Sports betting – Page 10 – FairOdds Network

June 21, 2024

State of the Union: MGCB busts illegal slot parlor, Caesars completes Wynn MI deal

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.

MGCB busts illegal gambling site

Michigan Gaming Control Board agents along with the state police raided an illegal gambling site on 5 June, the agency announced on Thursday (20 June). The agents confiscated six slot-style gaming machines, $2,820 in gift cards and $5,161 in cash from the Red Horse Bar in Saginaw. Following a tip, the MGCB issued a cease-and-desist letter to bar owners Christopher and Nicholas Adams. They did not comply, resulting in the raid.

“The Michigan Gaming Control Board remains steadfast in its commitment to ensuring compliance with all state gambling regulations,” MGCB executive director Henry Williams said via press release. “We will continue to work diligently to identify and eliminate any illegal gambling activities that pose a threat to the integrity of the industry and the welf..

June 21, 2024

Maryland: Betfred to exit, Bally’s and VSC to enter wagering market

Digital wagering operator Betfred Sportsbook revealed that it will be exiting the state of Maryland at Thursday's (20 June) Maryland State Lottery & Gaming Control Agency meeting.

Betfred’s US business, partnered with Long Shot’s (off track betting) OTB in Frederick, has struggled to gain traction and will shutter its retail and digital sportsbooks over the summer. Betfred will close its brick-and-mortar location on 30 June and take down its digital platform on July.

Maryland’s wagering law allows for more than 15 “Class B” licences, which are for OTBs, bingo halls and similar businesses. The idea was to spread the opportunity to participate in sports betting beyond the professional sports teams and casinos.

Long Shot’s was vocal during the legislative process, which also included using what lawmakers called a “lens of inclusion”. This was designed to help small businesses and women- and minority-owned businesses to enter the market.

Maryland Lottery & Gaming director John ..

June 20, 2024

Ontario police open Jontay Porter criminal investigation

On Tuesday (18 June) a representative for Ontario's Provincial Police told ESPN that it has opened a criminal investigation into former Toronto Raptor Jontay Porter.

NBA commissioner Adam Silver in April issued Jontay Porter a lifetime ban from the league for betting on his own team and sharing personal information with bettors.

According to ESPN, the OPP Investigation and Enforcement Bureau will coordinate with US federal authorities, who are also investigating wrongdoing surrounding two NBA games. Porter took himself out of games on 26 January and 22 March. According to a federal affidavit, Porter allegedly left the games early at the behest of of Ammar Awawdeh.

“Screenshot this … Me ammar awawdeh born 7/23/91 is forcing [Player 1] to do this,” reads a text in the affidavit. Porter allegedly replied with: “If I don’t do a special with your terms. Then it’s up. And u hate me and if I don’t get you 8k by Friday you’re coming to Toronto to beat me up.”

Porter is not identifie..

June 20, 2024

Yield Sec projections: Illegal market still has strong hold on US gamblers

Using predictive analytics, Yield Sec earlier this month released a special report projecting that, even as legal sports betting proliferates across the US, the black market still dominates. According to the report, the black market made up 65% of all wagering GGR in the US.

In 2023, according to the report, of the predicted total $29.5bn GGR in the US, $10.4bn was from legal operators.

Yield Sec further broke down the numbers and determined that 15% of all legal US GGR came from basketball, 10% from football and 6% from baseball.

Parlays ruled US betting in 2023, making up 54% ($15.9bn) of GGR. A company spokesperson said that while operator data may show that football is the most-bet sport in the US, many of those bets are parlays, which show up as “parlays” rather than “football” in Yield Sec data.

The report is titled “How America Bets Online” and only includes data related to online or digital gambling.

Yield Sec, a market intelligence platform, uses AI to trawl the web f..

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 ..

June 18, 2024

FanDuel: We’ll exit lottery contract if DC Council approves open marketplace

FanDuel would opt for a lower tax rate and walk away from its lottery contract in Washington, DC if the DC Council approves an open marketplace. President Christian Genetski wrote a letter earlier this month to DC Council chairman Phil Mendelson explaining his company's stance.

The DC Office of Lottery and Gaming (OLG) in March revealed that Intralot, the company that ran the GamBetDC platform, planned to take down the platform and subcontract with FanDuel. The news came as a surprise to the DC Council at that time. But bettors welcomed the change.

GamBetDC was fraught with usability errors and other issues from its May 2020 launch. In four years as the only mobile platform available throughout the city, GamBetDC underperformed. In that time, the District netted $4.3m in tax revenue from it.

OLG operators are taxed at 40%. In an open market, under the proposed amended law, operators would be taxed at 20%. FanDuel paid the city $1.9m in tax revenue in its first 30 days of ope..

June 18, 2024

Ohio regulator on track to change advertising, integrity monitoring rules

On Tuesday (18 June) morning the Ohio Casino Control Commission (OCCC) continued to refine its rules, approving a change to its advertising and promotional rules and expanding the scope of what integrity monitors may do. At about the same time, Michigan regulators said they weren't “trying to shut down” amusement businesses.

Both of Ohio’s amended rules must still go through the state’s Common-Sense Initiative office and the legislative Joint Committee on Agency Rule Review. The proposals would go before the OCCC again later this year before final approval.

In Ohio, which already has some of the most stringent advertising and marketing rules, the OCCC voted to ban gambling companies from offering promotions as part of a “non-gaming, consumer transaction”. The prohibition would apply to consumers under the age of 21, the legal age for gambling.

This would mean, for example, that a company like Fanatics Sportsbook could not offer promotions to a high-school aged customer buyin..

June 18, 2024

How the sector is tackling competition this sporting summer

A packed sporting schedule means there are plenty of opportunities for gambling companies this summer to engage and target new customers. iGB spoke to a few industry leaders on targeting new betting markets and unique products helping them to stand out from the crowd.

Operators Betfred and Paddy Power and betting engine supplier Kambi are among those looking to capitalise and make significant revenue and customer gains throughout the packed summer sporting schedule, which is certain to excite sports fans.

The Euro 2024 kicked off on Friday and the Copa América starts this week, while the Olympic Games is set to take place in Paris as of 26 July with Wimbledon and the US Open to come in July and August.

The opportunity for the sports betting sector is clear, as more traction from these events will lead to increased activity across betting sites and ultimately more financial gain.

According to French gaming regulator L’Autorité Nationale des Jeux (ANJ), the country could see close t..

April 15, 2024

New Hampshire sports betting handle halts decline in March

New Hampshire’s sports betting handle reached $72.6m (£58.2m/€68.2m) in March, ending a run of three straight months of decline.

In March, New Hampshire reported a 16.5% month-on-month increase in sports betting handle, likely boosted by the March Madness NCAA tournament.

New Hampshire had previously seen its handle drop for three consecutive months, even with the Super Bowl in early February.

New Hampshire’s March figures were aided by its mobile sector, with online accounting for $65.0m in bets taken, or 89.5% of the monthly total, having recorded a handle of $55.9m in February.

Retail handle also increased, jumping 18.8% to $7.6m from February’s figure of $6.4m.

New Hampshire revenue down despite handle rise

Although New Hampshire’s handle ended its slide, revenue continues to falter in the Granite State.

March’s gross gaming revenue stood at $5.6m, the third-lowest in its FY2024 and the lowest since August 2023, prior to the NFL season getting underway.

Consequently, the se..

April 15, 2024

FanDuel likely has two-year head start on competition in Washington, DC

Buried in the minutiae of a 10 April budget meeting, Washington DC's Office of Lottery and Gaming (OLG) revealed that it is preparing to ask the DC City Council to approve a two-year extension to its deal with lottery and sports betting operator Intralot.

To recap, the OLG in March alerted the DC Council that it would be unwinding its chronically underperforming sports betting platform, GambetDC. The platform is run by lottery vendor Intralot.

Under its existing contract, the agreement will expire on 14 July. In March, OLG approved Intralot’s request to subcontract online sports betting to FanDuel.

Now the agency will request a two-year extension for the soon-to-expire deal. If approved, the deal could mean that FanDuel would have a two-year head start on digital sports betting in the District.

That two years, lottery chief Frank Suarez told the DC Council’s Committee on Business and Economic Development, would allow it enough time to issue an RFP (request for proposal). This ..

April 15, 2024

Tennessee market bounces back in March as gross wagers hit $473.6m

Gross mobile sports betting wagers in Tennessee increased 20.6% year-on-year to $473.6m (£379.7m/€444.4m) in March, halting three consecutive months of decline.

The monthly total was some way ahead of the $392.7m wagered in Tennessee in March last year. It was also 25.2% more than the $378.2m spent by players in February of this year.

However, the March total was some way short of the record in Tennessee. Players wagered an all-time monthly high in November 2023.

After taking into account $1.6m in adjustments, cross handle for Tennessee in March was $472.0m.

In terms of privilege tax from sports betting, the state collected a total of $8.7m. This was up 24.8% from February’s $7.0m but 0.5% down on the previous year, despite the handle rise.

The Tennessee Sports Wagering Council does not publish data regarding monthly revenue, nor any information on individual operator performances.

Who is active in Tennessee?

While data on Tennessee is limited, the Volunteer State does feature s..

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Tag: Sports betting