Betting News – Page 168 – FairOdds Network

July 11, 2022

Oregon sports betting revenue dips in June

Sports betting revenue in Oregon declined 10.7% year-on-year to $2.5m (£2.1m/€2.5m) in June despite an increase in player spending during the month.

Gross gaming revenue from sports betting was down from $2.8m in June of last year and also 50.0% lower than $5.0m in May 2022.

Consumers wagered $34.0m on sports during the month, which was 36.6% higher than $24.9m in June 2021, but 18.5% down from $41.7m in May of this year.

DraftKings, which has a state-wide partnership with the Oregon Lottery, generated $2.6m in revenue from $33.9 in player bets.

In contrast, the Oregon Lottery’s Scoreboard online sportsbook – which has been phased out to be replaced by DraftKings but still pays out on bets placed before this process began – took $56,269 in wagers but posted a loss of $100,600.

Baseball drew the highest amount of spending, with players having spent $13.9m betting on the sport and revenue from this reaching $898,175. All of this activity took place through DraftKings.

Basketball fo..

July 11, 2022

Iowa sports betting revenue down YoY in June despite handle increase

Sports betting revenue in Iowa fell 21.4% year-on-year to $6.6m (£5.5m/€6.5m) in June, despite player spending in the state increasing by 10.1%.

Revenue was down from $8.4m in June 2021 and also 47.6% lower than $12.6m in May of this year.

Some $6.2m of this total was attributed to online sports betting, while just $340,552 came from players betting at retail sportsbooks across the state.

In terms of handle, consumers wagered a total of $122.4m on sports during June, up from $111.2m in the same month last year, but 17.2% down from $147.9m in May 2022.

Of this total, $111.9m was spent online, while the remaining $10.5m was wagered through retail sportsbooks.

Breaking down individual operator performance, Diamond Jo in Dubuque and its FanDuel sportsbook topped the revenue charts with $1.9m in sports betting revenue for the month, while its $31.0m handle was also the highest in the state.

DraftKings partner Diamond Jo in Worth was second with $1.0m in revenue and a $15.4m handle, th..

July 11, 2022

Curaçao minister: Risk of market exits will not stop us raising standards

Curaçao Finance Minister Javier Silvania has “no issue” with the island’s planned gambling overhaul resulting in operators pulling out of the jurisdiction, saying those who fail to meet its new standards will not be missed.

Speaking to iGB, Silvania explained the rationale and context behind Curaçao’s plans to drastically reform its gambling laws.

Among the changes will be the introduction of the Curaçao Gambling Authority (CGA), a body that will oversee licensing and enforcement.

The CGA will replace the current system, whereby four private entities hold master licences from the government, and offer sub-licences to operators with little to no government oversight.

Silvania noted that under the current system there had been a number of “shortcomings and challenges” and that the master licence system was “not an ideal situation”.

“The new bill ensures the monitoring is under the control of the government,” he explained to iGB. “It is important for the government to know who has l..

July 11, 2022

Curaçao to overhaul regime with new regulator, higher bars to entry

Curaçao is set to drastically reform its entire online gambling regime, setting up a new licensing body – with higher barriers to entry and the ability to cooperate with other regulators to tackle illegal gambling – to replace master licences.

The island’s licensing regime was notable for its extremely liberal system and low barriers to entry with little scrutiny for operators, but the government intends to change this.

Currently, only four businesses are licensed by the government. Each of these then offer out their own licences on their own terms, meaning that private entities rather than the government wielded most practical control of licensing.

This will be drastically changed under a new bill that has been approved by the Curaçao Council of Ministers, part of an overhaul of gambling regulation on the island.

A new system will be set up, with licences for both B2C operators and B2B suppliers issued by the Curaçao Gaming Authority (CGA), an independent body set up by the gover..

July 11, 2022

NY mobile sports betting handle and revenue slip to record low in June

Players in New York spent $1.05bn (£876.9m/€1.04bn) on mobile sports betting in June, the shortest monthly total since the regulated market launched in January, while revenue also fell to a record low.

The total amount wagered by consumers during the month was 16.7% down from $1.26bn in May, which was incidentally the previous lowest monthly handle in New York, and marked the third consecutive month of decline.

Gross gaming revenue from mobile sports betting also declined 34.1% month-on-month to $72.4m, also surpassing the previous record-low of $82.4m set in February.

Looking at individual operators, Flutter Entertainment-owned FanDuel Group remained the clear market leader with $39.6m in revenue from $472.9m in total bets.

DraftKings placed second with $16.4m in revenue off a handle of $270.2m, ahead of Caesars Sportsbook with revenue of $6.3m and a $156.4m handle. BetMGM also posted $6.3m in revenue, albeit with a lower handle of $92.4m.

Rush Street Interactive followed with $1..

July 8, 2022

Betfred partners Long Shot’s for Maryland sports betting launch

Betfred's sports arm, BetFred Sports, has agreed a market access deal in Maryland with off-track betting facility and restaurant Long Shot’s of Frederick.

Under the agreement, Betfred will offer both retail and online sports betting in the state.

A temporary retail sportsbook will open adjacent to the Maryland Jockey Club’s off-track betting within Long Shot’s for the 2022 National Football League season. Due to open in September, the facility will include in-person betting windows and self-serve betting kiosks.

A permanent sportsbook site with a video wall, theatre-style seating and food and beverage facilities is scheduled to open early next year.

Betfred also intends to roll out online sports betting in the state, though remains subject to final regulatory approval.

Maryland Governor Larry Hogan signed a bill to legalise both online and retail sports betting in Maryland last year, after voters approved sports betting through a November 2020 referendum.

However, while reta..

July 8, 2022

Delaware betting handle hits lowest point since August 2020

Sports betting handle in Delaware dropped to its lowest point since August 2020 while revenue fell by two thirds year-on-year during June 2022.

During the month ended 26 June, players staked a total of $3.5m, which was 41.1% less than in June of 2021. In addition, this figure was the lowest since August 2020, which was the first full month following the reopening of casinos and racetracks in the state after Covid-19 lockdowns.

The number of wagers placed also reached a new low for the year, at 112,200.

Revenue was also down sharply, by 67.1% year-on-year to $212,768.

Both revenue and handle were down year-on-year at each of the state’s three operators. Delaware Park led the way with almost half of the revenue and handle. Players staked $1.7m, almost exactly half of what they staked in June 2021, while the sportsbook took in $100,914, down 72.7%.

Dover Downs followed, with revenue of $57,411 from stakes of $1.0m, its lowest total since July 2020 when the venue was closed for much o..

July 8, 2022

RSI launches RushBet online casino and sportsbook in Mexico

Rush Street Interactive (RSI) has announced the launch of its RushBet online casino and sportsbook in Mexico in partnership with media conglomerate Grupo Multimedios.

Under the 25-year agreement, RSI will operate both its online casino and sportsbook across the country, utilising an online gambling licence held by a subsidiary of Mexico-based Grupo Multimedios.

The new partnership will also enable RSI to leverage Grupo Multimedios’ media assets and distribution channels for promotional and content integration.

The RushBet.mx website and accompanying RushBet mobile application will allow players over the age of 18 in Mexico to access a selection of online casino games including more than 350 slots and table games.

Players will also be able to place bets on a wide range of leading sporting events such as the Mexican Liga MX top division of club football, as well as North America’s National Football League, Major League Baseball and National Basketball Association.

RSI was the first..

July 8, 2022

Entain shares slide amid concerns online slowdown continues into 2023

Entain’s share price dropped by more than 10% this morning, amid concerns its slowing online performance may continue through the rest of the year and beyond, before a rebound late in the day.

The business reported an 18% year-on-year increase in net gaming revenue for the first half of the year.

However, online revenue was down 7% year-on-year.

Entain said this was due to a weaker macroeconomic environment, leading to customers spending on average 5% less during the period than they had the year before.

“As a business, we are relatively resilient to cyclical macroeconomic effects,” chief executive Jette Nygaard-Andersen said. “However, no business is completely immune.

“We’ve seen some moderation in the rate of spend by customers, resulting in lower underlying growth across many of our markets versus our expectations earlier in the year.”

Chief financial officer Rob Wood noted that online revenue was “ultimately behind our expectations from earlier in the year, due to a couple ..