Online sports betting Archives

July 31, 2023

Fox Bet to close by 31 August

Flutter Entertainment and Fox Corporation have announced that their Fox Bet sports betting joint venture will close next month.

A phased closure of the Fox Bet operations will take place from today (31 July) until 31 August.

Flutter has been operating the brand as part of The Stars Group US, along with the US-facing operations of the PokerStars business.

It was confirmed that Flutter will retain ownership of both PokerStars and FanDuel Group. However, Fox will retain future use of the Fox and Fox Bet brands. These include the Fox Bet Super 6 prediction game, with a revamped version of this still due to go live this summer.

In addition, Fox, which holds a 2.5% stake in Flutter, will retain its option to acquire 18.6% of FanDuel.

Fox Bet’s short history

Fox Bet was born in May 2019 when Fox linked up with The Stars Group to launch a new sports betting service in the US. This was prior to Flutter acquiring The Stars Group in May of the following year.

At the time, it was planned fo..

July 26, 2023

Shape Games, operator margins lift Kambi Q2 results

Kambi Group CEO Kristian Nylén cited a high operator trading margin and the growing impact of the integration of Shape Games for driving a 24% rise in Q2 year-on-year revenue.

Kambi’s sales increased to €42.9m (£36.8m/$47.5m) from €34.7m in Q2 2022. This lifted H1 revenue to €86.9m, up from €71.5m last year.

“The second quarter of the year was another encouraging period for Kambi as we made significant strategic progress towards executing our long-term growth strategy, including a tier-one partner signing, key partner renewals and the continued development of our AI trading capability,” Nylén said.

Bally’s opportunities

The importance of a partnership with Bally’s Corporation in Q2 was also underlined.

“From a commercial perspective, we were delighted to welcome Bally’s Corporation to the Kambi network in Q2,” Nylén said. “As we further solidify our market leadership position, this partner win is a major milestone for the business and comes on the back of our flexible product str..

July 25, 2023

Missing an open goal

This year promises to mark a pivotal moment in women’s football – the point when the women’s game finally comes into its own. But Christina Thakor-Rankin, co-founder of the All-In Diversity Project and principal consultant at 1710 Gaming, doubts operators are taking full advantage of the Women’s World Cup.

The Fifa Women’s World Cup in New Zealand and Australia this summer offers bookies worldwide a much bigger opportunity than the World Cup “proper”.

By replicating the same range of markets they offered on the men’s event, including groups and player markets, they have the opportunity to re-engage with those who bet on the men’s game.

And by tweaking the way they present these opportunities, an even bigger opportunity becomes available – to attract a whole new sports betting demographic: women.

Christina Thakor-Rankin, co-founder, All-In Diversity Project and principal consultanT, 1710 Gaming

The statistics are certainly there to back this up. The numbers from a wide range of so..

July 25, 2023

Kindred leading in Netherlands as revenue up 29% in Q2

In its Q2 financial report Kindred posted a 29% year-on-year increase in revenue to £307.3m (€356m/$394m).

Kindred’s Q2 focus on cost controls amid an ongoing strategic review and a strong performance in the Netherlands are keeping the business on track to surpass full-year earnings expectations, according to interim CEO Nils Andén.

A total of £63.6m of sales was generated in the Netherlands. Andén said in an earnings call today that he believes Kindred is now the market leader in the country.

Sports betting growth drives revenue

Performance was positively impacted by an increase in sports betting, favourable results and lower bonus costs. Sports betting gross margin after free bets was 11.3% in Q2. This was up from 9.3% in the previous year and above the group’s long-term average of 9.6%.

However, excluding the Netherlands, active customers and gross winnings revenue remained relatively flat. The business said this was due to headwinds in Belgium and Norway offsetting growth in ..

July 19, 2023

Pennsylvania gambling revenue records tumble in 2022-23

Pennsylvania set a series of new gambling revenue records during the 2022-23 fiscal year, while the state also reported year-on-year growth in June.

Total gambling revenue in 2022-23 reached $5.51bn, according to the Pennsylvania Gaming Control Board (PGCB). This was an all-time high for the state, beating the previous record of $5.04bn set in 2021-22 by 10.0%.

Retail slots were the main source of revenue by some margin. The $2.45bn generated was 1.7% ahead of last year and the second-highest annual total in history, behind $2.48bn in 2011-12.

However, land-based table games revenue slipped 4.1% year-on-year to $974.0m.

Read the full story on iGB North America

July 18, 2023

MA online sports betting handle down 27% to $323.5m in June

Players in Massachusetts spent $323.5m betting on sports online in June, a 27.1% drop from the amount wagered in May.

June was the third full month of legal online betting in the state. The total bet was lower than $443.6m in May and $566.2m in April, the first month of regulation.

An additional $8.5m was spent by players betting at land-based locations across the state. Total handle for the month stood at $332.0m, down 27.0% month-on-month.

In terms of taxable revenue, online’s share amounted to $32.1m. This was 46.3% less than $59.4m in May, due to the handle decline.

Read the full story on iGB North America

July 18, 2023

GiG powers Crab Sports’ launch in Maryland

Crab Sports has rolled out online sports betting in Maryland via a partnership with Gaming Innovation Group (GiG).

Under the arrangement, GiG will provide both its platform and sportsbook to the wagering operator.

GiG first announced details of its link-up with Crab Sports in Maryland in June 2022. This was finalised in September of the same year.

The launch makes Crab Sports the eleventh operator to go live in the state since it opened its legal online wagering market last November.

BetMGM, Caesars, PointsBet, BetRivers, DraftKings, Barstool, FanDuel, Betfred, Fanatics and SuperBook are also active in Maryland.

Read the full story on iGB North America

July 17, 2023

NJ gambling revenue up 13.9% year-on-year in June

Gambling revenue in New Jersey increased 13.9% year-on-year in June, although the state experienced a month-on-month decline.

State-wide revenue for the month amounted to $457.2m. This was up from $401.5m in June of 2022 but 13.9% down from $401.5m in May this year.

Land-based gambling remained by far the primary source of revenue during the month. This area of the market generated $241.6m in revenue, 5.4% more than last year.

Slots accounted for $183.0m of all land-based revenue, a rise of 7.0%, while table games revenue climbed 0.9% to $58.1m.

Read the full story on iGB North America

July 14, 2023

Women’s sports boom raises corruption risk, new report warns

Increased and more widespread monitoring of women’s sport should be considered to help combat match-fixing, according to a new report.

‘Breaking Barriers: Assessing Women’s Sports, Betting, and Integrity Challenges’ looked at the current state of female sports around the world.

Presented this week at iGB L!VE, the study had the support of leading industry organisations, operators and suppliers. These included the International Betting Integrity Association (IBIA), All-In Diversity Project (AIDP), Entain, Flutter and Stats Perform.

The report flagged a “dramatic” rise in women’s sport worldwide, accompanied by a similar increase in betting.

Football led the way in terms of betting activity, with an annual market growth rate of approximately 20% since 2020. This was followed by tennis, basketball and cricket, with growth rates of over 10% during the period from 2017 to 2022.

The study also looked at the characteristics of female bettors. The percentage of female bettors in women’s ..

July 14, 2023

Colorado betting handle falls again in May

Player spending on sports betting in Colorado declined for the second consecutive month in May, although the state was able to report year-on-year growth.

Wagering handle for the month amounted to $385.2m. This was 6.9% more than $360.3m in May 2022 but 7.8% lower than the $417.8m bet in April this year.

Of this total, $382.1m was spent betting online, while in contrast, just $3.2m was wagered at retail sportsbooks.

Basketball accounted for 32.2% of all wagers placed during the month. Baseball’s share was 23.8%, while parlay and combination bets made up 16.9% of May’s handle.

Read the full story on iGB North America

July 14, 2023

Indiana sports wagering handle continues to decline in June

Monthly spending on sports betting in Indiana fell again in June, while the state also posted a decline in revenue.

Players wagered a total of $224.1m during the month. This was 12.6% lower than $256.3m in June 2022 and 20.9% down from $283.4m in May this year.

Baseball was the most popular sport among consumers, drawing $65.0m in bets. Players also spent $24.1m in basketball wagers and $1.6m on football bets. A further $82.0m was wagered on parlay bets and $51.0m across other sports.

Taxable adjusted gross revenue for June amounted to $19.5m. This represented a 23.4% rise from $15.8m last year but was 42.3% less than $33.8m in May.

Read the full story on iGB North America

July 14, 2023

Kambi and Eyas target Brazil with Lance! Betting launch

Kambi Group has partnered with Eyas Gaming and Brazilian-facing football media website Lance! to launch a new online sportsbook in the country.

Under the deal, Kambi will power the launch of the “Lance! Betting” brand with its sports betting technology.

The new sportsbook will draw on the existing Lance! following of more than 15 million active users per month. Eyas Gaming, backed by the Gauselmann Group, will oversee the running of the brand.

The partnership with Eyas Gaming could lead to the launch of sports betting in other markets in future, Kambi added.

Kambi “a natural choice” for Eyas

“It is a pleasure to have put pen to paper on this agreement with Eyas Gaming,” Kambi’s co-founder and chief executive Kristian Nylén said. “They are an operator whose management team boasts clear expertise and a passion for sports betting that mirrors our own.

“This agreement further bolsters Kambi’s impressive range of partners throughout Brazil and Latin America. We are excited to capitali..

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Tag: Online sports betting