Betting News – Page 8 – FairOdds Network

July 16, 2024

Online wagering in US capitol on hold until mayor signs budget; platforms were ready to go Monday

Two sports betting platforms were ready to begin offering their products throughout Washington, DC on Monday (15 July). But Mayor Muriel Bowser still hasn't signed the budget bill that would allow BetMGM and Caesars Sportsbook to go live.

Bowser has until 25 July to sign the budget. If she does not sign or veto it by then, it will automatically go into effect.

BetMGM and Caesars sportsbooks indicated on Monday that they are waiting for the mayor’s signature, but are unsure when it will come. BetMGM cancelled a planned celebration at Nationals Park, a company representative said. As of Monday night, FanDuel, partnered with the DC Lottery, remained the only platform available to those betting in DC.

But according to the Washington Examiner, FanDuel’s platform was unavailable Tuesday (16 May). For now, Washington, DC sports bettors can only place bets in person. FanDuel said in a statement to the Washington Post that it would re-launch once the budget was approved.

On 25 June th..

July 16, 2024

Illegal market outstrips licensed French gambling, AFJEL warns

French online gaming association AFJEL says Euro 2024 handle for its members fell far below pre-tournament estimates amid a rise in illegal gambling in the country.

The illegal gambling problem has reached a tipping point, l’Association Française des Jeux En Ligne (AFJEL) warned, with illegal players totalling four million in 2023, ahead of the regulated sector’s 3.6 million.

While French gambling regulator l’Autorite Nationale des Jeux (ANJ) predicted €1bn would be wagered on the tournament, AFJEL said around half of that figure was staked.

Instead, the association betting volumes were stagnant compared to the last European Championship in 2021. After that tournament, when France was eliminated in the second round, online punters wagered €343m. This would be increased to around €500m when La Francaise des Jeux’s retail network was included.

The amounts staked were also down 25% from the 2022 World Cup, AFJEL added, when €900m was bet as France reached the final.

AFJEL: Frenc..

July 16, 2024

Massachusetts reports sports betting growth despite retail loss in June

Massachusetts saw its sports betting handle and taxable gaming revenue both increase year-on-year in June despite reporting a loss within its retail market.

Total player spending on sports betting in Massachusetts during June amounted to $509.4m (£303.1m/€467.8m). This is 57.5% up from $323.5m last year but 13.3% behind $587.3m in May this year. It is also the lowest monthly total since $314.9m was bet in August 2023.

Online betting spending hit $500.7m in June, with retail drawing just $8.6m in comparison.

Revenue-wise, operators across online and retail reported $40.5m. This is up 25.8% from last year’s $32.2m haul but 29.0% short of $57.0m in May and the lowest monthly amount since $22.7m last August.

Online sports betting generated $41.0m in revenue during June. However, a $588,965 loss from the retail sector pushed the overall revenue total down for the month.

As for hold, across the Massachusetts market, this stood at 8.30% in June. Online hold hit 8.44% with retail at 0.01..

July 15, 2024

Weekend Report: DraftKings to divest VSiN, Bermuda’s banks slow casino launch and more

Welcome to the Weekend Report, where iGB covers the news you may have missed over Friday, Saturday and Sunday. This week we’ve got news of DraftKings cashing out of its big media bet, Bermuda’s casinos struggling for acceptance in the banking sector and more.

DraftKings turns off VSiN?

DraftKings could be preparing to sell off its sports betting media specialist Vegas Sports Information Network (VSiN), according to Eilers & Krejcik Gaming.

Original owner Brent Musburger is allegedly set to take back control of the TV and radio network, which was acquired by DraftKings for $70m back in 2021. Active since 2017, VSiN broadcasts 18 hours of content a day, across multiple markets and streaming platforms, at one time showing Betting Across America, a BetMGM-backed sports betting programme.

While the sale is not confirmed it would take a significant media asset out of DraftKings’ stable, although it still maintains a distribution deal with Meadowlark Media, as well as its own streaming..

July 15, 2024

US sports betting round-up: FY24 decline for NH, IN enters summer lull

New Hampshire’s sports betting market is in decline, while Indiana handle fell below $300m in June, although the Caitlin Clark effect is having a big impact on basketball betting in the Hoosier State.

New Hampshire sports betting declined during the 12 months to 30 June 2024 as retail betting struggled, while Indiana reported its third straight month of handle decline. However, as with many other states, handle and revenue is tracking above prior year figures.

Retail betting decline hits New Hampshire

Starting in New Hampshire, handle for FY24 hit $753.1m (£580.8m/€691.7m), down 14.8% from $753.1m last year according to NH Lottery figures. Of this, $661.5m was bet online, a drop of 6.8%, while retail betting totalled $91.6m, some 47.3% lower. DraftKings operates sports betting exclusively in the state on behalf of the lottery.

Turning to gross gaming revenue, for FY24, this amounted to $76.8m, a drop of 5.2% from the previous year’s $81.0m haul, suggesting a 10.2% hold. This incl..

July 12, 2024

State of the Union: DC’s new open market, bye-bye SaharaBets, FanDuel fine

Welcome to iGB's State of the Union, a look at the biggest North American sports betting stories we've covered over the week and briefs on others we found interesting.

On Monday in DC, bettors will have more options

After four years of being limited to offering their digital platforms within a two-block radius in Washington DC, on Monday BetMGM and Caesars Sportsbook plan to take off the geofence. Last month, the DC Council passed a new budget that allows for a competitive wagering marketplace. Because BetMGM and Caesars have been live with digital platforms with limited reach for several years, they’ll be the first to join lottery partner FanDuel in offering citywide access.

Under the new law, commercial operators can apply to offer their platforms in the District. FanDuel, which took over the lottery’s offering in April, will continue to be available. But the company, which subcontracted with lottery provider Intralot to offer its platform, will shift to being tethered ..

July 12, 2024

Waterhouse VC: Turning back the clock

In his latest column, Tom Waterhouse of Waterhouse VC reviews how the fund has performed over the last year.

We started the fund on 19 August 2019 and I am very pleased that our five-year anniversary is fast approaching, with outstanding results for investors over the past year. The fund returned 53.3% for the 2024 financial year, a result our team is proud of.

While global equities have been favourable over the past 12 months, our performance has not relied on these tailwinds, outperforming the S&P 500 by +31%. Returns have been achieved across each pillar of our strategy (Option Deals, Professional Betting, Global Equities).

We’re pleased with the fund’s performance since launching, particularly given the challenges of finding attractive deals during a period of exuberance for growth assets in 2021. Last year’s results bring the return since inception to 102% per annum before all fees. An investment of $100,000 at inception in August 2019, assuming reinvestment of all distribution..

July 12, 2024

US sports betting round-up: FY growth in Kansas, mixed results for Kentucky

Rounding up some of the latest sports betting results across the US, iGB analyses growth in Kansas during the state’s 2024 financial year and month-on-month declines in handle in Kentucky throughout April and May.

Kansas saw both sports betting revenue and handle increase year-on-year, in 2024, with player spending hitting $2.36bn (£1.83bn/€2.18bn). As for Kentucky, the state reported lower player spending for the second straight month.

Kansas stakes up 41% in full fiscal year of betting

Handle for the 12 months to 30 June was 41% ahead of the previous year according to Kansas Lottery figures. Players wagered $2.26bn online and $102.3m with retail sportsbooks across the state.

Revenue reached $117.2m, a year-on-year rise of 100.2% from last year’s $58.7m, a 5.0% hold, below the national average of 9.1%. Of this, $112.4m came from online betting, while retail contributed $4.8m.

DraftKings leads the way but low hold typifies Kansas sports betting market

Looking at individual operat..

July 11, 2024

Wyoming Gaming Commission: Harassment “is bad” but college-player prop ban may not be answer

As jurisdictions around the US wrestle with athlete harassment and how to handle the college-player prop bet ban the NCAA is pushing, on Thursday (11 July) the Wyoming Gaming Commission (WGC) decided to table the issue.

Under the leadership of the former Massachusetts governor, Charlie Baker, in March the NCAA began a campaign to ban prop bets involving college athletes nationwide.

As of now, 13 US states explicitly ban prop bets on college players. Lawmakers or regulators in Maryland, Ohio and Vermont banned them after the campaign began.

Arizona, Colorado, Louisiana, Massachusetts, Oregon, New York, Pennsylvania, Tennessee, Virginia and West Virginia already had bans of some sort before the NCAA request.

In Illinois, Iowa, and Rhode Island, government officials chose to prohibit college-player props on in-state schools only. Indiana does not allow player props of any kind. So far, only Montana has said no to the NCAA, although other states besides Wyoming continue to mull the ..