Online sports betting Archives

September 7, 2023

Turnover is vanity, profit is sanity

The NFL is a difficult sport for oddsmakers and sportsbooks to navigate. But along with its headaches and complexities comes the promise of high rewards for operators, writes Simon Trim, launch consultant to 10star.

The weekend that follows the first Monday in September is always a red-letter event for US sportsbooks, as the NFL season makes its annual return.

The NFL season consists of 272 games, as opposed to the 2,430 that comprise the regular Major League Baseball season. But the impact on turnover, and potentially profit, that the NFL has in comparison is vast.

The NFL isn’t just America’s game either. It is a high-tariff sport throughout the global sports betting landscape. For UK sportsbooks, the NFL games held in London across three consecutive weekends in October are huge business drivers.

SIMON TRIM, LAUNCH CONSULTANT TO 10STAR

While the NFL is undoubtedly the main event in terms of generating turnover and revenue, the number of US sportsbooks that have translated this ..

September 7, 2023

Betr launches real-money sportsbook in Virginia

Microbetting operator Betr Holdings has announced the launch of its real-money sportsbook product in the state of Virginia.

Consumers can access the Betr Fantasy & Sportsbook app on iOS as well as the Betr Microbetting app via Google Play. Betr will also launch its Scripts product in the state.

The roll-out means Betr is now active in three US states, having already gone live in Ohio and Massachusetts.

Launching in Virginia also marks the final Betr Sportsbook roll-out on Betr’s V0 product. The operator will introduce its V1 Sportsbook in additional and existing states next year.

This development has been made possible through Betr’s acquisition of the Chameleon platform from FansUnite. Betr purchased Chameleon, which offers a suite of gaming solutions, for $7.4m (£5.9m/€6.9m) in May.

Betr’s new V1 OSB product will feature wider sportsbook capabilities. These include pre-match and in-play core markets, parlays, same game parlays, futures, props and other bet types. More than 20 ad..

September 6, 2023

Malta regulator cancels Tipster’s licences

The Malta Gaming Authority (MGA) has cancelled Tipster Limited’s licences in the country after the business was recently wound up.

The regulator in July suspended Tipster in response to the winding up order and is now proceeding with full cancellation. This, the MGA, said was the most “appropriate” measure.

Tipster must now notify all players of the cancellation and settle outstanding fees with the regulator. The sports betting operator is also ordered to remove any reference to MGA licensing from its websites.

All licence cancellations and suspensions in Malta are open to appeal.

Tipster faces insolvency proceedings

The licence suspension and subsequent cancellation come after insolvency proceedings were launched against Tipster in June. Dr Jörg Gollnick was appointed as its provisional insolvency administrator.

Gollnick is also the provisional insolvency administrator for Tipster Service GmbH, part of the Tipster group. At the time, Gollnick said the restructuring hinges on the..

September 4, 2023

Rhode Island sports betting handle slips to three-year low in July

Players in Rhode Island spent $20.2m (£16.0m/€18.7m) wagering on sports in July, the lowest monthly total for three years.

The figure was 19.8% down from $25.2m in July 2022 and 14.8% lower than $23.7m in June of this year. It was also the shortest monthly spend since July 2020 when $6.7m was bet by players.

Some $15.4m of the monthly spend was attributed to online betting. A further $4.9m was wagered at retail sportsbooks within Twin River and Tiverton Casino, split $3.0m and $1.9m, respectively.

In terms of revenue, $1.9m was generated in Rhode Island in July. This was 34.5% behind $2.9m in 2022 but marginally ahead of $1.8m in June.

Of this total, $1.5m came from online betting, while retail’s share totalled $293,397. Twin River generated $298,879 in betting revenue but Tiverton Casino posted a $5,482 loss, bringing the total slightly down.

Rhode Island legalises igaming

Confirmation of the July figures comes in the wake of Rhode Island moving to legalise igaming.

Governor Da..

September 4, 2023

Revenue dips as US plans gear up at BlueBet

Net revenue at sports betting operator BlueBet decreased marginally year-on-year for FY23, while turnover perked up as its US expansion plans took shape.

Revenue was AU$49.0m (£25.1m/€29.3m/US$31.7m) for the 12 months to 30 June, dipping by 1.3% compared to FY22. Turnover increased by 4.8% to AU$536.6m.

BlueBet pointed to its performance in Australia as a particular highlight for the year. But its full-year results came days after it was issued a $945,187 fine by the Victorian Gambling and Casino Control Commission (VGCCC). This figure could change subject to further legal proceedings. BlueBet displayed three advertisements on billboards between 29 August and 11 September last year, breaching state laws on marketing.

BlueBet’s active customers in Australia shot up by 22.7% to 65.4 million. Turnover grew 3.5% to $530.0m, accounting for a majority of the overall turnover for the year. BlueBet attributed this growth to a 24.0% increase in marketing spend, which was due to increased inv..

September 1, 2023

DOI blasts West Flagler over Florida sports betting rehearing request

The US Department of Interior (DOI) has hit back at West Flagler’s “strawman arguments” over its request for a rehearing in the Florida sports betting case.

In a 25-page response, the DOI criticised the en-banc hearing request by two Florida pari-mutuel betting operators, after the businesses lost their case in the DC Circuit Court challenging the Seminole Tribe’s compact with the State of Florida.

The compact, through its “hub and spoke” model, grants Seminole the exclusive right to offer online sports betting in the Sunshine State. The tribe plans to launch the offering through its Hard Rock Bet brand.

the original ruling cleared the compact’s “hub and spoke” model from federal objections

‘Rehearing is unwarranted’

The department pushed back against the “erroneous assertions” of the pari-mutuels. It argued the compact does not legalise the placing of bets. As evidence, it highlighted that the court’s decision does not prevent the plaintiffs from challenging the compact in the s..

September 1, 2023

Ontario: The state of play

More than a year on from the regulation of the Ontario gaming sector, gambling businesses have each adapted to the market in their own way. But how can operators stand out from the crowd in North America’s most competitive market?

With every gold rush comes the prospectors.

In the 16 months following the regulation of the gaming sector in Ontario, gambling operators of all shapes and sizes have thrown the dice to get a slice of the biggest and most dynamic market in North America.

Those involved range from former grey market players trying to make the regulated transition, the big European operators, media brands which have grown a betting wing and land-based companies trying to get in on the action – plus everything in between.

The landscape

Ontario has become an incredibly competitive market, with iGaming Ontario recording 46 companies operating 71 brands as of Q1 2023.

However, one trend to note is its diversity. This is especially striking when compared to the US which, butt..

August 30, 2023

Bet365 grabs Arizona licence

Stoke-based online gambling operator Bet365 has been cleared to offer sports betting in Arizona through one of the three remaining available tethered licences.

On Tuesday, the Arizona Department of Gaming (ADG) announced it had authorised Bet365 for an event wagering licence through a market access agreement with the Ak-Chin Indian Community, a federally recognised tribe and one of the state’s 20 licence holders.

This marks the seventh state in which Bet365 has received a licence. The operator is already live in Ohio, Virginia, New Jersey, Iowa and Colorado.

Also on Tuesday, Bet365 announced it had begun its pre-registration period in Kentucky with an eye towards a 28 September launch. This comes after receiving a temporary licence to operate in the Bluegrass State the week prior.

Bet365 will take the place of Fubo Sportsbook, which had previously operated in the state through Ak-Chin’s licence. In October 2022, the streaming provider announced it would be closing its sportsbook wi..

August 25, 2023

Nascar secures micro-betting partnership with nVenue

North American stock car racing association Nascar has entered into a multi-year partnership with micro-betting technology provider nVenue.

Under the deal, nVenue will become an official micro-betting data and technology provider to Nascar. This will see nVenue develop in-race micro-betting markets and predictive content for fans across the US.

nVenue will work directly with the league to design and develop in-race odds. These will include non-traditional betting markets such as stage results, qualifying and pit road betting opportunities.

In addition, nVenue will use live racetrack data and historical race data points to create predictions and odds. This covers each race and driver.

“This collaboration epitomises a shared vision to entertain fans and enhance the race viewing experience,” Nascar’s managing director for sports betting, Joe Solosky, said. “We’re thrilled to pair our racing product with expert technology like nVenue’s to bring micro-betting to Nascar fans going forwa..

August 25, 2023

FansUnite expects to save $7.1m from DragonBet migration

FansUnite Entertainment has reached an agreement with UK-based sportsbook DragonBet to migrate off its Chameleon Gaming platform as part of a strategy to streamline its business operations.

DragonBet will migrate off the white label betting platform on or around 3 September. This is despite the Welsh-facing brand having only joined the platform last year under a deal with FansUnite.

The migration comes after FansUnite in May agreed to sell the Chameleon source code to Betr. Under the deal, Betr is paying a total of $7.4 to take ownership of the platform.

FansUnite said the combined impact of the sale and DragonBet migration will result in approximately $7.1m (£5.6m/€6.6m) in annualised cost savings.

These savings include reductions in salary and selling, general and administrative costs. The business said these will be reflected in its financial results once the wind-up of operations of the Chameleon platform completes.

FansUnite added that it expects to generate positive cash flo..

August 25, 2023

Entain CEE adds another piece to the puzzle with STS

Entain CEE’s £750m acquisition of STS Holdings gives Entain access to Central and Eastern Europe's (CEE) largest economy, Poland. For Mikolaj Cymerman, head of corporate development at Entain CEE, this is just the first step.

The deal for the Polish sportsbook market leader marks the second acquisition made by Entain CEE, a joint venture between Entain and investment management company Emma Capital.

It’s also a major milestone for the two parties. Getting a foot in the door will allow Entain to make serious inroads in the CEE market, one already somewhat carved out by its first acquisition – of Croatia’s SuperSport – last year.

Mikolaj cymerman, head of corporate development, Entain CEE

“Once SuperSport happened, people were thinking ‘OK, so they’ve bought SuperSport and that’s it’,” Cymerman explains. “But now with STS, this kind of structure starts to unravel and people are seeing that this wasn’t a one-trick pony.”

It was this first acquisition that set the wheels in motio..

August 23, 2023

Dazn Bet granted German sports betting licence

Online sports betting and casino operator Dazn Bet has been authorised to offer sports betting in Germany.

Dazn Bet is owned by sports media streaming service Dazn. It was first formed in April 2022, as part of a partnership with Pragmatic Gaming. It was added to the sports betting section of Germany’s white list.

The operator joins the likes of Jackpot50, 888 and Tipico on the list.

Dazn Bet, which is registered in Malta, will operate under the Daznbet.de domain.

The white list came about with the establishment of Germany’s gambling regulator, Gemeinsamen Glücksspielbehörde der Länder (GGL). The GGL was brought forth by Germany’s Fourth State Treaty on Gambling (GlüNeuRStv), which came into force in July 2021.

Germany’s gambling regulator

The GGL was established in July 2022. It officially took over all tasks from its predecessor, the Saxony-Anhalt State Administration Office, in January 2023.

Its responsibilities range from issuing licences to combatting illegal gambling in..

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Tag: Online sports betting