Retail sports betting Archives - Page 15 of 28

June 22, 2023

Michigan online gambling revenue hits $185.8m in May

Online gambling gross receipts in Michigan reached $185.8m in May, an improvement on last year but the second consecutive month of decline.

The combined total from igaming and sports betting across commercial and tribal operators was 15.5% ahead of $160.9m in May 2022. However, this was 5.1% less than the $195.7m generated in April of this year.

Online casino gaming gross receipts amounted to $150.6m, up by 18.2% year-on-year, while gross sports betting receipts climbed 5.1% to $35.2m.

It was also reported that total sports betting handle for the month amounted to $288.3m, a 15.0% drop on last year and a 10.7% decline from April.

Read the full story on iGB North America

June 22, 2023

NH reports further handle decline in May

Sports wagering revenue in New Hampshire increased both month-on-month and year-on-year in May despite another drop in handle.

Player spending for the month amounted to $52.1m, a 31.6% decline from $76.2m in the same month last year and also 20.0% lower than $65.1m in April this year.

Of this total, $46.4m was spent betting on sports online, while the remaining $5.7m was wagered at retail sportsbooks in the state.

However, despite a decline in handle, gross gaming revenue from sports betting during the month increased.

Read the full story on iGB North America

June 21, 2023

PA gambling revenue continues to rise in May

Gambling revenue in Pennsylvania increased both month-on-month and year-on-year in May to reach a total of $479.4m.

Revenue was 7.1% ahead of $447.8m in May of 2022 and also 0.6% higher than $476.7m in April this year.

Land-based slots remained the primary source of revenue by some distance, generating a total of $210.9m during the month. This was 2.5% more than in the same month last year.

In contrast, retail games revenue declined 7.8% year-on-year to $81.6m.

Read the full story on iGB North America

June 20, 2023

NJ gambling revenue continues to rise in May despite land-based declines

Gambling revenue in New Jersey increased month-on-month and year-on-year during May despite the state’s land-based market experiencing further declines.

Total revenue for the month amounted to $470.9m, which was 9.4% ahead of $430.6m in May 2022 and 1.8% higher than $462.7m in April of this year.

Land-based gambling remained the primary source of revenue at $227.3m, but this was down 2.4% from $227.3m last year.

Within the retail sector, slots revenue slipped 0.8% to $172.9m, while table games revenue also fell 7.3% to $54.4m.

In terms of internet gambling, revenue increased by 18.7% year-on-year to $161.4m. Online slots revenue jumped 19.0% to $159.1m, while peer-to-peer poker also edged up 1.7% to $2.4m.

Read the full story on iGB North America

June 14, 2023

Arizona sports betting revenue up despite handle fall in March

Consumer spending on sports betting in Arizona fell 6.7% year-on-year in March, although the state was able to report a rise in revenue.

Wagering handle for the month was $644.8m, down from $691.0m in March 2022 but 5.8% higher than $609.3m in February of this year.

Players bet $639.9m online and $4.1m at retail sportsbooks across the state.

Bettors won a total of $591.2m during March, while adjusted gross event wagering revenue before free bets was $53.4m. This was 43.6% ahead of $37.2m last year and also 57.1% more than $34.0m in February this year.

Of total revenue, $53.0m was attributed to online wagering, while the remaining $318,760 came from retail betting.

Read the full story on iGB North America

June 12, 2023

Iowa sports betting revenue up despite further handle decline in May

Sports betting revenue in Iowa increased year-on-year and month-on-month in May despite the state experiencing an ongoing drop in handle.

Consumer spending for the month amounted to $147.7m, marginally down from $147.9m in May 2022 and also 14.6% behind $172.9m in April this year.

This marked the second consecutive month of handle decline in the state.

Of the total amount wagered by players, $135.2m was bet online and $12.5m at retail sports betting facilities.

Read the full story on iGB North America

June 7, 2023

Adam Greenblatt outlines BetMGM’s path to profitability

The US sports betting and igaming market is maturing and at BetMGM Adam Greenblatt believes product is the battleground where the leaders will be decided for the market’s next phase.

Adam Greenblatt has led BetMGM, the joint venture between Entain and MGM Resorts since its formation in 2018. It is on track to achieve profitability in the second half of the year.

BetMGM is live in 20 states, as well as Washington DC and Puerto Rico and Ontario in Canada. Since 2018, it could be seen as the only business to consistently keep pace with DraftKings and FanDuel.

It didn’t have the database of the legacy daily fantasy giants. But thanks to the MGM Resorts connection (and without M&A along the way), it’s established as a top tier brand in the US.

Other brands with designs on a top tier position such as Caesars, Bally’s, Penn National and 888, have undergone significant change. They’ve acquired to grow, onboarded new tech or sought out new partners.

This may help each business close the..

June 5, 2023

Colorado players bet $12.10bn on sports in first three years

Consumers in Colorado wagered $12.10bn on sports during the first full three years of legal betting in the US state.

Colorado launched its regulated market in May 2020, with the total amount spent covering player bets through to the end of April this year.

Of this figure, $11.95bn was wagered online and $146.9m at retail sportsbooks.

Gross gaming revenue for the three-year period amounted to $817.0m. Some $808.9m of this came from online betting, while $8.1m was attributed to land-based wagering.

Read the full story on iGB North America

May 31, 2023

RI sports betting handle slips to eight-month low in April

Player spending on sports betting in Rhode Island fell to an eight-month low in April, but the state was still able to report a year-on-year increase in revenue.

Handle for the month amounted to $37.5m, down 6.7% from $40.2m in April 2022, and also 9.6% lower than the $41.5m wagered in March this year.

Of this total $27.5m was spent betting online, while the remaining $10.0m was wagered at retail sportsbooks. This included $5.8m at Twin River casino’s sportsbook and $4.2m at the Tiverton Casino.

Revenue for the month reached $3.0m, which was 25.0% ahead of $2.4m in April last year but 25.0% lower than $4.0m in March 2023.

Read the full story on iGB North America

May 24, 2023

Fanatics’ Matt King brings new thinking to US sports betting

As CEO of FanDuel, Matt King took a daily fantasy sports brand to the top of the US sports betting industry, and in the top job at Fanatics Betting and Gaming he’s looking to do it all over again. Not that he’s looking to emulate his former employers in leading the ecommerce giant; it’s Spotify that inspires him.

For Fanatics Betting and Gaming chief executive Matt King, the challenge he is taking on isn’t building a market leader. He’s already done that during his tenure at FanDuel, which is currently sitting with a seemingly unassailable market share across the US. Revenue there grew from $200m to over $1bn on his watch.

And his core goal isn’t to build an entity capable of taking on a behemoth he created. Instead the billion-dollar question is: how do you create something capable of providing a genuine alternative to consumers?

In a market dominated by iTunes, he’s looking to build Spotify.

Fanatics: Officially licensed everything

What separates Fanatics Betting and Gaming f..

May 23, 2023

Inspired extends virtual sports deal with Paddy Power

Inspired has signed an agreement to extend its existing virtual sports provider contract with Flutter-owned Paddy Power.

The extension will allow Inspired to continue providing Paddy Power’s retail venues across the UK and Ireland with its products.

“We are thrilled to extend our partnership with Paddy Power in supporting their retail venues across the UK and Ireland, as we have done for the past 12 years,” said Brooks Pierce, president and chief executive officer of Inspired. “We will continue to provide Paddy Power with our latest products and technology giving them the advantage of our leading content for their virtual sports offerings.”

Vince Bateson, head of retail gaming at Paddy Power, said the deal would allow Paddy Power to continue offering quality virtual sports products.

“We are pleased to extend our relationship with Inspired for virtual sports products in all our retail betting shops in the UK and Ireland,” said Bateson. “Our customers enjoy virtual products and our o..

May 22, 2023

NH sports betting revenue up in April despite handle drop

The New Hampshire Lottery reported year-on-year and month-on-month increases in sports betting revenue despite a drop in handle.

Players spent $65.1m during the month, down 10.9% from $73.1m in April 2022 and 37.0% lower than the record $103.4m bet in March this year.

Online spend for April reached $56.8m, while a further $8.3m was bet at retail sportsbooks.

In contrast, revenue from sports wagering in April amounted to $6.7m. This was up 97.1% on 2022 and 39.6% more than in March.

Internet betting accounted for $6.1m of monthly revenue, with retail betting at $586,755.

Read the full story on iGB North America

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Tag: Retail sports betting