Product & technology Archives

November 1, 2023

How Adam Greenblatt is sharpening BetMGM’s competitive edge

Adam Greenblatt set BetMGM on a path to profitability and the business will be self-sustaining in the second half of 2023. How will he make sure the operator stays ahead in the US sports betting market as new competitors emerge?

July’s update on BetMGM’s first half performance confirmed the operator was on the path to profitability outlined by CEO Adam Greenblatt in June.

The business will be self-sustaining in the second half of the year. There will be no additional equity investment from joint venture partners MGM Resorts and Entain, beyond the $150m committed for 2023.

BetMGM CEO Greenblatt believes a new phase of competition could be imminent in the US

Greenblatt believes that BetMGM could operate as a separate business and stand on its own two feet if necessary.

“It could be a permanent state, absolutely,” he says of BetMGM as a self-sustaining entity. “[But] I think whether or not that is indeed a permanent state depends on how we want to ramp up and how quickly we want t..

October 25, 2023

A force to be reckoned with

There’s an element of fun to the niche sports Pro League Network (PLN) presented to regulators. But don’t doubt its impact, or PLN’s ability to harvest player attention, writes Cole Rush.

“It’s okay to laugh.”

That’s what Bill Yucatonis, co-founder of PLN tells regulators when he presents niche sports for potential wagering.

“We’re going to talk about mini golf today,” Yucatonis tells them. “It’s okay to laugh.”

With PLN, it’s all fun and games. There’s a serious side, sure – we’re talking about carefully constructed alternative sporting leagues, after all. But Yucatonis and his team don’t shy away from the lightheartedness that permeates PLN sports.

Yucatonis and his partner and co-founder Mike Salvaris concocted PLN almost two years ago. With backgrounds in the gaming and sports industry, they set out to bring “alternative sports” into the mainstream.

“We’ve got 16 leagues in our network and we’re growing,” says Yucatonis. “We look for sports that have some viral components and..

October 25, 2023

LiveScore Group’s Sam Sadi builds his media empire

LiveScore Group aims to become the world's leading sports media operator, and sports betting is just the start. Chief executive Sam Sadi explains the masterplan.

“I remember the days when we used to press F5 to refresh the LiveScore.com website. That’s how long back it was,” says LiveScore Group chief executive Sam Sadi.

LiveScore launched in 1998, offering visitors football scores. Gamesys acquired the business in 2017 and, following that operator’s £490m sale to Jackpotjoy Group and then the £2.0bn merger with Bally’s Corporation, LiveScore Group stands alone as an independent business led by Sadi.

LiveScore turns 25 today, starting out providing live match data to players in 1998

The LiveScore Bet sportsbook launched in 2020, complementing the affiliate arm, not to mention its second brand, Virgin Bet. But Sadi isn’t only interested in building a sports betting business.

“We have a plan we’re implementing,” he explains. “You could call it a ten-to twenty-year plan. We i..

October 11, 2023

Sportradar and Genius slapped with patent suit

Panda Interactive has filed two separate lawsuits in the Texas Eastern District Court accusing Genius Sports and Sportradar of patent infringement.

The suits claim Sportradar and Genius, which are both Panda competitors, implemented the company’s video streaming technology patents without authorisation.

Panda said it had developed several patents in the live data and content streaming verticals. These include technology that allows viewers to see live odds and place a bet while watching sports.

The company say competitors have “widely copied” its patents in the streaming market generally, and even more so in the online sports betting market.

“We have made substantial investments in the development of our technology and cannot tolerate having our patented technology used unfairly by others and against us,” said Panda chairman Donald Schupak.

“No one wants to see their own arsenal used against them in battle.”

Sportradar and Genius accused of patent infringement

The filings also..

September 14, 2023

Genius shares down 10% as Apax sells $121m in stock

A subsidiary of one of Genius Sports' major shareholders and former owner, Apax Partners LLP, will sell 20,000,000 shares in the business.

The underwriter of the sell-off, Goldman Sachs & Co, will have the option of purchasing an additional 3,000,000 shares worth $18,120,000. The option will end after a 30-day period.

The stock to be sold off is worth – as of close of trading on 13 September – $120.8m (£97.1m/€113.1m).

The total shares on the table represent just over 10% of all of Genius’ 216,627,899 shares.

Following the announcement of the stock sell-off, Genius’ share price has fallen 10.2% to $5.4 per share since trading opened. The supplier will not receive any of the proceeds from the sale.

Former owner opts to sell stock

Apax is the provider’s former owner, having purchased the company from Three Hills Capital Partners in July 2018.

Funds advised by Apax kept hold of the business for over two years prior to Genius going public on the New York Stock Exchange via an ..

September 1, 2023

Ontario: The state of play

More than a year on from the regulation of the Ontario gaming sector, gambling businesses have each adapted to the market in their own way. But how can operators stand out from the crowd in North America’s most competitive market?

With every gold rush comes the prospectors.

In the 16 months following the regulation of the gaming sector in Ontario, gambling operators of all shapes and sizes have thrown the dice to get a slice of the biggest and most dynamic market in North America.

Those involved range from former grey market players trying to make the regulated transition, the big European operators, media brands which have grown a betting wing and land-based companies trying to get in on the action – plus everything in between.

The landscape

Ontario has become an incredibly competitive market, with iGaming Ontario recording 46 companies operating 71 brands as of Q1 2023.

However, one trend to note is its diversity. This is especially striking when compared to the US which, butt..

August 30, 2023

Sporttrade now live in Colorado

Sports betting exchange Sporttrade is now live in its second state after launching in Colorado.

The Philadelphia-based operator enters the Colorado market with strategic partner GF Gaming. The pair said Coloradans will benefit from Sporttrade’s unique structure within the sports betting market.

In particular, it highlighted its capital markets-like approach centred around its use of market makers to provide liquidity to the exchange. Low liquidity in ring-fenced US jurisdictions have been a long-standing problem for betting exchanges.

The Colorado launch comes after Sporttrade entered New Jersey as its first sports trading platform in September 2022.

“Today we’re privileged to introduce the Sporttrade experience in Colorado,” said Alex Kane, Sporttrade’s founder and chief executive.

“Our launch today proves that Sporttrade can operate in any jurisdiction, with the same great features our customers have come to know us for; instant in-play betting, great prices, awesome liquidit..

August 30, 2023

Bally Bet relaunches Kambi-powered app in Ohio

Bally Bet has launched its new platform in Ohio some two months after temporarily ceasing online betting operations across most of its US markets.

Bally’s Corporation’s sports betting division announced earlier this year that it would be relaunching its app. After shuttering its Bet.Works-developed app, the new platform has been created with Kambi Group and White Hat Gaming.

The new app has debuted in Ohio, where Bally Bet has a licence through its partnership with the NFL’s Cleveland Browns. It withdrew from five states in June ahead of the relaunch, only remaining operational in Arizona.

Bally Bet announced on its website that the new app is now live in Ohio. It will be rolled out in further US states in the coming months, according to partner White Hat Gaming.

“With extensive coverage of all major sports, near-endless wagering options, and features made to heighten the experience, our mobile sportsbook app is poised to deliver unmatched sports betting thrills,” Bally Bet said.

August 16, 2023

Fanatics launches online sportsbook in four states

The latest challenger to the US online sports betting market, Fanatics Betting and Gaming (FBG), has launched its online sportsbook in Maryland, Massachusetts, Ohio and Tennessee.

After six months of beta testing, the Fanatics Sportsbook is now available to download on iOS and Android.

FBG highlights the new platform’s simplified betting and transparent withdrawals as features that will help it appeal to sports fans.

The sportsbook includes live scores, plus lines and odds for teams and athletes. Also included are moneyline bets, spread bets, over-unders, player props, live-in-game betting markets and same-game parlays.

Fanatics bets on product quality

“After six months of beta testing, we are excited to officially launch the Fanatics Sportsbook product to the public,” said FBG chief product officer Scot McClintic.

the fanatics sportsbook

McClintic also pointed to the business’ extended focus on product quality as key to its strategy.

“We are laser focused on solving pain poi..

August 9, 2023

ESPN Bet to launch in November

Jay Snowden, president and CEO of Penn Entertainment, confirmed that ESPN Bet will go live in November this year.

Penn and sports broadcaster ESPN’s transformative $1.5bn deal will consist of Penn relaunching its existing Barstool Sportsbook as ESPN Bet.

Off the back of the deal Penn is divesting its Barstool Sports sportsbook brand and selling it back to Dave Portnoy, founder of Barstool.

Snowden confirmed the month for launch on Penn’s earnings call today, following the publication of its second quarter results.

When the deal was announced yesterday, Penn said the launch had been set for “the fall”, with no specific details as to when.

On the earnings call, Snowden skipped around the month with “sometime this fall” and “certainly before Thanksgiving” before landing on November.

Snowden defended the timing of the launch amid claims it would come too late in the NFL season.

“I think our launch in November is good, because it won’t get lost at the beginning of football season,”..

July 17, 2023

Entain to acquire Angstrom Sports in £200m deal

Entain will acquire sports modelling, forecasting and analytics specialist Angstrom Sports in a deal worth up to £203m.

Under the deal, Entain will pay an initial £81.0m, as well as £122.0m in additional payments over a three-year period, totaling £203.0m.

Angstrom utilises simulation-based predictive modelling to offer a range of pricing and forecasting capabilities to sportsbook clients.

Primarily serving the US market, Angstrom’s offering covers the most popular competitions and leagues in the country.

The acquisition will allow Entain to offer a full suite of end-to-end analytics, risk and pricing capabilities for its US operations, namely BetMGM, which it runs as a joint venture with MGM Resorts International.

This will improve customers’ US sports betting experience including more betting opportunities, optimised parlay and in-play products, it added.

The acquisition is expected to complete during Q3 2023.

Unlocking new US opportunities

“We’re delighted Angstrom will b..

July 14, 2023

Penn migrates Barstool Sportsbook to proprietary platform

All Penn Entertainment’s brands are powered by proprietary technology after Barstool Sportsbook and Casino was migrated to its in-house platform.

The migration took place simultaneously across 16 states where Barstool operates during Major League Baseball’s (MLB) All-Star Break, the largest-scale technology migration in North American gaming to date.

Penn describes the migration as a major development which completes its long-term strategic goal to be technologically independent, bringing all gaming operations in-house.

Penn’s acquisition of theScore, which was in the process of building the platform when it was bought, and the launch of Penn Games Studios also formed part of this plan. TheScore, now Penn’s brand in Ontario, was the first to move to the new tech stack.

‘Milestone achievement’

The updated version of Barstool Sportsbook and Casino contains several new elements, including streamlined navigation, more personalisation capabilities and faster deposits and withdrawals.

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