Betting News – Page 24 – FairOdds Network

February 19, 2024

Brazil ban on celebrity sports betting ads to be considered

A potential ban in Brazil on celebrities being used in betting advertising is ready to be included on the senate’s agenda in 2024.

Brazil is expected to finally have a regulated sports betting market in 2024. This is after Brazil’s chamber of deputies voted to approve Bill 3,626/2023 in December. There have been plenty of ups and downs and the topic of advertising is still proving contentious in the country.

Bill 3,405/2023 seeks to prohibit the use of celebrities in sports betting advertising, with Senator Eduardo Girao, who has long been against gambling in Brazil, presenting amendments that would ban anyone considered to have influence being involved in marketing of gambling.

In Girao’s view, Bill 3,405/2023 would protect Brazilian citizens from the risks of gambling harms, both emotional and financial.

Similar advertising bans worldwide

sports betting advertising is coming increasingly under fire

In August 2023, Alcohol and Gaming Commission of Ontario announced a ban on athl..

February 19, 2024

Kansas sports betting handle tops $239m in January

Consumers in Kansas spent $239.6m (£190.1m/€222.4m) on sports betting in January, while total revenue in the Sunflower State reached $14.3m.

Monthly handle was 16.3% ahead of January 2023 but 7.7% behind the $259.7m wagered in Kansas in December.

Online betting accounted for $228.6m of all bets placed during the month. In contrast, just $11.5m in wagers were reported at retail sportsbooks.

Turning to revenue, the January total was 138.3% higher than $6.0m in the same month last year. However, it was 28.9% behind the record $20.1m posted in December 2023.

Revenue from online sports betting in January amounted to $14.3m. Retail’s revenue share for the month reached $668,086.

Kansas Star and FanDuel lead the way

Kansas Star and partner, Flutter Entertainment-owned FanDuel, took top spot in the online market in January. Revenue from the partnership reached $6.1m from $77.3m.

kansas posted an all-time high monthly revenue figure of $20.1m in december

Boot Hill Casino and DraftKings,..

February 19, 2024

New Jersey smashes gambling revenue records in January

New Jersey has reported a strong start to 2024, with igaming revenue hitting an all-time high and sports betting revenue and handle reaching new monthly records in January.

Total gambling revenue in New Jersey for January reached $559.1m (£442.9m/€518.4m). This was 28.0% ahead of $436.9m in January 2023 and 7.1% higher than $522.2m in December last year.

Land-based casinos remain the primary source of gambling revenue in New Jersey. During January, revenue here stood at $205.0m, down 3.1% year-on-year.

Physical slots, traditionally one of the main money-makers in New Jersey, saw revenue slip by 5.8% to $143.0m. However, land-based table games revenue edged up 3.7% to $62.1m.

total gambling revenue was 7.1% higher than the $522.2m recorded in december last year

Igaming closes the land-based gap with record January

While the land-based market faltered in January, the situation in igaming could not be more different. Revenue from igaming in New Jersey reached $183.3m, up 19.9% year..

February 16, 2024

Massachusetts smashes sports betting revenue record in January

Massachusetts recorded $71.1m (£56.5m/€66m) in taxable sports betting revenue for January, smashing the previous record of $61m.

Massachusetts’ January revenue was a remarkable 17% increase on the previous highest month, set back in May 2023.

Handle fell just 1.1% short of December’s $658.7m record, still accumulating $651.7m in what was another strong month for Massachusetts’ sports betting industry. Tax collected was $5.8m, also 9.4% down on December.

Massachusetts has shown very encouraging growth since sports betting went live on the last day of January 2023. Online continues to perform very strongly, with online wagers accounting for 99.4% of January’s handle.

In terms of casino, Massachusetts produced $93.5m in gross gaming revenue (GGR) for January, 10.1% short of December’s figure of $103m. Encore Boston Harbor continues to lead the way, accumulating $60.9m in table and slot GGR.

DraftKings still the leader in Massachusetts

While DraftKings’ handle of $315.9m was $4.5m sh..

February 16, 2024

Alabama gambling bills passed by the house

Alabama voters are a step closer to deciding whether sports betting will be legalised in the state after a bill was passed by lawmakers.

The Alabama house passed two bills on Thursday which envisage the expansion of commercial gambling in the state.

Bills HB151 and HB152, both sponsored by Representative Chris Blackshear, must still be passed by the state’s upper house. The former, as a constitutional amendment, also requires confirmation by the public and would be added to the ballot in November.

Governor Kay Ivey, who would then have to approve both bills, said in a statement on Thursday that the bills “in their current form” have her support.

“The proposal passed by the house will clean up and crack down on the rampant illegal gambling and will give Alabamians the opportunity to have their say on regulated, limited forms of gaming,” Ivey said.

What the gambling bills include

On Thursday, HB151 was passed 70-32 by the House, with HB152 passed 67-31. The House Economic Developme..

February 16, 2024

Super Bowl Sunday: Stats showdown

On 11 February, the Kansas City Chiefs and San Francisco 49ers faced off in Allegiant Stadium, Las Vegas, for Super Bowl LVIII. iGB brings you a comprehensive analysis of the game's most interesting betting data.

Many in the industry had high hopes for the 58th edition of the Super Bowl. And they were right too – Sunday’s game was the most-watched American television broadcast since Neil Armstrong walked on the moon.

While loyal American football fans and cheerful once-a-year viewer types undoubtedly tuned in, the hype around the final was no doubt amplified by the presence of Taylor Swift. According to Apex Marketing Group, Swift has generated a hefty $331.5m (£264.0m/€309.5m) for the National Football League (NFL), simply by showing up to watch her boyfriend Travis Kelce, the Chiefs’ tight end, play.

A survey by the American Gaming Association projected that a record 67.8 million American adults would bet $23.1bn on this year’s Super Bowl, marking a 35% rise in bettors from 2..

February 16, 2024

DraftKings ups 2024 forecast after strong end to 2023

DraftKings has lifted its forecast for 2024 after posting positive earnings as well as soaring revenue in the final quarter of 2023.

DraftKings expects to post its first full year of positive adjusted EBITDA in 2024, with earnings of up to $510m (£405.2m/€473.7m), compared to the previously stated $450m. Revenue for 2024 is now expected to be between $4.65bn and $4.90bn from the range of $4.50bn-$4.80bn. The forecast was published in its preliminary results for 2023 and Q4 results.

Significant operating efficiencies

draftkings will acquire lottery app jackpocket for $750m, it announced on thursday

In the year to 31 December 2023, DraftKings saw revenue rise 63% to $3.7bn. Loss from operations was $789.2m, compared to $1.5bn in 2022, while negative adjusted EBITDA was $151.0m. This was significantly less than last year’s $721.8m.

During the year, DraftKings saw cost of revenue grow by 57% to $2.3bn. However, sales and marketing was flat and general and administrative expenditure de..

February 15, 2024

Super Bowl wagers hit $71.5m in Pennsylvania

Super Bowl wagers in Pennsylvania totalled $71.5m (£56.8m/€66.4m), according to data released by the Pennsylvania Gaming Control Board.

These were wagers made through both retail and online sportsbooks. In total, this is a decrease of 15.1% compared to Super Bowl 2023, when the Philadelphia Eagles were defeated by the Kansas City Chiefs.

The regulator added that after payouts, revenue should come to $11.0m, down 62.7% from the $29.7m revenue generated from last year’s Super Bowl.

This marked the sixth year that sports betting was legal in Pennsylvania for the Super Bowl. It was also the fourth year of online sports betting in the state. Bettors could choose between 18 retail locations and 12 online betting sites to place their bets.

Online versus retail breakdown

Online wagers totaled $64.6m for Super Bowl 2024, a decline of 12.5% compared to online wagers on 2023’s game. The 2023 online wagering total was also the highest since online sports betting was introduced in Pennsylvania..

February 15, 2024

Connecticut report says 1.8% of state residents suffer from problem gambling

A study has found 67.8% of Connecticut residents consider the current availability of gambling in the state to be “fine”.

The study, carried out by the Connecticut Department of Mental Health and Addiction Services, revealed a general ambivalence towards gambling in the state, with 93.5% rating the recreational activity as “not at all” or “not very” important.

Over two-thirds (67.2%) of the over 5,000 residents surveyed believe the risk of gambling harm outweighs the benefits. Meanwhile, 69.2% pointed to addiction as the biggest risk of legalised gambling in Connecticut.

However, 70.8% believe the responsibility for minimising gambling harms falls between gamblers and providers, while 68.7% have no opinion over the integrity and fairness of how gambling is offered in Connecticut. Just 17.3% are dissatisfied with the Connecticut government’s ability to minimise gambling harms.

Of the positives of legalised gambling, employment and increased government revenue led the way with 21.6% ..

February 15, 2024

Penn reports Q4 net loss of $358.8m following ESPN Bet launch

Penn Entertainment has announced a net loss of $358.8m (£258.9m/€334m) for Q4 2023, a quarter in which the operator launched its ESPN Bet sportsbook.

ESPN Bet, the product of Penn’s $1.5bn deal with Disney-owned ESPN, launched across 17 states on 15 November.

Penn’s Interactive segment recorded revenues of $31.5m in Q4, although its adjusted EBITDA loss stood at $333.8m.

Revenue across the whole company dropped 12.5% in Q4 year-on-year from $1.6bn to $1.4bn. Overall adjusted EBITDAR for Q4, meanwhile, plummeted from $468.3m to $112.5m year-on-year.

Penn’s northeast segment, encompassing 17 properties including Ameristar East Chicago and Hollywood Casino Lawrenceburg, accounted for $662.9m of the $1.4bn in revenue.

Diluted earnings per share also went from $0.13 to a loss of $2.37. Meanwhile, total liquidity dropped to $2.1bn from 2022’s figure of $2.6bn. Net debt at the end of Q4 stands at $1.6bn.

Penn’s full year results

The $1.4bn in Q4 revenue took Penn to $6.36bn for the yea..

February 15, 2024

Minnesota governor vows to pass betting bill at start of 2024 session

Minnesota governor Tim Walz has confirmed he would approve the legalisation of sports betting if lawmakers can progress legislation during the 2024 session.

The legislative year began at the start of this week, and a first reading of Senate Bill 3803 has already taken place. The Minnesota Sports Betting Act 2.0, proposed by Representative Jeremy Miller, would allow Native American tribes, racetracks and teams to offer in-person wagering at their facilities.

According to the bill, which has been referred to the State and Local Government and Veterans Committee, a state commissioner would oversee betting in Minnesota. The commissioner would issue up to 11 sports betting operator licences, up to 11 platform provider licences and sports betting supplier licences.

Licence holders would also have the option to operate retail betting on the premises of horse racing tracks or professional sports stadiums in Minnesota, pursuant to a partnership agreement with the track operator or sports te..

February 15, 2024

FDJ reports “solid” 6.5% year-on-year revenue growth for 2023

La Française des Jeux (FDJ) has reported a 6.5% year-on-year growth in revenue to €2.62bn (£2.24bn/$2.81bn) for its 2023 financial year.

FDJ attributed the “solid” growth in revenue to momentum in its sports betting and online gaming sectors. This was evidenced by an 18.8% increase in its net gaming revenue (NGR), becoming almost 13% of the group’s NGR.

FDJ’s 2023 report came in the wake of the group submitting an offer worth SEK27.96bn (£2.10bn/€2.45bn/$2.67bn) to acquire the entire outstanding share capital of Kindred Group in January.

During 2023, FDJ’s net profit rocketed by 38% to €425m, from 2022’s figure of €307.9m. Recurring operating income shot up from €459m to €532m, again a sizeable rise of 15.8%.

Despite the rise in revenue, the 6.5% revenue hike fell behind the 9.1% increase to $2.46bn reported last year. The previous year’s success was largely powered by an 11% jump in lottery. Interestingly, this was while the lottery sector only grew by 4.9% in 2023.

FDJ recorded ..

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