Betting News Archives

October 4, 2022

Smarkets-owned SBK launches in Indiana

SBK, a sportsbook app developed by betting exchange Smarkets, has launched in Indiana after gaining approval from the state’s Gaming Commission.

This is the second state the app has launched in, after debuting in Colorado in 2020 through a deal with Full House Resorts.

With all online operators in the state needing a land-based partner for market access, SBK will operate using Full House Resorts’ sports betting licence for the Rising Star casino in Indiana.

Read the full story on iGB North America

October 4, 2022

Elys and Grand Central approved for second retail sportsbook in DC

Elys Game Technology has secured approval to open a second retail sportsbook location in Washington DC through an expanded partnership with the Grand Central Restaurant and Sportsbook.

The specific location of the new sportsbook has not yet been disclosed, while any opening remains subject to approval by the DC Department of Small & Local Business Development (DSLBD) and DC Office of Lottery and Gaming (DCOLG).

Elys and Grand Central opened their first joint sportsbook in DC exactly one year ago today (4 October), with the facility at Grand Central Restaurant and Sportsbook being the first at a bar not to be operated by the state lottery’s Gambet brand.

This came after Grand Central and Elys were issued a Class B operator licence by the DCOLG for the venture.

“We are extremely pleased with the strong performance of this first location in the Adams Morgan district of DC, as illustrated by the continuous growth in betting handle,” Elys executive chairman Michele Ciavarella said. “Giv..

October 4, 2022

Italy to raise betting taxes this month

Italy’s new legislative decree on sports betting – featuring a tax rise, but no new tax on turnover – is set to come into force on 28 October, having been published in the country’s official gazette.

Under Italy’s previous sports betting law, retail betting revenue was taxed at 18%, while online revenue was taxed at 22%. However, under these new rules, the tax on retail betting revenue was increased to 20%, while for online it will be 24%.
Previously, Italy had considered introducing an additional 1% turnover tax instead, but this plan was scrapped.

The law will also introduce a €1 minimum bet, while winnings for any fixed-odds bet will be capped at €50,000.

These new rules will come into force on 28 October, which will be 30 days after their publication in the Official Gazette. They will cover any fixed-odds bets on events other than horse racing, including non-sporting events approved by the Italian Customers and Monopoly Agency.

Italian sports betting in recent years has been he..

October 4, 2022

Italy avoids turnover tax on betting

Italy’s new legislative decree on sports betting – which will not contain the tax on turnover that had been proposed – is set to come into force on 28 October, having been published in the country’s official gazette.

Under these new rules, the tax on retail betting revenue will be 20%, while for online it will be 24%.
Previously, Italy had considered introducing an additional 1% turnover tax instead, but this plan was scrapped.

The law will also introduce a €1 minimum bet, while winnings for any fixed-odds bet will be capped at €50,000.

Italian sports betting in recent years has been heavily impacted by the introduction of a total marketing ban in 2019. This ban, referred to as the “dignity decree”, has bee..

October 4, 2022

Following the numbers on free-to-play

There’s no shortage of businesses in the free-to-play space, but Tally’s focus on data – perhaps influenced by its top executives’ time spent outside of gambling – makes it stand out. Fresh off a $4m funding round led by Acies Investments, Daniel O'Boyle speaks to CEO Brad Vettesse and COO Rupert Huelsey about the business.

There are some tried-and-tested business models for free-to-play betting-related games to bring in money without taking any real bets.

Some products offer paid unlockables, such as features or extra credits, which players can use real money to access.

Brad vettesse

Others exist as as entertainment in itself, usually used as a way to keep players coming back to betting sites, acting more as a piece of acquisition or retention software for operators.

But perhaps not enough attention has been given to the typical business model of most free-to-use products and services these days: gathering customer data.

So, is this type of data still a mostly untapped reso..

October 3, 2022

MaximBet continues US expansion with Indiana launch

Carousel Group-operated MaximBet has gone live in a second US state by launching in Indiana.

The brand will operate online gambling in Indiana using technology from Kambi Group and White Hat Gaming. MaximBet will leverage Kambi’s betting solutions, while its White Hat Gaming partnership covers a full-service online gaming platform and PAM solution, including proprietary technology such as in-house cashier and traveling wallet.

“We’re unwavering in our commitment to bring sports fans the greatest sports betting experience in the world, and that starts with premium content and a world-class betting environment,” MaximBet founder and chief executive Daniel Graetzer said.

Graetzer added that the launch in Indiana sets the path for expansion in other states including Iowa, New Jersey, Pennsylvania and Ohio, as well in the Canadian province of Ontario.

This will be made possible via Carousel Group’s partnership with Caesars Entertainment, a 10-year deal under which MaximBet can rapidly s..

October 3, 2022

Virginia halts sports betting handle decline in August as spending hits $284.7m

Consumers in Virginia wagered $284.7m (£254.2m/€291.2m) on sports during August, preventing a fifth straight month of handle decline in the US state.

The monthly total was 55.8% higher than $182.7m in August 2021 and also 7.0% up from $266.0m in July of this year, which was the fourth consecutive month in which consumer spending had fallen.

Adjusted gross gaming revenue, which is defined as total bets minus winnings, bonuses and promotions and other authorised deductions, was also up by 260.9% from $8.7m in August 2021 to $31.4m this year.

This figure, the Virginia Lottery said, was also 46.7% more than $21.4m in July this year.

Consumers in Virginia won $247.7m from sports betting during the month, while $1.1m in bonuses and promotions were issued to players. In addition, the Virginia Lottery accounted for a further $4.24m in other deductions.

Total tax collected from sports betting activity in August was $4.5m, with $4.4m allocated to the General Fund Allocation and $111,853 the..

September 30, 2022

Light & Wonder completes $800m OpenBet sale

Light & Wonder has completed the sale of its OpenBet sports betting platform to Endeavor, three months after the initial planned closing date and for $400m less than was first agreed.

Endeavor – a sports media business that owns IMG Arena – will pay $750m in cash for OpenBet, plus 2.3 million Class A shares, worth $50m.

The sale forms part of a general streamlining of the Light & Wonder business, formerly known as Scientific Games. It also sold its lottery arm – which retained the Scientific Games name – in October of last year to private equity group Brookfield Business Partners.

The sale also follows the exit of Barry Cottle as Light & Wonder chief executive, with Matt Wilson serving in the role on a temporary basis until a full-time replacement is found.

Wilson said the new business can now focus on growth, now that it has a more clear focus on gaming, whether land-based, online or social.

“With the completion of the OpenBet divestiture and our now streamlined organisation, Li..

September 30, 2022

RI sports betting bounces back in August as revenue hits five-month high

The Rhode Island Lottery reported year-on-year growth within the state’s sports betting market in August, while revenue reached its highest monthly total since March 2022.

Revenue for the month amounted to $3.0m, which was 172.7% higher than $1.1m in August of last year and also 3.5% up from $2.9m in July this year.

Of this total, $1.6m was attributed to online betting activity, while $1.4m came from retail sports betting via sportsbooks at the Twin River and Tiverton Casino land-based sites.

Twin River was the more successful of the two casinos, bringing in $866,413 in revenue for the month, while the Tiverton casino generated $504,225 from sports wagering.

In terms of handle, player spending in August reached $27.7m, up 15.4% from $24.0m in August 2021 and also 9.9% higher than $25.2m in July of this year.

Consumers spent $17.9m betting online during the month, as well as $9.9m at land-based sportsbooks. Twin River processed $6.1m in retail bets and the Tiverton Casino $3.8m.

F..