Online sports betting – Page 12

March 21, 2024

Penta working with JP Morgan to explore “strategic options” for Fortuna

Investment group Penta Investments is working alongside JP Morgan to explore the potential sale of Fortuna Entertainment Group.

Penta is exploring its options for Fortuna, which currently operates in Poland, Croatia, Romania, Slovakia and the Czech Republic, running sites and betting shops under the Fortuna, Casa Parulior and PSK brands.

Any sale of Fortuna could purportedly be worth up to €2bn (£1.7bn/$2.2bn), according to Reuters which broke the news. Penta acquired a 79.8% stake in Fortuna in 2017, having first bought into the company in 2005, before launching a takeover bid in 2018.

While not ruling out an exit, Penta is evaluating alternatives that would best help the development of the Fortuna franchise, the business told iGB, while ensuring sustainable growth and the creation of long-term value.

“As discussions are in their early stages, it’s premature to speculate on the specific outcomes,” Penta said. “However, the possibility of a majority sale remains within the realm of..

March 21, 2024

Florida Supreme Court won’t hear sports betting case

Florida's Supreme Court has denied a petition from a pair of pari-mutuels to hear their case against Governor Ron DeSantis and the state legislature that could have altered the future of sports betting in Florida.

Justice Meredith Sasso wrote that West Flagler and Associates (WFA) chose the wrong “vehicle” to seek relief.

“Quo warranto is not, and has never been, the proper vehicle to obtain a declaration as to the substantive constitutionality of an enacted law. For that reason, we deny the petition because the relief that petitioners seek is beyond what the writ of quo warranto provides.”

The latest Florida Supreme Court decision may not be the end for WFA in Florida. The pari-mutuels chose to bypass filing in district court and went straight to the Florida Supreme Court.

But Bob Jarvis, a constitutional law professor at NOVA Southeastern, told iGB that WFA could now “follow the correct route and sue in the Leon County Circuit Court in Tallahassee”. Jarvis does not believe t..

March 21, 2024

Peru receives 145 licence applications for online gambling in 30 days

Peru’s Ministry of Foreign Trade and Tourism (Mincetur) received 145 requests for operator licences over the first 30 days after Law no 31557 came into effect.

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. Mincetur had warned those already active in the Peruvian market that they could face a fine of up to Sol990,000 (€245,394/£212,401/$257,838) or criminal prosecution if they did not apply.

That initial application process has now closed for companies already active in Peru. The country’s minister of foreign trade and tourism, Juan Carlos Mathews, confirmed 145 requests had been received from both national and international companies. Those not previously in the Peru market can continue to apply.

peru’s sports betting and igaming regulations were approved in october

During the initial 30-day period period, 144 linked service providers were registered with seven international cert..

March 20, 2024

New Washington, DC bill would allow competitive digital sports betting market

A DC councilman, Kenyan McDuffie, has filed a bill that would allow for an open, competitive market in the nation's capital, where consumers currently have only a single choice for online sports betting.

The bill would create a new Class C licence, under which operators could offer online sports betting citywide.

Currently, the only platform available throughout the district is GambetDC, which has been under fire almost since it was launched. Operated by Intralot on behalf of the Office of Lottery and Gaming (OLG), the platform has a reputation for uncompetitive odds, limited markets and difficult usability.

It is common knowledge among stakeholders that consumers cross the border to Maryland and Virginia – both of which offer at least 10 online sportsbooks – for a bigger selection. BetMGM and Caesars Sportsbook also offer digital sports betting in the district, but are limited to doing so at their partners’ sports stadiums and within a two-block radius.

GambetDC has brought..

March 20, 2024

US Representative Tonko to file bill requiring federal approval for states to offer wagering

Yesterday (19 March), US Representative Paul Tonko announced that he plans to file a bill that will limit sports betting advertising, ban funding wagering accounts with credit cards and prohibit the use of the phrases “no sweat” or “bonus” in promotional advertising.

What he didn’t highlight is that the bill would also “establish a general prohibition on sports betting” and require states to get permission from the federal government in order to offer legal sports betting.

Since the US Supreme Court (SCOTUS) overturned the Professional and Amateur Sports Protection Act (PASPA) in May 2018, more than 35 US jurisdictions now offer some form of legal sports betting.

Tonko’s proposal would ultimately require US jurisdictions to get approval from the Department of Justice in order to offer sports betting, according to an outline of the proposed bill. Those wishing to offer sports betting would have to file an application with the US attorney general and prove that they meet a list of r..

March 19, 2024

Michigan sports betting handle drags down February gaming totals

Michigan gambling operators saw an overall dip in receipts and revenue in February, according to the latest report from the Michigan Gaming Control Board.

The combined $218.5m in icasino gross receipts and sports betting handle was down 4.8% compared to January. The $188m taken in by online casino was the highest in state history. This broke the January record of $181.9m in gross receipts.

Combined adjusted gross revenue (AGR) for February was $182.1m. Online casino operators took in $169.2m in AGR, a 3.1% increase compared to January, and digital sports betting had AGR of $12.9m, a 31.3% decline compared to January.

A total of 15 operators were live for online casino in February, along with 13 sports betting platforms.

Tribal operators made $3.9m in payments to governing bodies for February.

Sports betting handle was $402.6m, compared to $577.4m in January. The slump is not unusual, as February may feature the Super Bowl, but it does not have a full slate of NFL games every week..

March 19, 2024

Australia’s ACMA requests blocking of another eight gambling sites

The Australian Communications and Media Authority (ACMA) has issued blocking orders for a further eight websites after ruling they breached gambling laws in the country.

ACMA named Lucky7even, 50 Crowns, Rockwin, Bitdreams, Mr Pacho, Casino Infinity, Zota Bet and Spicyjackpots as sites to be blocked. It said each site was operating in breach of the Interactive Gambling Act 2001.

The organisation did not go into detail about specific breaches of the Act. However, it did set out how it can take action if a website has committed a certain offence.

These actions include providing banned interactive gambling services to Australian players, such as online casinos, slots and in-play sports betting. ACMA may also request blocking if a website offers gambling without a licence, or publishes adverts for other unlicenced services.

While ACMA cannot actually block sites, it can request Australian internet service providers (ISPs) to do so.

Since ACMA made its first request in November 2019, s..

March 19, 2024

Don’t expect Georgia lawmakers to legalise sports betting in 2024

Will a constitutional amendment that would send the decision to legalise sports betting to the voters get out of the Georgia house?

Short answer: No.

Long answer: The state doesn’t need the money and lawmakers are nowhere near a consensus.

During a hearing in the House Higher Education Committee on SR 579 late on the afternoon of 18 March, there was fire and brimstone, a reference to heroin and plenty of misinformation. Multiple lawmakers also noted that the state has a $16bn budget surplus and isn’t in a hurry for new revenue streams.

And at least one lawmaker thinks that New York is part of New England. For those in need of a geography lesson, the six New England states are Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont.

Time running short and compromise isn’t happening

The bill is one of several that could legalise sports betting in a state that has been trying to craft a framework for a mobile market for four years, but where lawmakers have been ..

March 18, 2024

New Hampshire sports betting declines again in February

The New Hampshire Lottery’s report for February showed another decline in the state’s sports betting market, falling well behind January’s figures.

Total handle for New Hampshire in February was $62.3m (£48.9m/€57.2m), 15.0% down on January’s figure of $73.3m. This is the third month in a row that New Hampshire has seen a decline in sports betting handle.

Online continues to dominate the market, with mobile accounting for $55.9m in handle, 86.9% of the total figure. Retail was responsible for just $6.4m of the handle for New Hampshire in February.

February’s gross gaming revenue (GGR) also fell to $6.6m from January’s $9.8m, again a significant 33.0% month-on-month drop. February’s GGR figure was the lowest in five months since September’s $6.2m.

The decline in the state’s sports betting figures is also having a negative impact on its tax revenues. These fell to another five-month low of just $2.8m, having dropped 36% from January’s $4.5m.

New Hampshire’s concerning year-on-year c..

March 18, 2024

Massachusetts online sportsbooks report $5.98bn handle in first 12 months

In the final month that Betr and WynnBET sports betting platforms were live, Massachusetts retail and online sportsbooks combined take $542.5m (£426.0m/€497.7m) in bets in February, down 16.8% from January.

February also marked the 12th month of live digital sports betting, and the state regulator reported $5.98bn in online bets taken since launch 10 March 2023.

During February, eight digital platforms were live. But heading into March, those in the state now have six choices, after Betr and WynnBET shuttered their Bay State platforms.

The Massachusetts Gaming Commission last week announced that it expects Bally Bet to be live by the end of June. BetMGM, Caesars Sportsbooks, DraftKings, ESPN Bet, Fanatics Betting & Gaming, and FanDuel remain live.

For February, Massachusetts’ three brick-and-mortar and eight online sportsbooks reported $52.55m in adjusted gross gaming revenue (GGR) and paid the state $10.5m in taxes. Since the state’s three brick-and-mortar sportsbooks went live 3..

March 15, 2024

Kansas reveals year-on-year sports betting growth in February

Consumer spending on sports wagering in Kansas increased 4.6% year-on-year to $203.0m (£159.3m/€186.6m) in February, while revenue in the state rocketed 8,405.8%.

Total handle in February, across online and retail, was clear of the $194.0m wagered in the same month last year. However, it was 15.3% behind January’s $239.6m in Kansas.

Of this total, $193.9m was bet with online sportsbooks while the remaining $9.1m was spent at retail facilities.

Turning to revenue, this amounted to $3.1m in February, up significantly from just $35,916 in the previous year but 48.3% behind $6.0m in January.

Almost all revenue came from online betting ($3.0m), with just $5,025 being generated by retail sportsbooks. Kansas was also able to generate $305,494 in tax during the month.

DraftKings and Boot Hill take the lead in Kansas

Looking at individual operators, DraftKings and Boot Hill Casino became the new online market leaders in February. The partnership generated $2.0m in revenue from $87.7m in t..

March 14, 2024

Bally’s planning late Q2 sports betting launch in Massachusetts

Bruce Band, the Massachusetts Gaming Commission (MGC)'s director of sports betting, told the MGC on Thursday that Bally’s has plans to launch its Bally Bet platform by the end of Q2.

While Massachusetts consumers have lost two digital sports betting options in the last month, thanks to Bally’s entrance, customers could gain one more choice by the end of June 2024.

Bally’s was initially licensed in Massachusetts in 2023. However it did not launch last year, leading to the company renewing its $1m licence in January 2024. BetMGM, Caesars Sportsbook, DraftKings, ESPN Bet, Fanatics Sportsbook and FanDuel are currently live in Massachusetts, while Betr and WynnBet recently shut down their platforms.

On 5 March, Bally’s launched its igaming platform in Rhode Island, where it already has a monopoly on digital sports betting. That launch is significant as the company told the MGC last year that it would prioritise Rhode Island before turning its attention to the Bay State.

Bally’s ..

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Tag: Online sports betting