Online sports betting – Page 6

July 8, 2024

What’s behind the slow uptake in Brazil online betting licences?

Brazil is expected to announce its final online wagering regulations in July, but so far only one licence application has been submitted to the regulator. The market has been buzzing with excitement since the window opened on 21 May, so when will the rest of the applications flood in?

The opening of the licensing window marked a crucial milestone in the hotly anticipated legalisation of betting in Brazil, which is expected to become a $9bn (£7bn/€8.3bn) market by 2028, H2 Gambling Capital has estimated.

Fellipe Fraga, chief business officer at local operator EstrelaBet, predicts operators may be waiting for the final regulations to drop in July before formally applying for a licence.

“There are still important topics that need to be discussed in the process of obtaining the licence,” he says.

“The remaining ordinances will contribute to the definition of the strategies that companies will adopt in the regulatory process.”

Fraga says EstrelaBet is seeking further explanation from ..

July 8, 2024

New York sports betting handle hits 10-month low in June

Player spending on online sports betting in New York fell to its lowest total in 10 months in June, while revenue slipped to its shortest monthly total since February.

Total monthly handle in New York for June amounted to $1.47bn (£1.15bn/€1.36bn). This is 25.6% up from the same month last year but 25.4% behind $1.97bn in May this year.

New York online sports betting spend has not fallen to this level since consumers wagered $1.11bn in August 2023.

There was a similar story for New York in terms of gross gaming revenue. For June, this hit $133.9m, a total 29.0% higher year-on-year but 34.1% short of May’s total. The month is traditionally quieter for betting, with the NBA and NFL finals concluding in the first few weeks. Neither competition had a New York team battling for the title.

Incidentally, this total was only marginally higher than the $131.4m posted in February this year, another quiet period after the Super Bowl. That low revenue total for February was the only thing sto..

July 8, 2024

CFL wants Canadian parliament to spike gambling ad ban, as other countries ponder similar moves

Canada's parliament is considering a bill that would limit or potentially ban gambling ads. The commissioner of the Canadian Football League sent a letter to his country's parliament essentially telling it to butt out.

“We do not agree a national framework is required to regulate the advertising of sports betting in Canada,” CFL commissioner Randy Ambrosie wrote in a letter the senate’s standing committee on transport and communications.

“Having said that, we do not claim perfection on this or any other issue. We recognise in all we do we must remain open minded and continue to learn and evolve.”

Ambrosie may be the first major professional league commissioner anywhere in the world to publicly oppose a gambling ad ban. In the letter to the committee, Ambrosie outlined measures the league has already taken to limit exposure to gambling advertising. The CFL also has responsible gaming initiatives in place and educates its employees on the topic.

Ambrosie wrote that the C..

July 5, 2024

Report: Flutter may join Boyd in bid for Penn Interactive assets, including ESPN Bet

As activist investors are pushing Penn Entertainment to divest its digital gaming arm, The Deal is reporting Flutter and Boyd Gaming may partner on an agreement. Boyd has a 5% ownership stake in Flutter, and partners with Flutter's FanDuel in the US for retail and digital sports betting.

Penn stock was up 4.22% at midday on Friday on receiving the news, while Flutter stock was essentially flat after a morning uptick. Boyd Gaming stock was also relatively flat after an early rise reacting to the news.

“Adding Flutter into the equation with Boyd of a potential Penn acquisition makes it more than interesting,” gaming consultant Brendan Bussmann told iGB. “It’s a back door into the ESPN brand for online, but would also give a brick-and-mortar presence to Flutter.”

On Friday (5 July) Seeking Alpha wrote “Flutter (FLUT) may want to partner with Boyd Gaming (BYD) as the owner of FanDuel is interested in Penn’s interactive assets, according to a report from TheDeal.com on Friday, whi..

July 5, 2024

State of the Union: CNBC Sports, new Illinois tax now in place, more

Welcome to iGB's State of the Union, a look at the biggest North American sports betting stories we've covered over the week and briefs on others we found interesting.

CNBC getting into sports

Per Steve Ruddock’s “Straight to the Point” substack, CNBC is adding a sports channel. What does that mean for sports betting? “That coverage includes sports betting, an area CNBC’s Contessa Brewer has been in the thick of for several years,” Ruddock wrote on Wednesday (3 July). Overall, the channel will focus on the intersection of sports and business.

Brewer has been among a handful of national news voices to cover the sports betting industry since PASPA was overturned in May 2018. She “will continue to focus on the money, data statistics and strategy behind the sports gaming industry” according to the press release.

Betting on colleges coming to NJ?

The one thing missing from the market often considered the gold standard of US wagering is the ability to bet on college sports in ..

July 3, 2024

US DoJ preps to criminally charge Porter with felony in illegal gambling scheme

Federal prosecutors in New York are preparing to charge Jontay Porter for his involvement in the illegal betting scandal that got him banned from the NBA. Porter's name appeared on a federal court docket on Wednesday (3 July), reports the New York Daily News.

Court papers were not immediately available but, according to the Daily News, the US Department of Justice (DoJ) will seek felony charges. Porter is accused of game fixing in an illegal gambling scheme. Four others have been arrested and arraigned for conspiracy to commit wire fraud in the case.

The Daily News wrote that Porter will likely be charged “through an ‘information’ document instead of an indictment, which typically happens when a suspect plans to plead guilty to the charges at the case’s onset”.

Porter allegedly removed himself from two Toronto Raptors games to allow bettors to win on “under” prop bets. DraftKings reported suspicious activity to the NBA after games on 26 January and 22 March. The four arrested..

July 2, 2024

Dog eat dog world? In US, Nathan’s Hot Dog Eating contest a kooky cultural event

The Nathan's Hot Dog Eating contest takes the idea of the traditional fourth of July barbecue to a new level. This year, the contest won't feel the same after 16-time champion Joey Chestnut has parted ways with organisers.

The Nathan’s hot dog contest, held at Coney Island in New York, pits America’s top competitive eaters against one another in a race against the clock. How many hot dogs and buns can a person eat in 10 minutes? You would be surprised – in 2021, Chestnut set a world record by eating 76, including the buns. It’s not pretty – but it’s pretty funny – to watch.

Competitors dip their buns and dogs in water to soften them up and then quite literally suck them down. Their cheeks bulge like chipmunks. Their faces anguish like marathon runners. The winner is the person who eats the most – and keeps it down. The contest isn’t just about speed.

The winner gets the coveted Mustard Belt, which looks a lot like a boxing championship belt… but with a hot dog and Uncle ..

July 2, 2024

Bally Bet now live in Bay State

Bally Bet launched in its seventh state on Tuesday (2 July). The operator joins six other national sports betting platforms in Massachusetts.

Seven seems to be the lucky number for the launch – not only did Bally Bet launch in its seventh state, it is the seventh live operator in Massachusetts. The state at one point had eight platforms live, but Betr and WynnBet exited the market earlier this year. That left BetMGM, Caesars Sportsbook, DraftKings, ESPN Bet, Fanatics Sportsbook and FanDuel.

Under Massachusetts law, there can be a maximum of 17 platforms. Operators can partner with existing casinos or horse racetracks, or apply for a stand-alone mobile licence. BetMGM (MGM Springfield) and ESPN Bet (Plainridge Park) are tethered to casinos. WynnBet was tethered to Encore Boston Harbor, but that licence is no longer in use since WynnBet shuttered.

Bally Bet was among the first group of digital wagering platforms to be licensed in Massachusetts. The company decided not participate i..

July 2, 2024

DraftKings topples FanDuel in Ohio during May

DraftKings took pole position in Ohio's betting market for May as FanDuel fell to second, while Bet365 continues to follow behind the top two.

Total handle for May topped $611.6m, up 37.0% year-on-year in May. The Cleveland Cavaliers progressed to the NBA Conference semi-finals, losing to the Boston Celtics. Handle, however, was 9.2% down on the $673.2m wagered on Ohio sports betting in April.

Online betting accounted for the vast majority of amounts wagered, contributing $595.2m, with a further $16.4m staked at retail sportsbooks across the state. After customers won $538.3m, gross gaming revenue for the month was up 16.4% to $67.4m – suggesting a market hold of 11.0% – with online accounting for 98% of GGR.

Ohio sportsbooks cannot deduct promotional spend until 2027. The state’s sports betting law allows for 10% of promotional spend to be deducted beginning in 2027 and 20% to be deducted beginning in 2032.

Despite reporting year-on-year growth, revenue was 8.8% behind the ..

July 1, 2024

Virginia wagering operators see 24.6% year over year revenue growth in May

Sports betting operators in Virginia had a stunning May, earning $60m in adjusted gross revenue as compared to $42.5m in May 2023. Those betting in the state laid down $505.6m, a 25.2% increase against the same month last year.

Handle and revenue were down for Virginia wagering operators against April, but that is consistent with the US sports calendar. The men’s and women’s NCAA basketball semi-finals and finals were played in April. This year’s women’s basketball tournament fetched more handle than ever before.

May featured the start of the post-season in the NBA and NHL as well as regular-season baseball.

Virginia wagering operators had an 11.9% win rate, continuing a trend of double-digit holds, according to the report. It marked the 21st time that operators had a double-digit hold since the first platforms went live in January 2021.

The state was able to tax $53.6m of the total AGR as operators wrote off just over $6m in promotions and “other deductions”. When sports bettin..

July 1, 2024

Bally Bet to launch 2 July in Massachusetts; VSC goes live in Maryland

On Monday (1 July) the Massachusetts Gaming Commission announced that Bally Bet has plans to launch Tuesday (2 July). The commission approved Bally's application for its operations certificate, clearing the way for that launch.

The MGC revealed that Bally Bet plans to launch at 11am local time on Tuesday.

Bally Bet has had its temporary licence for about 18 months and is the last of the operators approved for a 2023 launch to do so. After Betr and WynnBet exited Massachusetts earlier this year, Bally Bet will provide a seventh betting option for those in the state.

Bally Bet opted to sit out the universal launch on 10 March 2023 and renewed its temporary licence earlier this year at a cost of $1m.

“Congratulations to Bally’s, thank you for being another legal operator in the market,” MGC chairman Jordan Maynard said. The commission unanimously agreed to issue Bally’s Interactive with its operations certificate.

Bally Bet will join BetMGM, Caesars Spo..

June 28, 2024

State of the Union: Big fine in Philly, Caesars NYC plans and more

Welcome to iGB's State of the Union, a look at the biggest North American sports betting stories we've covered over the week and briefs on others we found interesting.

Live! Philadelphia fined $100,000

The Pennsylvania Gaming Control Board this week issued a $100,00 fine to Live! Philadelphia for taking sports bets over the phone. At the PGCB meeting, it was revealed that more than $287,000 in wagers were taken by phone. Of the bets, three were taken via text message and lost and the bettor never laid down the funds.

Live! Philadelphia representatives told the PGCB that it had terminated the employees who took a total of 15 bets via phone or text message. In addition, all have also been placed on the involuntary exclusion list. Live! Philadelphia also now bans personal phones for sportsbook employees while at work and lowered its surveillance notification threshold to $10,000.

Caesars proposes Times Square makeover

Caesars Entertainment has plans to plant trees, improve..

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Tag: Online sports betting