the US market reacted negatively to a proposed gambling tax hike in Illinois.

Illinois lawmakers discussed the increase during a 2025 budget meeting over the weekend. While plans are yet to be approved, the potential rise has already hit leading operators including DraftKings and Flutter.

The current proposal on the table is for a graduated wagering tax structure to replace the existing 15% flat rate. This would set rates at between 20% and 40%, depending on each operator’s adjusted gaming revenue (AGR).

Licensed operators with generated AGR of $30m (£23.5m/€27.6m) a year would pay tax at 20%. However, if an operator reports more than $200m, they would face a 40% rate – some 167% more than at present. This would be the second-highest tax rate in the US behind New York at 51%.

Other boundaries include a 25% rate for AGR between $30m and $50m, 30% for AGR ranging ..

May 28, 2024

If election were today, Missouri sports betting initiative would fail

Missouri Scout, a private news service covering state politics, earlier this month released a poll that shows legal sports betting doesn't have voter support. The poll, which showed voters also oppose legal abortion, reenforces Missouri's conservative stature.

If the November election were held today, the Missouri sports betting initiative proposal backed by the state’s professional sports teams would fail. The poll showed it has the least amount of support of four potential initiative questions.

Overall, 60% of those polled say they are against legalisation, 36% are in favour and 4% are undecided. Remington Research Group, on behalf of Missouri Scout, surveyed 684 likely voters over two days between 8-9 May.

At issue is an initiative proposal that would allow for statewide digital wagering requiring platforms to be tethered to professional sports venues or existing casinos. The proposal is a departure from bills that have failed in the state legislature. And it likely ..

May 27, 2024

Illinois senate passes “penal”, progressive sports betting tax

Late on Sunday (26 May), Illinois senators passed a FY2025 budget that includes a sports betting tax hike that will most affect the state's biggest operators.

The Sports Betting Alliance (SBA) called the budget an “extremely disappointing decision that will cause real harm”. The proposal nearly triples the tax rate for the most successful operators.

Sunday’s version of the budget, passed by the senate, is different from the house proposal. It would make Illinois the second-most expensive state for wagering operators to do business in.

At the highest end of the scale, the operators with the highest adjusted gross revenue would pay a 40% tax. Only New York’s 51% is higher for a state with a competitive market.

The vehicle for the tax is HB 4951, which did not include the progressive sports betting tax when the house approved it. The bill now goes back to the house for concurrence.

Even smallest operators will pay more

Late Saturday (25 May), the house adjourned until after th..

May 26, 2024

No deal yet: Illinois lawmakers consider step-up wagering tax rate that would punish biggest operators

With the biggest sports betting operators reportedly threatening to leave the state over the latest proposed tax-increase plan, the Illinois general assembly adjourned for the weekend at about 10pm local time on Saturday (25 May). It plans to reconvene and continue work on the budget “next week”.

The latest budget proposal on Saturday afternoon included a graduated wagering tax structure that would set rates between 20% and 40%, depending on an operator’s adjusted gaming revenue (AGR).

Those with AGR of $30m per year or less would be taxed at 20% while those with AGR of $200m or more would be taxed at 40%.

Here’s a look at the proposed breakdown:
20% tax on AGR up to $30m

25% on AGR of revenue between $30m-$50m

30% on AGR of revenue between $50m-$100m

35% on AGR of revenue between $100m-$200m

40% on AGR of revenue over $200m

Top operators would see taxes nearly triple

Companies like DraftKings and FanDuel, the biggest operators in Illinois, would easily fall into the 40% tax ..

May 24, 2024

State of the Union: A look back at the week that was in North America

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.

PA, MA issue fines

On 22 May the Pennsylvania Gaming Control Board announced that it had fined Wind Creek Bethlehem $125,000 (£98,089/€115,156) for allowing minors onto the gaming floor 10 times. The regulator wrote in a press release that the incidents occurred over a 20-month period and involved 11 people.

A day later, on 23 May, the Massachusetts Gaming Commission issued a $10,000 fine to Fanatics Sportsbook for allowing a bet to be placed on a Boston College team. A consumer placed a $50 futures bet on the Golden Eagles bowl game against SMU on 5 December 2023. Fanatics discovered the bet a day later and cancelled it. Betting on in-state college teams is not permitted in most cases in Massachusetts.

SI to exit Michigan by end of 2024

Michigan’s SI Sportsbook will exit the state by the end of the year,..

May 24, 2024

Delaware sports betting growth continues as expansion bill progresses

Delaware reported further year-on-year growth across sports betting handle and revenue in April, while a bill proposing plans to expand the state’s online market beyond its current monopoly has moved forward.

Introduced in April, House Bill 365 is seeking to open up the Delaware online market to more operators. This comes just months after the Delaware Lottery launched its first online sportsbook with Rush Street Interactive and BetRivers.

The Lottery’s sportsbook went live in January and has already had a marked improvement on the Delaware sports betting market. Monthly handle and revenue totals are higher, with this trend continuing into April.

Against this background of early success, lawmakers are already looking at ways to grow the market further.

At the centre of this is HB 365, which this week was assigned to the house appropriations committee. The bill had been assigned to the house administration committee upon its introduction in mid-April, but no further action was take..

May 24, 2024

Wagering tax hikes are all the rage. Will IL be next to approve? MA didn’t

Proposed sports betting tax hikes are quickly becoming the latest trend and Illinois lawmakers continue to wrangle over the issue.

So far, there’s no consensus, which means that the Illinois legislature will extend its session into the Memorial Day weekend.

Governor JB Pritzker earlier this year began pushing to increase the Illinois betting tax rate from 15% to 35%. Pritzker has argued that his state isn’t getting the kind of revenue that bigger states like New York (51% tax rate) and Pennsylvania (36% tax rate) are reaping.

A key difference, however, is that more-comparable Pennsylvania allows promotional deductions, making the effective tax rate 24%, according to Vixio. Illinois and New York do not allow for promo deductions. New York has the biggest competitive marketplace in the US and operators were willing to weather the high tax rate in exchange for the exposure. According to one industry group, at least some legal operators are in the red in Illinois.

Pritzker’s proposa..

May 23, 2024

DC hails FanDuel success as revenue tops $5.0m in opening 30 days

The DC Office of Lottery and Gaming (OLG) has praised the impact FanDuel has had since taking over as the official sports wagering platform in Washington DC, with the brand generating $5.0m (£3.9m/€4.6m) in revenue during its first 30 days of operation.

FanDuel has officially been operating in partnership with the OLG since 15 April. This came after the OLG completed its transition from Intralot-run GambetDC, its long-term partner for sports betting in DC.

For the period from the launch day to 14 May, FanDuel’s online sportsbook reported $5.0m in gross gaming revenue. This is some 887% higher than in the corresponding period in the previous year.

There is also a significant improvement in handle. For the same period, players in DC spent approximately $30m betting on sports, up 673% year-on-year.

The OLG also noted that, as a result of higher revenue, it was able to generate more funds for the district. FanDuel gives 40% of revenue to DC, equating to $1.9m for the 30-day opening per..

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Tag: Sports betting