Sports betting – Page 87

August 9, 2023

Jackson highlights scale, product as profit drivers for Flutter

Peter Jackson, CEO of leading online gaming conglomerate Flutter Entertainment, highlighted the business’ scale and subsequent ability to invest in its products as being behind its crossing of the profitability threshold.

In H1 2023, the Flutter reported profitability on both a US and group-wide basis. In the company’s earnings call, Jackson highlighted the business had previously expected 2023 to be the year in which the threshold was met.

“I think it’s important we remember the context a few years ago,” Jackson said. “We knew this year would be the tipping point, we reached that milestone earlier because the business is bigger than we anticipated.

“We knew this year would be profitable, we’ve proved the model works, we will continue to acquire and invest in as many companies as we possibly can.”

Jackson emphasises the importance of scale

The executive emphasised Flutter’s size, revenue and market share as the business retained its title as the largest online gaming business in t..

August 9, 2023

Flutter’s US business reaches “profitability inflection point” in H1

Flutter Entertainment has revealed its US business reached a “profitability inflection point” during the first half, with CEO Peter Jackson describing the period as “pivotal”.

Group revenue was up 41.9% in the six months to 30 June, while net loss also flipped to a profit. Much of this, Flutter said, was down to the performance of its US segment, namely the FanDuel Group brand.

Since taking ownership of FanDuel in May 2018, the brand has gone from strength to strength. FanDuel has moved far from an initial daily fantasy sports offering to now deliver sports betting and online casino in states across the US.

FanDuel investment coming in H2

US is Flutter’s star performer in H1

A strong six months for European operations

Australia disappoints

Working down the balance sheet

FanDuel US listing nears

Flutter CEO: Profits will fuel H2 investment for FanDuel

With CEO Jackson revealing that the US business took on more than two million new players in the first half, there is little ch..

August 8, 2023

ESPN makes its betting move as Penn lets go of Barstool

Disney-owned sports broadcaster ESPN is moving into sports betting in partnership with Penn Entertainment, which will sell the Barstool brand back to founder Dave Portnoy.

Penn’s Barstool Sportsbook is relaunching as ESPN Bet this autumn through the $1.5bn deal. This immediately provides the brand with a footprint across 16 legal betting states, covering its mobile website and app and desktop site.

Penn says its partnership with the largest sports brand in the US increases the long-term adjusted EBITDA potential for its interactive segment by between $500m and $1.0bn.

Penn is divesting Barstool Sports, its sportsbook brand since 2020, as a result. Barstool founder Dave Portnoy buys back 100% of its share capital “in exchange for certain non-compete and other restrictive covenants”.

The terms of the deal

ESPN and Snowden comment

What about theScore and icasino?

Barstool back with Portnoy

Disney’s history with betting

Exclusive access to ESPN assets

ESPN Bet leverages ESPN’s m..

August 8, 2023

IBIA expands Brazilian network with KTO

The International Betting Integrity Association (IBIA) has named KTO, the sports betting brand owned by the KTO Group, as its latest member.

Founded in 2018, KTO currently operates in both Brazil and Peru, with plans to also launch in Chile.

As part of new regulatory measures in Brazil, KTO is required to join an international body for monitoring sports integrity. Its membership of IBIA satisfies this demand and puts the brand in line with new Brazilian betting laws.

KTO joins nearly 50 businesses and over 125 sports betting brands in the IBIA network.

“We view this as a step that reinforces our dedication to upholding the highest standards of integrity in sports betting,” KTO managing director Jeff Tabone said. “Trust has always been a cornerstone of the KTO brand. Joining IBIA signifies our commitment to a safe and transparent environment for our customers and the wider industry.”

IBIA chief executive Khalid Ali added: “KTO is the latest operator to make IBIA its preferred integ..

August 8, 2023

FanDuel expands golf betting with IMG Arena integration

Flutter Entertainment-owned FanDuel Group has expanded its range of golf betting options with the integration of IMG Arena’s Golf Event Centre.

The addition of the Golf Event Centre opens up a number of new betting markets for users. These include closest-to-the-pin, longest drive and other stroke-by-stroke bets.

The Golf Event Centre also allows users to track each shot in real-time, view hole profiles and see course maps. In addition, FanDuel customers will have access to a customisable live leaderboard.

The golf betting tool will be available to FanDuel users from the FedEx St. Jude Championship, which begins on 10 August.

Read the full story on iGB North America

August 7, 2023

BetMGM clinches Kentucky market access agreement

BetMGM and Revolutionary Racing Kentucky (RRKY) have partnered for a new market access agreement.

The agreement will see BetMGM offer its online and retail sports betting platform to Kentucky’s market, once sports betting becomes legalised in the state.

Retail sports betting will go live on 7 September, followed by online betting on 28 September.

Read the full story on iGB North America

August 7, 2023

Genius benefits from betting growth as revenue rises 22.1% in Q2

Genius Sports said growth within its betting technology, content and services division helped push revenue up 22.1% year-on-year during the second quarter of 2023.

The data, technology and broadcast business experienced growth across all its businesses in the period. However, it was its betting arm that witnessed the most significant increase, with revenue rising 26.8%.

Genius put this down to higher customer utilisation of event content and growth in business with existing clients.

The provider also noted that renewed partnerships with a number of major clients will help drive further growth.

In recent months, Genius has extended a partnership with Football DataCo (FDC), which manages data rights for the English Premier League. It has also renewed deals with the National Football League and indoor American football’s XFL.

“We enter H2 having reached a significant inflection point in our business,“ Genius co-founder and CEO Mark Locke said. “Following the financial outperformanc..

August 7, 2023

Amelco secures gaming related supplier licence in Ontario

Gambling technology provider Amelco has secured a new gaming related supplier licence in the Canadian province of Ontario.

Issued by the Alcohol and Gaming Commission of Ontario (AGCO), the permit allows Amelco to launch its solutions in Ontario.

The licence covers both sports betting and igaming activities. Amelco offers a range of sports wagering, casino, lottery and financial products to the market.

“This represents a significant milestone for us,” Amelco USA head Brandon Walker said. “We are thrilled to be finally entering Ontario.”

Read the full story on iGB North America

August 7, 2023

Victoria bans sports betting on minors

Australia's Victorian Gambling and Casino Control Commission (VGCCC) has announced a blanket ban on betting on all under-19 sports competitions.

The VGCCC’s ban applies to sporting events where all participants are minors. It also prohibits betting in Victoria on the individual performance of athletes aged under 18 who are playing in senior or junior events.

This includes wagering on outcomes such as first goal scorer or first wicket taken, when the player is a minor. However, bets can still be made on team outcomes in senior sports when minors are playing.

Sports controlling bodies have been directed to amend agreements with betting providers to ensure they prohibit offering markets involving minors. The VGCCC said the ban also applies to other sports not governed by an approved sports controlling body.

Sporting bodies and betting operators will have 60 days from 3 August to comply with the new rules. After this period, offering bets on minors could lead to regulatory acti..

August 4, 2023

IBIA welcomes Galera.bet as latest member

The International Betting Integrity Association (IBIA) has announced sports betting brand Galera.bet as its latest member.

Match Time Solutions-owned online operator Galera.bet is focused on the Brazil market.

Galera.bet joins almost 50 companies and more than sports betting brands within the IBIA network of members.

“We are honoured to work with IBIA and to be able to reinforce our purpose of developing business with integrity as our priority.,” Galera.bet CEO Marcos Sabiá said. “We believe that collaboration between partners is extremely important to protecting the integrity of sport and betting markets from corruption.”

IBIA CEO Khalid Ali added: “We welcome Galera.bet’s decision to join IBIA. It recognises the unique benefits of IBIA’s operator-run integrity monitoring network and its ability to track members’ individual consumer transactional activity, rather than just analysing simple odds movements.

Brazil regulates sports betting

The decision to join IBIA coincides with ..

August 4, 2023

DraftKings further increases full-year guidance after Q2 growth

DraftKings has increased its full-year revenue and earnings guidance after reporting growth during both its second quarter and first half.

The operator put Q2 success down to continued customer retention and engagement, as well as the acquisition of new players. DraftKings also highlighted an expanded parlay offering and improved promotional intensity.

This led to a year-on-year rise in revenue and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA). DraftKings was also able to reduce net loss.

Based on these figures, the operator was confident in increasing FY guidance for the third consecutive quarter. DraftKings already raised FY expectations in both the first quarter of 2023 and final quarter of last year.

DraftKings also took into account anticipated launches in new markets when increasing its FY guidance. The operator expects to go live in Kentucky in September and Puerto Rico before the end of the year, with these launches set to further improve f..

August 3, 2023

Arizona sports betting handle down again in May

Player spending on sports betting in Arizona fell again in May, while revenue also declined month-on-month.

Monthly handle in Arizona amounted to $451.7m, down 2.1% from May of 2022 and 17.7% lower than April this year.

Consumers wagered $446.9m online and a further $3.9m at retail sportsbooks in the state.

Player winnings for the month amounted to $398.2m, resulting in $48.6m in adjusted gross event wagering revenue before free bets. This was 12.0% down on last year but marginally higher than April’s total.

Read the full story on iGB North America

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Tag: Sports betting