Gaming – Page 2 – FairOdds Network

July 19, 2024

Bettor perspective? Walters, “Spanky” say US sportsbooks have much to learn

As legal sports betting in the US proceeds in its seventh year, many have expressed concerns about whether the current wagering model is sustainable for the long term.

A panel discussion on Friday (19 July) at the summer meeting of the National Council of Legislators from Gaming States (NCLGS) in Pittsburgh featured views on the subject from legendary sports bettors Billy Walters and Gadoon “Spanky” Kyrollos. Both the legendary Walters, 78, and Kyrollos said sustainability depends on treating sports bettors fairly.

That, they said, means an equal playing field for all customers.

Richard Schuetz, a veteran casino executive, regulator and onetime Las Vegas sportsbook operator, moderated the panel. Schuetz hosted Walters when Schuetz ran the sportsbook at the Stardust.

Transparency, betting limits are concerns

One problem threatening the long-term sustainability of legal sports betting, panelists said, is a lack of knowledgeable operators. “The (legal) industry is new in this country..

July 19, 2024

Pennsylvania gaming market shored up by record icasino performance in FY23-24

Pennsylvania reported year-on-year declines in slots, table games, sports betting, VGTs and fantasy sports in its fiscal year ended 30 June, yet a strong performance from online gaming was enough to push the state to record revenue and taxes.

Total gambling revenue for the 12 months to 30 June came to $5.89bn (£4.55bn/€5.41bn), 6.9% ahead of last year’s $5.51bn according to full-year figures from the Pennsylvania Gaming Control Board.

This generated $2.36bn in tax revenue for the Keystone state, a record breaking total. Of this total, $1.34bn came from casino slots and $157.6m table games. Sports betting generated $175.2m, video gaming terminals $21.4m and fantasy sports $2.9m.

However, it followed a year in which all verticals – bar one – declined year-over-year. The land-based casino market made the biggest contribution, with slots making up $2.44bn of FY23-24 revenue, down 0.6% from the prior year. A further $958m came from table games, with video gaming terminals (VGT) revenue ..

July 18, 2024

Evoke misses H1 EBITDA target, cites leadership change as H2 growth driver

Evoke Plc missed its H1 2024 adjusted EBITDA target by £35m to £40m due to high marketing costs and lower than expected revenue, it said in a trading update today.

The 888, William Hill and Mr Green parent company expects to mitigate its losses in H2 by employing up to £30m in cost savings and meeting its full-year earnings expectation.

A change in leadership and operational overhaul were cited as key drivers for cost efficiencies in the second half of the year. This includes 888’s new strategy and value creation plan, set out in March.

As a result, the firm expects H2 2024 revenue growth to be in line with its medium-term guidance of 5%-9%. It also hopes to deliver a 20% EBITDA margin in 2025. Marketing costs will be between £35m and £40m lower in H2 than in H1.

In an analyst note, Regulus Partners said the profit warning was “neither small nor unlucky”.

On the impact from marketing spend, Regulus said: “What is slightly alarming is that such poor tactics were allowed to unfol..

July 12, 2024

Waterhouse VC: Turning back the clock

In his latest column, Tom Waterhouse of Waterhouse VC reviews how the fund has performed over the last year.

We started the fund on 19 August 2019 and I am very pleased that our five-year anniversary is fast approaching, with outstanding results for investors over the past year. The fund returned 53.3% for the 2024 financial year, a result our team is proud of.

While global equities have been favourable over the past 12 months, our performance has not relied on these tailwinds, outperforming the S&P 500 by +31%. Returns have been achieved across each pillar of our strategy (Option Deals, Professional Betting, Global Equities).

We’re pleased with the fund’s performance since launching, particularly given the challenges of finding attractive deals during a period of exuberance for growth assets in 2021. Last year’s results bring the return since inception to 102% per annum before all fees. An investment of $100,000 at inception in August 2019, assuming reinvestment of all distribution..

July 9, 2024

Survey reveals Betano as most recognisable brand in Brazil

Kaizen Gaming-owned Betano is the most recognisable and trusted betting brand in Brazil, a survey by Env Media has revealed.

Env Media centred its survey on the 20 most popular brands in Brazil, including the likes of Betano, Bet365 and Betfair. The study aimed to establish what operators held the greatest share of voice in Brazil by looking at their visibility and market shares.

This is ahead of the regulated market going live following the December approval of Bill 3,626/2023, legalising sports betting and igaming.

The survey asked 500 active adult bettors which operators they were both aware of and trusted. Betano led the way with 73.4% of respondents stating they recognised and trusted the operator. Bet365, meanwhile, was second, selected by 67.2% of those surveyed.

Brazilian operator Pixbet was third, recognised and trusted by 54.7% of respondents, while Sportingbet and Betnacional were selected by 42.6% and 41.6% respectively.

Betano also held the advantage in Env Media’s s..

June 28, 2024

US May round-up: Strong month for NV; CO handle up 16.2%; Icasino shines in CT

Analysing some of the latest US monthly state reports, iGB takes a closer look at how Nevada, Colorado, Connecticut and South Dakota performed during May.

Sports betting revenue for May in Nevada topped $36m, up 19.8% on last year. Online betting (up 23%) accounted for 63.4% of all sports wagering revenue. Overall handle dipped 2.3% on the previous year.

Of this, $17.2m in revenue came from basketball wagering with the NBA Conference semi-finals and finals playing out during the month. A further $11.2m in revenue came from baseball, as the MLB season takes place, and $3.4m from ice hockey. A further $7.8m was generated across other sports.

Nevada saw overall revenue climb 2.3% to $1.32bn (£1.04bn/€1.23bn).

Gaming revenue in Nevada edged ahead of $1.29bn last year, with May halting two consecutive months of year-on-year decline.

With regards to land-based gaming, slots drew the most revenue at $886.1m, up by 1.0% year-on-year. Multi-denomination slots accounted for $599.1m of rev..

June 27, 2024

Would a 1988 Congress have included digital betting in IGRA? Without a doubt.

Two weeks ago, the US Supreme Court decided to let be the status quo with regard to Florida sports betting. Since then, many in and around the online gambling world are pointing to a sea change and the expectation that tribes across the US will fast and furiously expand or change their offerings. But the view from inside Indian Country? Not so fast.

The US Supreme Court met on 13 June to decide whether to hear West Flagler Associates v. Haaland. The justices decided to pass, meaning a lower-court decision to allow the 2021 Florida-Seminole tribe compact will stand. That compact allows for what could be considered an expansion of the reach of the Indian Gaming Regulatory Act (IGRA).

It allows for bets to be considered placed where they are received. In simple terms, any bet placed in the state of Florida is considered to be a bet placed on tribal lands if the bet runs through a server on tribal lands.

IGRA changed life for many tribes

IGRA was passed in 1988 and, at its core, gav..

June 26, 2024

MGCB’s try at examining legal vs illegal activity causing consternation

A new six-page, six-question attestation form issued by the Michigan Gaming Control Board in late April has left some licensed igaming and sports betting suppliers in a corner, unsure how to respond to the open-ended inquiry that the board itself has revealed is more about “information gathering” at this point.

The “Illegal Gaming Attestation Internet Game Content Providers” form may be well-intentioned to stamp out support for illegal actors siphoning business and taxable revenue from Michigan’s legal market, but many stakeholders are concerned. Relationships and involvement in areas where the legal versus illegal activity of igaming is not cut and dried is common. Those operating globally are especially alarmed by some unclear questions and undefined terms. They believe unintended consequences may follow from the Michigan regulators’ methods.

“The form does not define every single relevant term, such as what constitutes ‘illegal gambling’,” said gaming lawyer Susan Hensel of Hense..

June 26, 2024

Betsson secures betting and igaming licences in Peru

Online gambling operator Betsson today said it has secured a licence to operate the Betsafe and Bettson brands in the newly regulated Peru market.

The licences cover online casino and sports betting for both brands and Betsson expects to also soon obtain approval for its Peru-facing Inkabet business.

Betsson has had a presence in Peru since 2008. In 2019, it expanded its reach in the country by launching its Betsafe brand. Two years later, it also acquired locally-licensed online betting and sports brand Inkabet for $25m.

Regulation of the Peru market earlier this year meant Betsson had to secure full licence approval to continue operating in the country. Law no 31557, which regulates online gaming and sports betting, went into effect on 9 February.

Operators had until 10 March to apply for a licence. Peru’s ministry of foreign trade and tourism received 145 requests for operator licences from both national and international operators.

“We have really looked forward to Peru introd..

June 19, 2024

Ontario igaming outperforms five-year state contribution and employment targets says Deloitte

Ontario’s commercial igaming sector outperformed various five-year economic contribution targets set by Deloitte between 2023 and 2024, including jobs sustained and government revenue contributions.

According to a report by Deloitte published on 19 June, the igaming market in Ontario hit or almost reached many of Deloitte’s year-five projections within its second year, with the market (excluding the state-backed lottery operator) contributing CA$2.7bn (US$1.97m) to GDP and sustaining almost 15,000 full time equivalent jobs in the province.

Of this, $1.3bn contributed to labour income. In comparison, market contribution in Ontario’s first year of operation hit $1.58bn, after Ontario’s online gambling market went live on 4 April 2022.

Between April 2023 and April 2024, direct jobs sustained hit 120% of Deloitte’s five-year prediction, with government revenues (94%), total full-time jobs sustained (92%) and GDP contributions (93%) also outpacing initial expectations.

The report said..

June 19, 2024

Michigan online gambling revenue tops $239.5m in May

Online gambling revenue in Michigan hit $239.5m (£188.3m/€223.0m) in May, a year-on-year increase of 28.9%, with growth across both the online casino and sports betting markets.

According to the latest Michigan Gaming Control Board (MGCB) figures, the state’s revenue total cleared the $185.8m posted in May last year.

It was also 2.0% ahead of the $234.8m generated in Michigan in April this year.

Gross receipts from online casino activity amounted to $198.6m, up 31.9% year-on-year. As for sports betting, gross receipts here hiked 15.2% to $40.9m, with handle also rising 19.2% to $343.7m.

Adjusted gross receipts up 31.2%

In terms of adjusted gross receipts, taking into account promotional spending, there was also growth. Total adjusted gross receipts for the igaming market were 31.2% higher at $206.8m.

Adjusted online casinos receipts jumped 31.9% to $178.7m, with adjusted sports betting receipts up 27.7% to $28.1m.

The figures cover igaming activity across both commercial and ..

June 19, 2024

Pennsylvania igaming revenue jumps 24% in May

Growth within the igaming market drove gambling revenue in Pennsylvania up 8.7% year-on-year to $521.0m (£409.9m/€485.2m) in May, while the Keystone State also posted increases across sports betting and the land-based sector.

Igaming gross revenue came in at $174.1m in May, up 23.5% year-on-year.

Total revenue in May was comfortably higher than $479.4m in the same month last year. It also surpassed the $504.6m reported in Pennsylvania in April this year by 3.3%.

While the igaming segment saw the most growth, land-based slots remain the main source of gambling revenue in Pennsylvania. For May, revenue from physical slots hit $214.1m, a rise of 1.6%.

Mobile sports betting gross gaming revenue increased 10..5% annually to $59.1m on a handle of $557m, which marked an uptick of 21% on the previous year. Promotional spend across operators was up 6.3%.

In the land-based sector, table games revenue edged up 2.5% to $83.7m.

Deutsche Bank noted gross gaming revenue for both Caesars and ..

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Tag: Gaming