November 2022

November 10, 2022

Genius posts strong revenue growth as US expansion continues

Sports data business Genius Sports reported $78.7m (£67.5m/€77.4m) in revenue for the three months ending 30 September.

Total group revenue for Genius increased 28% year-on-year in constant currency. On this basis, the business’ three verticals experienced strong growth themselves with betting revenues rising by 13%, media by 41% and sports by 6%.

In adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), the business achieved profitability, reporting $7.7m compared to the $392,000 loss Genius announced the same period the previous year.

“We are pleased to deliver another quarter of growth and group adjusted EBITDA profitability, and we remain on target to achieve our full-year goals set on our investor day at the start of 2022,” said Genius CEO Mark Locke. “This year has been characterised by strong execution as we continue to deploy innovative technology, win new customers and strengthen our key partnerships across the sports, betting, media and broadcastin..

November 9, 2022

AGA: Q3 US gaming revenue hits record $15bn

US gaming revenue reached a record $15.17bn (£13.31bn/€15.1bn) in Q3, an all-time quarterly high, according to the American Gaming Association’s (AGA) Commercial Gaming Revenue Tracker.

This is a 2% increase on the previous record of $14.81bn reached in the preceding quarter. Subsequently, 2022 is set to surpass 2021 as the highest grossing year of gaming revenue, already at 14.7% ahead of the same period the previous year. The total for the first nine months of the year is also ahead of 2019’s full-year revenue.

“While business challenges remain, high consumer demand continues to fuel our industry’s record success,” said AGA president and CEO Bill Miller. “Our sustained momentum in the face of broader economic volatility points to gaming’s overall health today and provides confidence as we look to the future.”

The industry’s year-on-year Q3 growth rate of 8.8% outperformed the broader US economy’s 2.6% growth rate in the same period.

[Read full story on iGaming Business]

November 9, 2022

STS launches “real-time” personalisation products with Future Anthem

Polish operator STS and AI supplier Future Anthem have together launched a new real-time personalisation product for sports betting.

Through a new agreement, STS will use “real-time exit prediction to fully automate their bonusing and player communications the moment a player’s bet settles”.

Future Anthem said that the new product was delivered within 12 weeks of receiving the necessary data.

Future Anthem CPO Ian Tibot said that lots of businesses in the sports betting space have discussed personalisation, but none had developed products that truly offered personalisation.

“Personalisation in the sports betting industry is a word that has been used for a long time but has never become a reality,” he said. “As a part of our successful Series A funding round this year we were clear in our ambition to lead the industry’s evolution towards delivering personalised player experiences.

“Our vision has been perfectly complemented by the ambition of STS to commit to a real-time personalis..

November 9, 2022

Kambi to power Liberman Media’s sportsbook launch in Puerto Rico

Kambi Group has agreed to support LMG Gaming (LMGG), owned by Puerto Rican media business Liberman Media Group, with the launch of a new sportsbook product in the unincorporated US territory.

Under the long-term partnership, Kambi will provide its sportsbook technology to power LMGG’s ApuestaPR betting brand, which will initially launch online and potentially be expanded to retail in the future.

LMGG will also make use of Kambi’s application programming interface (APIs) and range of marketing tools to help promote the brand on LMG’s Teleonce television network in the region.

“After extensive research the choice was clear, Kambi is by far the best-in-class sportsbook in the industry and we are honoured to build our business in Puerto Rico with them,” LMGG partner Winter Horton said.

“With our top-rated Teleonce television network providing unlimited marketing and our key retail relationships, we are very confident that ApuestaPR will be the number one sports betting platform in Puer..

November 9, 2022

Voters reject both California sports betting proposals

Two different measures to legalise sports betting in California have both been defeated.

While vote counting is ongoing, the Associated Press has already called both races, with the proposals set to be defeated.

The failures of both the tribal-backed Proposition 26 and commercial-supported Proposition 27 leaves unclear the future of sports betting in California, which is the most populous state in the US.

As of 5am ET, Proposition 27 stood at 16.4% for and 83.6% opposed with 38% of votes counted so far. This compares with its rival ballot measure, which is behind 70.7% to 29.3%, also with 38% of votes counted according to data supplied by the New York Times.

The failures of both proposals is a major setback in the expansion of sports betting in the US, which has exploded in the years since the Supreme Court ruling on Murphy vs NCAA repealed the Professional and Amateur Sports Protection Act of 1992 (PASPA), allowing sports betting to spread across the country.

The campaigning on ..

November 9, 2022

Flutter CEO: Gambling Act white paper likely pushed back to 2023

Flutter chief executive Peter Jackson said that he thinks that the Gambling Act white paper is most likely to be delayed until next year, as he suspects new ministers will wish to “make their mark” on the document.

Speaking at Flutter’s Q3 earnings call, Jackson said he could not predict the the Gambling Act white paper timeline with any confidence, given that its release had repeatedly been pushed back by personnel changes in government and at the Gambling Commission. However, he said he would think its release was more likely to be in 2023 than this year.

“I don’t know if I can really comment on timing because I’ve tried to comment for the last two years and keep getting it wrong, so I might have lost some credibility there,” he said. “But I suspect it’ll end up coming out after Christmas as there isn’t much time now before Christmas.

“The new ministers I think will want to make their mark on it.”

Gambling Act review delays

The white paper is the next phase in the Gambling Act r..

November 9, 2022

Flutter revenue up 31% in Q3 as US becomes largest market

Flutter Entertainment forecast a 31% year-on-year increase in revenue for the third quarter of its 2022 financial year, primarily due to growth within its US and international businesses.

In a trading update, Flutter said that revenue for the three months to the end of September is expected to amount to £1.89bn (€2.17bn/$2.18bn), which would be a significant increase from £1.44bn in the corresponding period last year.

On a constant currency basis, revenue is forecast to increase by 82%.

Flutter said it expects this to be driven by growth within the US, where its revenue is forecast to rise 114% year-on-year, or 82% on a constant currency basis, to $598m, making it Flutter’s largest market.

This, the group said, was down to a 106% rise in sports revenue – comprising sportsbook, exchange, daily fantasy sports, advance deposit wagering and B2B product verticals – driven by customer acquisition across existing states as the new NFL season began.

US igaming revenue is also expected t..

November 8, 2022

Gambling Commission lifts Lebom suspension after Gamstop integration

The Gambling Commission (GC) has lifted football prediction and betting operator Lebom Limited’s licence suspension after the company integrated with self-exclusion scheme Gamstop.

Lebom had its licence suspended on 3 November after failing to integrate with Gamstop’s self-exclusion platform. Since March 2020, It has been a mandatory requirement for operators to integrate with the service and to refuse custom to registered participants.

“Gamstop provides a crucial service for people who feel they are suffering gambling harm,” said Gambling Commission executive director of operations Kay Roberts. “It is simply unacceptable for any online operator to fail to integrate with the scheme.”

Following Lebom’s failure to register with Gamstop, the the Gambling Commission undertook a review of the business’ licence under section 116 of the 2005 Gambling Act. While it is unclear whether this process has completed, the lifting of the suspension is certainly a step forward for the business as it..

November 8, 2022

Fandex receives patent for fantasy sports stock exchange

Free to-play fantasy sports stock exchange Fandex has taken a step forward towards securing its intellectual property, announcing today that it has received a US patent for its platform.

The United States Patent and Trademark Office (USPTO) granted US patent No 11,436,674 to the fantasy business which covers certain aspects of the company’s fantasy sports team and player stock exchange.

“This is a huge moment for us here at Fandex as our team has worked hard since 2017 to create this patented platform and we look forward to speaking with the market leaders in igaming to discuss licensing and other partnerships” said Matt D’Alessandro, CEO of Fandex. “The patent not only adds to our intellectual property portfolio covering our novel fantasy sports exchange, but it also strengthens our competitive advantage.”

D’Alessandro outlined the business’ future IP strategy.

“We have additional patents pending as part of our IP protection strategy, and we will continue our innovation efforts to..

November 8, 2022

Bayes Esports enters Canada with Bet365 deal

Esports live data supplier Bayes Esports is entering the Canadian market through an extension of its deal with Bet365.

Canada has just recently opened its doors to single-event sports betting, since a ban was lifted in August 2022, while Ontario became the first Canadian province to end its igaming monopoly in April.

Bet365 is one of 49 brands to receive a licence to launch in Ontario.

“These past couple of months have been amazing for us,” Amir Mirzaee, COO and managing director of Bayes Esports, said. “We have expanded to the US, launched an innovative odds integration platform that will revolutionise sports betting in BODEX, and strengthened our management team with some of the brightest minds from across various different industries.

“To now also be registered in Ontario and to extend our partnership with Bet365 accordingly feels like the cherry on top. I am certain other provinces will follow Ontario’s example and we will be able to offer live esports data to sportsbooks all a..

November 8, 2022

Sports betting on ballot in California as midterms begin

Today, Californians will vote on the duelling sports betting ballot measures, Proposition 26 and Proposition 27, as polls open for the 2022 US midterm elections.

Voting has indeed already begun, as every county in the Golden State has early voting and drop-off locations. Backed by California’s 78 gaming tribes, Proposition 26 is a retail-first proposal that would legalise sports wagering at tribal casinos and licensed horse racing tracks – imposing a 10% tax on the profits derived from such activities.

This compares with the commercial-sector-supported Proposition 27, which would permit online sports betting. Under the text of the proposed law, such agreements would cost $100m (£87.2m/€100m) – limiting access to the market from all but the largest operators.

Barring a major upset, both proposals are set to fail according to polling from the Berkeley Institute of Government Studies (IGS). When questioned, 31% of respondents supported Prop 26, with 42% opposed; support for Prop 27 wa..

November 7, 2022

Laila Mintas announces new venture, PlayEngine

Former PlayUp US chief executive Laila Mintas has co-founded a new venture, PlayEngine, and joined as chief executive.

The new business is a “microservices-based” B2B sports betting and igaming platform. The business said that it will “provide its customers with a tailor-made, individual solution that is reliable, scalable, fast and secure”.

Its sportsbook offering will allow clients to accept payments from cryptocurrency as well as fiat money and will include a “travelling wallet” to allow players to use the same wallet in different jurisdictions.

PlayEngine was initially created through the Berkeley Skydeck startup incubator.

“I am very excited about being a co-founder and the CEO of PlayEngine,” Laila Mintas said. “The sports betting and igaming market is just too competitive to work off legacy tech.

“There is a huge need for agile and modern technology and I truly believe that we have the most automated and data-driven product in the market, which will enable the sportsbettin..

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Monthly Archives: November 2022