Sports betting Archives

February 15, 2024

Penn reports Q4 net loss of $358.8m following ESPN Bet launch

Penn Entertainment has announced a net loss of $358.8m (£258.9m/€334m) for Q4 2023, a quarter in which the operator launched its ESPN Bet sportsbook.

ESPN Bet, the product of Penn’s $1.5bn deal with Disney-owned ESPN, launched across 17 states on 15 November.

Penn’s Interactive segment recorded revenues of $31.5m in Q4, although its adjusted EBITDA loss stood at $333.8m.

Revenue across the whole company dropped 12.5% in Q4 year-on-year from $1.6bn to $1.4bn. Overall adjusted EBITDAR for Q4, meanwhile, plummeted from $468.3m to $112.5m year-on-year.

Penn’s northeast segment, encompassing 17 properties including Ameristar East Chicago and Hollywood Casino Lawrenceburg, accounted for $662.9m of the $1.4bn in revenue.

Diluted earnings per share also went from $0.13 to a loss of $2.37. Meanwhile, total liquidity dropped to $2.1bn from 2022’s figure of $2.6bn. Net debt at the end of Q4 stands at $1.6bn.

Penn’s full year results

The $1.4bn in Q4 revenue took Penn to $6.36bn for the yea..

February 15, 2024

Minnesota governor vows to pass betting bill at start of 2024 session

Minnesota governor Tim Walz has confirmed he would approve the legalisation of sports betting if lawmakers can progress legislation during the 2024 session.

The legislative year began at the start of this week, and a first reading of Senate Bill 3803 has already taken place. The Minnesota Sports Betting Act 2.0, proposed by Representative Jeremy Miller, would allow Native American tribes, racetracks and teams to offer in-person wagering at their facilities.

According to the bill, which has been referred to the State and Local Government and Veterans Committee, a state commissioner would oversee betting in Minnesota. The commissioner would issue up to 11 sports betting operator licences, up to 11 platform provider licences and sports betting supplier licences.

Licence holders would also have the option to operate retail betting on the premises of horse racing tracks or professional sports stadiums in Minnesota, pursuant to a partnership agreement with the track operator or sports te..

February 15, 2024

FDJ reports “solid” 6.5% year-on-year revenue growth for 2023

La Française des Jeux (FDJ) has reported a 6.5% year-on-year growth in revenue to €2.62bn (£2.24bn/$2.81bn) for its 2023 financial year.

FDJ attributed the “solid” growth in revenue to momentum in its sports betting and online gaming sectors. This was evidenced by an 18.8% increase in its net gaming revenue (NGR), becoming almost 13% of the group’s NGR.

FDJ’s 2023 report came in the wake of the group submitting an offer worth SEK27.96bn (£2.10bn/€2.45bn/$2.67bn) to acquire the entire outstanding share capital of Kindred Group in January.

During 2023, FDJ’s net profit rocketed by 38% to €425m, from 2022’s figure of €307.9m. Recurring operating income shot up from €459m to €532m, again a sizeable rise of 15.8%.

Despite the rise in revenue, the 6.5% revenue hike fell behind the 9.1% increase to $2.46bn reported last year. The previous year’s success was largely powered by an 11% jump in lottery. Interestingly, this was while the lottery sector only grew by 4.9% in 2023.

FDJ recorded ..

February 14, 2024

Detroit casino revenue down 8.8% year-on-year

Detroit, Michigan's three casinos recorded $94.4m (£75.2m/ €88.0m) in revenue for January.

This marked a dip of 8.8% from January 2023. In total, $93.9m came from table games and slots, while $500,221 was generated by retail sports betting.

The overall revenue also fell month-on-month, trickling down by 18.8% from Detroit’s December report.

In terms of market share, MGM held 48% in January. MotorCity held 30%, while Hollywood Casino at Greektown took up 22%.

Table games and slots revenue

Looking at revenue from table games and slots specifically, it fell by 9.1% compared to January 2023 and 15.7% from December 2023.

Detroit’s casinos also recorded drops in gaming revenue year-on-year. Revenue at MGM decreased by 11.3% compared to January 2023, while revenue at MotorCity dipped 10.4% to $27.1m. Hollywood Casino at Greektown recorded a dip of 2.0% to $22.2m.

Things were similar when looking at the month-on-month comparisons. MGM gaming revenue fell 11.8% and MotorCity gaming ..

February 14, 2024

Tennessee: January betting handle drops 5.6% month-on-month

Tennessee has reported a 5.6% month-on-month drop in handle for January, with players’ spending of $465.8m (£370.8m/€434.4m) also 9.6% down on the record month of November last year.

November 2023 was the first month in which handle in Tennessee surpassed $500m. The state’s legal wagering market opened in November 2020.

Gross wagers in Tennessee also dropped 5.6% month-on-month to $467.4m, again falling 9.6% short of November’s total of $517.1m.

Despite the month-on-month decrease, Tennessee’s gross wagers for January were 13.8% higher than the same month in 2023.

Privilege tax assessed for January stood at $8.6m, the first time it has dipped under the $9m figure since November 2023.

The Quarterly Survey of State and Local Tax Revenue (QTAX), carried out by the United States Census Bureau, found Tennessee ranked seventh in the country in terms of the tax generated by sports betting in Q3 2023 with $16.1m. That is 3.1% of the $506m generated nationwide.

Leading operators in Tennes..

February 14, 2024

Study finds New York generates over 37% of all US sports betting tax

A study has revealed that New York contributes more than 37% of the total tax revenue generated from sports betting in the United States.

The Quarterly Survey of State and Local Tax Revenue (QTAX), carried out by the United States Census Bureau, recently added sports betting to its list of tax sources.

QTAX for Q3 of 2023 found that sports betting accumulated national tax and gross receipts of just under $506m (£403.5m/€473m). This was up 20.5% from Q3 2022 but significantly lower than the $571.5m generated in Q2 2023.

New York dominated the tax generated via sports betting in the third quarter of 2023, with its $188.5m nearly five times higher than Indiana’s $38.6m in second. No state has a higher tax on gross gambling revenues than New York’s 51%.

Ohio and Illinois ranked third and fourth with $32.9m and $32.4m respectively, while Pennsylvania rounded out the top five with $28.8m.

New York breaking record after record

new york has consistently been breaking sports betting recor..

February 14, 2024

Maine sports betting receipts hit new high despite handle dip in January

Adjusted gross receipts from sports betting in Maine reached a new monthly high of $5.5m (£4.4m/€5.1m) in January despite a dip in player spending.

Total handle for January in Maine was $38.1m. This was 13.4% behind $44.0m in December but 1.3% ahead of $37.6m in November, the first month of legal betting.

As for adjusted gross receipts, the January total was 25.0% ahead of $4.4m in December. It also beat the $4.6m generated in the opening month by 19.6%.

Sports betting adjusted gross receipts account for voided and cancelled bets, player winnings and a 0.25% federal excise tax.

In terms of total other tax due to the state, this amounted to $546,099 in January. Maine has a tax on sports betting of 10.0% of adjusted gross receipts.

DraftKings ahead in Maine two-horse race

bill ld 585 was signed in may 2022 to legalise sports betting in maine

Maine currently only has two licensed operators that offer sports betting: DraftKings and Caesars. Both have tribal partnerships in place,..

February 13, 2024

Penn to acquire Wynn’s NY sports betting licences, launch ESPN Bet in state

Penn Entertainment has agreed to acquire Wynn Interactive Holdings' New York sports betting licences, clearing the way for Penn to launch ESPN Bet in the state in 2024.

The acquisition gives Penn market access in New York state. As part of the deal, Penn will acquire Wynn Resorts subsidiary Wynn Interactive’s mobile sports wagering licences entity, WSI US, LLC, for $25m (£19.8m/€23.3m).

WSI US, LLC holds the sports betting licences issued to Wynn by the New York State Gaming Commission in 2021.

Upon relevant approvals, Penn will launch ESPN Bet in the state later this year. Penn partnered with ESPN in August last year, in a deal that saw Penn’s Barstool Sportsbook rebranded as ESPN Bet. It then launched across 17 US states in November.

Jay Snowden, CEO and president of Penn Entertainment, said this acquisition will expose ESPN Bet to the most prominent sports betting market in the US.

“This is an important development that will bring ESPN Bet to the largest regulated online ..

February 13, 2024

Flutter pens inaugural external B2B sportsbook deal with PMU

Flutter Entertainment has agreed a deal to provide a multi-channel B2B sportsbook platform to France’s Pari Mutuel Urbain (PMU).

The agreement sees PMU become the first external brand outside the Flutter group to use the B2B sportsbook platform. It extends a partnership between the parties that launched in 2010.

PMU gains access to customer products and associated operational services via the Flutter platform. This is in addition to the continued provision of event management, fixed odds pricing and risk management services.

Flutter said PMU will also benefit from continued investment into the platform. This, it adds, allows for seamless sports betting product rollouts.

“In sports betting, we were looking to simplify our architecture through a turnkey solution and to concentrate our efforts on marketing and CRM,” PMU ecommerce director Emmanuel Vacher said. “Flutter’s offering meets this need. Alongside them, we are now engaged in a multi-year partnership.

“Our common objective ..

February 13, 2024

Nevada breaks state record for Super Bowl bets with $185.6m wagered

The Nevada Gaming Control Board (NGCB) has revealed $185.6m (£146.6m/€172.3m) was wagered on Sunday’s Super Bowl in the state's 182 sportsbooks, breaking the previous record.

The game, played between the San Francisco 49ers and eventual champions Kansas City Chiefs at the Allegiant Stadium in Las Vegas, exceeded the $179.8m wagered on the 2022 Super Bowl.

However, a 3.7% hold percentage meant sportsbooks’ total win was just $6.8m. Since 2015, only three editions of the Super Bowl have generated a lower sportsbook win than the 2024 game.

In the NGCB press release, chairman Kirk Hendrick said: “The Nevada Gaming Control Board congratulates and thanks all the stakeholders involved for successfully delivering such a spectacular event from the state of Nevada.”

AGA expecting Super Bowl bets to reach record numbers

the american gaming assocation was predicting all-time high numbers for super bowl bets

The NGCB’s numbers should not come as much of a surprise. The American Gaming As..

February 13, 2024

Maryland’s January sports betting revenue up 23.4% year-on-year

Maryland has reported a 23.4% year-on-year increase in January for sports wagering, accumulating $545m (£431.9m/€506.2m) in revenue for the month.

Maryland’s January figures far exceeded the same month last year, when it recorded $441.5m in revenue. Taxable win for the month was $55m, with the contribution to the state standing at $8.2m, an all-time high.

Hold in January was 14.7%, 1.2% higher than the same month last year, while prizes paid to players amounted to $465m, again a 21.8% increase year-on-year.

Maryland has now accumulated $3.1 trillion in sports betting handle for its 2024 financial year, a 144.9% hike on 2023.

Maryland lottery and gaming director John Martin attributed the strong revenue figures to the NFL playoffs, stating the sporting calendar was the “driving force” behind the state’s sports wagering success.

FanDuel out in front

fanduel led the way in maryland for january in both online and retail

Live! Casino Hotel and FanDuel recorded a handle of $244.6m in ..

February 13, 2024

WynnBet ceases operations in Massachusetts

The Wynn Interactive division of Wynn Resorts has ceased operations of its WynnBet online gambling brand in the state of Massachusetts.

Players in Massachusetts have 30 days from yesterday (12 February) to withdraw any funds from their WynnBet account.

Wynn Resorts, however, will continue to operate retail sports betting in the state. Players can continue to wager at the land-based sportsbook and kiosks inside its Encore Boston Harbor casino.

The halting of operations in Massachusetts comes after Wynn Resorts last August set out plans to scale back the brand across the US. Along with Massachusetts, WynnBet will also exit Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia and West Virginia.

WYNNBET IS IS ALSO SET TO EXIT Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia and West Virginia

The brand remains active in Nevada, New York and Michigan. However, Wynn chief financial officer Julie Cameron-Doe last week said its operations in New York and Michigan rem..

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Tag: Sports betting