Betting News Archives

August 8, 2022

Higher stakes drive July sports betting revenue growth in Iowa

An increase in consumer spending on sports wagering in Iowa led to a year-on-year rise in revenue in the US state during July.

Players bet $108.6m on sports in July, up by 22.2% from $88.9m in the same month last year but 11.3% lower than $122.4m in June of this year.

Of this total, $98.4m was spent betting on sports online, while $10.2m was wagered at retail sportsbooks across the state.

In terms of revenue, this increased by 57.7% year-on-year from $7.1m in July 2021 and was also 33.3% up from $8.4m in June this year despite the lower handle. Online sports betting generated $10.1m in revenue and retail $1.1m.

Breaking the monthly performance down by individual operators, Diamond Jo in Dubuque, which has a FanDuel sportsbook, was the clear leader with $2.6m in revenue from a $26.6m handle.

Wild Rose in Jefferson, which operates in partnership with DraftKings, placed second with $1.1m in revenue and a $12.5m handle, while the Grand Falls Casino Resort and Betfred was third with $1..

August 8, 2022

NY online betting handle drops below $1bn for first time in July

New York’s online sports betting handle fell to an all-time low in July, falling below $1bn (£827.6m/€982.4m) for the first time since the US state opened its regulated market in January this year.

Players spent a total of $800.8m wagering on sports during the month, down 23.8% from $1.05bn in June, which was incidentally also the state’s previous lowest monthly amount.

Gross gaming revenue from mobile sports betting climbed marginally by 1.2% from $72.4m to $73.3m, making July the second-lowest month for revenue on record.

In terms of individual operators, Flutter Entertainment’s FanDuel Group retained top spot, posting $39.0m in revenue from $347.7m in players bets for the month.

DraftKings followed in second with $15.8m in revenue from a $213.5m handle, the Caesars Sportsbook with $8.7m and a $118.2m handle.

BetMGM generated $6.3m in revenue and processed $73.2m in total wagers during July, while PointsBet posted $1.7m in revenue and a $16.5m handle. Rush Steet Interactive was ..

August 5, 2022

RSI still on track for long-term earnings goals despite higher Q2 losses

Rush Street Interactive (RSI) said it still expects to achieve its longer-term earnings targets despite posting an increased net loss and negative adjusted earnings before interest, tax, depreciation and amortization (EBITDA) during the second quarter and first half.

Speaking after the business published its results for the two operating periods, RSI’s chief executive Richard Schwartz said that the operator continues to move towards becoming profitable.

Schwartz said RSI experienced profit across six of its markets during the second quarter of its 2022 financial year, with the states of New Jersey, Pennsylvania, Illinois and Michigan, along with Colombia in South America, being profitable in the quarter. In addition, West Virginia also turned profitable after only four full quarters of operation in the state.

“We are continuing to build a global business,” Schwartz said “With the recent launches in Ontario in Canada and Mexico, we are now live in a total of four countries. This give..

August 5, 2022

FuboTV gaming business under strategic review with negative revenue

Streaming provider FuboTV will implement a strategic review of its betting arm, after determining that it could not operate the business alone in the current economic environment.

Fubo chief executive David Gandler said that the business was determined to ensure that its betting product – created when it acquired Vigtory – would be fully integrated with its streaming service. However, he said it could not achieve this by building its own technology.

As a result, it has initiated a strategic review of the wagering business.

“We continue to believe that an integrated wagering platform, offering both live video and a sportsbook, will result in the best viewing and gaming experience for consumers,” Gandler said. “However, as we have evaluated how best to scale these capabilities in today’s market, we have concluded that we will no longer pursue this opportunity on our own.

“Accordingly, our interactive wagering business is under strategic review. We are in internal and external discu..

August 4, 2022

DC sports betting revenue and handle down in June

Washington DC’s sports betting gross revenue and handle both declined year-on-year in June despite an increase in the number of operators active in the market.

Player spending during the month amounted to $13.8m, down 29.3% from $19.5m in June of last year and also 19.8% lower than $17.2m in May 2022.

Gross gaming revenue from sports betting reached $1.0m, less than half the $2.2m posted in the same month in 2021 and also down from $2.0m in May this year.

The year-on-year declines came despite the DC market now having five active operators, whereas in June 2021, there were just three brands taking sports bets.

Caesars processed the largest number of bets during the month, reporting a total handle of $6.0m and posting $409,057 in revenue.

Gambet, which is operated by the DC Lottery and powered by Intralot, placed second after paying out $3.3m in winnings from $53.8m in wagers, resulting in $444,635 in revenue.

BetMGM, which operates in DC in partnership with Major League Baseball ..

August 4, 2022

GB gambling revenue drops in June as almost all sectors struggle

Gross gambling revenue in Great Britain dropped by 13.6% month-on-month in June, new figures from the Gambling Commission show, as almost all types of gambling experienced a significant decline.

The regulator published data based on reports from operators making up 80% of the GB online gambling market and 85% of the retail betting shop market, building on its earlier online-only reports launched in 2020. As such, the absolute figures reported do not include the entire market within these verticals.

Month-on-month, online gross gambling yield was down by 13.2% to £370.2m in June. The total was also a drop of 20.0% from the highest monthly total of the year, recorded in January. Revenue was, however, higher than March, when sports betting revenue experienced a sharp drop that was likely related to special officers around the Cheltenham Festival.

At the same time, revenue from retail bookmakers was down as well, by 5.6% to £181.7m.

Revenue from almost every single gambling vertical wa..

August 3, 2022

OpenBet acquires Multi Builder ahead of sale to Endeavor

B2B sportsbook supplier OpenBet has acquired betting technology and trading business Multi Builder ahead of OpenBet’s own acquisition by sport media conglomerate Endeavor Group.

The deal comes soon after OpenBet owner Scientific Games slashed the sale price of OpenBet by $400m (£328.4m/€392.83), in order to ensure the deal closes smoothly.

Multi Builder was founded by industry veterans Oliver Preston and Jonathan Smith, with the business’ trading technology operating under the brand “Sportsbook Models”. The goal will be for the services to be integrated into OpenBet’s existing product portfolio.

Smith also founded sportsbook training company “Sportsbook Training Services Limited” and will provide training services exclusively to OpenBet as part of the deal.

Commenting on the deal OpenBet chief product officer Nikos Konstakis emphasised the value to clients of deeper market understanding.

“This deal marks another significant milestone into the development of our pricing and trading..

August 2, 2022

GiG reveals Betsson as first Colombia sportsbook partner

Gaming Innovation Group (GiG) has revealed Betsson Group as its first sportsbook partner in Colombia, after only initially releasing partial details of the deal.

In June, GiG said its Sportnco subsidiary had signed its first Colombia-facing sportsbook deal with an unnamed ‘tier-one’ operator.

GiG has now revealed it has been working with Betsson in Colombia for the past year, with the country the third regulated market in which GiG provides both software and services to this client.

The deal, GiG said, ratifies a partnership that was initiated more than 12 months ago when Betsson completed the takeover of regional operator Colbet.co in June 2021, shortly after which it agreed to migrate onto GiG’s Sportnco’s platform.

Betsson, which operates both online and via retail in Colombia, said that its presence in the country increased significantly over the past year as a result of using GAN’s player account manager.

“As part of our rebranding in Colombia, we migrated to GiG’s platform ..

August 2, 2022

Scout shareholders to vote on 90% share dilution next month

Scout Gaming Group shareholders will vote next month on a share issue that would dilute existing holdings in the business by 90%.

Fantasy provider Scout announced that it would conduct a share issue in order to save the business in June, after it identified a SEK17m ($1.7m/£1.4m/€1.6m) commitment in its finances which it said it was previously unaware of.

The commitment will impact cash flow for third quarter of this year and have a negative effect on profit and loss in the quarter of around SEK5.5m.

As a result of the new cost, Scout leadership took drastic action to save the business, including laying off 68 employees, between its offices in Bergen in Norway and Lviv in Ukraine.

As well as the layoffs, Scout said it would issue 202.7 million new shares, diluting existing shares by 90%.

The board has now revealed more details of the share issue. Each shareholder will be offered the opportunity to buy nine more shares in the business, at SEK0.50 per share.

Scout said that the iss..