Finance – Page 19 – FairOdds Network

May 22, 2023

NH sports betting revenue up in April despite handle drop

The New Hampshire Lottery reported year-on-year and month-on-month increases in sports betting revenue despite a drop in handle.

Players spent $65.1m during the month, down 10.9% from $73.1m in April 2022 and 37.0% lower than the record $103.4m bet in March this year.

Online spend for April reached $56.8m, while a further $8.3m was bet at retail sportsbooks.

In contrast, revenue from sports wagering in April amounted to $6.7m. This was up 97.1% on 2022 and 39.6% more than in March.

Internet betting accounted for $6.1m of monthly revenue, with retail betting at $586,755.

Read the full story on iGB North America

May 19, 2023

DC sports betting revenue and handle down in April

Sports wagering revenue and handle in Washington DC both declined year-on-year in April, while the market also experienced a month-on-month drop.

Players spent $14.5m betting on sports during the month, down 21.2% from $18.4m in April 2022 and also 19.9% lower than the $18.1m wagered in March this year.

Turning to gross gaming revenue and this reached $1.3m, down 7.1% year-on-year and a drop of 43.4% from April’s total.

Breaking down performance by operator, Gambet, run by the DC Lottery and powered by Intralot, moved back into top spot with $626,273 in revenue from a $5.7m handle.

Caesars Entertainment placed second with $524,245 in revenue from $4.6m in total wagers. BetMGM followed with $138,784 in revenue from $2.5m in bets.

Read the full story on iGB North America

May 19, 2023

Lithuania gambling revenue jumps 26.1% in Q1

Gambling revenue in Lithuania increased 26.1% year-on-year during the first quarter, with growth across both the online and land-based segments.

Total revenue in Lithuania during the three months to 31 March amounted to €55.3m (£48.0m/$59.7m), up from €43.9m in the same period last year.

Some €36.6m came from online gambling, a 36.0% year-on-year rise. The majority of this came from Category A online slots, with these games generating €23.1m in revenue from €306.8m in player bets.

A further €979,987 came from Category B slots after consumers spent €6.3m betting.

Lithuania’s remote sports betting revenue reached €9.6m, after players wagered €151.2m, while online table games activity resulted in €2.9m in revenue from €31.3m in spend for the quarter.

Turning to land-based gambling and revenue was 10.0% higher at €18.7m. Category B slot machines were the primary source of revenue, generating €8.0m in revenue after players bet €50.7m.

Category A slot machine revenue reached €3.8m from..

May 18, 2023

MS sports betting revenue up despite handle dip in April

Mississippi experienced a year-on-year increase in sports betting revenue in April despite reporting a decline in handle.

Player spending for the month amounted to $31.8m, which was 10.4% lower than $35.5m in April 2022 and also 31.9% down from $46.7m in March of this year.

However, revenue reached $4.3m, which was up marginally from $4.2m in the same month last year but 14.0% lower than $5.0m in March.

Read the full story on iGB North America

May 18, 2023

PA gambling revenue reaches $476.7m in April

Gambling revenue in Pennsylvania climbed 3.3% year-on-year in April but fell short of the monthly record set in March.

Total market revenue for the month amounted to $476.7m, up from $461.6m in April 2022 but 7.5% lower than the record $515.3m in March of this year.

Land-based slots, the primary source of revenue for the state, declined 2.2% year-on-year to $213.0m. Retail table games also slipped 7.8% to $84.4m.

In contrast, online casino gaming revenue jumped 21.3% to $137.2m. Internet slots revenue was up 24.7% to $95.6m and igaming tables revenue climbed 16.1% to $38.9m, although ipoker revenue slipped 7.0% to $2.7m.

Hollywood Casino at Penn National retained top spot with $58.5m in total igaming revenue. Valley Forge Casino Resort was second with $31.2m, then Rivers Casino Philadelphia on $26.1m.

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.

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 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

May 4, 2023

New York greenlights $455m racing Belmont development

On 2 May, New York State lawmakers approved the FY2024 budget, which included funding for a $455m (£362.0m/€412.2m) loan to renovate and upgrade the Belmont Park race track.

Non-for-profit racetrack operator the New York Racing Association (NYRA) is charged with developing the project to build the new thoroughbred racing facility at Belmont Park.

The NYRA said that the “significant” construction development would have no cost to tax payers, due to being funded through loans that the operator is obliged to pay back to the state government.

Belmont Park’s existing grandstand and clubhouse are to be replaced with a new building, designed to “reflect the evolution” of racing and wagering since the site was last redeveloped in 1968.

In keeping with the declining popularity of racing in New York, the new construction is to be smaller, with the current 1.25 million square foot facility set to be replaced with a 275,000 square foot structure.

According to the NYRA, the new building is to..

May 3, 2023

Delaware sports betting handle continues to decline in March

Player spending on sports wagering in Delaware fell to a seven-month low in March, although the state was able to report an increase in igaming wagers.

Betting handle for the month amounted to $3.5m, which was 32.7% lower than $5.2m in the same month last year and 14.6% behind the $4.1m wagered in February this year. This was also the lowest monthly total since August 2022.

However, sports wagering revenue was $544,385, only marginally lower than $553,465 in March 2022 and 77.6% higher than $306,573 in February.

Read the full story on iGB North America

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Tag: Finance