Betting News – Page 72 – FairOdds Network

May 17, 2023

Caesars to launch in Kentucky after Keeneland and Red Mile racetracks deal

Caesars Sportsbook has partnered with Keeneland and Red Mile racetracks ahead of the launch of sports betting in Kentucky.

As part of the agreements, the sports betting platform will gain market access for mobile sports betting in the state. The agreements will also kick off plans to open brick-and-mortar retail sports betting locations in Central Kentucky, which will be subject to approvals from the Kentucky Horse Racing Commission.

Kentucky’s governor, Andy Beshear, signed sports betting into law last month.

Read the full story on iGB North America

May 17, 2023

Michigan revenue takes a tumble after record-breaking month

Commercial and tribal operators in Michigan generated $195.7m ($156.9m/€180.7m) from online and sports betting receipts in April, down by 9.5% compared to March.

Online gaming contributed $159.4m to this, compared to the $171.8m record achieved in March. Gross sports betting receipts fell by 18.6% to $36.3m.

Adjusted gross receipts, which account for promotional spending, combined to total at $167.9m. This was made up of $143.4m from online gaming and $24.5m from sports betting.

Read the full story on iGB North America

May 17, 2023

NJ gambling revenue up 9.5% in April despite slots decline

Gambling revenue in New Jersey increased 9.5% year-on-year in April despite a drop in slot machine win, the state’s primary source of gaming revenue.

Total revenue for the month reached $462.7m, up from $422.5m in April 2022 but 5.1% behind the $487.4m generated in March of this year.

All areas of the market experienced year-on-year growth, with the exception of land-based slots where revenue fell 3.2% to $169.7m. Retail table games revenue edged up 2.9% to $61.8m, but the slots decline meant total land-based revenue fell 1.6% to $231.5m.

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May 17, 2023

Independent evaluator bill approved in Maryland

A bill that would require Maryland’s Lottery and Gaming Control Commission to instal independent evaluators to assess sports betting content has been signed by the state’s governor.

Governor Wes Moore approved bill SB621, which will become effective on 1 July 2023. Maryland’s sports betting market opened on 23 November 2022.

The content assessed by the evaluators will be that produced by sports betting experts, influencers and content partners.

Read the full story on iGB North America

May 17, 2023

HBLB expects levy income to surpass forecasts in 2022-23

Britain’s Horserace Betting Levy Board (HBLB) has forecast £99.0m (€113.7m/$123.1m) in levy income for the 12 months to 31 March 2023, following provisional submissions from most levy-paying bookmakers.

The figure would surpass initial expectations of between £90.0m and £95.0m, which was based on events in the early to middle part of the year. It would also be 2.1% higher than £97.0m in the previous year.

HBLB said the increased forecast comes amid a continuing decline in turnover, which was being partially mitigated by margins. Actual margins were markedly above average in both February and March, during which turnover fell year-on-year.

“The board will be making decisions on prize money for the September to December period at its meeting next month and this likely outturn provides additional clarity in coming to those decisions,” HBLB chairman Paul Darling said.

“Although overall yield looks to be similar to or slightly up on last year, total turnover and race-by-race turnover ar..

May 16, 2023

Arizona sports betting handle hits $609.3m in February

Consumers in Arizona spent $609.3m betting on sports during February, a year-on-year rise of 23.9% and also a 3.0% month-on-month increase.

The total amount wagered in February was comfortably higher than the $491.7m spent in the same month in 2022, and also up from $591.2m in January this year, despite it being a shorter month.

Players wagered $604.9m via mobile during the month, compared to just $3.6m at retail sportsbooks in the state.

Read the full story on iGB North America

May 16, 2023

MA online sports betting handle surpasses $566m in first full month

Online sports wagering handle in Massachusetts amounted to $566.2m in April, the first full month of the state’s newly regulated market.

Massachusetts launched legal online sports betting on 10 March, with six licensed operators currently active in the state: Barstool Sportsbook, BetMGM, Caesars Sportsbook, DraftKings, FanDuel and WynnBet.

The $566.2m wagered by consumers in April continued a strong start to legal online betting in Massachusetts, following the $548.1m spent in the opening three weeks of regulation.

Read the full story on iGB North America

May 15, 2023

Texas’ lieutenant governor says sports betting bill won’t progress

Texas’ lieutenant governor Dan Patrick has said that House Bill 1942, which details how Texas’ sports betting market would be regulated, has “little to no support” and will not progress through the senate.

Texas’ house of representatives voted in favour of HJR 102 last week. HJR 102 is a constitutional amendment which would give state citizens the chance to vote online sports betting into law.

HB1942 accompanied the amendment, and also passed through the house by a 82-51 vote.

Read the full story on iGB North America

May 15, 2023

Indiana sports betting handle continues to decline in April

Sports wagering handle in Indiana fell year-on-year in April, while the state also experienced a month-on-month decline in player spending.

Consumers bet $321.4m on sports during the month, down 10.7% from $360.0m in April last year and also 25.8% behind the $433.0m wagered in March of this year.

Basketball was again the most popular sport to bet on, drawing $91.6m in wagers, ahead of baseball on $61.2m and football with $3.4m. Some $91.6m was wagered in parlay bets and $74.0m was spent betting on other sports.

Read the full story on iGB North America

May 15, 2023

Fanatics Betting and Gaming to acquire PointsBet US

The Fanatics Betting and Gaming (FBG) arm of sports retail giant Fanatics has agreed a deal to acquire the PointsBet US division of PointsBet Holdings for $150.0m.

Under the agreement, which remains subject to shareholder approval and certain regulatory and other conditions, PointsBet will retain both its Canadian and Australian business and operations and continue as an Australian Stock Exchange-listed company.

PointsBet will keep hold of its proprietary sports wagering, racing and igaming platform and be granted a perpetual, royalty-free licence to exploit the Banach technology assets, which were acquired by PointsBet in March 2021.

The deal also states that PointsBet will retain its teams in Australia, Canada and India, as well as its Australian-based technologists, traders and quants.

Other aspects of the deal include that PointsBet will provide services to FBG prior to the final closing of the deal and be reimbursed for the cost of these services by FBG.

In addition, the exis..

May 12, 2023

Brazil on the brink of sports betting regulation

Brazil’s government has launched a provisional measure for sports betting, in a move that marks the end of a 20-year wait period for the country.

The provisional measure (PM) was adopted by Brazil’s president, Luiz Inácio Lula da Silva and signed by the ministries of finance, planning, management, health, tourism and sports.

Once signed by President Lula, the PM will be published by Brazil’s government and will be enacted for an initial maximum period of 60 days, before it can be extended for another 60 days.

What are the measures?

A 16% tax on gross gaming revenue (GGR) will be payable by licensed operators. Percentages of this will be distributed to public health initiatives and anti-match-fixing initiatives.

In total, 2.5% will be given to the National Fund for Public Security. Elsewhere, 1.6% will go to sports clubs and 10% to social security. The ministry of sports will receive 1% and education initiatives 0.8%.

Players will be subject to 30% income tax on winnings, which wi..

May 12, 2023

Iowa sports betting handle continues to decline in April

Iowa experienced another year-on-year drop in sports wagering handle in April, although the state was able to report an increase in revenue.

Consumers spent $172.6m betting on sports during the month, down 2.7% from $177.4m in April 2022 and also 25.8% behind the $232.6m wagered in March of this year.

Of this total, $157.5m was wagered online, while the remaining $15.1m was bet with retail sportsbooks across the state.

Read the full story on iGB North America

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