Daily Archives: May 17, 2023

Caesars to launch in Kentucky after Keeneland and Red Mile racetracks deal

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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Michigan revenue takes a tumble after record-breaking month

Commercial and tribal operators in Michigan generated $195.7m ($156.9m/€180.7m) from online and sports betting receipts in April, down by 9.5% compared to March.

Online gaming contributed $159.4m to this, compared to the $171.8m record achieved in March. Gross sports betting receipts fell by 18.6% to $36.3m.

Adjusted gross receipts, which account for promotional spending, combined to total at $167.9m. This was made up of $143.4m from online gaming and $24.5m from sports betting.

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NJ gambling revenue up 9.5% in April despite slots decline

Gambling revenue in New Jersey increased 9.5% year-on-year in April despite a drop in slot machine win, the state’s primary source of gaming revenue.

Total revenue for the month reached $462.7m, up from $422.5m in April 2022 but 5.1% behind the $487.4m generated in March of this year.

All areas of the market experienced year-on-year growth, with the exception of land-based slots where revenue fell 3.2% to $169.7m. Retail table games revenue edged up 2.9% to $61.8m, but the slots decline meant total land-based revenue fell 1.6% to $231.5m.

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Independent evaluator bill approved in Maryland

A bill that would require Maryland’s Lottery and Gaming Control Commission to instal independent evaluators to assess sports betting content has been signed by the state’s governor.

Governor Wes Moore approved bill SB621, which will become effective on 1 July 2023. Maryland’s sports betting market opened on 23 November 2022.

The content assessed by the evaluators will be that produced by sports betting experts, influencers and content partners.

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HBLB expects levy income to surpass forecasts in 2022-23

Britain’s Horserace Betting Levy Board (HBLB) has forecast £99.0m (€113.7m/$123.1m) in levy income for the 12 months to 31 March 2023, following provisional submissions from most levy-paying bookmakers.

The figure would surpass initial expectations of between £90.0m and £95.0m, which was based on events in the early to middle part of the year. It would also be 2.1% higher than £97.0m in the previous year.

HBLB said the increased forecast comes amid a continuing decline in turnover, which was being partially mitigated by margins. Actual margins were markedly above average in both February and March, during which turnover fell year-on-year.

“The board will be making decisions on prize money for the September to December period at its meeting next month and this likely outturn provides additional clarity in coming to those decisions,” HBLB chairman Paul Darling said.

“Although overall yield looks to be similar to or slightly up on last year, total turnover and race-by-race turnover ar..

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