Sports betting Archives

January 30, 2024

Sportradar: Alpha Odds delivered 10% average profit increase in 2023

Sportradar has said its Alpha Odds automated odds recalculation tool delivered an average profit increase of 10% for clients during 2023 compared to its conventional odds product.

Alpha Odds from Sportradar allows operators to generate bespoke betting prices in line with their risk exposure and liabilities. Launched in 2022, Alpha Odds is currently used by more than 60 operators around the world.

The tool uses Sportradar’s artificial intelligence capabilities to predict the probability of an event taking place. This, Sportradar said, allows operators to manage their risk more.

“Since Alpha Odds’ introduction to the market in late 2022, Sportradar has transformed trading betting markets,” Sportradar’s senior vice-president of managed trading services, Darren Small, said.

In related news, the financial reconciliation aspect of Alpha Odds was independently certified by auditors PwC. The solution achieved the International Standard in Assurance Engagement (ISAE) 3402 Type 1 for matchi..

January 30, 2024

Kindred pens expanded partnership with Stats Perform

Kindred Group has secured an expanded strategic partnership with Stats Perform, allowing it to access additional data and statistics for sports betting.

Under the deal, Kindred can utilise the full RunningBall and Opta product suite from Stats Perform. This includes a range of real-time official sports data feeds and statistics.

Kindred said the additional content will improve players’ experience when betting on sports via the Kindred Sportsbook platform. It added the expanded deal will ensure a “frictionless” in-play betting experience.

RunningBall from Stats Perform delivers official in-play sports data feeds. Meanwhile, the Opta brand focuses on player statistics across a range of sports.

Kindred’s director of sportsbook Andreas Reimblad said that the partnership will set new standards in sports betting.

“This collaboration is a testament to our unwavering commitment to building the Kindred Sportsbook platform with the best data available on the market,” Reimblad said.

“We f..

January 26, 2024

Online sports betting bills filed in Mississippi

A fresh bid to legalise online sports betting in Mississippi has been launched, with two new bills introduced this week.

Sports betting was legalised in Mississippi in 2018, following the repeal of the 1992 Professional and Amateur Sports Protection Act (PASPA). However, the only online sports betting currently available is through geofenced sportsbooks on land-based casino properties.

Bill HB271, filed by Rep Cedric Burnett, and Bill HB635, introduced by Rep Jay McKnight, are both bidding to change that, allowing bettors to wager on sports through their mobile devices in the state regardless of whether they are in a casino.

This latest attempt to introduce online sports betting in the state is the sixth, with House Bill 606 signed into law last year. The bill authorised a Mississippi sports betting task force to “undertake a comprehensive analysis” of sports betting in the state.

The bill was initially far more expansive, aiming to allow all of the state’s land-based casinos to pa..

January 26, 2024

Arizona sets new sports betting handle record in November

Players in Arizona spent $713.6m (£560.9m/€657.2m), a new record for the Grand Canyon State, but revenue was down year-on-year.

Handle for November was 3.3% ahead of the existing Arizona record of $690.0m in March 2022. It was also 15.7% higher than $616.9m in November 2022 and 10.1% more than $648.2m in October 2023.

Some $705.7m was wagered online and $6.1m at retail sportsbooks. A further $1.8m was bet with limited event wagering operators in Arizona.

arizona’s november handle was 10.1% hgher than the $648.2m recorded in october 2023

Licensees paid out $671.3m in winnings to players while free bets and promotional credits in November amounted to $20.5m. This left $20.3m in adjusted gross revenue for the month.

Revenue was 45.9% lower than $37.5m in November 2022 and 38.5% behind $33.0m in October. Online betting revenue hit $19.9m, retail revenue $338,476 and limited event wagering $96,986.

As for tax, this reached $2.0m in November. Almost all of this came from online wagerin..

January 25, 2024

Svenska Spel loses appeal against ATG over naming rights

Svenska Spel has lost its appeal against Aktiebolaget Trav och Galopp (ATG) over the use of the phrase “Trav och Galopp” in a new racing product.

Svenska Spel’s use of the phrase, which translates to “trot and gallop” in English, was considered by the Patent and Market Court of Appeal to be an infringement on ATG’s company name.

ATG launched the initial trademark lawsuit back in December 2020. This was after a war of words between ATG chief executive Hasse Lord Skarplöth and his Svenska Spel counterpart, Patrik Hofbauer.

In a statement announcing ATG’s court victory, Skarplöth said: “That the supreme court also followed our line was expected. It must never be okay to use someone else’s company name and it feels good that the matter is now settled once and for all.

“It was important to establish that a competitor does not have the right to use our company name and exploit its good reputation.”

Another blow for Svenska Spel

The failed appeal comes in the wake of Svenska Spel announ..

January 25, 2024

Data is the new oil

Simon Trim, strategic consultant at 10star explores how optimising data can improve business for sportsbooks.

Nearly 20 years ago, the mathematician Clive Humby coined the phrase “data is the new oil”. For the industry and economy, data was to become the new wealth creator in the same way that oil has enabled new technologies and products since the mid-19th century.

For the sportsbook industry, this comment was well ahead of its time. In 2006, the in-play offering that is ubiquitously driven today by real-time game state data largely didn’t exist. Most operators at the time offered little betting action after the start of an event, even on football. Some didn’t offer in-play at all.

Fast forward to 2024 and you could be forgiven for thinking that sports betting operators – and more pertinently the supply chain that feeds them – are fully utilising the data that is available to them.

Simon Trim says sports betting operators aren’t fully utilising data

The perception exists that th..

January 25, 2024

IBIA partnership with Norway signals end of monopoly

The International Betting Integrity Association (IBIA) and the Norwegian Industry Association for Online Gaming (NBO) have agreed a Memorandum of Understanding (MoU) to collaborate on regulation and betting integrity.

The organisations will work to establish a framework for cooperation to promote a safe and effective licensing and regulatory regime. Both the IBIA and Norway-facing NBO will work on specific betting integrity provisions.

The partnership comes with both the IBIA and NBO urging Norway to withdraw its gambling monopoly system. At present, Norsk Tipping has rights to online casino gaming and sports betting, while Norsk Rikstoto covers horse racing.

the european gaming and betting association has previously called on norway to end its monopoly system

However, Norway faces calls to drop this system and open up licensing to other approved operators. The European Gaming and Betting Association (EGBA) is among several other organisations backing such a move.

Norway remain..

January 25, 2024

New Hampshire sports betting market declines year-on-year in December

Sports betting handle and revenue in New Hampshire both fell year-on-year in December, although player spending in the Granite State was marginally higher month-on-month.

Handle for December amounted to $78.8m (£61.7m/€72.1m). This was 13.3% lower than $90.9m in December 2022 but 0.4% ahead of $78.5m in New Hampshire in November of 2023.

Players wagered a total of $67.0m online in December and $11.7m at retail sportsbooks across the state.

In terms of gross gaming revenue, this stood at $7.7m for the month. Revenue was 7.2% down from $8.3m in the previous year and 6.1% less than $8.2m in November.

draftkings has exclusive rights to sports wagering in the state

Breaking this down, online sports betting accounted for $6.7m of all revenue in December. The remaining $972,039 came from retail wagering.

All online bets in New Hampshire are placed through DraftKings, which has exclusive rights to sports wagering in the state. DraftKings secured these rights back in November 2019.

As f..

January 24, 2024

Home field advantage: Strive creates a PAM for North America

Three years on from entering a crowded, competitive field, Strive Gaming has built a foothold in the North American market. As its roster of clients expands, president Damian Xuereb aims to ride the market’s evolution through a new wave of growth.

Strive Gaming president Damian Xuereb is sure of one thing. “Strive was certainly not a first mover in the US,” he says. But the US market is approaching its sixth anniversary. Strive Gaming has been in play for just half of that.

Established by Xuereb and CEO Max Meltzer, both veterans of the post-PASPA gold rush, Strive knows the market. Coming in three years after the first bets were placed, it has watched what works and what doesn’t.

Strive’s experience of the post-PASPA Gold RUSH Sets up the business for success as the US market matures says president Damian Xuereb

“We had the advantage of understanding the state-by-state nuances in each market,” Xuereb continues. “We had the opportunity to do our research and ensure we built a pro..

January 24, 2024

CNIGA issues “warning” after California sports betting initiative scrapped

The California Nations Indian Gaming Association (CNIGA) has said the failure of another effort to legalise sports betting in California should “be a warning” against future attempts.

The two ballots aiming to legalise sports betting would have given tribes the exclusive rights to offer sports betting in California. However, they were scrapped on Monday after fierce opposition from tribes in the state given the proposals outlined.

Eagle1 Acquisitions Corp, the group of backers for a proposition to legalise sports betting in California, had made several amendments to its ballot initiative in December in an effort to gain further tribal support.

Tabled in October, the Sports Wagering Regulation and Tribal Gaming Protection Act, would allow for legal betting. If approved, the ballot would have amend Article IV, section 19 of the California constitution. This will grant tribes exclusive rights to offer retail and online betting.

However, these were rejected by the CNIGA. Following the ..

January 24, 2024

North Carolina to launch mobile sports betting on 11 March

North Carolina will launch online sports betting on 11 March 2024, with retail wagering to follow shortly afterwards.

Today (24 January), the North Carolina State Lottery Commission approved the launch date.

Players can begin to register for accounts on 1 March 2024. They can also begin to fund their accounts from this date.

If all goes to plan, North Carolina’s online sports betting market will be up and running in time for March Madness – the National Collegiate Athletic Association’s (NCAA) yearly college basketball tournament and a crucial time for sports betting.

Speculation ramped up over North Carolina’s go-live date earlier this month, when the Commission set 26 January as the deadline for operators to submit their proposed internal controls. Those hoping to operate in North Carolina must receive approval for their internal controls.

Start of the journey for sports betting in NC

The North Carolina State Lottery Commission is currently overseeing the licensing process. Cha..

January 24, 2024

DC December: sports betting revenue up despite handle decline

Player spending on sports betting in Washington DC fell again in December but revenue was up year-on-year and month-on-month.

Handle for December in Washington DC amounted to $15.3m (£12.0m/€14.0m). This was down 18.2% from $18.7m in December 2022 and 10.5% behind $17.1m in November 2023.

In terms of gross gaming revenue (GGR), this reached $2.5m in December. GGR was up 4.2% from $2.4m in December of the previous year and 108.3% ahead of $1.2m in November.

Caesars retains the lead in DC

Looking at individual operators, Caesars remained the frontrunner in the DC market during December. The operator posted $889,481 from $5.3m in total sports bets in the month.

Gambet, run by the DC Lottery and powered by Intralot, remained second. Players wagered more with Gambet than Caesars, betting a total of $5.7m. However, after paying out $4.9m in winning, this left Gambet with smaller GGR of $837,595.

FanDuel ahead of BetMGM despite lower handle in December

Elsewhere, Flutter Entertainment-..

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Tag: Sports betting