Ohio governor, Mike DeWine, has raised the state’s sports betting tax rate to 20% in his 2024-25 executive budget.
This means that all licensed sports betting operators in the state will have to pay double the initial agreed tax of 10% on sports betting revenue from 2024 onward.
DeWine is set to sign the raise into the budget this week.
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Kambi and LeoVegas have agreed to a multi-year extension of their existing sportsbook partnership.
As part of the extended agreement, Kambi will continue to supply its sportsbook technology and services to LeoVegas.
This is the second renewal of the partnership, which first began in 2016. The first renewal took place in 2020.
Kristian Nylén, chief executive officer and co-founder of Kambi, said that the partnership renewal spoke to Kambi’s sportsbook capabilities.
“We are delighted to extend our sportsbook partnership with LeoVegas Group, a world-leading operator with a strong track record of success,” said Nylén.
“Renewing this partnership for a second time is a further testament to the strength of Kambi’s cutting-edge technology and services as we continue to pioneer next generation betting entertainment for players across the globe.”
Strategic developments
In this year alone, both Kambi and LeoVegas have made significant moves in the sports betting space.
In April, Kambi ext..
Bet365 has officially launched in Iowa through a multi-year partnership with Casino Queen Marquette.
This is the latest state launch for the operator, following its entries into Virginia, Ohio, New Jersey and Colorado.
“We are incredibly excited to welcome the Hawkeye State to Bet365,” said a spokesperson from Bet365. “From Sioux City to Marquette and everywhere in between, Iowans will now have access to our market-leading sportsbook product.”
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Fantasy sports operator Underdog has selected fraud prevention solutions provider GeoComply as its geolocation supplier for North America.
Previously, Xpoint served as Underdog’s geolocation provider.
Under the terms of the deal, Underdog will access GeoComply’s Core suite and Solus product for its fantasy sports offering, as well as its planned sports betting operations.
GeoComply’s Core product is the supplier’s flagship geolocation service. Customers who have the licence to operate this product can also access the business’ range of fraud prevention tools to protect their operations from bonus abuse, identity theft and chargeback fraud.
The business’ Solus solution is a fantasy sports geolocation solution for web-based players. The system runs on HTML5 browsers, removing the need for players to download additional apps or plug-ins.
GeoComply praise deal
GeoComply vice-president of business development and licensing, Sam Basile, said the business was “thrilled” to be working wi..
Caesars Sportsbook has partnered with Keeneland and Red Mile racetracks ahead of the launch of sports betting in Kentucky.
As part of the agreements, the sports betting platform will gain market access for mobile sports betting in the state. The agreements will also kick off plans to open brick-and-mortar retail sports betting locations in Central Kentucky, which will be subject to approvals from the Kentucky Horse Racing Commission.
Kentucky’s governor, Andy Beshear, signed sports betting into law last month.
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Kindred has announced that its proprietary tech platform is now live in New Jersey, which the business said provides it with a “richer” set of analytics and data.
The New Jersey Division of Gaming Enforcement (NJDGE) gave final approval for the platform’s launch earlier in the year. Kindred is currently active in the New Jersey gaming market through its flagship Unibet brand.
The company described the new platform as an “important” step in rolling out the enhanced offering throughout all its gambling services in the US.
Kindred said the platform improves the customer experience through customisable and personalised content and products and gives Kindred access to better analytics and flexibility. The company added that this will allow the operator to create a safer environment for its consumers.
Kindred enhanced platform live in New Jersey
Kindred CEO Henrik Tjärnström said he was “proud and grateful” of the product the business’ team had created.
“However, the true winners are o..
BetDex has announced that its BetDex Exchange platform is set to add cricket markets to its offerings.
The BetDex Exchange already offers soccer, football and basketball betting on its blockchain-based platform.
The addition of the Indian Premier League (IPL) will correspond with the beginning of the 2023 cricket season.
The IPL is the men’s Twenty20 cricket league in India. A total of 10 teams participate across seven cities.
“The addition of IPL on the BetDex Exchange is an exciting milestone and a celebration of the ongoing expansion of our betting markets,” said Varun Sudhakar, CEO and co-founder of BetDex. “Adding the IPL has been a key goal of the team as we continue to add more sports markets across the globe for our community.”
Nigel Eccles, founder of FanDuel, first launched BetDex in October 2021.
Just over one year later, in November 2022, BetDex Exchange became licensed and regulated by the Isle of Man Gambling Supervisory Commission. This made it the first regulated..
The US sports betting market has erupted since the 2018 repeal of PASPA, but high marketing spend means it is not yet sustainable. However Troy Paul, founder and CEO of SGG Media, has a way to reduce costs and ramp up retention, as he tells Lillian Walker.
Troy Paul founded influencer marketing specialist SGG Media with his father after graduating from university during the Covid-19 pandemic. The sports betting industry had long appealed to him, leading him to dive in.
“I knew that once PASPA had been repealed, there was a huge industry being created – I wanted to be a part of it,” he explains.
Troy paul, ceo and co-founder
The idea for SGG Media came to life after Troy noticed sports betting marketing was dominated by cost-heavy traditional media forms, such as television and billboard advertising, that offer little way to track results.
He realised social media could provide a less costly alternative to traditional advertising and saw a bright future for influencer marketing.
..
A bill introduced into the House by Democratic representative, Paul Tonko proposes a wide-reaching ban on sportsbook advertising.
Entitled The Betting on Our Future Act, the bill aims to “prohibit the advertising of sportsbooks on any medium of electronic communication subject to the jurisdiction of the Federal Communications Commission (FCC), and for other purposes”.
If passed, sportsbooks would not be permitted to advertise on mediums that fall under the control of the FCC, such as TV, radio or the internet.
the bill would seek to ban all sports betting ads on mediums overseen by the fcc – such as tv, radio and the internet
The act is modelled after the Federal Cigarette Labelling and Advertising Act, that passed in 1965 and banned tobacco advertisements in the US.
Should this act be passed, any violation would therefore be a violation of the Communications Act of 1934.
Whether or not the act goes beyond the House, its proposal reflects the rapid growth of sports betting ac..
Caesars Entertainment has announced that the Caesars Sportsbook app is live in Massachusetts from today (22 February), in anticipation of the launch of online sports betting in the state.
On 31 January, retail sports betting became legal in the state of Massachusetts. However, online sports betting is not expected to go live until next month.
In advance of the March launch, the Caesars Sportsbook app has been made available to download. From today, bettors can register and make deposits in order to access early sign-up offers.
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Omnichannel gaming operator Penn Entertainment has completed its acquisition of media business Barstool Sports.
The closing of the deal is the latest stage of an acquisition process that began in February 2020, when Penn purchased a 36% stake in Barstool.
Today (17 February), Penn revealed that it has paid approximately $388m (£322.5m/€363m) for the remaining interest in the business, having exercised its option to acquire in August 2022.
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DraftKings has raised its 2023 revenue guidance to $2.95bn (£2.47bn/€2.77bn), up from $2.90bn, after experiencing “better than expected” sportsbook results – among other successes – in the fourth quarter of 2022.
DraftKings CEO and co-founder Jason Robins pointed to a double effort of increased revenue and reduced costs as reasons for the Q4 growth, along with the sportsbook results.
Revenue for the quarter was $855m in total, a rise of 81% year-on-year.
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