Online sports betting Archives

October 10, 2022

New York sports betting revenue hits record $143.3m in September

Sports betting revenue in New York reached a record $143.3m (£130.1m/€147.7m) in September as consumer spending hit its highest monthly total since May.

Gross gaming revenue from sports betting in September was 15.5% higher than the previous monthly high of $124.1m, which was set in the first month of legal wagering in January this year.

The September total was also 43.9% higher than $99.6m in August.

In terms of spending, handle for the month amounted to $1.26bn, up 44.1% from $872.2m in August and was the highest monthly total since May.

Flutter Entertainment-owned FanDuel remained comfortably the market leader with $65.7m in GGR from $499.8m in player bets during the month.

DraftKings was the closest challenger with $44.9m in GGR from a $422.2m handle, followed by Caesars Sportsbook, which posted $18.6m in GGR and a $163.2m handle.

BetMGM generated $8.6m in GGR from $95.7m in wagers in September, while Rush Street Interactive posted $3.7m in GGR off $34.9m and PointsBet $1.7m ..

October 7, 2022

Lotteritilsynet halts daily fines as Kindred stops targeting Norway

Norwegian regulator Lotteritilsynet has paused issuing daily fines to Kindred Group after the operator confirmed its Trannel subsidiary would no longer target consumers in the country.

However, the operator added that it had done so only as a show of goodwill and that it was confident that its legal position was still correct.

Earlier this month, Lotteritilsynet warned Kindred that it would impose a fine of NOK1.198m (£100,106/€114,549/$112,184) for every day that Trannel did not withdraw from Norway.

The daily fine was due to come into effect three weeks after the day that Lotteritilsynet decided to implement the fine. That decision came on 14 September, after it previously warned the operator it would issue fines if it did not exit the market.

The regulator said these fines would only stop when the amount owed reaches Trannel’s annual gross profit, which the regulator estimated to be approximately NOK437m, or when the operator withdraws from the country.

Trannel does not hold a ..

October 7, 2022

DraftKings shares rocket after reported “large new partnership” with ESPN

US-based sports betting operator DraftKings’ shares rose 14% to $18.26 in after-hours trading following report of “large new partnership” with Disney’s sports broadcasting arm ESPN.

Business news agency Bloomberg broke the story overnight, reporting that “people familiar with the matter” had indicated the existence of such a partnership.

In the wake of the story, DraftKings’ shares briefly jumped 14% to $18.26 per share in after-hours trading, up from $16.04 before the news broke. Since the after-hours peak, the share price has settled down to $17.45 per share, 8.79% above close.

ESPN speculation

The deal would be Disney’s most significant foray into the rapidly growing US sports betting market, after years of speculation, which have only increased in recent months.

In November 2021, CEO Bob Chapek hinted at the business’ interest during its fourth quarter earnings call. On that occasion Chapek called ESPN the “perfect platform” for sports betting.

“We have done substantial res..

October 6, 2022

Entain to promote online betting brands at NSW hotels in new deal

Global gambling giant Entain has agreed a new deal with the Australian Hotels Association (AHA), allowing it to promote its online betting brands Neds and Ladbrokes at New South Wales hotels.

The agreement comes despite hotels in the state having an existing exclusivity deal with Tabcorp, the national totalisator board.

As a result, the deal will not involve any Entain wagering terminals, or hotel staff accepting or taking commission for bets. Instead, Ladbrokes and Neds will simply be advertised at these venues.

“For decades now, many NSW hotels have operated PubTABs for Tabcorp at a significant loss – primarily due to high Sky Channel and EBT (betting terminal) fees,” AHA NSW CEO John Whelan said. “In-country NSW it’s even worse, with the majority of country pubs currently running their PubTAB at a loss.

“Today’s partnership with a world leader in Entain will finally give NSW hotels competition and choice.”

An evolution?

Entertain Australia chief executive Dean Shannon said th..

October 6, 2022

Kambi agrees terms for Penn Entertainment sportsbook migration

Sports betting solutions supplier Kambi Group and Penn Entertainment have reached an agreement over the migration of the operator’s online and retail sportsbooks from Kambi to Penn’s proprietary technology.

Under the arrangement, Penn, previously known as Penn National Gaming, will migrate its online sportsbook in the third quarter of 2023, with the retail switch expected to take pace in 2024.

The two parties also agreed to cooperate on additional US state launches for the Barstool sportsbook during the transition period.

In August, Penn exercised its option to acquire all remaining shares of media brand Barstool Sports, having in February announced it would take full control of the business by early 2023.

The agreement provides for ongoing revenue share payments related to online and retail sports betting services for the duration of the provision of each respective service.

In addition, Kambi will receive one-time fees of $12.5m (£11.0m/€12.6m) for the early termination of the o..

October 6, 2022

PointsBet pens horse racing betting deal with 1/ST Technology

Online gambling operator PointsBet Holdings has entered into a betting partnership with the 1/ST Technology division of North American thoroughbred horse racing business Stronach Group.

Under the five-year master services agreement, agreed through PointsBet’s Premier Turf Club subsidiary, 1/ST Technology will provide horse racing betting products and content solutions for full integration within the PointsBet sportsbook app.

The partnership will also deliver a PointsBet-branded stand-alone advance deposit wagering (ADW) offering in eligible states outside those in which PointsBet currently offers sports betting.

Using Premier Turf Club’s licences, PointsBet will own and operate the ADW business and retain ownership of customer data.

Racing customers of 1/ST Technology’s Xpressbet and 1/ST Bet brands will be introduced to sports betting and igaming via PointsBet products through the marketing partnership.

It is anticipated that the PointsBet-branded ADW solution will launch in earl..

October 6, 2022

Happyhour to invest in Chile’s Betsala

Happyhour.io, the igaming-focused seed and early-stage accelerator led by former Gaming Innovation Group (GiG) chief executive Robin Reed, has committed to an investment in Chilean online sports betting brand Betsala.

Financial terms of the agreement were not disclosed, but Happyhour said the funding would help to accelerate growth for the operator.

Happyhour will also offer its operational, product and technical expertise to support Betsala and its long-term plans of becoming one of the leading sports betting brands in Chile.

Betsala launched in 2020 and is fronted by Chilean football legend Marcelo Salas, who also serves as an ambassador for the operator. During his playing career, Salas played for Italian Serie A teams Lazio, Roma and Juventus, while he was also captain of the Chilean national team.

“We have the right management team, experience and vision to be a sports betting and gaming powerhouse in Chile,” Betsala chief executive Albert Bellavista said. “The investment from..

October 6, 2022

888 launches in Africa, entering four new markets

Online gambling operator 888 has announced the launch of its 888bet brand in Kenya, Tanzania, Mozambique and Zambia through the 888Africa joint venture.

888Africa was established in March to operate 888 brands in online betting and gaming markets across select regulated countries across Africa. 888 initially invested in a minority stake in the venture, with the option to increase this to take control and ultimately own up to 100% of 888Africa.

The roll-out of 888bet in Kenya, Tanzania, Mozambique and Zambia marks the first launches in Africa since 888Africa was founded six months ago.

Players in each of the countries will have access to online sports betting, while consumers in Zambia will also be able to play online casino games through 888casino.

888 said it is also planning launches in other African markets in the future, subject to local licensing.

“We are delighted to hit our target and launch into four regulated markets within six months of founding the business,” 888Africa..

October 5, 2022

Genius Sports launches in-play same-game parlay tool

Sports data and technology business Genius Sports has announced the launch of a new in-play same-game parlay betting tool for online sportsbooks.

In-Play MultiBet will allow players to wager on multiple events within the same game while a match is taking place. This, Genius Sports said, could include customers placing new bets after each goal or touchdown and during intervals.

“Combining same game parlays with the unstoppable growth of in-play betting is a breakthrough innovation for us and our partners,” Genius Sports’ chief commercial officer Jack Davison said.

The tool will be available in time for betting on the 2022 Fifa World Cup, the national team football tournament that is scheduled to kick off in Qatar next month.

“Starting with the biggest sports event of the year, the Fifa World Cup, InPlay MultiBet will enable our partners to unlock bigger margins and drive engagement between key match events and breaks,” Davison added.

In-Play MultiBet will also run across football’..

October 5, 2022

Ontario regulator to take action against unlicensed operators from 31 October

The Alcohol and Gaming Commission of Ontario (AGCO) has made changes to its Registrar’s Standards for Internet Gaming, meaning unlicensed operators must now exit or face “appropriate regulatory action” and risk having future applications rejected.

The updated standards, the AGCO said, will support the province’s goal of creating a safer, competitive and well-regulated igaming market for the people of Ontario.

The most significant change comes to standard 1.22. Under the new rules, the transition period for unregulated igaming operators and gambling-related suppliers will end. The process was intended to allow those within the unlicensed space to move into the regulated market without causing significant interruption to their Ontario customer base.

However, the new standard establishes that operators and suppliers active in the unregulated market, or have agreements and arrangements with those in the unregulated area, must end their activities here to avoid jeopardising their eligibi..

October 4, 2022

Italy to raise betting taxes this month

Italy’s new legislative decree on sports betting – featuring a tax rise, but no new tax on turnover – is set to come into force on 28 October, having been published in the country’s official gazette.

Under Italy’s previous sports betting law, retail betting revenue was taxed at 18%, while online revenue was taxed at 22%. However, under these new rules, the tax on retail betting revenue was increased to 20%, while for online it will be 24%.
Previously, Italy had considered introducing an additional 1% turnover tax instead, but this plan was scrapped.

The law will also introduce a €1 minimum bet, while winnings for any fixed-odds bet will be capped at €50,000.

These new rules will come into force on 28 October, which will be 30 days after their publication in the Official Gazette. They will cover any fixed-odds bets on events other than horse racing, including non-sporting events approved by the Italian Customers and Monopoly Agency.

Italian sports betting in recent years has been he..

October 4, 2022

Italy avoids turnover tax on betting

Italy’s new legislative decree on sports betting – which will not contain the tax on turnover that had been proposed – is set to come into force on 28 October, having been published in the country’s official gazette.

Under these new rules, the tax on retail betting revenue will be 20%, while for online it will be 24%.
Previously, Italy had considered introducing an additional 1% turnover tax instead, but this plan was scrapped.

The law will also introduce a €1 minimum bet, while winnings for any fixed-odds bet will be capped at €50,000.

Italian sports betting in recent years has been heavily impacted by the introduction of a total marketing ban in 2019. This ban, referred to as the “dignity decree”, has bee..

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Tag: Online sports betting