Online sports betting Archives - Page 17 of 66

November 27, 2023

Brazil’s upcoming vote: Everything you need to know

Brazil's Senate plenary could vote to legalise sports betting and online casino on Wednesday (29 November). Ahead of the vote, we bring you all you need to know about the journey so far.

Before we delve into the complex legal history of sports betting in Brazil, let’s start off with last week’s key step.

Last Tuesday (21 November), the industry was waiting eagerly for Brazil’s Economic Affairs Committee (CAE) to vote on whether to greenlight sports betting and igaming through Bill 3,626/2023. This was delayed by one day on the request of senators, according to Senado Noticias.

The bill will now head to the Senate Plenary this Wednesday (29 November)

The CAE’s eventual approval on Wednesday 22 November gave the thumbs-up for the bill to move to the Senate plenary. This session will now take place this Wednesday (29 November). If the plenary vote goes in the bill’s favour, sports betting and igaming will officially be legal in Brazil.

Importantly, the outcome at the CAE confirm..

November 23, 2023

Wyoming smashes online sports betting records in October

Bettors in Wyoming wagered $21.2m (£16.9m/€19.5m) on sports online during October, the highest monthly amount since the Equality State opened its legal market, while revenue also reached an all-time high.

The October total exceeds the previous record of $19.2m set in Wyoming in September this year. It was also 23.4% higher than October of last year.

Gross gaming revenue for the month amounted to $2.3m, another new record for the state. This is up 15.0% from last year and 53.3% more than $1.5m in September 2023.

There was also an all-time monthly high for taxable gaming revenue of $1.4m. This increased 21.7% from October 2022 and 172.6% from $517,523 in September.

Wyoming players won a total of $19.0m from online sports betting, while tax hit a record $141,087.

DraftKings led the market with $1.4m in revenue from $12.5m. FanDuel placed second in Wyoming with revenue of $402,961 and a $4.9m handle.

Meanwhile, BetMGM posted $378,344 in revenue from $3.5m in online sports bets. Caesa..

November 23, 2023

The art of harnessing artificial intelligence for sportsbooks

As we’ve seen this year, the groundbreaking and rapidly evolving technology powering artificial intelligence (AI) is sure to revolutionise the economy, including the world of sports betting. In the second part of this two-part series, Russell Karp, senior vice-president of DataArt, focuses on the many ways sportsbooks can benefit from harnessing the art of AI.

Today, one of the most promising uses of AI in sports betting is bettors’ ability to use the technology to place bets more strategically and attempt to minimise their losses.

Apps like BettorTakes and Juice Reel aim to boost users’ performance through comprehensive analytics of their past betting behaviours. As BettorTakes CEO Steve Rubenfaer described in an interview with DataArt this year, the app “show[s] you your patterns, biases and things you might not know about yourself”.

With these apps, AI can be used to assess bettors’ gambling history, in addition to player or team stats. AI can then present digestible, comprehensi..

November 22, 2023

Brazil sports betting tax rate set at 12% as attempt to remove igaming fails

A reduced 12% tax rate for Brazil sports betting was confirmed after the country's Economic Affairs Commission (CAE) approved Bill 3,626/23 today (22 November) while an attempt to remove igaming from the legislation was rebuffed.

The approval of the bill text by the CAE greenlights the bill to go to the Senate plenary. The Senate plenary vote will take place on 29 November, during which sports betting – alongside igaming – could be given the all-clear in Brazil.

If the Senate alters the bill text, it will go back to the Chamber of Deputies for review. The lower chamber approved Bill 3,626/2023 in September.

However it faced opposition from senators including Eduardo Girão and Carlos Portinho. Attempts to remove igaming from the legislation also failed during today’s session, after online casino was unexpectedly added to the sports betting bill in September.

The vote was set to take place yesterday before it was postponed by the CAE. According to the Senate agency on Senado Not..

November 22, 2023

Bet365 extends US reach with Louisiana launch

Online gambling operator Bet365 has expanded its presence in the US by launching its sportsbook product in the state of Louisiana.

Players in Louisiana can access the Bet365 website or download the sportsbook app and bet on a range of events. These include major league competitions such as the National Football League, National Basketball Association, National Hockey League and Major League Baseball.

Bettors will also be able to view live streams of certain events while they place bets.

Launching in Louisiana means Bet365 is now active in seven states across the US. Bet365 also operates in Colorado, Iowa, Kentucky, New Jersey, Ohio and Virginia.

“Celebrated for its passionate culture and festive spirit, we are thrilled to bring bet365 to Louisiana,” a Bet365 spokesperson said. “Now eligible customers from Shreveport to the Big Easy can enjoy our renowned products like amazing bet boosts, the fastest in-game experience and unique same game parlays.”

Betting handle and revenue recor..

November 22, 2023

Michigan online sports betting handle hits record $533m in October

Michigan consumers spent a record $533.0m (£424.9m/€488.2m) betting on sports online in October, marking the first time monthly internet bets in the Great Lakes State exceeded $500.0m.

Gross internet gaming and sports betting receipts from commercial and tribal operators in Michigan reached $205.3m during October. This was 7.9% ahead of $190.2m last year but 2.4% down from $210.4m in September 2023.

Online casino was again the main source of all internet gambling revenue in Michigan. Gross receipts in the igaming segment reached $160.3m, an increase of 13.7% from $141.0m in the previous year.

In contrast, sports betting gross receipts declined 8.5% to $45.0m. This was despite sports betting handle climbing to a new monthly high in Michigan.

Adjusted gross gaming receipts exceed $167m in Michigan

After accounting for promotional deductions, adjusted gross receipts (AGR) from igaming and sports betting was $167.7m. This was an increase of 5.8% from $158.5m posted in October of last..

November 22, 2023

Fanatics launches in Virginia as PointsBet switchover continues

The Fanatics Betting and Gaming (FBG) arm of Fanatics Holdings has rolled out its online sportsbook in Virginia, marking the latest phase of its acquisition of PointsBet US.

Virginia players who previously had accounts with PointsBet will now automatically switch over to the Fanatics Sportsbook.

Existing PointsBet users can log in to their Fanatics accounts using their original username and password. The migration will also include their account balance, rewards points and any responsible gaming settings.

New customers can also download the Fanatics Sportsbook app and start betting in the Old Dominion State.

The launch means that Fanatics has completed the acquisition and subsequent migration of PointsBet US in seven states. Fanatics is also active in Kentucky, Maryland, Massachusetts, Ohio, Tennessee and West Virginia.

The Virginia roll-out comes less than a week after Fanatics also went live in West Virginia. Last week’s launch also included a pilot of its new online casino, wi..

November 21, 2023

Nearly half of German players still using black market, says study

A new study from the University of Leipzig has warned that close to half of all online gambling in Germany still takes place with unlicensed operators.

The study was commissioned by the German Online Casino Association (DOCV) and the German Sports Betting Association (DSWV). It was authored by economist Gunther Schnabl of the University of Leipzig.

The report states that the State Treaty on Gambling, which came into force in July 2021, is missing its key target of ensuring that all online gaming takes place on licensed sites.

As a result, the DOCV and DSWV have called on Germany’s gambling regulator (GGL) to make regulated casinos a more competitive proposition. The GGL came about as a result of the Fourth State Treaty.

The study: in numbers

The study defines an illegal site as being based on several key criteria. The first is that the offer can be reached from a German IP address, without using a VPN. The second is that the offer is available in German and the third is that, wh..

November 20, 2023

Louisiana sets sports betting handle and revenue records in October

Players in Louisiana spent a record $308.6m (£247.1m/€282.2m) on sports wagering during October, while revenue also reached a new, all-time monthly high.

Sports betting handle was 20.8% higher than $255.5m in October 2022 and up 10.2% from $280.1m in September this year. It also beat the existing Louisiana record of $282.3m that was reported in January 2023.

Of this total, $276.2m was spent betting on sports online, while $32.4m was bet at retail sportsbooks in Louisiana.

Revenue narrowly exceeds Louisiana monthly record

Turning to gross revenue, this also hiked 63.5% year-on-year to an all-time high of $43.3m in October. This was marginally ahead of the $43.1m existing record posted in September this year.

Online gross revenue in October amounted to $40.1m, with retail’s share at $3.3m.

As for adjusted revenue, which discounts all promotional betting, total market revenue was $42.5m. The $875,871 deducted from the gross revenue figure was from online promotional bets.

Footbal..

November 20, 2023

Florida Supreme Court rejects West Flagler motion to block Hard Rock Bet

The Florida State Supreme Court rejected a motion from pari-mutuel betting operator West Flagler Associates to suspend Hard Rock Bet and its online sports betting offering in the state.

West Flagler filed the motion earlier this month to stop Hard Rock Bet from offering sports betting in Florida. The motion requested the court to expedite the exercise of its all writs in the jurisdiction to immediately suspend online sports betting.

West Flagler argued the suspension should last until a final ruling on its petition for writ of quo warranto.

This came after Hard Rock Bet, which is operated by the Seminole tribe, launched in Florida on 7 November. Early access was available to customers who bet previously with the operator and members of Hard Rock’s loyalty scheme.

However, in a blow to West Flagler, Florida’s State Supreme Court on Friday (17 November) rejected this request. The decision was announced in a short notice released by the court.

“The ‘Motion to Expedite Consideration..

November 17, 2023

Washington DC sports betting market declines year-on-year in October

Caesars Entertainment continued to lead the Washington DC sports betting sector during October, although the market as a whole posted a year-on-year decline in handle and revenue.

Players in Washington DC wagered $16.4m (£13.2m/€15.1m) on sports in October. This was 33.9% lower than $24.8m in the same month last year but 13.1% higher than $14.5m in September 2023.

As for gross gaming revenue, this amounted to $2.0m. The total was 35.5% behind last year’s $3.1m and only marginally ahead of $1.9m in September.

Caesars holds first place in October

Breaking down performance by each licensed operator, Caesars remained the market leader. Caesars took the lead back in August and continued to hold off competition in Washington DC during October.

In total, Caesars processed $6.0m in bets and posted $964,606 in revenue for the month.

Gambet, run by the DC Lottery and powered by Intralot, was the previous frontrunner in Washington DC. For October, it took $5.7m in bets and generated $663,57..

November 17, 2023

Fanatics continues PointsBet US takeover with West Virginia launch

The Fanatics Betting and Gaming (FBG) subsidiary of Fanatics Holdings has announced the launch of its online sportsbook in West Virginia, with customers in the Mountain State switching over from the existing PointsBet platform.

West Virginia consumers can now download the Fanatics Sportsbook app and begin placing bets.

Fanatics Betting and Gaming (FBG) will also pilot its new online casino in West Virginia, with this being embedded in the Fanatics Sportsbook app. The product features a range of slot titles and table games such as roulette and blackjack.

The Fanatics Sportsbook replaces the existing PointsBet brand in the state. Players registered with PointsBet in West Virginia will be automatically migrated to the Fanatics Sportsbook.

Existing PointsBet users can login to the Fanatics Sportsbook using their original credentials. The migration includes their username, password, account balance, rewards points and responsible gaming settings.

Fanatics edging closer to full Points..

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Tag: Online sports betting