April 8, 2024 – FairOdds Network

April 8, 2024

Belgium report warns of impact of over-regulation on channelisation

A report from Belgium-based operator Gaming1 has highlighted concerns over the effect of over-regulation on channelisation.

On 1 July 2023, Belgium introduced a near total ban on gambling advertising. This was after a consortium of sports teams and gaming operators were defeated in a last-ditch legal bid challenging the royal decree.

The ban faced backlash, with Belgium gambling trade body Bago highlighting the government’s decision to act against the advice of the country’s Gambling Commission when imposing the ban.

Gaming1’s report has now outlined the impact of the royal decree on channelisation towards legal operators in Belgium.

Gaming1 pointed to surveys conducted by Nepa in 2023. The studies found a 6% rise in online players using an illegal website in the past three months following the royal decree, as well as a 4% increase on deposits made on illegal gaming websites.

In its report, Gaming1 highlighted the results of two major studies. The first from the Belgian Gaming Co..

April 8, 2024

Legalising sports betting in Minnesota just got a lot trickier

The path to legal sports betting in Minnesota got a whole lot more complicated last week when the state racing commission gave its blessing for historical horse racing and several new gambling bills were filed.

Since the start of the session, Senator Matt Klein and Representative Zack Stephenson have been shepherding their state-wide, online mobile bills through the state’s long committee process. Stephenson brokered a deal between the tribes and charitable gaming to take one long-standing barrier to legal sports betting in Minnesota out of the way.

And then came 1 April when Minnesota’s horse racing commission voted to allow historical horse racing at horse tracks. Some say this is a violation of the state’s exclusivity agreement with the tribes and others say is outright illegal. The machines look similar to slot machines and in most jurisdictions are considered games of chance. This is also an area for which the tribes have exclusivity.

Whatever the situation, the decision has ..

April 8, 2024

New York sports betting handle hits $19.64bn in FY23

Players in New York spent $19.64bn (£15.55bn/€18.13bn) betting on sports online during the Empire State’s 2023 financial year, while revenue reached $1.76bn.

Total wagers for the 12 months to 31 March 2023 were 19.8% higher than $16.40bn in New York in FY22. It is also the highest yearly online sports betting spend of any regulated state in the US.

In terms of gross gaming revenue, this was up 20.6% year-on-year and another US record. New York only opened its legal online sports betting market in January 2022, with FY23 only the second full year of regulation.

As it did in year one, Flutter Entertainment-owned FanDuel continues to lead the New York market. During FY23, FanDuel processed $8.10bn in online wagers and generated $845.8m in revenue.

DraftKings remained second with $619.6m in revenue from $7.02bn in bets. Placing third was Caesars with revenue of $140.4m and a $2.03bn handle.

BetMGM was the only other operator to process more than $1.00bn in wagers during the year, wit..

April 8, 2024

Rivalry hails diversification impact as revenue rises to $35.7m in 2023

Rivalry said expansion into new segments helped drive revenue up by 34% year-on-year to $35.7m (£28.3m/€33.0m) in 2023, while the betting operator was also able to reduce net loss.

In a preliminary results announcement, Rivalry said revenue growth was complemented by higher betting handle and gross profit. All this, it added, contributed to a 22% reduction in net loss.

Reflecting on 2023, co-founder and CEO Steven Salz highlighted the operator’s diversification as the main reason for its success. He said growth in new markets such as traditional sports, casino and fantasy, alongside its core esports offering, allowed it to emerge from 2023 as an “increasingly diversified” business.

“Last year we gained meaningful traction in new segments,” Salz said. “This is widening our opportunity set and positioning us for sustainable growth in the medium- to long-term.

“We’re happy to have finished the year with all-time high customer economics, diversified revenue streams and a reinforced co..

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Daily Archives: April 8, 2024