Online sports betting Archives

November 22, 2022

PressEnter announces management buyout

The senior team at PressEnter Group, the igaming operator formerly known as BetPoint, is to take charge of the business through a management buyout.

Terms for the buyout have been agreed with PressEnter’s existing investors.

Chief executive Lahcene Merzoug and a team of senior executives will then take control, with Merzoug named the operator’s executive chairman once the deal completes.

Management said PressEnter, who operate online casino brands such as 21.com, JustSpin, NeonVegas Casino, NitroCasino, UltraCasino and RapidCasino, in addition to the XLBet sportsbook, offers “significant growth potential”.

New chapter for PressEnter

“The management team sees this as a new chapter for the business and will be reviewing existing strategies and processes to maximise new opportunities, grow the business and focus on the company’s core strengths,” PressEnter said.

Lahcene Merzoug will become executive chair of PressEnter following the buyout

“The management team has worked hard fo..

November 21, 2022

Industry gears up for record betting volumes as World Cup begins

The industry expects a record number of bets to be placed during the 2022 Fifa World Cup.

The 2018 tournament saw high betting levels and is widely considered to be the most bet-on sports event in history. For many sports betting operators, 2022’s controversial tournament will be the most significant betting event of the year.

Looking across the industry, Flutter has predicted that its UK and Ireland brands will see £300m staked during the World Cup.

In particular, Flutter noted that its FanDuel and Sportbet brands may see greater engagement due to both the USA and Australia qualifying for the competition.

Flutter cited a study from Fifa, conducted in conjunction with Sportradar, which estimated that $136bn was staked globally on various teams during the 2018 event. Whether betting levels will surpass the previous record will depend on many factors, not least which teams are able to proceed the furthest.

Elsewhere, Ladbrokes, Coral and Bwin agreed with Sportingbet brand operator ..

November 21, 2022

BetMakers pens distribution deal with Racing Victoria’s media business

Betting technology and data business BetMakers has entered into a digital distribution agreement with Racing Victoria’s media business, the Victorian Thoroughbred Racing IMB (VTRIMB).

As part of the deal, BetMakers will embed a feed featuring Victoria horse races into its digital platform. This will then be distributed to betting companies across Australia via Betmakers’ streaming services .

“BetMakers is delighted to reach agreement with VTRIMB as a distribution partner for Racing.com’s live horse racing vision,” said BetMakers CEO Todd Buckingham. “Making this top-quality content available to more consumers will drive increased interest and wagering in Victorian horse racing.

“The content will also continue to bridge the product gap for BetMakers’ platform customers and is the first of many exciting updates we will roll out in this space.”

The agreement means BetMakers will provide content to up to 25 new distribution partners in the Australian online betting market.

“BetMakers..

November 18, 2022

Betfred and DraftKings launch sportsbook products in Maryland

DraftKings and Betfred have become the latest operators to announce their entry into the Maryland sports betting market.

Betfred’s physical sportsbook will go live from today (18 November), while DraftKings’ sportsbook app is set to launch on 23 November.

Both operators completed the mandatory early access test period, a measure implemented by the Maryland State Lottery & Gaming Control Agency and paid the $500,000 application fee.

Read the full story on iGB North America

November 18, 2022

Global regulators release joint World Cup statement

Regulators from France, Germany, Portugal, Spain and Great Britain have released a joint statement before the World Cup begins on 20 November, reminding operators to keep responsible gambling and player protection in mind as the tournament runs.

The regulators met in Paris, France on 15 November. L’Autorité Nationale des Jeux (ANJ), the gambling regulator for France, said that the meeting saw a number of key issues being discussed that would affect betting during the World Cup.

“This meeting was an opportunity to address several topics, including the fight against illegal offers and the protection of players and advertising during the World Cup,” read the statement.

“On the latter topic, regulators agreed to commit to working together to closely monitor gambling operators’ compliance with advertising, betting integrity and consumer protection regulations during the World Cup.”

Earlier this month, a number of operators and advertisers signed four charters in France, which committed ..

November 18, 2022

The view from Latvia

More than two years on from the country shutting down all legal gambling for two months, what is the current state of the Latvian market? iGB talks to TonyBet Latvia and Estonia country manager Valters Rozmanis to find out more.

It’s one of those thought experiments that naturally comes up from time to time in this industry – what would happen if a country just abolished gambling overnight?

How would consumers adjust? Would they abstain entirely or move in droves to the unregulated black market, outside the remit of both the taxman and a socially responsible regulator?

Latvia provides something of a natural experiment in this regard. In April 2020, as the first wave of Covid-19 lockdown measures were announced, fearing for the wellbeing of their citizens, the 40th government of Latvia announced a complete ban on all forms of online and land-based gambling.

The shutdown, which ran from 6 April to 9 June, pitted a modern, digital-savvy European country against the mawing forces of th..

November 18, 2022

Michigan reports record igaming revenue in October

Online gaming revenue in Michigan reached a record $141.0m in October, while the state also reported a 34.7% year-on-year increase in total internet gambling revenue.

Overall online commercial and tribal revenue for the month amounted to $190.2m (£159.9m/€183.7m), up from $134.0m in the same month in 2021 and also 7.7% higher than $176.5m in September this year, according to the Michigan Gaming Control Board (MGCB).

Of this total, $141.0m came from online gaming gross receipts, a 25.0% rise from $109.7m and a new record, surpassing the previous monthly high of $132.4m set in April this year.

Internet sports betting gross receipts also increased 67.8% year-on-year to $49.2m, while the state’s handle climbed 3.6% from $463.3m to $480.8m.

Combined total adjusted gross receipts, which also account for promotional spending, were $158.5m, including $126.7m from igaming activity and $31.8m from sports betting.

Operators paid $28.2m in taxes and payments to the state of Michigan during Oc..

November 18, 2022

Pennsylvania online slots revenue hits record high in October

Gambling revenue in Pennsylvania increased 5.7% year-on-year during October, helped by a record performance by the state’s online slots market.

Total revenue for the month amounted to $450.2m (£378.0m/€434.2m), up from $425.9m in October 2021 and also 0.4% more than $448.5m in September this year.

Retail slots were again the primary source of revenue at $199.0m, though this was 2.1% lower than last year. Retail table games revenue was also down 10.4% to $79.3m.

Online slots overtook retail table games to become the second-highest gambling revenue source in the state, generating a record $86.3m, up 22.1% year-on-year. Online tables revenue was also 21.8% higher at $35.7m, though internet poker revenue slipped 12.7% to $2.5m.

Hollywood Casino at Penn National retained top spot in the state’s igaming market by some margin, posting $52.7m in online gambling revenue. Rivers Casino Philadelphia was second with $29.3m, then Valley Forge Casino Resort on $23.4m.

Turning to sports wagering..

November 18, 2022

New Jersey betting revenue down as challengers struggle in October

Sports betting revenue in New Jersey declined by 7.4% year-on-year to $77.9m, as revenue for its leading brands increased but challengers in the market struggled.

This figure came as players bet $1.06bn on sports, down by 18.1% from October 2021’s record-high $1.30bn. Of this total, $987.6m was placed online, with the remaining $72.6m placed in person.

The Meadowlands, with a FanDuel betting skin, continued to easily lead the market with $45.4m in sports betting revenue, up 3.0%. In second place was Resorts Digital, which has partnered with DraftKings and brought in $17.2m, up 8.0%

BetMGM partner the Borgata was the only other operator to crack even a 3% market share, bringing in $9.5m, up by 18.7%.

Read the full story on iGB North America

November 18, 2022

What will it take to create a US challenger that’s actually viable?

iGB op-ed: Following MaximBet’s exit from the US sports betting market, Daniel O’Boyle asks what it will take for a lower-tier US brand to succeed.

This week’s column comes to you as I prepare to board a flight for a week off in the Hampton Roads region of Virginia, so what better to focus on than the idea of retreating from costly US battles?

Maximbet became the latest US operation to shut down, hot on the heels of the Fubo Sportsbook. If it wasn’t clear already, it’s fair to say now that it’s tough for second-tier and below operators to make much money, and other exits are likely coming soon.

In August, I wrote that the podium of top US sports betting operators had effectively been set, with no path for challengers to compete with the likes of FanDuel, DraftKings and BetMGM.

The chances of anyone coming close to FanDuel’s market share disappeared a long time ago

Recent events have only reinforced that there simply isn’t a path into the top tier for the also-rans. So the question..

November 17, 2022

KSA to investigate illegal affiliate sites targeting self-excluded players

The Dutch Gambling Authority (KSA) has announced that it has initiated an investigation into affiliate marketing sites that target vulnerable consumers.

The KSA said that its attention had been drawn to a number of affiliate sites that had been created with the seeming intent of circumventing regulated offerings and directing consumers to gambling sites that do not abide by Dutch gaming law.

The KSA provided examples of such sites with domain names including phrases such as casinozondercruks (“casino without cruks,”) and casinozondervergunning (“casino without licence”). The Centraal Register Uitsluiting Kansspelen (Cruks) is the Dutch self-exclusion platform that allows players who have experienced harm from games of chance the opportunity to put themselves on a blacklist preventing them from accessing certain sites for a pre-designed time period set by the user.

The KSA has cracked down on affiliates before, taking action against 15 sites in December 2021.

Cruks integration

Und..

November 17, 2022

Codere Online losses widen despite revenue growth

Online gaming operator Codere Online has announced that losses increased 73% quarter-on-quarter from €6.7m (£5.8m/ $7.0m) to €11.6m in Q3 despite revenue growth on both a sequential and annual basis.

Much of the increased losses can be explained by increased marketing spend. Codere spent €5m more on marketing in Q3 than it did in Q2, with an increase from €19.3m to €24.3m. Other costs remained largely static quarter-on-quarter.

Total revenue increased to €28.9m in Q3 2022, a 51% year-on-year increase, while net gaming revenue increased 54% to €30.6m. This compares with the €27.4m in total revenue and €29.2m in net revenue the company received in the preceding quarter. The increased losses can be explained by revenue not increasing at the same speed as marketing spend.

Moshe Edree, CEO of Codere Online, said this growth was driven primarily by the company’s continued expansion in its critical markets of Mexico and Spain, which make up the majority of the business’ total revenue.

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Tag: Online sports betting