Betting News – Page 160 – FairOdds Network

August 8, 2022

The house always wins

Risk seems inherent to sports betting, so suppliers promising to underwrite sports betting losses may seem like a unique approach. But interest is piqued among operators. iGB speaks to Richard Thorp, director at RPM Gaming and consultant for Atlas-IAC, and Sergei Efimenko, CEO of Atlas-IAC about their new no-risk sportsbook product.

The claim of a no-risk sportsbook – brought about by a collaboration between RPM Gaming and software provider Atlas-IAC – may raise some eyebrows: after all, sportsbooks are all about risk. But the concept can be explained rather simply.

“The idea is, if you are a casino operator, we will integrate as an iframe into your platform – but we will underwrite all the risk,” says Richard Thorp, director of RPM.

“So the simple pitch is: take the frame, plug it in, and we’ll run a sportsbook as another vertical kind of product.”

richard thorp, director, rpm gaming

In taking away the fear of losses resulting from bad trading, Thorp says the product has a clear ..

August 8, 2022

Oregon sports betting revenue and handle both up in July

Sports betting gross gaming revenue and handle in Oregon both increased year-on-year in July, according to the latest figures published by the Oregon Lottery.

Consumers in the state wagered $28.5m on sports during the month, up 60.0% from $18.2m in the corresponding month last year but 16.2% lower than $34.0m in June of this year.

Gross gaming revenue from sports betting reached $2.7m, which was 22.7% ahead of the $2.2m in July 2021 and also 8.0% up from $2.2m in June this year, despite the higher handle in the previous month.

All revenue was generated by DraftKings, with Scoreboard posting a small loss of $190 for the month. The Oregon Lottery’s Scoreboard online sportsbook has been phased out and replaced by DraftKings, but still pays out on bets placed before this process began, meaning small negative revenue totals are expected.

Baseball again proved the most popular sport among consumers, drawing $14.0m in total bets, leading to $1.7m in gross gaming revenue. All this activity..

August 8, 2022

Higher stakes drive July sports betting revenue growth in Iowa

An increase in consumer spending on sports wagering in Iowa led to a year-on-year rise in revenue in the US state during July.

Players bet $108.6m on sports in July, up by 22.2% from $88.9m in the same month last year but 11.3% lower than $122.4m in June of this year.

Of this total, $98.4m was spent betting on sports online, while $10.2m was wagered at retail sportsbooks across the state.

In terms of revenue, this increased by 57.7% year-on-year from $7.1m in July 2021 and was also 33.3% up from $8.4m in June this year despite the lower handle. Online sports betting generated $10.1m in revenue and retail $1.1m.

Breaking the monthly performance down by individual operators, Diamond Jo in Dubuque, which has a FanDuel sportsbook, was the clear leader with $2.6m in revenue from a $26.6m handle.

Wild Rose in Jefferson, which operates in partnership with DraftKings, placed second with $1.1m in revenue and a $12.5m handle, while the Grand Falls Casino Resort and Betfred was third with $1..

August 8, 2022

NY online betting handle drops below $1bn for first time in July

New York’s online sports betting handle fell to an all-time low in July, falling below $1bn (£827.6m/€982.4m) for the first time since the US state opened its regulated market in January this year.

Players spent a total of $800.8m wagering on sports during the month, down 23.8% from $1.05bn in June, which was incidentally also the state’s previous lowest monthly amount.

Gross gaming revenue from mobile sports betting climbed marginally by 1.2% from $72.4m to $73.3m, making July the second-lowest month for revenue on record.

In terms of individual operators, Flutter Entertainment’s FanDuel Group retained top spot, posting $39.0m in revenue from $347.7m in players bets for the month.

DraftKings followed in second with $15.8m in revenue from a $213.5m handle, the Caesars Sportsbook with $8.7m and a $118.2m handle.

BetMGM generated $6.3m in revenue and processed $73.2m in total wagers during July, while PointsBet posted $1.7m in revenue and a $16.5m handle. Rush Steet Interactive was ..

August 5, 2022

RSI still on track for long-term earnings goals despite higher Q2 losses

Rush Street Interactive (RSI) said it still expects to achieve its longer-term earnings targets despite posting an increased net loss and negative adjusted earnings before interest, tax, depreciation and amortization (EBITDA) during the second quarter and first half.

Speaking after the business published its results for the two operating periods, RSI’s chief executive Richard Schwartz said that the operator continues to move towards becoming profitable.

Schwartz said RSI experienced profit across six of its markets during the second quarter of its 2022 financial year, with the states of New Jersey, Pennsylvania, Illinois and Michigan, along with Colombia in South America, being profitable in the quarter. In addition, West Virginia also turned profitable after only four full quarters of operation in the state.

“We are continuing to build a global business,” Schwartz said “With the recent launches in Ontario in Canada and Mexico, we are now live in a total of four countries. This give..

August 5, 2022

FuboTV gaming business under strategic review with negative revenue

Streaming provider FuboTV will implement a strategic review of its betting arm, after determining that it could not operate the business alone in the current economic environment.

Fubo chief executive David Gandler said that the business was determined to ensure that its betting product – created when it acquired Vigtory – would be fully integrated with its streaming service. However, he said it could not achieve this by building its own technology.

As a result, it has initiated a strategic review of the wagering business.

“We continue to believe that an integrated wagering platform, offering both live video and a sportsbook, will result in the best viewing and gaming experience for consumers,” Gandler said. “However, as we have evaluated how best to scale these capabilities in today’s market, we have concluded that we will no longer pursue this opportunity on our own.

“Accordingly, our interactive wagering business is under strategic review. We are in internal and external discu..

August 4, 2022

DC sports betting revenue and handle down in June

Washington DC’s sports betting gross revenue and handle both declined year-on-year in June despite an increase in the number of operators active in the market.

Player spending during the month amounted to $13.8m, down 29.3% from $19.5m in June of last year and also 19.8% lower than $17.2m in May 2022.

Gross gaming revenue from sports betting reached $1.0m, less than half the $2.2m posted in the same month in 2021 and also down from $2.0m in May this year.

The year-on-year declines came despite the DC market now having five active operators, whereas in June 2021, there were just three brands taking sports bets.

Caesars processed the largest number of bets during the month, reporting a total handle of $6.0m and posting $409,057 in revenue.

Gambet, which is operated by the DC Lottery and powered by Intralot, placed second after paying out $3.3m in winnings from $53.8m in wagers, resulting in $444,635 in revenue.

BetMGM, which operates in DC in partnership with Major League Baseball ..

August 4, 2022

GB gambling revenue drops in June as almost all sectors struggle

Gross gambling revenue in Great Britain dropped by 13.6% month-on-month in June, new figures from the Gambling Commission show, as almost all types of gambling experienced a significant decline.

The regulator published data based on reports from operators making up 80% of the GB online gambling market and 85% of the retail betting shop market, building on its earlier online-only reports launched in 2020. As such, the absolute figures reported do not include the entire market within these verticals.

Month-on-month, online gross gambling yield was down by 13.2% to £370.2m in June. The total was also a drop of 20.0% from the highest monthly total of the year, recorded in January. Revenue was, however, higher than March, when sports betting revenue experienced a sharp drop that was likely related to special officers around the Cheltenham Festival.

At the same time, revenue from retail bookmakers was down as well, by 5.6% to £181.7m.

Revenue from almost every single gambling vertical wa..

August 3, 2022

OpenBet acquires Multi Builder ahead of sale to Endeavor

B2B sportsbook supplier OpenBet has acquired betting technology and trading business Multi Builder ahead of OpenBet’s own acquisition by sport media conglomerate Endeavor Group.

The deal comes soon after OpenBet owner Scientific Games slashed the sale price of OpenBet by $400m (£328.4m/€392.83), in order to ensure the deal closes smoothly.

Multi Builder was founded by industry veterans Oliver Preston and Jonathan Smith, with the business’ trading technology operating under the brand “Sportsbook Models”. The goal will be for the services to be integrated into OpenBet’s existing product portfolio.

Smith also founded sportsbook training company “Sportsbook Training Services Limited” and will provide training services exclusively to OpenBet as part of the deal.

Commenting on the deal OpenBet chief product officer Nikos Konstakis emphasised the value to clients of deeper market understanding.

“This deal marks another significant milestone into the development of our pricing and trading..