Online sports betting Archives

February 28, 2024

Georgia moves closer to sports betting after bill passes senate

Georgia looks set to have a referendum on whether to legalise sports betting after a bill successfully passed through the state’s senate.

Senate Resolution 579, which seeks to approve sports betting in Georgia, passed by 41 to 12. This was easily enough to meet the two-thirds majority needed to amend the state’s constitution through a referendum.

SR579 is led by Senator Bill Cowsert, who submitted the ultimately unsuccessful Senate Bill 172 in 2023. In a largely unchanged form, though, SR579 looks more likely to end up passing.

Earlier in February, Senator Clint Dixon’s Senate Bill 386 was adopted after passing with a vote of 35-15. Enabling legislation SB386 looked to establish a framework of regulation in the state and was amended so that the support of 38 senators was needed to pass.

Cowsert’s proposals would see 80% of tax revenue attributed to the lottery’s education fund. Some 15% would go to public education on problem gambling, while 5% would be given to the Sports Promotio..

February 28, 2024

Fanatics Sportsbook goes live in Indiana

The Fanatics Betting and Gaming (FBG) division of Fanatics Holdings has announced the launch of its online sportsbook product in the state of Indiana.

Players in Indiana can now place bets on a wide range of events and competitions via the Fanatics Sportsbook.

Fanatics replaces the PointsBet brand in the state. Existing PointsBet customers in Indiana will automatically have their username, password, account balance, rewards points and responsible gaming settings migrated to the Fanatics Sportsbook.

FBG has been phasing out the PointsBet brand in states across the US after its acquisition of PointsBet US in August 2023. Indiana is the 14th state in which the Fanatics Sportsbook has launched.

fanatics casino is also now live in three states

Fanatics also runs online sports betting in Colorado, Connecticut, Iowa, Kentucky, Maryland, Massachusetts, Michigan, Ohio, Pennsylvania, Tennessee, Vermont, Virginia and West Virginia. In addition, PointsBet retail betting venues operate in Penn..

February 27, 2024

Spain: online gambling revenue edges up to €315.3m in Q4

Online gambling revenue in Spain increased marginally year-on-year and quarter-on-quarter to €315.3m (£269.8m/$342.0m) in Q4, while total deposits were also higher.

Gross gaming revenue in Q4 was 0.6% higher than in the same period in 2022. The total was also up 3.6% from the amount generated in Spain during the third quarter of the year.

Breaking this down, casino was the primary source of revenue by some distance during Q4.

Total revenue from this segment was €171.3m, representing 54.3% of all market revenue in Spain. Growth in the casino market was helped by a 25.9% rise in slots revenue and 15.3% increase in live roulette revenue.

Elsewhere, sports betting revenue hit €114.7m, accounting for 36.4% of total revenue and poker €25.4m, or 8.1% of overall revenue. For poker, tournaments had a negative variation rate of 0.5% and poker cash 7.0%.

A further €3.8m in revenue came from bingo activity, some 1.2% of all revenue, and contests €50,000.

Total deposits up 9.4% in Q4

In te..

February 27, 2024

Arizona sports betting revenue reaches record high in December

Gross sports betting revenue in Arizona hit a new monthly high in December, despite handle declining month-on-month.

December gross revenue in Arizona amounted to $66.1m (£52.1m/€60.9m). This was up 22.1% from $54.4m in the previous year and also 62.4% ahead of November’s total.

Of this total, $65.2m came from online betting and $625,986 retail sportsbooks. A further $240,604 was generated by limited event wagering (LEW) operators.

This came off the back of $693.3m in total wagers placed during the month. Total player spend was 21.1% ahead of December 2022 but behind the record $713.6m wagered in November.

Online spend amounted to $685.1m, retail sportsbooks $6.4m and LEW operators $1.8m.

A total of $17.8m in free bets and promotional credits were noted in December. Almost all of this came from online betting.

As such, adjusted gross sports betting revenue for the month amounted to $48.3m, another new record. This was 30.3% higher than December 2022 and 139.4% more than $20.3m i..

February 26, 2024

Ohio bans player prop bets on NCAA games

The Ohio Casino Control Commission (OCCC) has banned player prop bets on college sports after granting a request from the National Collegiate Athletic Association (NCAA).

The OCCC’s decision came after NCAA president Charlie Baker sent a letter to the commission’s executive director Matt Schuler, requesting a ban to be implemented on player-specific prop wagers for its games. The letter was also endorsed by Ohio’s governor, Mike DeWine.

Bettors will no longer be able to wager on markets such as a quarterback’s passing yards or a basketball player’s points for NCAA games. Operators have until 1 March to introduce the restrictions.

In the OCCC’s announcement, the commission stated it would become the 25th state to either prohibit or limit player-specific prop bets on NCAA contests. The ban’s aim is to protect NCAA athletes against potential harassment from bettors, as well as curb match fixing.

Ohio only launched legal sports betting in January 2023. In July, the state passed a law t..

February 26, 2024

Yield Sec: Two-thirds of Super Bowl bets in US were illegal

New research collated by Yield Sec has revealed that close to two thirds of bets cast on Super Bowl LVIII in the US were illegal.

The research was commissioned by the Campaign for Fairer Gambling (CFG). It analysed how players chose to bet during the 2024 Super Bowl, looking specifically at the performance of the black market. Further research on the gambling share between regulated and unregulated markets is expected in the next few days.

Yield Sec reported that, in total, 350 million bets were placed on this year’s Super Bowl, at a value of $5.4bn (£4.26bn/€4.98bn). The total bets were up by 22.8%, while the betting value shot up 20.0% year-on-year.

In total, 228 million wagers were illegal and 122 million were legal. Illegal bets generated $4.0bn while legal bets made up the remaining $1.4bn. In comparison, the 2023 Super Bowl brought in 286 million bets, split between 186 million illegal bets and 100 million legal bets. Of the $4.5m generated last year, $1.1bn came from legal be..

February 23, 2024

Waterhouse VC: The mathematics of betting

Tom Waterhouse of Waterhouse VC explores the mathematical prowess involved in professional betting and discusses why people choose to bet the way they do.

For most of us, it is hard to fathom the mathematical capability possessed by a small number of people. It is even more impressive when these individuals can combine several rare skills together with business acumen to develop a highly profitable enterprise.

We believe that professional betting is one of the most difficult fields in the world. The three keys to winning at betting are: making correct bet selections; betting at an attractive price; correctly staking – knowing how much to wager on each selection.

Successful professional betting requires a combination of incredibly challenging skills:

Knowing a sport back to front – every player statistic, every last-minute change, every location and playing surface (e.g. clay/grass/hard tennis courts, Emirates Stadium vs Etihad Stadium)Complex modelling of the many 100s of various ..

February 23, 2024

Fanatics launches online sports betting and casino in Michigan

Fanatics Betting and Gaming (FBG) has announced the launch of its online sportsbook and casino in the state of Michigan.

Players in Michigan can now access both the Fanatics Sportsbook and Fanatics Casino. The online casino offering has been embedded in the sportsbook app.

Fanatics Sportsbook replaces the PointsBet brand in Michigan. Existing PointsBet customers’ username, password, account balance, rewards points and responsible gaming settings will automatically be migrated to the Fanatics platform.

FBG has been phasing out the PointsBet brand across the US following its acquisition of PointsBet US in August 2023.

Fanatics fended off DraftKings with improved PointsBet US bid

Michigan marks the 13th state in which FBG has launched its Fanatics Sportsbook. It is also live in Colorado, Connecticut, Iowa, Kentucky, Maryland, Massachusetts, Ohio, Pennsylvania, Tennessee, Vermont, Virginia and West Virginia. In addition, retail betting venues operate in both Pennsylvania and West Vi..

February 22, 2024

Michigan igaming revenue reaches record $181.9m in January

Gross igaming revenue in Michigan hit a new monthly high of $181.9m (£143.7m/€167.7m) in January, while the state’s entire online gambling market grew year-on-year.

Total gross online gambling revenue, comprising igaming and sports betting, amounted to $229.6m. This was 22.6% ahead of $187.3m in Michigan last January but 5.3% less than December’s $242.5m record for total gambling revenue.

Figures include licensed commercial and tribal igaming operators in Michigan.

Gross igaming revenue was 18.4% higher year-on-year, surpassing the $153.7m reported in January 2023. The total also narrowly beat the existing monthly record of $181.4m set in December.

Turning to sports betting, gross receipts here reached $47.7m. This was 40.7% higher than $33.9m in the same month last year but 21.9% less than December’s $61.1m. As for handle, the $577.4m wagered in January was 21.4% higher than in the previous year.

In terms of adjusted gross receipts (AGR), which account for promotional deductions..

February 21, 2024

Pennsylvania gambling revenue edges up year-on-year in January

Overall gambling revenue in the state of Pennsylvania increased by 2.7% year-on-year to $477.2m (£378.1m/€441.9m) in January.

Revenue was up from $464.4m in January 2023 but 10.7% behind the $534.2m generated in Pennsylvania in December. This revenue comprises land-based slot and table games, online gambling sports betting, video lottery terminals (VLTs) and fantasy sports.

Physical slots remain the primary source of gambling revenue in Pennsylvania at $179.5m, down 11.2% year-on-year. Land-based table games revenue also slipped 13.4% to $72.7m.

Revenue was 10.7% lower than December 2023

Slots drive online gambling growth in Pennsylvania

In contrast, the Pennsylvania online gambling sector reported more growth. During January, revenue from igaming amounted to $149.6m, up 12.4% from last year.

Online slots revenue reached $110.0m, a rise of 22.0%. However, online table game revenue fell 7.8% to €36.9m, while internet poker revenue was almost level at $2.7m.

Hollywood Casino at P..

February 21, 2024

US gaming revenue tops $66.5bn for third consecutive record year

The American Gaming Association (AGA) has revealed US gross gaming revenue (GGR) reached an all-time high of $66.5bn (£52.7bn/€61.6bn) in 2023, the market’s third straight record year.

2023’s total was a 10% hike on 2022’s figure of $60.4bn, which in turn was a significant increase on the $53bn accumulated in 2021.

The strong numbers were aided by a record Q4. This included an all-time high quarterly revenue of $17.4bn, while a record $6.2bn in revenue was generated.

Land-based casinos continue to perform well with a record GGR of $49.4bn in 2023. This was up 3.3% year-on-year, with 19 of the 27 traditional gaming markets recording all-time highs in annual revenue.

Sports betting also demonstrated impressive growth, with $119.8bn in handle and $10.9bn in revenue – both records. These figures were up 27.8% and 44.5% respectively year-on-year.

With the National Indian Gaming Commission’s addition of tribal gaming revenue coming later this year, the US’ total GGR for 2023 is expected..

February 20, 2024

PFL strikes regulatory compliance partnership with ProhiBet

The Professional Fighters League (PFL) has partnered with ProhiBet to strengthen betting compliance.

The PFL will use ProhiBet’s technology to help improve sports integrity and ensure compliance with state-specific betting regulations.

The partnership aims to prevent PFL individuals, such as athletes and coaches who are banned from placing bets, from wagering on the league’s events. ProhiBet will use its cross-monitoring and notification platform to achieve this.

Matt Heap, managing director of ProhiBet, said the deal would see the PFL and ProhiBet strengthen compliance within sports betting.

“We are thrilled to partner with the PFL,” said Heap. “The combination of ProhiBet’s state-of-the-art encrypted data transfer system and the PFL’s dedication to upholding the integrity of sports will undoubtedly enhance the transparency and trustworthiness of sports betting activities.”

ProhiBet’s role with the PFL

ProhiBet is a joint venture between US Integrity and Odds On Compliance. US I..

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Tag: Online sports betting