Finance – Page 6 – FairOdds Network

January 26, 2024

Arizona sets new sports betting handle record in November

Players in Arizona spent $713.6m (£560.9m/€657.2m), a new record for the Grand Canyon State, but revenue was down year-on-year.

Handle for November was 3.3% ahead of the existing Arizona record of $690.0m in March 2022. It was also 15.7% higher than $616.9m in November 2022 and 10.1% more than $648.2m in October 2023.

Some $705.7m was wagered online and $6.1m at retail sportsbooks. A further $1.8m was bet with limited event wagering operators in Arizona.

arizona’s november handle was 10.1% hgher than the $648.2m recorded in october 2023

Licensees paid out $671.3m in winnings to players while free bets and promotional credits in November amounted to $20.5m. This left $20.3m in adjusted gross revenue for the month.

Revenue was 45.9% lower than $37.5m in November 2022 and 38.5% behind $33.0m in October. Online betting revenue hit $19.9m, retail revenue $338,476 and limited event wagering $96,986.

As for tax, this reached $2.0m in November. Almost all of this came from online wagerin..

January 24, 2024

DC December: sports betting revenue up despite handle decline

Player spending on sports betting in Washington DC fell again in December but revenue was up year-on-year and month-on-month.

Handle for December in Washington DC amounted to $15.3m (£12.0m/€14.0m). This was down 18.2% from $18.7m in December 2022 and 10.5% behind $17.1m in November 2023.

In terms of gross gaming revenue (GGR), this reached $2.5m in December. GGR was up 4.2% from $2.4m in December of the previous year and 108.3% ahead of $1.2m in November.

Caesars retains the lead in DC

Looking at individual operators, Caesars remained the frontrunner in the DC market during December. The operator posted $889,481 from $5.3m in total sports bets in the month.

Gambet, run by the DC Lottery and powered by Intralot, remained second. Players wagered more with Gambet than Caesars, betting a total of $5.7m. However, after paying out $4.9m in winning, this left Gambet with smaller GGR of $837,595.

FanDuel ahead of BetMGM despite lower handle in December

Elsewhere, Flutter Entertainment-..

January 23, 2024

Louisiana sets sports betting handle and revenue records in December

Louisiana posted record sports betting handle for the third consecutive month in December, while the Pelican State also reported record monthly revenue.

Players in Louisiana wagered $377.0m (£296.2m/€346.1m) on sports during December. This surpassed November’s record of $356.6m by 5.7% and also beat December 2022 by 48.0%.

Online bets for the month amounted to $344.9m, while a further $32.1m was spent betting on sports at retail sportsbooks.

Revenue reaches record $55.8m in Louisiana

Turning to revenue, this also reached a new monthly high of $55.8m in December. This beat the existing Louisiana record of $43.3m set in October 2023 by 28.9%.

DECEMBER REVENUE BEAT OCTOBER 2023’S RECORD OF $43.4M BY 28.9%

The December figure was also 50.8% higher than $37.0m in the same month in 2022 and 187.6% ahead of $19.4m in November.

Revenue from online sports wagering in December amounted to $51.3m after promotional deductions. Retail revenue for the month reached $4.5m, again after deduct..

January 22, 2024

Michigan online gambling revenue hits record $2.30bn in 2023

Gross online sports betting and igaming revenue in Michigan hit $2.30bn (£1.81bn/€2.11bn) in 2023, the highest annual total since the Great Lakes State opened its legal market.

Revenue for 2023 was 18.3% higher than the $1.98bn generated in Michigan in 2022. It also far exceeds the $1.40bn from the first year of legal betting in 2021.

Reported figures include licensed commercial and tribal igaming operators in Michigan.

Breaking this down, $1.90bn of total revenue came from igaming and $420.4m gross sports betting receipts. Both of these figures were also new annual records, despite total annual sports betting handle remaining steady at $4.60bn.

After accounting for promotional deductions, adjusted gross receipts (AGR) from igaming and sports betting was $1.96bn. This was up 18.8% from the previous year’s total.

TOTAL revenue for 2023 was 18.3% higher than the $1.98bn generated in 2022

AGR from igaming amounted to $1.73bn, with adjusted gross sports betting receipts hitting $223..

January 19, 2024

Mississippi sports betting market shrinks in December

Sports betting revenue and handle in Mississippi both fell year-on-year in December, while the Magnolia State also reported a month-on-month decline.

Handle amounted to $48.9m (£38.6m/€44.9m), down 34.3% from $74.4m in Mississippi in December of 2022. This was also 21.6% lower than the $62.4m spent in November 2023.

monthly spend was 21.6% lower than november 2023

As for revenue, this reached $4.9m. While this was 56.6% lower than $11.3m in December of the previous year, it was not all bad news for the state.

The December total was some 58.1% ahead of November’s $3.1m haul.

Beach betting: Mississippi coastal casinos take $31.6m in bets

In terms of where players in Mississippi in December preferred to bet, coastal casinos remain the venue of choice.

For December, coastal casinos processed $31.6m in bets and posed $2.4m in revenue. Of all wagers placed here, $14.5m were on American football and $7.7m basketball, while $4.9m was spent on parlay bets.

Elsewhere, central casinos to..

January 19, 2024

Waterhouse VC: A year in review

In his first column of the year, Tom Waterhouse of Waterhouse VC looks back at the ups and downs of 2023 – and discusses what lies ahead in 2024.

While company valuations broadly increased in 2023, there was significant divergence across geographies and sectors. With the increase in interest rates globally, investors have grown more selective, preferring to invest in profitable businesses.

Waterhouse VC’s gross performance, as at 31 December 2023

Performance of various asset classes and sectors in 2023. Source: Topdown Charts, Refinitiv Datastream

In 2023, there were two stand out contributors to the fund’s +39.5% performance:

Project Tennis – a professional betting syndicate founded by Tom Dry focused on tennis. It was first discussed in December 2022 and invested in on 1 July 2023.Saintly – a crypto wagering operator and B2B platform. Position exited in August 2023.

Beating the house

We are very pleased with the operational performance of Tom Dry’s betting syndicate going into..

January 19, 2024

Oregon sets sports betting revenue and handle records in December

Players in Oregon spent a record $73.2m (£57.7m/€67.3m) betting on sports in December, while revenue in the Beaver State also hit an all-time high.

The December handle surpassed the previous record of $71.9m, set in October of 2023. It was also 38.1% higher than the $53.8m wagered in Oregon in December 2022.

American football was the biggest draw for bettors, attracting $23.1m in wagers. Basketball bets hit $16.5m, football $3.3m and ice hockey $2.0m.

As for bet type, $48.1m of total wagers were single bets, with the remaining $25.1m parlay wagers.

December revenue hits $9.7m

As for gross gaming revenue from betting, this amounted to $9.7m in December, another new record for Oregon.

The monthly figure beat the existing record of $8.5m in October 2023 by 14.1%. It is also up 70.2% from $5.7m in December 2022.

Breaking this down, $3.5m of revenue came from American football bets, $2.9m basketball and $605,891 football. Parlay bets generated $5.7m in revenue and single wagers $4.0..

January 19, 2024

Pennsylvania gambling revenue hits record $5.70bn in 2023

Record figures from igaming and sports betting drove gambling revenue in Pennsylvania to an all-time high of $5.70bn (£3.50bn/€5.24bn) in 2023.

The 2023 figure was 9.3% higher than the existing record of $5.21bn, which was set during 2022. Combined revenue in Pennsylvania includes slot machines, table games, sports wagering, igaming, video gaming terminals (VGTs) and fantasy contests.

Physical slots continued to lead the way in terms of revenue in Pennsylvania, with revenue here rising 3.1% to $2.46bn. However, land-based table games revenue slipped 1.9% to $971.7m.

Is igaming closing the gap on land-based gambling in Pennsylvania?

Elsewhere, revenue from igaming in 2023 hit $1.74bn, beating the previous record set in 2022 by 27.7%. The Pennsylvania Gaming Control Board (PGCB) did not publish a full breakdown of revenue per game type for this market.

However, the PGCB did reveal data on individual igaming operators. As was the case in 2022, Hollywood Casino at Penn National led t..

January 18, 2024

Flutter earnings call: FanDuel ready to “get ahead” in igaming

Peter Jackson, chief executive of Flutter Entertainment said FanDuel plans to “get ahead” in igaming during a post-close trading update for the company's full-year 2023 results.

Flutter’s Q4 financial results saw growth in the US push revenue 25% to £9.51bn (€11.08bn/$12.07bn). Looking at FanDuel first, Jackson outlined the operator’s three-year strategy for success. He said Flutter plans for FanDuel to complete a race to the finish line in the final year.

“From an igaming perspective, we’re following the strategy we laid out at the capital markets day,” he explained.

FanDuel IS NEARING THE END OF A THREE-YEAR PERFORMANCE STRATEGY, SAID JACKSON

“We said in the first year there were things that were broken that we were going to fix. We said in the second year we’d get to product parity and in the third year we’re going to get ahead of the market.”

Using M&A as a driver for success

The chief executive said that Flutter has been focused on organic growth, “and that’s something..

January 17, 2024

Massachusetts sets $658.7m sports betting handle record in December

Massachusetts reported a record sports betting handle for the second consecutive month in December, with players wagering a total of $658.7m (£519.3m/€605.6m).

Combined sports betting and casino revenue in Massachusetts in December amounted to $163.6m, up 14.4% from November.

Starting with sports betting, the December handle narrowly beat the existing record of $654.4m set in November. The Bay State launched legal betting in March 2023.

massachusetts launched legal betting in march 2023

Players spent $643.2m betting online during December and $15.5m at retail sportsbooks.

Revenue falls just short of Massachusetts record

Turning to taxable revenue from sports betting, this reached $60.6m in December. This was 23.9% ahead of $48.9m in November and just 0.7% behind May’s $61.0m monthly record.

Online betting accounted for $59.3m of all sports betting revenue in December, with retail’s share at $1.3m.

DraftKings the clear leader in online market

Looking at individual operators, Dr..

January 17, 2024

The analyst’s take: Bet365’s 2022-23 financial results

A key theme of Bet365’s revenue report for FY2022-23 was its investment into the US market. Ed Birkin, senior analyst at H2 Gambling Capital, believes this outlay could end up paying dividends.

While the most prominent figure in the operator’s report was its £61.2m (€71.0m/$77.6m) loss, Bet365 also recorded significant revenue growth.

Birkin believes Bet365’s growing interest in the US market, as well as its hugely successful Ontario launch, could lead to future growth in regions such as North America and the soon-to-be regulated Brazil.

bet365 is currently the market leader in ontario

“Although the company has a reputation for operating in a number of unlicensed markets, it has been clear for a long time that it will seek a licence in any market where it is available and commercially viable to do so,” says Birkin. “Therefore, it’s no surprise to see continued international expansion.

“Their transition to the onshore market in Ontario appears to have gone smoothly, where they’re t..

January 17, 2024

Tiers and turbulence in US sports betting

The US sports betting sector has grown rapidly, but Paul Girvan sees trouble on the horizon for the early leaders.

The rapid development of US sports betting has been astounding. Currently some 32 states have legalised some form of sports betting and, of this number, 28 provide either mobile or online access.

Within the 32, there are five states where tribal operators provide the only betting option. To date the markets have been characterised by a hierarchy of operators that have gained access primarily via partnerships with land-based casino operators, both tribal and commercial.

A further eight states are considering the issue and could pass legislation in the coming year. Beyond these is a disparate group of states that have been resistant to passing sports betting legislation – although some have been actively considering the issue.

Among these are three powerhouses of tribal gaming; Minnesota, Oklahoma (with its proximity to Texas) and the behemoth of California. Trouble, ho..

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Tag: Finance