Betting News – Page 2 – FairOdds Network

August 7, 2024

Betsson, Galera.bet and F12 file Brazil betting applications as submissions hit double figures

Betsson, Galera.bet and F12.bet have joined the growing list of betting applicants in Brazil almost a week after its final regulations were published.
There is less than two weeks until the government’s 20 August initial submission deadline, which guarantees applicants in the first wave will receive a licence by the market launch date.

Betsson, Galera.bet and F12.bet have this week joined the likes of Betano and Rei do Pitaco, who made their submissions in May and July respectively.

Swedish operator Betsson moved into Brazil in 2019 by acquiring a 75% stake in Brazilian sportsbook operator Suaposta. Betsson has invested heavily in Brazil – LatAm accounted for 23% of the operator’s regulated revenues in Q2.

“I think that we have the possibility of tackling [Brazil] quicker than the big brands,” Betsson managing partner for Brazil Andre Gelfi previously told iGB. “We have a good product, we are a very respected brand. I think reputation is a critical aspect of our industry.”

Galera…

August 7, 2024

New casino launches help Full House grow revenue in Q2 but costs hit bottom line

Net losses increased for Full House Resorts in Q2 due to costs associated with opening new casinos hit its bottom line.
Revenue for the three months to 30 June at Full House hit $73.5m (£57.8m/€67.3m). This is 23.7% more than Q2 last year at Full House, with casino driving the increase.

August 7, 2024

Match-fixing or mass hysteria in Brazil?

A match-fixing storm has recently engulfed football in Brazil with allegations of manipulation and lies providing a dramatic side plot to the upcoming launch of the country’s legal sports betting market. But is the problem actually as bad as feared?
If you ask people to name five things Brazil is most famous for, you’d be hard pressed to find someone who doesn’t mention football. The bright yellow shirts of the national football team are perhaps the most iconic around, with legendary players such as Pele and Ronaldo leading the Seleção to win five World Cups, the most of any country.

And yet, such a historic footballing nation has seen its most treasured sport thrown into disarray of late.

O jogo bonito is a religion in Brazil, but is there a dark side?
The row erupted when American businessman John Textor, owner of Botafogo de Futebol e Regatas, made allegations of match-fixing against São Paulo players. Textor claimed he had evidence they were bribed in a game against Palmeiras in ..

August 6, 2024

NJ regulator orders Bet365 to pay bettors $519,000 after unapproved odds’ shifts

The New Jersey Division of Gaming Enforcement (DGE) is mandating that Bet365 pay out $519,323.32 for 199 winning wagers on which the company adjusted odds without the agency's approval. The changes in odds were made on 12 different dates between 25 December 2020 and 18 November 2022.
All states do not require operators to get approval before shifting odds. Also unusual is that Bet365 must pay the bettors rather than a fine to the DGE. In many cases in New Jersey and other states, when a sportsbook violates the rules, fines are imposed.

Bet365 is among the top five operators in terms of gaming revenue in New Jersey.

The DGE gave Bet365 10 days to reimburse bettors from the time the letter went out.

Division approval needed, DGE reiterates
According to a 22 July letter, Bet365 altered the odds on the events after they were posted.

In the letter, the DGE writes that Bet365 believed it could “unilaterally revise the odds that had already been offered on wagers for these event..

August 5, 2024

Bowyer allegedly had 700+ illegal betting customers, washed money through Las Vegas and California casinos

Court documents reveal that alleged illegal bookmaker Mathew Bowyer had more than 700 customers, washed money through multiple casinos and used Costa-Rican betting websites in his business.
On 1 August, Bowyer was charged on three counts. He is accused of running an illegal bookmaking scheme, laundering money and filing a false tax return. Bowyer, according to court documents, will plead guilty Friday before Judge John W Holcomb at the Ronald Reagan Federal Building and United States Courthouse in Santa Ana, California.

Bowyer’s business was based out of Orange and Los Angeles counties in California and Clark County in Las Vegas. Sports betting is illegal in California.

Bowyer faces a maximum sentence of 18 years in prison and three years of probation. He could be fined $750,000 or two times the “gross gain or gross loss resulting from the offences” – whichever is higher.

Mizuhara, two pro ballplayers linked to Bowyer
According to the court documents, it is unclear when Bowyer sta..

August 5, 2024

Rush Street Interactive won’t join DraftKings in introducing surcharge

Rush Street Interactive has no plans to introduce a surcharge for its players after DraftKings announced its plans to implement a gaming surcharge last Thursday (1 August).
Rush Street Interactive’s commitment to customer-centric policies in a Monday (5 August) press release follows DraftKings’ Q2 business update. DraftKings said its plans to “address high tax rates” involved introducing surcharge on winning bets in states with a tax rate exceeding 20% starting from 1 January 2025.

Rush Street Interactive and its brands, which include BetRivers and RushBet, says it is reaffirming its “dedication to providing exceptional value” for players by not following in DraftKings’ footsteps.

It was an “easy decision” for Rush Street Interactive CEO Richard Schwartz.

“RSI remains committed to maintaining its leadership position in the industry by continuously prioritising the needs and preferences of its players,” Schwartz explained.

“We believe that RSI’s focus on customer satisfaction, coupl..

August 5, 2024

Genius Sports extends Football DataCo deal, adds new in-play markets

Genius Sports has extended its exclusive live betting data partnership with UK football rights holder Football DataCo to 2029, in a deal that will provide Genius with new pre-game and in-play player markets from the 2025-26 season.
Football DataCo covers the English Football League (EFL), containing the Championship, League One and League Two, as well as all leagues overseen by the Scottish Professional Football League (SPFL), including the Scottish Premiership.

In its renewed deal, Genius Sports will provide its sportsbook partners with data on number of shots on target, assists and pass completions, to bolster their in-play betting offerings.

Genius Sports has been Football DataCo’s official data partner since 2019 and has distributed live data for over 4,000 games per season since.

Genius develops deeper ties with football infrastructure
It has also expanded its technology partnership with the Premier League and EFL, through which it provides both Premier League and EFL Champions..

August 5, 2024

Brazil gambling regulation complete as government publishes final ordinances

With less than five months until the anticipated launch date of the legal betting market in Brazil, the final gambling regulations have been outlined in ordinances published by the ministry of finance’s Secretariat of Prizes and Bets (SPA).
The four-phase regulatory rollout set out in April is now complete and the launch of legal gambling in Brazil is on track for 1 January 2025.

Jump to:

Online games

Monitoring and inspection

Money allocated to the state

Responsible gambling, including a ban on influencer advertising

Sanctions for non-compliance

Operators have been submitting their applications for licences, with the total number of requests now at six after NSX Group’s Betnacional filed its application on Thursday (1 August) with less than three weeks to go until the 90-day initial window of preference closes.

Operators who apply before 20 August will have their applications prioritised by the SPA and ensure they are processed by the expected launch date of the market.

Those..

August 3, 2024

After rolling out proposed winners’ tax, DraftKings projects $1bn in 2025 profits, fails to meet estimates

DraftKings founder Jason Robins has so much confidence in his company's product, that he is willing to risk driving customers away by charging them for winning in some states. During the company's second-quarter earnings call on Friday (2 August) he doubled down on that belief.
On Thursday (1 August) DraftKings announced that, beginning 1 January 2025, it will charge a surcharge on winnings on customers in high-tax (more than 20%) legal gaming states. A day later, the company announced that it expects between $900m-$1bn (£781m/€917m) in EBITDA in fiscal year 2025, which began 1 July.

The new fee, Robins explained in the call, is a sort of insurance, which he calls a “nominal” fee to bettors.

“It makes a huge difference to our ability to make a reasonable margin,” he told investors on Friday. “And more importantly [it will help us] to compete with the illegal market that pays no taxes and can invest 100% of revenue into their products.”

Robins banking on consumers to “ulti..