Daily Archives: December 5, 2023

ESPN Bet to debut in North Carolina with PGA sponsorship deal

ESPN Bet signs major PGA Tour deal as official betting operator of the Wells Fargo Championship in North Carolina.

ESPN Bet is expected to launch in North Carolina after agreeing a deal to become the Quail Hollow Golf Club’s official betting operator.

After launching across 17 states on 14 November to coincide with Thanksgiving week, Tuesday’s (5 December) announcement sets up ESPN Bet to be one of the 12 operators licensed in North Carolina.

This follows the North Carolina State Lottery Commission announcing that it is now starting the application process for sports betting licences from 1 December. The state is expected to open in the first half of 2024.

ESPN Bet’s agreement with Quail Hollow Club, a golf course in North Carolina, will see the company become the official betting operator of the Wells Fargo Championship.

The PGA Tour event has been previously won by Tiger Woods and Rory McIlroy and is held at Quail Hollow Club.

In a press release on Tuesday, Benjie Levy, head ..

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Fanatics takes over from PointsBet in Colorado

The Fanatics Betting and Gaming (FBG) arm of Fanatics Holdings has taken a step closer to completing its acquisition of PointsBet US after launching its sportsbook in Colorado.

Players in Colorado can now download the Fanatics Sportsbook and begin placing bets on a range of sports and events.

Existing PointsBet customers in Colorado can log in to the Fanatics Sportsbook using their existing credentials. Any open bets, balances and responsible gambling settings will also be moved across to the Fanatics Sportsbook.

Colorado marks the eighth US state in which FBG has rolled out the Fanatics Sportsbook. It follows launches in Kentucky, Maryland, Massachusetts, Ohio, Tennessee, West Virginia and Virginia. The latter two took place towards the end of last month.

Fanatics edging closer to completion

FBG in June agreed to acquire the US operations of PointsBet in a deal valued at $225.0m (£178.4m/€208.1m).

This was around $75.0m more than the $150.0m it agreed to pay in May, primarily d..

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BetMGM expects to reach $500m EBITDA by 2026

BetMGM aims to reach 25% market share in the US by 2026, as well as delivering $500.0m (£396.1m/€462.2m) in positive EBITDA.

BetMGM set the 2026 goal after revealing it expects to be at the higher end guidance for 2023. In the current financial year, revenue should be between $1.80bn and $2.00bn, according to CEO Adam Greenblatt.

At an investor presentation yesterday (4 December), Greenblatt detailed how BetMGM, a joint-venture by Entain and MGM Resorts International, was expecting to be self-funding from 2024 onwards.

The business sees next year as an investment period, having already proved profitability in 2023. While it expects to achieve a profitable H2 2023, BetMGM expects negative EBITDA for 2024 in what it bills as an “investment year”.

Investment plans

When pressed on how much cash was available to invest, Greenblatt and CFO Gary Deutsch would not disclose the exact amount. However, the pair said plenty of money is available to “compete and invest for growth at the hi..

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