Sportsbook – Page 2 – FairOdds Network

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..

February 16, 2024

Super Bowl Sunday: Stats showdown

On 11 February, the Kansas City Chiefs and San Francisco 49ers faced off in Allegiant Stadium, Las Vegas, for Super Bowl LVIII. iGB brings you a comprehensive analysis of the game's most interesting betting data.

Many in the industry had high hopes for the 58th edition of the Super Bowl. And they were right too – Sunday’s game was the most-watched American television broadcast since Neil Armstrong walked on the moon.

While loyal American football fans and cheerful once-a-year viewer types undoubtedly tuned in, the hype around the final was no doubt amplified by the presence of Taylor Swift. According to Apex Marketing Group, Swift has generated a hefty $331.5m (£264.0m/€309.5m) for the National Football League (NFL), simply by showing up to watch her boyfriend Travis Kelce, the Chiefs’ tight end, play.

A survey by the American Gaming Association projected that a record 67.8 million American adults would bet $23.1bn on this year’s Super Bowl, marking a 35% rise in bettors from 2..

February 14, 2024

Study finds New York generates over 37% of all US sports betting tax

A study has revealed that New York contributes more than 37% of the total tax revenue generated from sports betting in the United States.

The Quarterly Survey of State and Local Tax Revenue (QTAX), carried out by the United States Census Bureau, recently added sports betting to its list of tax sources.

QTAX for Q3 of 2023 found that sports betting accumulated national tax and gross receipts of just under $506m (£403.5m/€473m). This was up 20.5% from Q3 2022 but significantly lower than the $571.5m generated in Q2 2023.

New York dominated the tax generated via sports betting in the third quarter of 2023, with its $188.5m nearly five times higher than Indiana’s $38.6m in second. No state has a higher tax on gross gambling revenues than New York’s 51%.

Ohio and Illinois ranked third and fourth with $32.9m and $32.4m respectively, while Pennsylvania rounded out the top five with $28.8m.

New York breaking record after record

new york has consistently been breaking sports betting recor..

February 13, 2024

Nevada breaks state record for Super Bowl bets with $185.6m wagered

The Nevada Gaming Control Board (NGCB) has revealed $185.6m (£146.6m/€172.3m) was wagered on Sunday’s Super Bowl in the state's 182 sportsbooks, breaking the previous record.

The game, played between the San Francisco 49ers and eventual champions Kansas City Chiefs at the Allegiant Stadium in Las Vegas, exceeded the $179.8m wagered on the 2022 Super Bowl.

However, a 3.7% hold percentage meant sportsbooks’ total win was just $6.8m. Since 2015, only three editions of the Super Bowl have generated a lower sportsbook win than the 2024 game.

In the NGCB press release, chairman Kirk Hendrick said: “The Nevada Gaming Control Board congratulates and thanks all the stakeholders involved for successfully delivering such a spectacular event from the state of Nevada.”

AGA expecting Super Bowl bets to reach record numbers

the american gaming assocation was predicting all-time high numbers for super bowl bets

The NGCB’s numbers should not come as much of a surprise. The American Gaming As..

January 30, 2024

Caesars agrees tribal deal to launch online sports betting in North Carolina

Caesars Entertainment has announced it will launch mobile sports betting in North Carolina after expanding its relationship with the Eastern Band of Cherokee Indians.

The operator is set to go live when North Carolina launches its online sports betting market on 11 March. Ahead of the launch, the Caesars Sportsbook app will start accepting sign-ups and deposits from 1 March.

On 24 January, the North Carolina State Lottery Commission approved the launch date of online sports betting. The market will be live for those aged 21 and over in time for March Madness. Charlotte in North Carolina is set to host some of the tournament’s early-round games.

Caesars already has two land-based locations with the tribe, with Harrah’s Cherokee Casino Resort in Cherokee and Harrah’s Cherokee Valley River Casino & Hotel in Murphy. As part of the expanded deal, Caesars will now hold exclusive rights to mobile sports wagering at those two casinos, as well as on Eastern Band of Cherokee tribal lands in w..

January 25, 2024

Data is the new oil

Simon Trim, strategic consultant at 10star explores how optimising data can improve business for sportsbooks.

Nearly 20 years ago, the mathematician Clive Humby coined the phrase “data is the new oil”. For the industry and economy, data was to become the new wealth creator in the same way that oil has enabled new technologies and products since the mid-19th century.

For the sportsbook industry, this comment was well ahead of its time. In 2006, the in-play offering that is ubiquitously driven today by real-time game state data largely didn’t exist. Most operators at the time offered little betting action after the start of an event, even on football. Some didn’t offer in-play at all.

Fast forward to 2024 and you could be forgiven for thinking that sports betting operators – and more pertinently the supply chain that feeds them – are fully utilising the data that is available to them.

Simon Trim says sports betting operators aren’t fully utilising data

The perception exists that th..

January 8, 2024

Kambi CEO Kristian Nylén announces resignation

CEO and co-founder of Kambi, Kristian Nylén, has notified the board of his intention to step down from his current position during the year, upon the appointment of a successor.

Nylén co-founded Kambi with Anders Strom in 2010. He has since built the company into one of the industry’s leading sportsbook suppliers.

It is understood that Nylén’s decision to resign is driven by his desire to spend more time with his family.

Commenting, Nylén said: “The decision to stand down from my position at Kambi after so many enjoyable years has been difficult, but one predominantly driven by my desire to spend more time with my young and growing family.”

Nylén plans to stand down from his current position during the year, upon the appointment of a successor.

The market has so far not reacted too heavily to the news. At the time of writing, Kambi’s share price was down 1.83%, to SEK160.50 (€14.79/ £12.29/ $15.69).

Timing of Nylén’s resignation

Nylén’s announcement follows a period of sustai..

November 23, 2023

The art of harnessing artificial intelligence for sportsbooks

As we’ve seen this year, the groundbreaking and rapidly evolving technology powering artificial intelligence (AI) is sure to revolutionise the economy, including the world of sports betting. In the second part of this two-part series, Russell Karp, senior vice-president of DataArt, focuses on the many ways sportsbooks can benefit from harnessing the art of AI.

Today, one of the most promising uses of AI in sports betting is bettors’ ability to use the technology to place bets more strategically and attempt to minimise their losses.

Apps like BettorTakes and Juice Reel aim to boost users’ performance through comprehensive analytics of their past betting behaviours. As BettorTakes CEO Steve Rubenfaer described in an interview with DataArt this year, the app “show[s] you your patterns, biases and things you might not know about yourself”.

With these apps, AI can be used to assess bettors’ gambling history, in addition to player or team stats. AI can then present digestible, comprehensi..

November 15, 2023

ESPN Bet launches across 17 US states

ESPN Bet, the newly branded online sportsbook operated by Penn Entertainment, has now officially gone live across 17 states in the US.

Players can now place bets with the sportsbook on the ESPN Bet app and website in states including Arizona, New Jersey, Pennsylvania, Massachusetts, Illinois and Ohio.

ESPN Bet is the product of Penn’s $1.5bn (£1.2bn/€1.4bn) partnership with Disney-owned ESPN, the largest sports media brand in the US.

As per the agreement, Penn will operate ESPN Bet while ESPN promotes the app across its online and broadcast platforms.

The launch details

ESPN Bet is a rebranding of existing sports betting app, Barstool Sportsbook. In August, Penn said it sold Barstool Sports back to its founder Dave Portnoy for $1.

“We are excited to announce that we plan to simultaneously launch ESPN Bet across the 17 states in which we operate online sports betting, subject to final approvals,” said Penn CEO Jay Snowden, commenting on Penn’s Q3 results.

“This strategic allia..

November 14, 2023

Forging a new path in daily fantasy sports

Amid rapid expansion in all forms of online gambling, one company is attempting to blaze a new trail. Rourke Struthers, CEO of GameBlazers, is carving out a new corner of the daily fantasy sports (DFS) industry, writes Cole Rush.

“It’s a gamified approach to fantasy sports,” Struthers says of GameBlazers. The DFS platform currently offers NFL contests.

Participants receive packs of items – football players – with multipliers. A star running back might come with a 1.3x multiplier, for example. GameBlazers team owners can then use their items to field a roster of players within the salary cap.

The novel approach must contend with existing competition in the DFS space and the proliferation of online sportsbooks and casinos. Struthers says GameBlazers is more than up for the challenge.

“So many of the dollars in this industry have gone to the gambling side,” he says. “But look at video games in general and it’s a bigger category. We wanted to take that underlying concept and iterate on..

November 13, 2023

ESPN BET launch: everything you need to know

Like any Disney fairytale, we’re ready for the hero to dash in and save the day. So, what kind of fairytale do we have concocted for tomorrow’s (14 November) ESPN BET launch?

First up, let’s do some background.

ESPN BET launch: has Penn Met its sports betting match?

We all know Penn Entertainment was billed as one of the pandemic success stories. At the time, few investors thought it had a big part to play in our Disney fairytale with its acquisition of Barstool Sports.

However, unlike our Disney tale of true love, Barstool and Penn was just never meant to be.

At the start of 2023, Penn sold Barstool back to Dave Portnoy for a single paltry dollar. This was mere months after completing the $500 million purchase. A poisoned apple, some might say.

Instead, enter the prince of our tale – Disney-owned ESPN.

This where our tale of true love begins and the story of ESPN BET.

A match made in heaven for ESPN and Penn

Following ESPN’s $1.5bn licensing partnership with Penn Entertainme..

October 30, 2023

Exploring the potential and pitfalls of AI in sports betting

Artificial intelligence (AI) poses significant opportunities and challenges in nearly every sector, including the sports betting industry. In this two-part series, Russell Karp, senior vice-president of DataArt, delves into the most promising opportunities for sports betting in an AI-driven era.

Undoubtedly, AI technology plays a pivotal role in the sports betting industry.

From enhancing data analysis and odds calculation to refining user experience and supporting responsible gaming, AI stands at the intersection of innovation and user satisfaction.

AI-based customer relationship management (CRM) systems can be used to analyse user behaviour, preferences and trends to personalise digital experiences for bettors. This helps sportsbooks gain an edge over the competition while keeping their clients happy.

However, while the benefits are clear, the incorporation of AI in sports betting is not without its challenges. These may range from security concerns and data privacy issues to eth..

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Tag: Sportsbook