Betting News Archives

September 27, 2023

Waterhouse VC: Ordem e progresso

In his latest column, Tom Waterhouse of Waterhouse VC analyses the burgeoning sports betting market in Brazil after the country's recent regulation.

“Order and Progress”– The national motto of Brazil, inscribed on the Brazilian flag.

The motto is an allegory for Brazil’s new reforms to regulate the country’s US$1.5bn (£1.23bn/€1.41bn) wagering industry.

With 214 million people and 217 indigenous languages in addition to Portuguese, Brazil is a large and complex market. It is also one of the largest online sports betting markets in the world, with 42.5 million unique users. Wagering operators are generating significant revenues in Brazil by leveraging influencer marketing and numerous sports sponsorship deals.

Brazil’s historic and forecasted wagering revenue across online casino, online lottery and online sports betting. Source: Statista

Brazil’s Chamber of Deputies recently passed a gambling regulation act. This act allows online gaming and omnichannel wagering, with operato..

September 27, 2023

Flutter acquires majority stake in Serbia’s MaxBet for €141m

Flutter Entertainment has acquired an initial 51% stake in Serbian omnichannel sports betting and gaming operator for €141.0m (£122.6m/$149.0m) in cash.

The deal, Flutter says, provides the group with access to the regulated Serbian market and supports its ongoing expansion plans, including within the wider Balkans region.

The agreement also states that Flutter has the opportunity to acquire the remaining 49% in MaxBet in 2029.

Ranked among the leading operators in Serbia with an approximate 20% online share, MaxBet employs more than 2,400 staff. In the 12 months to June 2023, it posted €145.0m in regulated revenue and €32.0m worth of adjusted EBITDA.

The transaction remains subject to customary regulatory clearances but is due to close in the first quarter of 2024.

“I am excited to announce the addition of MaxBet to the Flutter portfolio,” Flutter chief executive Peter Jackson said. “This acquisition continues our progress against the strategic priorities we have set for our inte..

September 26, 2023

West Flagler files challenge against DeSantis and FL legislature

West Flagler has filed a state constitutional challenge against Florida governor Ron DeSantis and the Florida state legislature.

This follows the US Department of the Interior (DOI) filing a challenge to oppose West Flagler’s motion to stay, which was filed last week. This motion to stay was a further attempt to keep Hard Rock Bet shut down as West Flagler prepares to appeal to the Supreme Court.

West Flagler’s latest challenge claims that DeSantis “exceeded his authority” when he agreed to a compact with the Seminole Tribe of Florida in 2021. DeSantis approved the compact in April 2021, and signed it into law the following month.

The compact gave the Seminoles exclusive access to offer online and in-person sports betting in Florida.

But in November that year, a judge for the District of Columbia ruled that the compact infringed upon the Indian Gaming Regulatory Act (IGRA). This reversed the initial agreement.

West Flagler also argues that the legislature exceeded its authority be..

September 26, 2023

Genius Sports unveils BetVision sports streaming solution

Genius Sports has announced the launch of BetVision, a new sports betting solution that allows players to place bets from within live video on sportsbook apps.

Initially available via Caesars Sportsbook and Fanatics Sportsbook, BetVision will cover NFL games in the US in its opening weeks.

Low latency live game video streams will feature integrated betting odds and betslips. These will be accompanied by in-game betting alerts and on-screen offers during breaks in play.

Operators running BetVision will stream nationally distributed and local, regionalised live NFL games each week. Additional features and functionality will be added during the 2023 NFL season.

“BetVision is leading a new era of immersive sports experiences,” Genius Sports CEO Mark Locke said. “The launch brings together our capabilities across data tracking, video streaming, live data and sports wagering to create a game-changing product for sportsbooks.

“Sports fans and bettors alike increasingly demand personalise..

September 26, 2023

ITIA hands provisional suspension to French tennis player Broville

The International Tennis Integrity Agency (ITIA) has provisionally suspended French tennis player Maxence Broville for breaching its anti-corruption rules.

Broville has not been able to compete in or attend any sanctioned tennis events since 20 June this year. However, the ITIA has only now confirmed the suspension, pending the full consideration of Tennis Anti-Corruption Programme (TACP) charges.

The ITIA says the suspension is in relation to Sections F.3.b.i.1 and F.3.b.i.4 of the TACP. Section F.3.b.i.1 references how a covered person has failed to “comply with a demand”.

Section F.3.b.i.4 sets out the breach in more detail, stating there is a likelihood the player is guilty of a “major offence”.

“In the absence of a provisional suspension, the integrity of tennis would be undermined and the harm resulting from the absence of a provisional suspension outweighs the hardship of the provisional suspension on the covered person,” the section says.

Broville appealed against the im..

September 25, 2023

BetMGM signs Hollywood star Chris Rock to support UK launch

MGM Resorts International has signed Hollywood actor Chris Rock to support the launch of its BetMGM brand in the UK market.

As an ambassador, Rock will feature in a range of marketing campaigns to promote the UK roll-out of BetMGM.

The first such campaign is now live, with Rock sharing details of various special offers to market the launch. These include bonuses and prices boosts, as well as information about exclusive content available from BetMGM.

BetMGM has also rolled out a responsible gambling advert specific to the UK market. Both campaigns are active across live sport, TV, out of home, digital, radio and social.

“We are incredibly excited to launch BetMGM in the UK and give customers something new,” BetMGM UK director Sam Behar said. “This campaign leverages the heritage of MGM Resorts’ best-in-class Las Vegas entertainment to deliver a unique proposition to the UK market.

“Alongside standout promotions and our A-list ambassador Chris Rock, this campaign clearly demonstra..

September 25, 2023

New Hampshire reveals year-on-year sports betting decline in August

Sports betting revenue and handle in New Hampshire both declined year-on-year during August, although player spending was higher month-on-month.

Handle in New Hampshire reached $38.8m in August, down 10.6% from $43.4m for the same month in 2023. However, the total was 5.2% more than the $36.9m spent on sports betting in July this year.

Some $34.8m was spent betting online with DraftKings and $4.0m at retail sportsbooks in the state. DraftKings secured exclusive rights to offer sports betting online via the New Hampshire Lottery in November 2019.

As for gross gaming revenue, this was down both year-on-year and month-on-month in the state.

For August, revenue amounted to $3.4m, a drop of 19.1% from $4.2m last year and 2.9% behind $3.5m in July. Online betting accounted for $3.1m of revenue, with retail’s share at $270,235.

It was also revealed that New Hampshire collected $1.5m in sports betting tax in August.

Year-to-date sports betting spend surpasses $75.0m in New Hampshire

Loo..

September 25, 2023

Entain online revenue fails to meet expectations in Q3

Safer gambling measures, slower growth in key markets and sporting results hindered Entain's Q3 performance, although the group remains on track to hit EBITDA guidance.

In a trading update, Entain says online net gaming revenue (NGR) has been mixed across the group in recent weeks. While it still expects to achieve growth during Q3, Entain says that, on aggregate, this will be softer than anticipated.

Third quarter online NGR growth is now expected to rise by a high single-digit percent. However, Entain also says it will likely decline by a high single digit percent on a pro forma basis.

Reasons for this, Entain says, include adverse sports results impacting sports margins during September and slower growth than expected in Australia and Italy. It also noted the impact of safer gambling measures across the group and ongoing regulatory headwinds persisting longer than expected, particularly in the UK.

However, Entain also noted drivers of growth within its online business. The..

September 21, 2023

Spanish gambling revenue up 55.1% year-on-year to €312.6m in Q2

Gross gambling revenue in the second quarter in Spain hiked 55.1% year-on-year to €312.6m (£207.0m/$332.6m), with revenue from sports betting more than doubling.

Total revenue in the second quarter was comfortably ahead of last year and also 2.5% higher than €313.3m in Q1. Data for the three-month period has been released by Spain’s regulator, the Directorate General for the Regulation of Gambling (DGOJ).

Casino generated the most GGR in Q2 – €149.9m, up 27.9% from last year and 4.5% ahead of Q1.

Slot machine revenue increased by 29.9% year-on-year, while live roulette GGR was 8.9% higher.

Spanish sports betting revenue rockets in Q2

The sports betting segment reported the largest percentage of growth during the quarter. In the three-month period, GGR reached €133.3m, up 118.9% from last year.

Pre-event sports bet GGR was 1.8% higher than in Q2 and live betting GGR also increased by 3.5%. Horse riding bets jumped 22.7% but other sports bets GGR slipped 15.1%.

Elsewhere, poker G..