Online sports betting Archives

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.

November 17, 2022

MaximBet ceases operations amid “challenging” macroeconomic conditions

Online gambling operator MaximBet has ceased all operations with immediate effect citing “challenging macroeconomic conditions” and an “increasingly cost prohibitive marketplace”.

MaximBet announced the decision in a message to customers, saying they will have until 15 December to withdraw any funds in their accounts. After this date, any remaining balances will be refunded via cheque sent to the address on the account.

Players are no longer able to deposit more funds or place net bets, but MaximBet said that it would settle any existing bets in line with its MaximBet House Rules until 15 December. At this point, MaximBet said bets will be cashed out at “current fair value market pricing” and player balances will be returned via cheque.

MaximBet was founded in April of 2021 through a collaboration between sports betting operator Carousel Group and media brand Maxim, supported by a $50m investment from the xSigma subsidiary of Chinese engineering business ZK International.

At the ti..

November 16, 2022

Entain and Sportsbet respond to Australian gambling harm inquiry

Online gaming operators Entain and Flutter-owned Sportsbet have issued responses to an ongoing Australian inquiry into online gambling and its impact on those experiencing harm.

On 15 September, an Australian parliamentary committee, the House of Representatives Standing Committee on Social Policy and Legal Affairs began an inquiry into online gambling and its effects on those who experience harm from the activity.

The committee sought out written submissions from both individuals and organisations providing recommendations on this topic. Entain and Sportsbet responded to the call to action, and wrote separate documents outlining their recommendations for policy in this area.

Appropriate levels of regulation

In the document that Entain provided, it argued that it believed that current levels of regulation in the sector were “appropriate”.

“Regulation that is not proportionate risks undermining the customer experience and driving growth in the use of black market illegal offshore..

November 16, 2022

Sportradar raises guidance after US segment turns Q3 profit

Sportradar raised its full-year guidance after it reported a 30.7% revenue increase to €178.8m and said its US segment turned a profit in Q3.

Sportradar reported that revenue from the United States was up by 61.2% to €31.6m.

“This growth was driven by a strong increase of US betting services, driven by cross-selling non-data products to betting operators as well as benefiting from our customers’ growth as a result of a development in the underlying market and new states legalising betting,” the group said.

Rest-of-world betting services was the largest segment of the business, with revenue up 28.4% from Q3 of 2021.

This, Sportradar said, was mostly due to clients using more products in which Sportradar receives a higher revenue share, such as as managed betting services.

“This growth was driven primarily by increased sales of our higher value-add offerings including managed betting services, which increased 84% to €38.2 million, and live odds services, which increased 12% to €27..

November 16, 2022

Codere Q3 revenue hits pre-pandemic levels thanks to strong LatAm growth

Spain, Italy and Latin America-facing gaming business Nueva Codere’s Q3 revenue increased 47.2% year-on-year to €343.4m (£300.7m/$357.8m), recovering to pre-pandemic levels.

The robust revenue growth is mainly due to the lifting of Covid-19 restrictions in venues, ensuring a rebound for Codere in almost all markets.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 74.8% to €57.4m from €24.6m in the same period the previous year. Codere’s potent performance in Argentina and other Latin American countries is one important factor in this result.

The company’s adjusted EBITDA margin also rose 2.6% to 16.7% in the three months leading to 30 September compared to the same period of 2021.

Codere country totals

Revenue jumped for Codere in all Latin American markets – most dramatically in Argentina where it increased 146% year-on-year to €98.6m, 122% of the pre-pandemic total. One important factor is that average player spend per visit has incre..

November 16, 2022

Caesars launches sportsbook app in Maryland ahead of market opening

Caesars Entertainment has announced the launch of its mobile sportsbook app in Maryland in preparation for the state opening its regulated market.

The Caesars Sportsbook app is available for download to mobile devices, while consumers can also access the Caesars Sportsbook website on desktop.

Users can take advantage of a special early offer when they register and deposit funds but will not be able to place bets until the market launches.

Read the full story on iGB North America

November 16, 2022

Former MLB player Puig pleads guilty to lying in illegal gambling investigation

Former Major League Baseball (MLB) All-Star Yasiel Puig has pled guilty to charges for lying to federal agents who were investigating an illegal gambling operation.

Federal law enforcement agents interviewed Puig regarding bets he placed on sporting events with an illegal gambling operation run by an individual named Wayne Nix. The Cuban-born baseball star has agreed to plead guilty to one count of making false statements – an offense for which he could face up to five years in federal prison.

Puig, who currently is a right fielder for the Kiwoom Heroes in South Korea, has agreed to pay a fine of at least $55,000 and to make an initial appearance in US District Court.

“Under our system of justice, no one is above the law,” said United States attorney Martin Estrada. “The integrity of our nation’s criminal justice system depends on people telling the truth, and those who fail to abide by this simple principle must face consequences.”

“When given the opportunity to be truthful about ..

November 15, 2022

SportNation and RedZone to cease trading in UK

Esports Entertainment Group (EEG)-owned brands SportNation and RedZone will cease trading in the UK from 30 November 2022.

SportNation and RedZone both said the sites were “closing for a variety of reasons including the economics of operating a small igaming business in the UK market”.

Users will be able to place bets and use their accounts will normal functionality until 30 November – after which they will be able to login to withdraw funds from 7 December, when the final closure is due to take effect.

Following this, there will be another seven-day period where the operator will process requests to withdraw funds of any amount over £1. From 14 December, SportNation and RedZone stated that “should any customer balances remain, we will continue to comply with requests for refunds of such balances to the extent required by law and in accordance with our terms and conditions”.

The operator has said that it intends to keep possession of customer data for five years following the clos..

November 15, 2022

AGA: 20.5 million Americans will wager combined $1.8bn on World Cup

A survey commissioned by the American Gaming Association (AGA) has found that 8.0% of American adults – equating to 20.5 million people – plan on betting a total of $1.8bn (£1.51bn/€1.57bn) on this year’s Fifa World Cup.

The World Cup is set to take place in Qatar and will begin on 20 November.

The survey was conducted by market research company Morning Consult between 3-5 November. A national sample of 2,213 adults took part.

Read the full story on iGB North America

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Tag: Online sports betting