Finance – Page 9 – FairOdds Network

November 28, 2023

PointsBet CEO: On course to deliver growth in FY25

PointsBet chief executive Sam Swanell has outlined a focus on technology to deliver growth in Australia and Canada following the group’s departure from the US.

Swanell told investors at the AGM that PointsBet remains on course to break even this year and deliver growth in FY25. The CEO reiterated the rationale behind the $225.0m sale of its US business to Fanatics. He also gave an update on growth targets in its remaining Australian and Canadian markets.

PointsBet CEO Sam Swanell

Central to its performance, Swanell said, will be the proprietary technology powering its own platforms as well as Fanatics. In total, PointsBet’s platform handled more than $7bn in wagers during the most recent financial year.

PointsBet also retains the rights to use and further develop the Banach “Oddsfactory” technology assets. This drives in-play, parlay products and cash-out features in Australia, Canada and the US.

“The strength of our technology has also been validated through our sale of the plat..

November 28, 2023

New Hampshire sports betting handle hits seven-month high in October

Consumer spending on sports wagering in New Hampshire reached its highest level in seven months in October, while monthly revenue was its highest since January.

Handle for October reached $77.8m (£61.7m/€71.1m). This was 14.8% lower than $91.3m in October of 2022 but 16.5% ahead of $66.8m in September of this year. It was also the largest monthly spend in New Hampshire since a record $103.4m was bet in March 2023.

Of this total, $65.9m was bet on mobile and $12.0m at retail sportsbooks located across New Hampshire. This is according to figures published by the New Hampshire Lottery.

DraftKings remains the only operator offering online sports wagering in New Hampshire. It secured exclusive rights for the state in November 2019.

Betting revenue reaches $8.8m in October

Turning to gross gaming revenue, this amounted to $8.8m during October. This was down 3.3% from $9.1m in October last year but 41.9% higher than the $6.2m that was posted in September this year.

The lottery noted the..

November 22, 2023

Michigan online sports betting handle hits record $533m in October

Michigan consumers spent a record $533.0m (£424.9m/€488.2m) betting on sports online in October, marking the first time monthly internet bets in the Great Lakes State exceeded $500.0m.

Gross internet gaming and sports betting receipts from commercial and tribal operators in Michigan reached $205.3m during October. This was 7.9% ahead of $190.2m last year but 2.4% down from $210.4m in September 2023.

Online casino was again the main source of all internet gambling revenue in Michigan. Gross receipts in the igaming segment reached $160.3m, an increase of 13.7% from $141.0m in the previous year.

In contrast, sports betting gross receipts declined 8.5% to $45.0m. This was despite sports betting handle climbing to a new monthly high in Michigan.

Adjusted gross gaming receipts exceed $167m in Michigan

After accounting for promotional deductions, adjusted gross receipts (AGR) from igaming and sports betting was $167.7m. This was an increase of 5.8% from $158.5m posted in October of last..

November 21, 2023

Delaware: sports betting grows but igaming declines in October

The Delaware Lottery reported another increase in sports betting handle during October, but igaming wagers in the state fell to a 19-month low.

Delaware consumers spent $10.7m (£8.5m/€9.8m) betting on sports in October. This was up 4.9% from $10.2m in the same month of last year and 40.8% more than $7.6m in September 2023.

As for sports betting revenue, this hit $2.6m in October. The Lottery said this was marginally higher than $2.5m last year and 173.1% ahead of $958,547 in September this year.

Delaware Park was again the sports betting market leader, posting $368,904 in revenue off a $2.5m handle.

Bally’s Dover placed second with revenue of $172,532 from $1.2m in bets during October. The Harrington Raceway followed with $79,437 in revenue and a $554,958 handle.

An additional $2.0m in revenue came from $6.4m in bets placed with retailers in Delaware.

Delaware igaming spend slips to lowest monthly total since February 2022

While the Delaware sports betting market continued to r..

November 20, 2023

Louisiana sets sports betting handle and revenue records in October

Players in Louisiana spent a record $308.6m (£247.1m/€282.2m) on sports wagering during October, while revenue also reached a new, all-time monthly high.

Sports betting handle was 20.8% higher than $255.5m in October 2022 and up 10.2% from $280.1m in September this year. It also beat the existing Louisiana record of $282.3m that was reported in January 2023.

Of this total, $276.2m was spent betting on sports online, while $32.4m was bet at retail sportsbooks in Louisiana.

Revenue narrowly exceeds Louisiana monthly record

Turning to gross revenue, this also hiked 63.5% year-on-year to an all-time high of $43.3m in October. This was marginally ahead of the $43.1m existing record posted in September this year.

Online gross revenue in October amounted to $40.1m, with retail’s share at $3.3m.

As for adjusted revenue, which discounts all promotional betting, total market revenue was $42.5m. The $875,871 deducted from the gross revenue figure was from online promotional bets.

Footbal..

November 20, 2023

Pennsylvania sports betting handle hits record $829m in October

Pennsylvania reported a monthly record $829.0m (£664.4m/€759.3m) sports betting handle in October, while the state also noted year-on-year revenue growth across several segments.

Total gambling revenue in Pennsylvania hit $483.0m in October. This was 7.3% higher than $450.2m in October 2022 and 1.4% up from $576.3m in September this year.

Retail slots were responsible for almost 40.0% of all gambling revenue during the month at $192.5m, down 3.3% from last year. Land-based table games revenue edged up 2.0% year-on-year to $81.5m.

Record spending pushes sports betting revenue up

The headline figure for Pennsylvania in October was sports betting handle, which climbed 4.0% from the previous monthly high of $797.1m to reach a new record.

This helped push sports betting revenue up 18.8% year-on-year to $48.2m. Of this total, $43.1m came from online wagering and the remaining $5.1m retail betting.

Hollywood Casino at the Meadows and Barstool edged back into top sport in the market wi..

November 20, 2023

New Jersey gambling revenue up 9.3% year-on-year in October

Gambling revenue in New Jersey increased 9.3% year-on-year in October, driven by growth across the state’s igaming and sports betting market.

Total market revenue in New Jersey reached $487.1m (£390.9m/€446.4m) in October. This was ahead of $445.7m last year but 6.6% behind $521.5m in September this year.

Physical slots, which have long drawn the most gambling revenue in New Jersey, posted a year-on-year decline. Revenue from retail slots dropped 1.9% to $163.0m in October.

However, land-based table games revenue for the month was 19.7% higher at $65.1m. This meant total revenue from the retail casino sector increased 3.4% to $228.1m.

New Jersey igaming markets continues to expand

In contrast to the retail slots decline, the situation was very different for their online cousins in New Jersey. Revenue from authorised online games, including internet slots, increased by 13.4% to $164.4m in October.

Online peer-to-peer poker games revenue also increased by 6.2% to $2.4m. As such, ..

November 16, 2023

Mississippi sports betting market shrinks in October

The Mississippi Gaming Commission has posted a year-on-year drop in sports betting handle and revenue for October, while the Magnolia State also reported a month-on-month decline.

Betting handle in Mississippi amounted to $49.5m in October. This was 11.9% lower than the $56.2m posted in October 2022 and also 4.1% behind $51.6m in September this year.

In terms of revenue, this reached $7.3m during October. The Commission said this was down 5.2% from $7.7m last year and 9.9% behind September’s $8.1m.

Mississippi players head to the coast

Coastal casinos remained the most popular venues to place sports bets in Mississippi during October. These casinos took the most wagers and also generated the highest amount of revenue in the month.

Players spent a total of $33.8m at coastal casinos in October, with the venues turning $4.5m in revenue for the month.

Elsewhere, central casinos processed $9.7m in sports bets and reported $2.1m in wagering revenue. A further $6.0m was bet at northern ..

November 16, 2023

Arizona sports betting handle hits six-month high in September

Consumers in Arizona spent $610.7m (£492.7m/€563.0m) betting on sports in September, the highest monthly total since March.

The September figure was 13.5% higher than $538.0m last year and 13.3% more than $538.9m in August 2023. It is also the sixth time monthly sports betting handle surpassed $600.0m in Arizona.

Of this total, $605.2m was bet with online operators and $4.0m retail sportsbooks. Players won a total of $550.6m wagering on sports in Arizona in September.

Adjusted gross event wagering receipts before free bets hit $59.7m. This was up 8.2% from September 2022 and almost double the $30.9m reported in August. Online gross receipts amounted to $59.0m and retail just $473,199.

Arizona free bets exceed $27.0m in September

Free bets and promotional credits in September totalled $27.1m, almost all of which came from online operators.

After discounting these free bets, adjusted gross event wagering receipts hit $32.6m. This was 6.2% higher than September 2022 and also 52.3% ..

November 16, 2023

DraftKings smashes more Massachusetts sports betting records in October

DraftKings set new monthly records for sports betting handle and revenue in Massachusetts during October, while the Bay State’s overall market also grew month-on-month.

Players in Massachusetts spent a total of $571.8m (£461.5m/€527.6m) betting on sports in October, up 11.6% from $512.2m in September. It is also the second-highest monthly total since the state launched legal betting in March, just short of the $579.3m bet in April.

Online sports betting spend in October reached $555.7m, with retail wagers at $16.0m.

Massachusetts just misses out on revenue record

Turning to taxable sports betting revenue, this also increased month-on-month following the rise in handle.

Total market revenue amounted to $59.2m, up 18.9% from $49.8m in September. This was also just 3.0% shy of the $61.0m record set in May.

Online betting generated $58.2m in total revenue, with retail’s contribution in October at $979,329.

DraftKings revenue exceeds $300m in October

Breaking down the market by oper..

November 15, 2023

Detroit casinos hit by strikes as revenue slips to $82.8m in October

Revenue from the three commercial casinos in Detroit declined to $82.8m (£66.5m/€76.2m) in October as venues in Michigan felt the impact of ongoing strikes.

Some Detroit casino workers have been on strike since 17 October. This has led to the partial closures of casinos with certain facilities not being available for almost a month.

This inevitably hit monthly performance during October, with revenue down 19.5% from $102.8m last year. The October figure was also 18.5% lower than the $101.6m posted in September this year.

Breaking this down, Detroit tables games revenue amounted to $81.7m, down 18.9% year-on-year. The total was also 18.3% behind September’s total.

The other $1.1m was attributed to sports betting qualified adjusted gross receipts (QAGR), a drop of 46.3% from 2022. Sports betting QAGR was also 28.6% lower than September.

In terms of sports betting handle, Detroit consumers spent $18.1m wagering at casinos in October. This was a sharp drop from $34.2m in the same mon..

November 14, 2023

Australia lower house passes credit card gambling ban bill

The Australia House of Representatives, the lower house of the country’s parliament, has passed a bill that would introduce a blanket ban on using credit cards for online gambling.

The Interactive Gambling Amendment (Credit and Other Measures) Bill 2023 was submitted in September. It seeks to ban credit cards and other credit-related products, as well as digital currencies.

Introducing the bill has led to significant debate in parliament, with several amendments being filed to alter the bill. However, these were ultimately unsuccessful and the bill passed today (14 November) with support from both major parties in Australia.

The bill will now move forward to the Senate, the upper house of parliament in Australia, for further debate.

Breaking down the credit card bill

Aside from the ban on credit products, the bill includes a host of other measures that would come into effect.

These include heavy fines for operators that do not enforce the ban. Licensees in Australia could face..

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Tag: Finance