Retail sports betting – Page 27

October 13, 2022

Nygaard-Andersen: Interest rates won’t stop Entain from acquiring

Entain chief executive Jette Nygaard-Andersen has said high interest rates will not stop the business from making new acquisitions, and may even “open up new doors”.

Nygaard-Andersen spoke on an earnings call after Entain published a third-quarter earnings update. Revenue was up 2% year-on-year for the group, thanks to both record customer numbers and a favourable impact from currency movements.

When asked whether the new macroeconomic environment and high interest rates would make acquisitions difficult due to the costs of borrowing money, Nygaard-Andersen said that this was not necessarily the case.

“We of course remain vigilant and very prudent,” she said. “But the health of the business remains good. We still have a strong pipeline on M&A and we have opportunities that we will continue to pursue.”

The results came after a busy period of acquiring for the business, with Nygaard-Anderson noting the business agreed nine acquisitions in the past 18 months, including those of Unikrn..

October 11, 2022

BetMGM becomes Cincinnati Reds’ official sports betting partner

BetMGM has become an official sports betting sponsor of the Cincinnati Reds baseball team.

The sponsorship precedes the launch of legalised sports betting in Ohio, which will take place on 1 January 2023.

The bills that introduced sports betting in the state – Senate Bill 176 and House Bill 29 – were introduced in May 2021. Eventually, an evolved version of House Bill 29 made it to Ohio’s state House and Senate, where it was passed.

Read the full story on iGB North America

October 6, 2022

Entain to promote online betting brands at NSW hotels in new deal

Global gambling giant Entain has agreed a new deal with the Australian Hotels Association (AHA), allowing it to promote its online betting brands Neds and Ladbrokes at New South Wales hotels.

The agreement comes despite hotels in the state having an existing exclusivity deal with Tabcorp, the national totalisator board.

As a result, the deal will not involve any Entain wagering terminals, or hotel staff accepting or taking commission for bets. Instead, Ladbrokes and Neds will simply be advertised at these venues.

“For decades now, many NSW hotels have operated PubTABs for Tabcorp at a significant loss – primarily due to high Sky Channel and EBT (betting terminal) fees,” AHA NSW CEO John Whelan said. “In-country NSW it’s even worse, with the majority of country pubs currently running their PubTAB at a loss.

“Today’s partnership with a world leader in Entain will finally give NSW hotels competition and choice.”

An evolution?

Entertain Australia chief executive Dean Shannon said th..

October 4, 2022

Elys and Grand Central approved for second retail sportsbook in DC

Elys Game Technology has secured approval to open a second retail sportsbook location in Washington DC through an expanded partnership with the Grand Central Restaurant and Sportsbook.

The specific location of the new sportsbook has not yet been disclosed, while any opening remains subject to approval by the DC Department of Small & Local Business Development (DSLBD) and DC Office of Lottery and Gaming (DCOLG).

Elys and Grand Central opened their first joint sportsbook in DC exactly one year ago today (4 October), with the facility at Grand Central Restaurant and Sportsbook being the first at a bar not to be operated by the state lottery’s Gambet brand.

This came after Grand Central and Elys were issued a Class B operator licence by the DCOLG for the venture.

“We are extremely pleased with the strong performance of this first location in the Adams Morgan district of DC, as illustrated by the continuous growth in betting handle,” Elys executive chairman Michele Ciavarella said. “Giv..

October 4, 2022

Italy to raise betting taxes this month

Italy’s new legislative decree on sports betting – featuring a tax rise, but no new tax on turnover – is set to come into force on 28 October, having been published in the country’s official gazette.

Under Italy’s previous sports betting law, retail betting revenue was taxed at 18%, while online revenue was taxed at 22%. However, under these new rules, the tax on retail betting revenue was increased to 20%, while for online it will be 24%.
Previously, Italy had considered introducing an additional 1% turnover tax instead, but this plan was scrapped.

The law will also introduce a €1 minimum bet, while winnings for any fixed-odds bet will be capped at €50,000.

These new rules will come into force on 28 October, which will be 30 days after their publication in the Official Gazette. They will cover any fixed-odds bets on events other than horse racing, including non-sporting events approved by the Italian Customers and Monopoly Agency.

Italian sports betting in recent years has been he..

October 4, 2022

Italy avoids turnover tax on betting

Italy’s new legislative decree on sports betting – which will not contain the tax on turnover that had been proposed – is set to come into force on 28 October, having been published in the country’s official gazette.

Under these new rules, the tax on retail betting revenue will be 20%, while for online it will be 24%.
Previously, Italy had considered introducing an additional 1% turnover tax instead, but this plan was scrapped.

The law will also introduce a €1 minimum bet, while winnings for any fixed-odds bet will be capped at €50,000.

Italian sports betting in recent years has been heavily impacted by the introduction of a total marketing ban in 2019. This ban, referred to as the “dignity decree”, has bee..

September 30, 2022

RI sports betting bounces back in August as revenue hits five-month high

The Rhode Island Lottery reported year-on-year growth within the state’s sports betting market in August, while revenue reached its highest monthly total since March 2022.

Revenue for the month amounted to $3.0m, which was 172.7% higher than $1.1m in August of last year and also 3.5% up from $2.9m in July this year.

Of this total, $1.6m was attributed to online betting activity, while $1.4m came from retail sports betting via sportsbooks at the Twin River and Tiverton Casino land-based sites.

Twin River was the more successful of the two casinos, bringing in $866,413 in revenue for the month, while the Tiverton casino generated $504,225 from sports wagering.

In terms of handle, player spending in August reached $27.7m, up 15.4% from $24.0m in August 2021 and also 9.9% higher than $25.2m in July of this year.

Consumers spent $17.9m betting online during the month, as well as $9.9m at land-based sportsbooks. Twin River processed $6.1m in retail bets and the Tiverton Casino $3.8m.

F..

September 29, 2022

GAN debuts sports betting in US with Island View Casino launch

GAN has launched sports betting with Island View Casino in Mississippi, marking the first US deployment of GAN Sports since its acquisition of Coolbet in January 2021.

Consumers at the casino will be able to place sports bets at 20 internet-connected kiosks, while GAN will also roll out a “Bet the V” branded mobile sportsbook to complement the retail offering.

The mobile solution will be enabled by GAN’s GameSTACK Player Account Management (PAM) system for omnichannel sports betting via retail kiosks or mobile devices while on location at the casino.

GAN will also provide supporting marketing and customer services, while the deal will allow for the state-wide roll out of mobile sports betting, should Mississippi pass the relevant laws to expand wagering in the future. At present, consumers are only permitted to place mobile bets while on-site at a licensed casino.

The launch was made possible after GAN acquired Vincent Group, the parent company of operator Coolbet, for $175.9m in J..

September 29, 2022

Danish regulator cancels one of two injunctions against Tipwin

Danish regulator Spillemyndigheden has cancelled a money laundering injunction it issued against Tipwin earlier this year, but left a second injunction against the operator in place.

In June, the regulator said it had reported Tipwin to local police and issued injunctions over failings in the anti-money laundering efforts undertaken at its retail betting shops.

The regulator said the business had breached two different sections of the Danish Money Laundering Act: Section 7, which deals with risk assessments, and Section 8, about policies and practices for staff to detect possible cases of money laundering.

However, after what Spillemyndigheden described as “careful consideration”, it cancelled the injunction that related to Section 8. It said that, as Tipwin’s staff that should have been responsible for these practices were outsourced, the operator did not commit a failing here. However, it did note that the failings would be covered by a different section of the Act: Section 24.

U..

September 28, 2022

Elys granted approval for DC nightclub sportsbook

Gaming technology provider Elys Game Technology has been granted approval by Washington DC local government for a white-label joint venture with the Ozio Lounge, a Mediterranean-themed nightclub.

The business formerly known as Newgioco has agreed to launch a joint venture with District Hospitality, the club’s operator, and will trade under the BetDupont LLC name. The agreement has an initial term of three years from the date the licence is issued – with inbuilt provisions for two anticipated extensions of two years each.

The deal is subject to regulatory approval from the DC Office of Lottery and Gaming (DCOLG) – and would be the third white label retail sportsbook opened by the business in the city, having engaged in similar deals with the Grand Central Restaurant and Sportsbook, which has been completed and the Cloakroom Gentlemen’s Club, which is awaiting regulatory confirmation.

Elys executive chairman Michele Ciavarella placed the deal in the context of the business’ wider US s..

September 26, 2022

World Series of Politics: The NFL, the Wire Act and Brazil

It's a busy episode this week, with Brendan Bussmann and Brandt Iden looking at the NFL, the Wire Act and Brazil's election.

The dynamic duo kick off by discussing sports betting activity around the National Football League’s kickoff on 8 September. This season is set to be the biggest ever for sports betting; 46.6 million Americans plan to place a bet during the season.

Listen on Apple Podcasts

However, there are some issues emerging on where bets can be placed – the league is trying to prevent betting on match days.

There’s also some intrigue around the Wire Act, in the wake of a Rhode Island District Court judge ruling that the Department of Justice must formally state that it only applies to sports betting. Could this provide much-needed clarity after an attempt to enforce the act across all forms of gambling?

Does this mean the issue is dead and buried? Brandt is confident, but Brendan is not so sure.

Further afield, Brazil is preparing to go to the polls in a ..

September 26, 2022

Maryland aims to speed up online betting licensing with rolling approvals

The Maryland Sports Wagering Application Review Commission (SWARC) has agreed to award licenses for mobile sports betting on a rolling basis, in an effort to launch the vertical this year.

SWARC opened applications for mobile sports betting licences on 7 September. The application period will end on 21 October at 5pm.

The application fee is $500,000.

Read the full story on iGB North America

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Tag: Retail sports betting