Sports betting – Page 89

July 31, 2023

Massachusetts casinos fined for college betting rule breaches

Three land-based casinos in Massachusetts have been fined for breaching state rules related to betting on college sports events.

The Massachusetts Gaming Commission (MGC) flagged MGM Springfield, Plainridge Park Casino and Encore Boston Harbor for separate offences.

Both Plainridge Park Casino and MGM Springfield were fined $20,000, while Encore Boston Harbor was handed a $10,000 penalty.

Each casino was penalised after allowing players to bet on regular-season games featuring teams from colleges in Massachusetts. State law prohibits wagering on events involving Massachusetts colleges unless it is part of a tournament of at least four teams.

The rules have been in place since the state opened its regulated sports wagering market in January this year. Retail betting launched first, followed by online in March.

Read the full story on iGB North America

July 31, 2023

Nevada gambling revenue dips in June

Gambling revenue in the state of Nevada declined both month-on-month and year-on-year in June, according to the Nevada Gaming Control Board.

Total revenue for June amounted to $1.25bn. This was 2.3% less than $1.28bn in June 2022 and also 3.1% lower than $1.29bn in May this year.

Slots were again the main source of revenue during the month. Revenue from slot machines reached $836.2m, down 0.3% year-on-year. Of this total, some $486.2m came from multi-denomination slots, while penny slots generated $255.2m.

Table, counter and card games revenue was also down, slipping 6.5% to $409.6m. Blackjack drew the most revenue at $104.0m, with baccarat second on $100.5m following a 29.8% year-on-year drop.

Read the full story on iGB North America

July 31, 2023

Fox Bet to close by 31 August

Flutter Entertainment and Fox Corporation have announced that their Fox Bet sports betting joint venture will close next month.

A phased closure of the Fox Bet operations will take place from today (31 July) until 31 August.

Flutter has been operating the brand as part of The Stars Group US, along with the US-facing operations of the PokerStars business.

It was confirmed that Flutter will retain ownership of both PokerStars and FanDuel Group. However, Fox will retain future use of the Fox and Fox Bet brands. These include the Fox Bet Super 6 prediction game, with a revamped version of this still due to go live this summer.

In addition, Fox, which holds a 2.5% stake in Flutter, will retain its option to acquire 18.6% of FanDuel.

Fox Bet’s short history

Fox Bet was born in May 2019 when Fox linked up with The Stars Group to launch a new sports betting service in the US. This was prior to Flutter acquiring The Stars Group in May of the following year.

At the time, it was planned fo..

July 28, 2023

Illinois approves Hard Rock Casino sportsbook

The Illinois Gaming Board (IGB) has approved the launch of a new sportsbook at the Hard Rock Casino in Rockford.

The authority granted 815 Entertainment – doing business as Hard Rock Casino Rockford – a sports wagering operator licence. Seminole Hard Rock Digital was also approved as a sports wagering management service provider.

The casino “must comply with IGB rules before offering in-person and online wagering”, the regulator said. It is understood that the casino is hoping to begin offering sports betting within the next two months.

Read the full story on iGB North America

July 27, 2023

Philippoussis sanctioned for breaching tennis betting rules

Australian tennis coach Mark Philippoussis is being sanctioned after breaching the sport’s betting sponsorship rules.

The International Tennis Integrity Agency (ITIA) is fining Philippoussis $10,000 and handing him a suspended ban of four months.

He broke the rules by receiving payment for providing a voiceover to promotional content for a gaming operator.

Suspended ban

The ITIA said that the suspension will not come into force unless there is a further breach of the rules. The regulations are set out in the ITIA’s Tennis Anti-Corruption Programme.

The ITIA is an independent body established by the sport’s international governing bodies. The body focuses on safeguarding the integrity of professional tennis worldwide.

The former top-10 player on the men’s ATP tour did not contest the charge and cooperated fully.

“Covered person”

As an accredited coach, Philippoussis is considered a “covered person” under the rules. This means they are subject to the sport’s regulations around re..

July 27, 2023

Record-breaking Derby Week lifts CDI Q2 figures

A record-breaking Kentucky Derby helped Churchill Downs Incorporated (CDI) to post record net revenue for a second successive quarter.

Derby Week generated record revenue of $20.5m, with total sales reaching $768.5m (£592.6m/€690.5m) in Q2. This total was up from $582.5m in the corresponding period last year and $559.5m in Q1.

Meanwhile, adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) hit a record $363.7m in Q2 – up from $291.2m year-on-year.

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July 26, 2023

Shape Games, operator margins lift Kambi Q2 results

Kambi Group CEO Kristian Nylén cited a high operator trading margin and the growing impact of the integration of Shape Games for driving a 24% rise in Q2 year-on-year revenue.

Kambi’s sales increased to €42.9m (£36.8m/$47.5m) from €34.7m in Q2 2022. This lifted H1 revenue to €86.9m, up from €71.5m last year.

“The second quarter of the year was another encouraging period for Kambi as we made significant strategic progress towards executing our long-term growth strategy, including a tier-one partner signing, key partner renewals and the continued development of our AI trading capability,” Nylén said.

Bally’s opportunities

The importance of a partnership with Bally’s Corporation in Q2 was also underlined.

“From a commercial perspective, we were delighted to welcome Bally’s Corporation to the Kambi network in Q2,” Nylén said. “As we further solidify our market leadership position, this partner win is a major milestone for the business and comes on the back of our flexible product str..

July 25, 2023

Gaming revenue growth continues to decelerate in US

Commercial gaming revenue growth slowed for a fourth consecutive month in May, according to the American Gaming Association (AGA).

Total gross gaming revenue (GGR) in the US increased year-on-year in May by 6.4% to $5.49bn (£4.28bn/€4.97bn). Over the first five months of 2023, total GGR is up by 12.4% at $27.59bn.

However, the AGA’s Commercial Gaming Revenue Tracker revealed that growth has slowed steadily since a year-on-year increase of over 20% was registered in January 2023.

Read the full story on iGB North America

July 25, 2023

Missing an open goal

This year promises to mark a pivotal moment in women’s football – the point when the women’s game finally comes into its own. But Christina Thakor-Rankin, co-founder of the All-In Diversity Project and principal consultant at 1710 Gaming, doubts operators are taking full advantage of the Women’s World Cup.

The Fifa Women’s World Cup in New Zealand and Australia this summer offers bookies worldwide a much bigger opportunity than the World Cup “proper”.

By replicating the same range of markets they offered on the men’s event, including groups and player markets, they have the opportunity to re-engage with those who bet on the men’s game.

And by tweaking the way they present these opportunities, an even bigger opportunity becomes available – to attract a whole new sports betting demographic: women.

Christina Thakor-Rankin, co-founder, All-In Diversity Project and principal consultanT, 1710 Gaming

The statistics are certainly there to back this up. The numbers from a wide range of so..

July 25, 2023

NFL suspends Broncos’ Eyioma Uwazurike for betting violations

The National Football League (NFL) has indefinitely suspended Denver Broncos player Eyioma Uwazurike for betting violations.

The NFL confirmed the move in a statement, outlining that Uwazurike had been betting on NFL games during the 2022 season.

However, it was not confirmed which games he was betting on. It was also not confirmed whether his own team took part in these games.

Read the full story on iGB North America

July 25, 2023

Kindred leading in Netherlands as revenue up 29% in Q2

In its Q2 financial report Kindred posted a 29% year-on-year increase in revenue to £307.3m (€356m/$394m).

Kindred’s Q2 focus on cost controls amid an ongoing strategic review and a strong performance in the Netherlands are keeping the business on track to surpass full-year earnings expectations, according to interim CEO Nils Andén.

A total of £63.6m of sales was generated in the Netherlands. Andén said in an earnings call today that he believes Kindred is now the market leader in the country.

Sports betting growth drives revenue

Performance was positively impacted by an increase in sports betting, favourable results and lower bonus costs. Sports betting gross margin after free bets was 11.3% in Q2. This was up from 9.3% in the previous year and above the group’s long-term average of 9.6%.

However, excluding the Netherlands, active customers and gross winnings revenue remained relatively flat. The business said this was due to headwinds in Belgium and Norway offsetting growth in ..

July 21, 2023

DC sports betting handle falls again in June

Consumer spending on sports betting in Washington DC declined for the third consecutive month in June, while revenue also fell month-on-month.

Monthly handle amounted to $11.2m. This was down 10.4% from $12.5m in May this year and 18.8% lower than $13.8m in June 2022.

In terms of gross gaming revenue, this reached $484,672 in May. The total was 75.8% less than $2.0m in May and 51.5% behind $1.0m in Washington DC last year.

Ranking by revenue, Caesars Entertainment retained its grip on top spot in DC. The operator posted $256,861 in revenue from $3.0m in total bets.

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Tag: Sports betting