Betting News – Page 20 – FairOdds Network

March 11, 2024

Tennessee online handle continues month-on-month decline

Players spent $378.2m (£294.9m/€346.1m) betting on sports online in February, the third consecutive month of decline in the Volunteer State.

Total handle for February was 15.6% higher than the same month last year. However, it was also 18.8% behind the $465.8m bet in Tennessee in February this year.

The monthly handle figure accounted for $2.2m in adjustments. Without these, gross handle for February in Tennessee reached $380.4m.

Year-on-year, gross handle increased 16.2%. However, on a month-on-month basis, gross handle for online betting for Tennessee was down 18.6%.

Privilege tax for the month amounted to $7.0m. This total was 9.4% ahead of February 2023 but 18.6% behind January’s $8.6m.

The Tennessee Sports Wagering Council (SWC) did not disclose data in terms of revenue. The SWC oversees the licensing and regulation of online sports wagering in Tennessee.

Heavy hitters compete in Tennessee

There was also no breakdown of each licensed operator in the state. Tennessee opene..

March 11, 2024

North Carolina prepares to launch online sports betting

North Carolina will today (11 March) open its legal sports betting market at noon EST today, with several major operators set to go live.

The Tar Heel State confirmed its launch date in January. Online sports betting will go live at noon EST in North Carolina, with retail set to follow in due course.

Governor Roy Cooper signed House Bill 347 into law in June 2023, paving the way for legal betting. However, the bill also came with a series of requirements, set out in a timeline for implementation.

governor roy cooper signed house bill 347 into law in june 2023

This included publishing regulations before 8 January 2024 and operators accepting wagers prior to 14 June 2024. The state met these last month, with operators to begin taking bets well ahead of June’s deadline. Operators were also given a deadline of 26 January to submit their internal controls before the market opened.

Who is launching in North Carolina?

Earlier this month, the North Carolina State Lottery Commission award..

March 11, 2024

Online New York handle drops to $1.77bn in February despite Super Bowl

Players in New York spent $1.77bn (£1.38bn/€1.62bn) betting on sports online in February, while revenue in the Empire State amounted to $131.4m.

The February total was 20.4% higher than the $1.47bn bet in New York in the same month in 2023. However, it was 9.7% behind January’s $1.96bn and the lowest monthly amount since $1.76bn was spent in September 2023.

As for gross gaming revenue, this increased by 21.3% year-on-year to $131.4m, up from $108.3m in 2023. The February total was 37.9% less than $211.5m in January and also the lowest since $98.5m in August last year.

online revenue dropped 9.7% from $1.96bn in january

Flutter Entertainment-owned FanDuel remains the market leader in New York. For February, it reported $63.4m in revenue from $720.1m, both of which were higher than any other operator.

Following in second was long-time rival DraftKings with $53.4m in revenue from $607.9m in bets.

Caesars was next in third, posting $6.7m in revenue and a $160.7m handle for the month..

March 8, 2024

FanDuel takes DC as lottery gives up on Gambet

FanDuel will soon replace GambetDC in the District of Columbia as the only sportsbook platform available to bettors across the city, according to a letter from the Office of Lottery and Gaming (OLG) to the DC City Council obtained by iGB

The letter does not indicate when FanDuel might launch its platform citywide, however.

Dated 8 March, the letter confirms the OLG has “approved Intralot’s request to select FanDuel as a new subcontractor” for the lottery’s sports wagering platform.

Intralot, which contracts with the District of Columbia, has struggled to put out a competitive product in GambetDC. The platform lost $4 million in 2021.

“OLG and Intralot have evaluated the current platform and believe that FanDuel and its industry-leading platform will perform better within the highly competitive DMV region,” OLG executive director Frank Suarez wrote in the letter. “Having a national, market-leading platform will help to quickly improve the player experience and drive significant re..

March 8, 2024

Alabama advances scaled-back gambling bills with sports betting excluded

The Alabama senate has passed a pair of bills that would see lottery and state-regulated gambling legalised, although statewide sports betting has been excluded.

Alabama lawmakers passed HB151 and HB152 in February. In its original form, HB151 would have legalised retail and online sports betting, as well as a state lottery and casinos in areas of the state that have bingo-type games. HB152, meanwhile, was to create a state lottery and gaming commission to regulate gambling in the state.

However, HB151 stalled in the senate, with sports betting and casinos now removed from the bill. The amended HB151 passed by a vote of 22 to 11 on Thursday, reaching the 21 votes required to advance. Meanwhile, HB152 also passed.

The bills still include lottery. Additionally, the bills would authorise the governor to negotiate a compact with the Poarch Band of Creek Indians (PBCI) to regulate gaming activities on tribal lands. The PBCI operates the three existing casinos in Alabama.

Senator Greg Al..

March 8, 2024

Betsson rolls out flagship brand in Italy

Betsson Group has set out plans to expand its presence in Italy with the launch of its flagship Betsson brand in the country.

The Italy-facing Betsson will feature an online casino offering including slots, table games and live casino. Players will also have access to sports betting on the new website.

The group has been active in Italy for more than a decade via its StarCasinò. This brand will continue to operate alongside the new Betsson website.

Betsson said the launch forms part of its ongoing strategy to expand its flagship offering into new markets. This includes expansion in Latin America, where it holds licences in Argentina and Colombia, with plans in place to build on this.

“Italy has grown significantly in importance for Betsson,” chief commercial officer Ronni Hartvig said. “We believe this is an opportune moment to introduce our flagship brand, Betsson, to the market.

“By consolidating our operations under the unified Betsson brand, we aim to harness the power of sc..

March 7, 2024

IBIA report highlights role restrictions play in supporting unregulated market

A new report from the International Betting Integrity Association (IBIA) has highlighted the effect overly-restrictive regulation has on driving players offshore.

The IBIA study, The Availability of Sports Betting Products: An Economic and Integrity Analysis, was prepared by H2 Gambling Capital and developed in partnership with betting assoications in Brazil, Canada, Australia and the Netherlands. It used data from 12 markets where sports betting is regulated.

The research analysed the effects that restrictive and liberal regulated regimes have on player habits. These centred around consumer protection, regulatory oversight, sports integrity and taxation.

The report found a strong correlation between the availability of sports betting products and the proportion of consumers wagering with onshore regulated operators. In markets where players faced few restrictions, the channelisation towards the legal market stood at 90% or more.

Rather than preventing consumers from betting, Kh..

March 7, 2024

Montenegro’s electronic payments ban raises industry concerns

Amendments to Montenegro’s gambling laws that would ban the use of electronic payment methods are leading to concerns among the country’s gambling sector, with Montenegro Bet representative Jovana Klisić saying the industry is “at a crossroads”.

The amendment to Article 68f of Montenegro’s gambling law will see a variety of electronic payment methods, such as ebanking and mobile payments, disabled when it comes to depositing into betting accounts.

The changes now mean bettors in Montenegro have two options should they wish to bet online. Players can enter a betting shop and place a monetary cash wager which then transfers online funds into their accounts. Alternatively, players can pay via card, but only on a terminal in a betting shop.

The provisions have caused agitation in the Montenegrin industry, with gambling companies concerned over the amendment’s impact on business. A petition calling to halt the change received 25,000 signatures, around 8% of the country’s electorate, in j..

March 7, 2024

ICE and iGB Affiliate reveal record attendance figures in 2024

Clarion Gaming has announced that both its ICE 2024 and iGB Affiliate 2024 last month set new records for attendance, with the events drawing visitors from 164 countries around the world.

ICE took place at the ExCeL London from 6-8 February and iGB Affiliate 6-9 February at the same venue. Together, the 2024 events drew a record 52,345 unique attendees in total.

Unique attendance at ICE reached an all-time high of 45,050, up 12% from the previous year. Meanwhile, iGB Affiliate attracted 7,295 unique visitors, representing a new record and a 27% increase on 2023’s total.

Visitation figures, which measure the number of person days attendees spent at the ExCeL, topped 100,000 for the first time in the exhibition’s history.

The events recorded visitors from 164 nations worldwide. Excluding host country the UK, Malta had the most visitors at 3,364. The US followed on 1,913 and Bulgaria with 1,659.

“February’s historic editions of ICE and iGB Affiliate were what I would describe as ‘I w..

March 7, 2024

Austrac launches investigation into Bet365 over potential AML failings

The Australian Transaction Reports and Analysis Centre (Austrac) has commenced an investigation into Bet365 over potential breaches of anti-money laundering (AML) and counter-terrorism financing (CTF) laws.

Austrac ordered an audit of Bet365 in 2022, when it assessed its compliance with the AML/CTF Act 2006. The consideration of that audit has led Austrac to deem further investigation into Bet365’s affairs as necessary.

Austrac reserves the right to take action where non-compliance is found. The government-run financial intelligence agency has fines and other regulatory powers at its disposal.

“Corporate bookmakers must have robust systems in place to ensure they can manage and mitigate risks associated with money laundering and terrorism financing,” said Brendan Thomas, Austrac chief executive.

“Businesses without adequate processes in place to manage those risks leave themselves vulnerable to exploitation by criminals.”

Bet365 in potential hot water with Austrac

austrac reached..

March 6, 2024

Super Group’s FY2023 sees €199.7m drop in profit despite record revenue

Super Group recorded a profit before tax of €16.8m (£14.4m/$18.3m) for its 2023 financial year, a significant drop from the €216.5m generated the year prior.

Super Group attributed the drop in profit before tax to non-cash charges of €64.6m. €28.6m of that total came from the January 2023 acquisition of online sports betting and igaming business Digital Gaming Corporation (DGC), which allowed Super Group to enter the US at the start of the year.

The company also highlighted that €42.1m of the drop in profit was down to changes in fair value of option liability and an impairment of goodwill. Super Group also pointed to the 2022 figure’s inclusion of €246.8m in non-cash gains relating to the fair value of warrant and earnout liabilities and related foreign exchange movements.

Operational EBITDA was down from €208.5m in 2022 to €197.3m in 2023. Meanwhile, unrestricted cash was also €12.9m lower at €241.9m, which Super Group again assigned to the DGC acquisition.

Boosted by record rev..

March 6, 2024

Colorado sports betting revenue tops $53.4m in January

Gross gaming revenue from sports betting in Colorado hiked 50.7% year-on-year in January despite only a short increase in handle for the month.

Spending on sports betting in January amounted to $596.7m (£469.5m/€549.4m). This was 9.1% ahead of $547.2m in 2023 but 16.6% short of December’s record $716.4m spend in Colorado.

Of this total, $592.2m was wagered via online sportsbooks and $4.5m retail facilities across the state.

While the year-on-year handle rise was only modest, operators were much more successful in revenue terms. Gross gaming revenue reached $53.5m, some way clear of the $35.5m posted in January 2023.

The January total was also 32.1% higher than the $40.5m reported in December. This was despite players wagering around $120.0m less month-on-month.

Online wagering accounted for $53.3m of all revenue during the month. In contrast, retail contributed just $190,394.

Basketball betting drives growth in Colorado

While many were looking ahead to the NFL’s end-of-season S..

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