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Tag: Sports betting

December 6, 2023

DraftKings CEO Robins “keeping a close eye” on ESPN Bet launch

Speaking at the third annual Craig-Hallum Online Gaming Conference, DraftKings CEO, Jason Robins, says he is “keeping a close eye” on ESPN Bet's launch.

DraftKings CEO Jason Robins isn’t concerned over ESPN Bet’s launch, instead claiming it could be a positive for the market.

ESPN Bet, a product of a $1.5bn (£1.2bn/€1.4bn) deal earlier this year between Penn Entertainment and Disney-owned ESPN, launched across 17 states on 14 November.

The ESPN Bet mobile app was downloaded over a million times in the first six days after its introduction. This was no doubt helped by the busy sports calendar of Thanksgiving week.

Unfazed by the competition

Despite ESPN Bet smashing the record for sportsbook downloads, Robins is unfazed by the competition.

Taking time during his presentation at the third annual Craig-Hallum Online Gaming Conference, he re-affirmed DraftKings’ position as one of the top two operators in North America alongside FanDuel.

“[It’s] not the end of the world in ..

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December 6, 2023

Churchill Downs opens $90m Derby City Gaming Downtown in Kentucky

Churchill Downs Incorporated (CDI) has opened its new $90.0m (£71.5m/€83.4m) Derby City Gaming (DCG) Downtown historical racing machine (HRM)venue in Kentucky.

The facility, CDI’s sixth in the Bluegrass State, has a Kentucky Derby theme and houses 500 HRMs. The CDI venue also features three food and beverage amenities, 130 parking spaces and an exterior 3D video board.

CDI said the project generated 400 construction jobs and resulted in over 150 permanent jobs at the venue. More than $14.0m of the investment was spent with minority, women and veteran-owned subcontracting services.

“This project is one of which I’m particularly proud because in addition to its impact of the Kentucky horse industry, it’s going to bring new energy to our downtown and stimulate investments like it,” CDI CEO Bill Carstanjen said.

“DCG Downtown will give locals, bourbon tourists, convention attendees and all our visitors, another much needed entertainment facility in this region. Investing in downtown L..

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December 6, 2023

Australian Senate approves credit card online gambling ban legislation

The Australia Senate has approved legislation to prohibit the use of credit cards for online gambling in the country, with a near-blanket ban set to come into effect within six months.

The Interactive Gambling Amendment (Credit and Other Measures) Bill 2023 was introduced in September. This legislation seeks to ban credit cards and other credit-related products, as well as digital currencies, in Australia.

Australia’s House of Representatives passed the bill last month, allowing it to progress to the Senate. Today (6 December), the Senate also approved the legislation, clearing the way for it to pass into law.

The country already has a ban in place on gambling with credit cards at land-based venues. This means the bill effectively places a blanket ban on credit card gambling across Australia.

What is in the credit card bill?

Aside from a ban on credit products, the bill features several other related measures. These include fines of up to AU$234,750 (£122,475/€143,003/US$154,282)..

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December 6, 2023

Amendments submitted for California sports betting ballot

Eagle1 Acquisitions Corp, the group of backers for a proposition to legalise sports betting in California, has made several amendments to its ballot initiative 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 amend Article IV, section 19 of the California constitution. This will grant tribes exclusive rights to offer retail and online betting.

The initial version of the ballot set out several measures. These included tribes submitting 15% of adjusted sports betting gross gaming revenue into a tribal wagering revenue sharing trust fund.

Tribes would also contribute 10% of their adjusted sports wagering GGR into the California homelessness and mental health fund. It was also stated that tribes would need to partner sports betting operators, which would operate as vendors. These will require approval from both the Tribal Gaming Agency and Califor..

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December 5, 2023

ESPN Bet to debut in North Carolina with PGA sponsorship deal

ESPN Bet signs major PGA Tour deal as official betting operator of the Wells Fargo Championship in North Carolina.

ESPN Bet is expected to launch in North Carolina after agreeing a deal to become the Quail Hollow Golf Club’s official betting operator.

After launching across 17 states on 14 November to coincide with Thanksgiving week, Tuesday’s (5 December) announcement sets up ESPN Bet to be one of the 12 operators licensed in North Carolina.

This follows the North Carolina State Lottery Commission announcing that it is now starting the application process for sports betting licences from 1 December. The state is expected to open in the first half of 2024.

ESPN Bet’s agreement with Quail Hollow Club, a golf course in North Carolina, will see the company become the official betting operator of the Wells Fargo Championship.

The PGA Tour event has been previously won by Tiger Woods and Rory McIlroy and is held at Quail Hollow Club.

In a press release on Tuesday, Benjie Levy, head ..

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December 5, 2023

Fanatics takes over from PointsBet in Colorado

The Fanatics Betting and Gaming (FBG) arm of Fanatics Holdings has taken a step closer to completing its acquisition of PointsBet US after launching its sportsbook in Colorado.

Players in Colorado can now download the Fanatics Sportsbook and begin placing bets on a range of sports and events.

Existing PointsBet customers in Colorado can log in to the Fanatics Sportsbook using their existing credentials. Any open bets, balances and responsible gambling settings will also be moved across to the Fanatics Sportsbook.

Colorado marks the eighth US state in which FBG has rolled out the Fanatics Sportsbook. It follows launches in Kentucky, Maryland, Massachusetts, Ohio, Tennessee, West Virginia and Virginia. The latter two took place towards the end of last month.

Fanatics edging closer to completion

FBG in June agreed to acquire the US operations of PointsBet in a deal valued at $225.0m (£178.4m/€208.1m).

This was around $75.0m more than the $150.0m it agreed to pay in May, primarily d..

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December 5, 2023

BetMGM expects to reach $500m EBITDA by 2026

BetMGM aims to reach 25% market share in the US by 2026, as well as delivering $500.0m (£396.1m/€462.2m) in positive EBITDA.

BetMGM set the 2026 goal after revealing it expects to be at the higher end guidance for 2023. In the current financial year, revenue should be between $1.80bn and $2.00bn, according to CEO Adam Greenblatt.

At an investor presentation yesterday (4 December), Greenblatt detailed how BetMGM, a joint-venture by Entain and MGM Resorts International, was expecting to be self-funding from 2024 onwards.

The business sees next year as an investment period, having already proved profitability in 2023. While it expects to achieve a profitable H2 2023, BetMGM expects negative EBITDA for 2024 in what it bills as an “investment year”.

Investment plans

When pressed on how much cash was available to invest, Greenblatt and CFO Gary Deutsch would not disclose the exact amount. However, the pair said plenty of money is available to “compete and invest for growth at the hi..

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December 4, 2023

DeSantis team requests to dismiss petition against betting in Florida

Florida governor Ron DeSantis’ office has formally requested the state's Supreme Court to dismiss the lawsuit challenging sports betting in the state ahead of its scheduled expansion this week.

Attorney-general Ashley Moody claimed the petition brought by pari-mutuel betting operator West Flagler Associates is “unjustifiable”. The submission defended the state’s gambling compact between the Florida authorities and the Seminole tribe, which was signed in 2021.

Last month, the Seminole tribe, which has the exclusive right to offer gambling in Florida, re-launched its Hard Rock Bet service in the state.

Among the reasons Moody puts forward for the dismissal is the more than two years West Flagler took to submit its petition, following the signing of the gambling compact. Moody also argues that West Flagler’s petition for writ of quo warranto fails to meet legal standards.

Finally, Moody argues the petition is incorrect to claim sports betting is “casino gambling” as defined in th..

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December 4, 2023

ESPN Bet: The view from the top

Hot off the launch of ESPN Bet, Mike Morrison, vice-president of sports betting at ESPN, explains how sports betting’s biggest launch is set to upend the market – and what he thinks makes it the premier choice for sports fans.

When we first spoke with Morrison in August, he was adamant about ESPN Bet’s potential to be the best sportsbook on the market. At the time it had only been weeks since ESPN had clinched its $1.5bn (£1.18bn/€1.37bn) deal with Penn Entertainment, officially choosing the operator to manage the ESPN Bet sportsbook.

Just over three months later, ESPN Bet has burst onto the scene. With the launch being so highly anticipated, the best place to start is by establishing how it went.

“Really smooth,” according to Morrison. “We’re thrilled. Everything is working very well. Some of the early reviews we’ve seen are really good. Teams are energised and excited on both sides.”

ESPN Bet launched in 17 US states on 14 November

The whirlwind saw ESPN Bet hit 17 US states on ..

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December 4, 2023

Rhode Island betting handle and revenue reach 10-month high in October

Sports betting handle and revenue in Rhode Island hit a 10-month high in October, although the Ocean State reported year-on-year declines across both.

Rhode Island players spent a total of $45.8m (£36.1m/€42.2m) betting on sports in October. This was down 25.2% from $61.2m in October 2022 but 21.8% more than September this year.

It was also the highest monthly total since a record $62.3m was bet in January 2023.

Of this total, $36.4m was wagered online and $9.5m at retail sportsbooks. This includes $6.3m at Twin River and $3.2m at Tiverton Casino.

Rhode Island revenue slips year-on-year

Turning to revenue and it was a similar year-on-year story for Rhode Island. The $4.5m posted in October was 8.2% less than $4.9m in the same month last year but 28.6% more than $3.5m in September.

It was also noted that the October figure was the second highest of the calendar year. The $5.2m generated in January is the only higher monthly figure so far in 2023.

Mobile betting accounted for $3..

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December 4, 2023

Maine sports wagers surpass $37.0m in opening month

Consumers in Maine spent more than $37.0m (£29.1m/€34.0m) betting on sports during the first month of legal wagering in the Pine Tree State.

Total handle in the month amounted to $37.6m. Maine launched its market on 3 November, with the reporting period covering the 27 days to the end of November.

Players won $32.7m from wagering during the month. After discounting $137,112 in voided bets and $82,342 in federal excise tax, this left adjusted gross receipts of $4.6m.

In addition, the State of Maine Gambling Control Unit says $464,152 was collected in other tax. Operators pay at a rate of 10% of adjusted gross receipts.

DraftKings ahead of Caesars in Maine

Looking at operators active in the opening month, only DraftKings and Caesars were live in November. Both launched in Maine on the market’s opening day on 3 November.

DraftKings performed the better of the two, posting $4.3m in adjusted gross receipts from a $30.5m handle. The operator is working with the Passamaquoddy tribe to o..

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December 1, 2023

Connecticut Lottery names Fanatics as sports betting partner

The Connecticut Lottery Corporation has named Fanatics Betting and Gaming (FBG), a subsidiary of Fanatics, as its new sports betting partner in Connecticut.

As part of the deal, the Fanatics Sportsbook will become the Connecticut Lottery’s exclusive sports betting partner, covering both mobile and retail betting. The transition is expected to occur in mid-December.

The Fanatics Sportsbook will be available across ten retail betting locations in Connecticut, as well as on mobile.

Greg Smith, president and CEO of the Connecticut Lottery, said it expects growth in market share as a result of the partnership.

“Fanatics is the only true sports brand in the gaming space and has established itself as an innovator in the industry,” said Smith.

“We have been impressed with the Fanatics team, their aggressive entry into the US sports betting market and we are excited to see how they redefine the sports betting customer experience here in Connecticut.

“CLC anticipates notable market share ..

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