Sports betting – Page 88

August 3, 2023

Rhode Island sports betting handle declines in FY23

Rhode Island’s sports betting handle for the 2023 financial year declined year-on-year despite consumers spending more than $500.0m.

Handle for the 12 months to 30 June hit $509.5m, down 1.5% from $517.2m in the previous year.

Players spent $331.9m betting online, up 14.3% but retail across the Twin River and Tiverton casinos fell 21.7% to $177.6m. Twin River took $115.3m in bets and Tiverton $62.3m.

However, total revenue for the year reached $50.9m, up 28.2% from 2022’s $39.7m. Players won $458.6m from sports betting.

Read the full story on iGB North America

August 3, 2023

FL Entertainment lauds betting and gaming segment in H1

FL Entertainment saw revenue of €489.3m in its online sports betting and gaming segment in H1, up by 23.3% year-on-year.

FL Entertainment’s online sports betting and gaming segment is generated by the Betclic Everest Group, which owns both German-facing Bet-at-home.com and Betclic.

The overall revenue was €1.92bn for the six months, an increase of 6.8% year-on-year. Content production and distribution revenue was €1.43bn.

François Riahi, CEO of FL Entertainment, said the overall revenue was due to increased unique active players in its online sports betting and gaming segment, as well as FL Entertainment’s business model.

“We delivered excellent first half results that demonstrate the strength of our differentiated and complementary business model, as well as the creativity and agility of our teams,” said Riahi.

“Our online sports betting and gaming business maintained its double-digit revenue growth across all activities thanks to an increased number of unique active players and..

August 3, 2023

Pagcor details new regulatory framework for offshore gaming

The Philippine Amusement and Gaming Corporation (Pagcor) has announced details of a new regulatory framework for offshore gaming licensees.

Effective since last month, the new framework is part of inter-agency efforts to tackle illegal offshore activities in the country.

The stand-out measure is that all licensees and service providers are declared probationary. They will need to re-apply for approval from Pagcor before a cut-off date of 17 September this year.

Operators and providers that have been operating illegally will not be considered for a new licence.

“In the present framework, all service providers who are accepting bets are required to apply for a licence,” Pagcor’s assistant vice-president for offshore gaming licensing, Jessa Fernandez, said.

“We will also evaluate the beneficial owners of these companies so that they will be held liable in case they are found to be involved in any illegal activity.

“Entities with findings of activities outside their granted licence..

August 3, 2023

BetMGM close to profitability as MGM hits record revenue in Q2

Land-based and online gaming operator MGM Resorts International reported all-time record revenue in Q2, as the company’s online business BetMGM announced its first EBITDA positive quarter.

MGM recorded $1.95bn in revenue in Q2, up 43.4% from the same quarter the previous year. The operator put the increase down primarily to the removal of Covid-19 related entry restrictions in Macau.

MGM CEO and president Bill Hornbuckle also chose to highlight the progress made by its online joint venture with Entain, BetMGM.

“BetMGM reported that it achieved its first positive EBITDA quarter and remains on track to achieve its next milestone of second half profitability,” he said.

However, despite this, the online gaming platform still recorded a $22.5m loss during the quarter. This represents a 68.4% fall in losses compared to the $71.2m reported in the same quarter the previous year.

MGM reports steady profits in Q2

On this total, the business announced it achieved an operating income of $37..

August 2, 2023

PlayUp accused of falsifying documents as Mintas case expands scope

Former PlayUp US CEO Laila Mintas’ updated suit against the troubled gaming operator and its global CEO Daniel Simic accuses the business of falsifying documents, as the legal action expands in scope to the Australian parent company.

The updated suit, which is seeking approximately $100m in damages, details previously unheard allegations including PlayUp falsifying the dates on Australian government paperwork.

Mintas also alleges PlayUp manufactured and manipulated other documents submitted in response to discovery requests and accuses the operator of improper conduct throughout the legal action. There is also the allegation of PlayUp running a “concerted campaign” to ruin the former executive’s reputation.

Simic accused of falsifying of documents

In the third amended counterclaim – the latest filing from the Mintas camp in the legal fight – PlayUp and Simic are accused of making “egregious discovery abuses such as the falsification of corporate documents”.

the suit alleges play..

August 2, 2023

Caesars Digital becomes EBITDA positive in Q2

Caesars Entertainment has posted the first quarter of positive adjusted EBITDA for its digital business since rebranding to Caesars Sportsbook in the summer of 2021.

The group launched its new-look sportsbook app in August 2021, following its acquisition of William Hill earlier in that year. Caesars acquired William Hill for £2.90bn (€3.37bn/$3.71bn) in April 2021 after a deal was agreed in September 2020.

In the months and years that followed, Caesars Sportsbook was rolled out across a total of 20 of states. However, despite this extended reach, EBITDA did not turn positive until the second quarter of this year.

EBITDA from Caesars Digital in Q2 reached $19.0m. In May this year, Caesars set a digital EBITDA target of $500.0m within the next two years.

Eric Hession, president of Caesars Sports and Online Gaming, welcomed the landmark. He highlighted the growth of both online sports betting and casino.

“Our performance this quarter continues to demonstrate the effectiveness of our ..

August 1, 2023

Bet-at-home H1 cost-cutting pushes earnings despite revenue decline

German-facing sports betting and igaming operator Bet-at-home.com announced the business’ cost-cutting measures has tripled the company’s EBITDA, despite an overall decline in revenue.

Bet-at-home’s gross gambling revenue stood at €24.2m in H1 2023. This was a 9.3% fall from the €26.7m the business achieved in the same period the previous year.

The FL Entertainment-owned company said this resulted from regulatory developments in Germany. It represents the operator’s largest single source of revenue.

In particular, Bet-at-home highlighted the impact of the monthly betting limits Germany implemented from 1 July 2022.

These limits – which were implemented as part of the country’s Fourth State Treaty on Gambling – include a €1 per spin stake limit for online slots.

The operator also highlighted a weaker than expected development of the online gaming segment. This is a trend it also blamed on enhanced regulation from the previous year.

Impact of strict cost-cutting

However, during H..

August 1, 2023

New Hampshire sports betting revenue hits $81.0m in FY23

Sports wagering revenue in New Hampshire increased 57.0% year-on-year during the state’s 2023 financial year, while handle also edged up.

Gross gaming revenue for the 12 months to the end of June 2023 amounted to $81.0m, up from $51.6m in the previous year.

Of this total, $69.1m came from online betting, an increase of 57.1%. Retail betting revenue also jumped 56.6% year-on-year to $11.9m.

In terms of handle, players wagered a total of $883.7m on sports during the 2023 financial year. This was 2.6% higher than the previous year when $861.1m was bet.

Read the full story on iGB North America

August 1, 2023

Mississippi betting handle continues decline in June

Player spending on sports betting in Mississippi fell for the third consecutive month in June, while the state also experienced year-on-year declines.

Monthly handle in Mississippi reached $20.4m. This was 18.7% behind $25.1m in June 2022 and 23.9% less than $26.8m in May of this year.

Revenue for June amounted to $1.8m, down 14.3% year-on-year and 43.8% behind $3.2m in May.

Coastal casinos drew the most custom with a handle of $13.0m. These venues were also able to generate $832,238 in revenue during the month.

Read the full story on iGB North America

August 1, 2023

Colorado handle declines again in June

The total Colorado sports betting handle declined for the third consecutive month in June, as well as falling for the first time on a yearly basis.

Colorado’s total betting handle stood at $310.7m in June 2023, a 19% decline from the $385.2m the Centennial state achieved in May.

This also represented a 0.8% fall from the $313.2m the state reported in the same period last year.

Of the total wagers, the vast majority resulted from online wagers at $308.2m, with just $2.44m originating from retail and land-based bets.

Players bet the highest totals on baseball, which received $104.6m in wagers. The second and third most popular sports were basketball and tennis, reporting $57.9m and $23.7m respectively.

This represented a change from June 2022, when ice hockey was the state’s third most popular sport to bet on instead of tennis.

Read the full story on iGB North America

July 31, 2023

Bolivian tennis official suspended for 12 years over corruption

The International Tennis Integrity Agency (ITIA) has suspended Bolivian tennis official Percy Flores for 12 years over a series of corruption charges.

Flores, who was also fined $15,000 (£11,673/€13,609) by the ITIA, was ruled to have breached the Tennis Anti-Corruption Programme (TACP).

Some 31 breaches were noted between November 2021 and October 2022. These included routine manipulation of scores for betting purposes by entering the wrong score into the umpire’s handheld device.

Flores, a white badge umpire, did not contest the charges and had his suspension backdated to 8 December 2022. The ITIA also reduced this by three years due to mitigating circumstances, including early admission of charges.

As such, the suspension will run until 7 December 2034. Flores cannot officiate at or attend any event authorised by tennis’ governing bodies.

Corruption breaches

In terms of the specific breaches, ITIA noted several sections of both the 2021 and 2022 editions of the TACP.

Featur..

July 31, 2023

Sports betting decline hits Michigan igaming revenue in June

Reduced sports betting activity in Michigan in June led to a month-on-month drop in overall online gambling revenue for the state.

Combined gross igaming and sports betting receipts in Michigan amounted to $169.3m. This was down 8.9% from $185.5m in May this year, representing the third consecutive month of decline in the state.

However, the total was some 23.7% ahead of $136.9m in June 2022.

Online casino gaming gross receipts amounted to $151.0m, a year-on-year climb of 24.2% and marginally ahead of May. Gross sports betting receipts also increased 18.8% from June 2022 to $18.3m, but this was 48.0% lower than $35.2m in May.

Read the full story on iGB North America

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Tag: Sports betting