Betting News Archives

January 19, 2024

Pennsylvania gambling revenue hits record $5.70bn in 2023

Record figures from igaming and sports betting drove gambling revenue in Pennsylvania to an all-time high of $5.70bn (£3.50bn/€5.24bn) in 2023.

The 2023 figure was 9.3% higher than the existing record of $5.21bn, which was set during 2022. Combined revenue in Pennsylvania includes slot machines, table games, sports wagering, igaming, video gaming terminals (VGTs) and fantasy contests.

Physical slots continued to lead the way in terms of revenue in Pennsylvania, with revenue here rising 3.1% to $2.46bn. However, land-based table games revenue slipped 1.9% to $971.7m.

Is igaming closing the gap on land-based gambling in Pennsylvania?

Elsewhere, revenue from igaming in 2023 hit $1.74bn, beating the previous record set in 2022 by 27.7%. The Pennsylvania Gaming Control Board (PGCB) did not publish a full breakdown of revenue per game type for this market.

However, the PGCB did reveal data on individual igaming operators. As was the case in 2022, Hollywood Casino at Penn National led t..

January 18, 2024

Flutter earnings call: FanDuel ready to “get ahead” in igaming

Peter Jackson, chief executive of Flutter Entertainment said FanDuel plans to “get ahead” in igaming during a post-close trading update for the company's full-year 2023 results.

Flutter’s Q4 financial results saw growth in the US push revenue 25% to £9.51bn (€11.08bn/$12.07bn). Looking at FanDuel first, Jackson outlined the operator’s three-year strategy for success. He said Flutter plans for FanDuel to complete a race to the finish line in the final year.

“From an igaming perspective, we’re following the strategy we laid out at the capital markets day,” he explained.

FanDuel IS NEARING THE END OF A THREE-YEAR PERFORMANCE STRATEGY, SAID JACKSON

“We said in the first year there were things that were broken that we were going to fix. We said in the second year we’d get to product parity and in the third year we’re going to get ahead of the market.”

Using M&A as a driver for success

The chief executive said that Flutter has been focused on organic growth, “and that’s something..

January 18, 2024

Gamma Intermediate completes sale of 6.4% stake in Lottomatica

Gamma Intermediate has completed the sale of 16 million Lottomatica shares, representing a 6.4% stake in the Italian company.

Despite the sale, worth €152m (£130.5m/$165.5m), Gamma Intermediate retains a majority stake of 65.4% in Lottomatica.

Gamma Intermediate completed the deal at €9.50 per share, with the sale conducted through an accelerated bookbuilding process. The placement was made to institutional investors, with no public offering in any country.

Lottomatica expects the final settlement to be on or around 22 January. Gamma Intermediate has agreed to a 90-day lock-up for its remaining shares in Lottomatica.

Lottomatica plotting growth trajectory with SKS365 purchase

In November, Lottomatica agreed a deal to acquire 100% of the share capital in the Italian-facing operator SKS365. Lottomatica stated the purchase will strengthen its position in the Italian market, while also expanding its brand portfolio.

In november, lottomatica acquired 100% of the italian-facing operato..

January 17, 2024

Arizona to accept new event wagering licence applications in February

The Arizona Department of Gaming (ADG) will begin accepting new event wagering licences in February, it announced on Tuesday.

Arizona tribes will have one licence reserved. Additionally, the state will reserve no less than one for sports franchises in the state.

Applicants must submit their applications between 16 February and 4 March. A qualification determination will be announced to selected applicants later in March.

Should there be more qualified applicants than available licences, the ADG will review each application and provide written notification to those selected for allocation.

Arizona’s sports betting surge in 2023

The ADG’s announcement comes after a rise in Arizona’s sports betting handle in the back end of 2023.

arizona’s sports betting handle reached nearly $650m in october 2023

Almost $650m (£513.1m/€598.4m) was wagered on sports in October 2023, a 4.8% increase on the same month in 2022. The figure also hiked 6.2% compared to September 2023.

Only March 2022, i..

January 17, 2024

Massachusetts sets $658.7m sports betting handle record in December

Massachusetts reported a record sports betting handle for the second consecutive month in December, with players wagering a total of $658.7m (£519.3m/€605.6m).

Combined sports betting and casino revenue in Massachusetts in December amounted to $163.6m, up 14.4% from November.

Starting with sports betting, the December handle narrowly beat the existing record of $654.4m set in November. The Bay State launched legal betting in March 2023.

massachusetts launched legal betting in march 2023

Players spent $643.2m betting online during December and $15.5m at retail sportsbooks.

Revenue falls just short of Massachusetts record

Turning to taxable revenue from sports betting, this reached $60.6m in December. This was 23.9% ahead of $48.9m in November and just 0.7% behind May’s $61.0m monthly record.

Online betting accounted for $59.3m of all sports betting revenue in December, with retail’s share at $1.3m.

DraftKings the clear leader in online market

Looking at individual operators, Dr..

January 17, 2024

The analyst’s take: Bet365’s 2022-23 financial results

A key theme of Bet365’s revenue report for FY2022-23 was its investment into the US market. Ed Birkin, senior analyst at H2 Gambling Capital, believes this outlay could end up paying dividends.

While the most prominent figure in the operator’s report was its £61.2m (€71.0m/$77.6m) loss, Bet365 also recorded significant revenue growth.

Birkin believes Bet365’s growing interest in the US market, as well as its hugely successful Ontario launch, could lead to future growth in regions such as North America and the soon-to-be regulated Brazil.

bet365 is currently the market leader in ontario

“Although the company has a reputation for operating in a number of unlicensed markets, it has been clear for a long time that it will seek a licence in any market where it is available and commercially viable to do so,” says Birkin. “Therefore, it’s no surprise to see continued international expansion.

“Their transition to the onshore market in Ontario appears to have gone smoothly, where they’re t..

January 17, 2024

Tiers and turbulence in US sports betting

The US sports betting sector has grown rapidly, but Paul Girvan sees trouble on the horizon for the early leaders.

The rapid development of US sports betting has been astounding. Currently some 32 states have legalised some form of sports betting and, of this number, 28 provide either mobile or online access.

Within the 32, there are five states where tribal operators provide the only betting option. To date the markets have been characterised by a hierarchy of operators that have gained access primarily via partnerships with land-based casino operators, both tribal and commercial.

A further eight states are considering the issue and could pass legislation in the coming year. Beyond these is a disparate group of states that have been resistant to passing sports betting legislation – although some have been actively considering the issue.

Among these are three powerhouses of tribal gaming; Minnesota, Oklahoma (with its proximity to Texas) and the behemoth of California. Trouble, ho..

January 17, 2024

International cricketer banned for two years for anti-corruption breaches

Bangladesh cricketer Nasir Hossain has been banned by the ICC from all cricket for two years after breaching the Emirates Cricket Board’s Anti-Corruption Code.

Hossain, who last played for Bangladesh in 2018, accepted three charges of corruption breaches. One of those included Article 2.4.3, having failed to disclose the receipt of a gift worth over $750 (£591/€690), namely a new iPhone 12.

Hossain was one of eight players and officials linked with the Pune Devils franchise charged. The offences were in relation to attempts to corrupt Abu Dhabi T10 Cricket League matches in 2021. While the attempts were disrupted, the charges have still been brought forward.

With six months of his two-year ban suspended, Hossain will be eligible to play international cricket again in April 2025.

Pune Devils co-owners and staff also facing punishment

Along with Hossain, the ICC also flagged a number of Pune Devils coaching staff, as well as co-owners Krishan Kumar Chaudhary and Parag Sanghvi.

pune..

January 17, 2024

All-time high in New Jersey as 2023 revenue hits $5.78bn

Gambling revenue in New Jersey reached an all-time high of $5.78bn (£4.59bn/€5.32bn) in 2023, driven by record performances across igaming and sports betting.

Total revenue in 2023 was up 10.9% from $5.21bn in the previous year. The New Jersey Division of Gaming Enforcement (NJDGE) noted growth across all three core markets.

Land-based casinos remain the primary source of gambling revenue in New Jersey. These accounted for $2.85bn of all revenue, a year-on-year rise of 2.2%.

Retail slots revenue was 3.3% higher at $2.11bn but table games revenue slipped 0.7% to $736.2m. Incidentally, table games was the only subsection of the market to report lower revenue in 2023.

New Jersey igaming revenue nears $2.00bn

As for igaming, revenue here reached $1.92bn – a new record and 15.7% higher than in 2022.

Online slots revenue jumped 15.9% to $1.89bn, while peer-to-peer poker increased 5.6% to $28.9m.

Golden Nugget took top spot in the igaming market with $524.8m in revenue for the year. R..