BetMGM and Revolutionary Racing Kentucky (RRKY) have partnered for a new market access agreement.
The agreement will see BetMGM offer its online and retail sports betting platform to Kentucky’s market, once sports betting becomes legalised in the state.
Retail sports betting will go live on 7 September, followed by online betting on 28 September.
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Genius Sports said growth within its betting technology, content and services division helped push revenue up 22.1% year-on-year during the second quarter of 2023.
The data, technology and broadcast business experienced growth across all its businesses in the period. However, it was its betting arm that witnessed the most significant increase, with revenue rising 26.8%.
Genius put this down to higher customer utilisation of event content and growth in business with existing clients.
The provider also noted that renewed partnerships with a number of major clients will help drive further growth.
In recent months, Genius has extended a partnership with Football DataCo (FDC), which manages data rights for the English Premier League. It has also renewed deals with the National Football League and indoor American football’s XFL.
“We enter H2 having reached a significant inflection point in our business,“ Genius co-founder and CEO Mark Locke said. “Following the financial outperformanc..
Gambling technology provider Amelco has secured a new gaming related supplier licence in the Canadian province of Ontario.
Issued by the Alcohol and Gaming Commission of Ontario (AGCO), the permit allows Amelco to launch its solutions in Ontario.
The licence covers both sports betting and igaming activities. Amelco offers a range of sports wagering, casino, lottery and financial products to the market.
“This represents a significant milestone for us,” Amelco USA head Brandon Walker said. “We are thrilled to be finally entering Ontario.”
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Australia's Victorian Gambling and Casino Control Commission (VGCCC) has announced a blanket ban on betting on all under-19 sports competitions.
The VGCCC’s ban applies to sporting events where all participants are minors. It also prohibits betting in Victoria on the individual performance of athletes aged under 18 who are playing in senior or junior events.
This includes wagering on outcomes such as first goal scorer or first wicket taken, when the player is a minor. However, bets can still be made on team outcomes in senior sports when minors are playing.
Sports controlling bodies have been directed to amend agreements with betting providers to ensure they prohibit offering markets involving minors. The VGCCC said the ban also applies to other sports not governed by an approved sports controlling body.
Sporting bodies and betting operators will have 60 days from 3 August to comply with the new rules. After this period, offering bets on minors could lead to regulatory acti..
The International Betting Integrity Association (IBIA) has announced sports betting brand Galera.bet as its latest member.
Match Time Solutions-owned online operator Galera.bet is focused on the Brazil market.
Galera.bet joins almost 50 companies and more than sports betting brands within the IBIA network of members.
“We are honoured to work with IBIA and to be able to reinforce our purpose of developing business with integrity as our priority.,” Galera.bet CEO Marcos Sabiá said. “We believe that collaboration between partners is extremely important to protecting the integrity of sport and betting markets from corruption.”
IBIA CEO Khalid Ali added: “We welcome Galera.bet’s decision to join IBIA. It recognises the unique benefits of IBIA’s operator-run integrity monitoring network and its ability to track members’ individual consumer transactional activity, rather than just analysing simple odds movements.
Brazil regulates sports betting
The decision to join IBIA coincides with ..
DraftKings has increased its full-year revenue and earnings guidance after reporting growth during both its second quarter and first half.
The operator put Q2 success down to continued customer retention and engagement, as well as the acquisition of new players. DraftKings also highlighted an expanded parlay offering and improved promotional intensity.
This led to a year-on-year rise in revenue and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA). DraftKings was also able to reduce net loss.
Based on these figures, the operator was confident in increasing FY guidance for the third consecutive quarter. DraftKings already raised FY expectations in both the first quarter of 2023 and final quarter of last year.
DraftKings also took into account anticipated launches in new markets when increasing its FY guidance. The operator expects to go live in Kentucky in September and Puerto Rico before the end of the year, with these launches set to further improve f..
Player spending on sports betting in Arizona fell again in May, while revenue also declined month-on-month.
Monthly handle in Arizona amounted to $451.7m, down 2.1% from May of 2022 and 17.7% lower than April this year.
Consumers wagered $446.9m online and a further $3.9m at retail sportsbooks in the state.
Player winnings for the month amounted to $398.2m, resulting in $48.6m in adjusted gross event wagering revenue before free bets. This was 12.0% down on last year but marginally higher than April’s total.
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Rhode Island’s sports betting handle for the 2023 financial year declined year-on-year despite consumers spending more than $500.0m.
Handle for the 12 months to 30 June hit $509.5m, down 1.5% from $517.2m in the previous year.
Players spent $331.9m betting online, up 14.3% but retail across the Twin River and Tiverton casinos fell 21.7% to $177.6m. Twin River took $115.3m in bets and Tiverton $62.3m.
However, total revenue for the year reached $50.9m, up 28.2% from 2022’s $39.7m. Players won $458.6m from sports betting.
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FL Entertainment saw revenue of €489.3m in its online sports betting and gaming segment in H1, up by 23.3% year-on-year.
FL Entertainment’s online sports betting and gaming segment is generated by the Betclic Everest Group, which owns both German-facing Bet-at-home.com and Betclic.
The overall revenue was €1.92bn for the six months, an increase of 6.8% year-on-year. Content production and distribution revenue was €1.43bn.
François Riahi, CEO of FL Entertainment, said the overall revenue was due to increased unique active players in its online sports betting and gaming segment, as well as FL Entertainment’s business model.
“We delivered excellent first half results that demonstrate the strength of our differentiated and complementary business model, as well as the creativity and agility of our teams,” said Riahi.
“Our online sports betting and gaming business maintained its double-digit revenue growth across all activities thanks to an increased number of unique active players and..
The Philippine Amusement and Gaming Corporation (Pagcor) has announced details of a new regulatory framework for offshore gaming licensees.
Effective since last month, the new framework is part of inter-agency efforts to tackle illegal offshore activities in the country.
The stand-out measure is that all licensees and service providers are declared probationary. They will need to re-apply for approval from Pagcor before a cut-off date of 17 September this year.
Operators and providers that have been operating illegally will not be considered for a new licence.
“In the present framework, all service providers who are accepting bets are required to apply for a licence,” Pagcor’s assistant vice-president for offshore gaming licensing, Jessa Fernandez, said.
“We will also evaluate the beneficial owners of these companies so that they will be held liable in case they are found to be involved in any illegal activity.
“Entities with findings of activities outside their granted licence..
Land-based and online gaming operator MGM Resorts International reported all-time record revenue in Q2, as the company’s online business BetMGM announced its first EBITDA positive quarter.
MGM recorded $1.95bn in revenue in Q2, up 43.4% from the same quarter the previous year. The operator put the increase down primarily to the removal of Covid-19 related entry restrictions in Macau.
MGM CEO and president Bill Hornbuckle also chose to highlight the progress made by its online joint venture with Entain, BetMGM.
“BetMGM reported that it achieved its first positive EBITDA quarter and remains on track to achieve its next milestone of second half profitability,” he said.
However, despite this, the online gaming platform still recorded a $22.5m loss during the quarter. This represents a 68.4% fall in losses compared to the $71.2m reported in the same quarter the previous year.
MGM reports steady profits in Q2
On this total, the business announced it achieved an operating income of $37..
Former PlayUp US CEO Laila Mintas’ updated suit against the troubled gaming operator and its global CEO Daniel Simic accuses the business of falsifying documents, as the legal action expands in scope to the Australian parent company.
The updated suit, which is seeking approximately $100m in damages, details previously unheard allegations including PlayUp falsifying the dates on Australian government paperwork.
Mintas also alleges PlayUp manufactured and manipulated other documents submitted in response to discovery requests and accuses the operator of improper conduct throughout the legal action. There is also the allegation of PlayUp running a “concerted campaign” to ruin the former executive’s reputation.
Simic accused of falsifying of documents
In the third amended counterclaim – the latest filing from the Mintas camp in the legal fight – PlayUp and Simic are accused of making “egregious discovery abuses such as the falsification of corporate documents”.
the suit alleges play..
