Online sports betting – Page 19

January 24, 2024

Road to ICE 2024: White paper opens up opportunities for land-based casinos

On the road to ICE, iGB will prep you for the biggest show of 2024 with this new series covering the latest developments since 2023's show.

In April 2023, the UK government finally released the long-awaited 2005 Gambling Act review white paper. The 260-page document outlined critical updates for the industry, focusing on bringing it into the digital age.

As such, many of the policies in the white paper were based on the public now having 24/7 internet and smartphone access. But it also contained a number of alterations for land-based venues, such as permitting casinos to offer sports betting at their premises.

Specifically, the government said it would allow “casinos of all sizes” to offer sports betting on their premises. Previously, only casinos licensed under the 2005 Gambling Act could offer sports betting.

The white paper put forward policies that would enhance player protection in land-based venues

Land-based stipulations protect players

Generally, the land-based speci..

January 24, 2024

Road to ICE 2024: Entain’s sports betting acquisitions spark trouble

On the road to ICE, iGB will prep you for the biggest show of 2024 with this new series covering the latest developments since 2023's show.

2023 was a tough year for Entain, with its heavily pursued strategy of sports betting mergers and acquisitions leading to questions over the company’s future, ultimately costing chief executive Jette Nygaard-Andersen her job.

Entain acquired Polish sportsbook operator STS Holding in August, before also finalising its purchase of Angstrom Sports in October. While those two deals were outlined as particularly beneficial by Nygaard-Andersen, she was out of a job before the full potential of the moves could be reached.

Nygaard-Andersen, who had led Entain since January 2021, resigned in December amid growing pressure, in part down to her use of the company plane, but largely because of the several expensive acquisitions made under her tenure.

Nygaard-Andersen’s exit was another sign of the waning confidence in Entain, which manifested itself a..

January 24, 2024

Underdog partners with McConnell Golf for North Carolina sports betting

Underdog Sports has partnered with McConnell Golf to support its application for a sports betting licence in North Carolina.

The deal states Underdog will host, manage, operate and support online gambling services with McConnell Golf-operated Sedgefield Country Club. Located in Greensboro, North Carolina, the venue hosts the PGA Tour’s Wyndham Championship.

Underdog said the deal is part of its licence application. Operators seeking approval to run sports betting in the state must partner with a sports team, league or venue within North Carolina.

Traditionally focused on daily fantasy sports, Underdog has recently expanded into sports betting. However, the operator is yet to launch wagering, despite having secured a sports betting licence in Ohio in late 2022.

underdog announced $35.0m in funding for sports betting n 2022

“We’ve spent the last four years building our own technology so we can give sports fans in America new and different ways to enjoy the sports they love,” Underdo..

January 23, 2024

Betr secures market access deals in Colorado, Pennsylvania and Kentucky

Microbetting operator Betr has secured market access deals in Colorado, Pennsylvania and Kentucky and has outlined its expansion plans for 2024.

Betr has agreed deals for online sportsbook and casino in Pennsylvania and for online sportsbook in Colorado and Kentucky.

In Pennsylvania, Betr’s agreement is with the Cordish Gaming Group, which is the gaming division of The Cordish Companies. This is where Betr will debut its Betr Casino product, pending regulatory approval.

Cordish Gaming Group operates resorts in Pennsylvania, Maryland and Louisiana.

Betr has agreed to a market access agreement in Pennsylvania with Cordish Gaming Group

Rob Norton, president of Cordish Gaming Group said Betr Casino will add to its existing online casino portfolio.

“We are very excited to partner with Betr on the launch of their first online casino,” said Norton.“Betr Casino will make a winning addition to the gaming options available to Pennsylvania players, which includes two of our own successful ..

January 23, 2024

Fanatics launches sportsbook and online casino in Pennsylvania

Fanatics Betting and Gaming (FBG) has launched its sportsbook and online casino in Pennsylvania, the operator announced on Monday (23 January).

Fanatics Sportsbook and Casino is undergoing a two-day soft launch in Pennsylvania, with supervision from the Pennsylvania Gaming Control Board. However, there will be no restrictions on sign-ups or playtime for customers.

The Fanatics Sportsbook and Casino will be available for those living in and visiting Pennsylvania. It marks the 11th US state in which FBG’s sportsbook is available, while it’s the second for the casino element after West Virginia.

Having been acquired by FBG in August 2023, PointsBet customers were able to migrate their accounts onto the Fanatics Sportsbook app, although only on the day of release.

Headquartered in New York, FBG claims it’s “disrupting the sports betting industry” thanks to its FanCash loyalty scheme, as well as its personalisation and live streaming features.

For casino, meanwhile, FBG highlighted its..

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

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

Gamma Intermediate completes sale of 6.4% stake in Lottomatica

Gamma Intermediate has completed the sale of 16 million Lottomatica shares, representing a 6.4% stake in the Italian company.

Despite the sale, worth €152m (£130.5m/$165.5m), Gamma Intermediate retains a majority stake of 65.4% in Lottomatica.

Gamma Intermediate completed the deal at €9.50 per share, with the sale conducted through an accelerated bookbuilding process. The placement was made to institutional investors, with no public offering in any country.

Lottomatica expects the final settlement to be on or around 22 January. Gamma Intermediate has agreed to a 90-day lock-up for its remaining shares in Lottomatica.

Lottomatica plotting growth trajectory with SKS365 purchase

In November, Lottomatica agreed a deal to acquire 100% of the share capital in the Italian-facing operator SKS365. Lottomatica stated the purchase will strengthen its position in the Italian market, while also expanding its brand portfolio.

In november, lottomatica acquired 100% of the italian-facing operato..

January 17, 2024

Arizona to accept new event wagering licence applications in February

The Arizona Department of Gaming (ADG) will begin accepting new event wagering licences in February, it announced on Tuesday.

Arizona tribes will have one licence reserved. Additionally, the state will reserve no less than one for sports franchises in the state.

Applicants must submit their applications between 16 February and 4 March. A qualification determination will be announced to selected applicants later in March.

Should there be more qualified applicants than available licences, the ADG will review each application and provide written notification to those selected for allocation.

Arizona’s sports betting surge in 2023

The ADG’s announcement comes after a rise in Arizona’s sports betting handle in the back end of 2023.

arizona’s sports betting handle reached nearly $650m in october 2023

Almost $650m (£513.1m/€598.4m) was wagered on sports in October 2023, a 4.8% increase on the same month in 2022. The figure also hiked 6.2% compared to September 2023.

Only March 2022, i..

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..

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Tag: Online sports betting