Sports betting Archives

September 18, 2023

EGBA urges Norway to drop online gambling monopoly

The European Gaming and Betting Association (EGBA) has urged lawmakers in Norway to switch from its current monopoly system to a licensing model for online gambling.

Norway remains one of the last European countries with a state gambling monopoly. Lottery Norsk Tipping has the rights to online casino gaming and sports betting, while Norsk Rikstoto covers horse racing.

However, EGBA says Norway should follow the example of other European markets such as neighbouring Sweden and Finland and make the move to a licensing system. EGBA secretary-general Maarten Haijer said this would help combat issues such as consumers gambling with unlicensed sites.

“The belief that a monopoly model is essential for safer gambling does not align with the current European trend,” Haijer said. “Nearly every other European country has implemented some form of licensing system, successfully prioritising player safety within a regulatory framework that provides clear rules for companies to follow.

“In Norw..

September 18, 2023

DraftKings claims NJ sports betting top spot in August

DraftKings and partner Resorts World led the New Jersey sports wagering market in August, knocking Meadowlands off top spot for the first time since January 2019.

The partnership heralded $56.9m (£45.9m/€53.3m) in August. This was ahead of Meadowlands and partners FanDuel, PointsBet and SuperBook on $25.7m. PointsBet will soon rebrand as Fanatics after the latter completed the acquisition of the PointsBet US business in eight states, including New Jersey.

Total sports betting revenue for the month amounted to $96.0m, representing a 47.1% rise on last year. This was also the sector with the highest percentage of growth in the state in August.

In addition, sports wagering handle in New Jersey hiked 32.7% year-on-year from $546.8m to $725.8m. Of this total, $697.1m was bet online and $28.8m at retail sportsbooks across New Jersey.

Sports betting drives overall market growth in New Jersey

Total gambling revenue in New Jersey hiked 12.9% year-on-year to $531.6m in August. The monthly t..

September 15, 2023

Delaware igaming spend down again in August

Consumer spending on igaming in Delaware fell for the third consecutive month in August, while the state reported year-on-year declines across online gambling and sports betting.

Delaware players wagered $32.4m on igaming during the month. This was 12.0% lower than $36.8m in August 2022 and 11.0% down from $36.4m in July. The figure was also the lowest monthly total since $31.9m was bet in May last year.

Video lottery drew $23.3m of all bets in August and table games $9.2m.

Players won $32.4m, meaning revenue from igaming reached $1.1m. This was 15.4% lower than August 2022 and 8.3% behind July’s total this year.

Revenue from video lottery games amounted to $952,437 and table games $122,089. The remaining $32,607 came from poker rake and fees.

Delaware Park remained the igaming market leader with $488,308 in revenue from $14.1m in total wagers. Bally’s Dover followed with $319,237 off $10.2m, then Harrington Raceway on $299,588 from $8.1m.

RSI cliches igaming contract

This comes..

September 15, 2023

Arrests made in Spain as match-fixing network dismantled

The Spanish National Police has made a series of arrests in connection with the dismantling of an organised crime group suspected of fixing sports events and using technology to place bets ahead of bookmakers.

Some 23 arrests have been made through a joint effort with the Spanish Tax Agency, Europol and Interpol. This includes one of the group’s leaders subject of an Interpol Red Notice for persons wanted internationally for match-fixing activities.

The joint operation began in 2020 when Spanish officers identified suspicious online sports bets placed on international table tennis events. Further investigation uncovered a criminal network of Romanian and Bulgarian origin.

According to Interpol, the group fixed matches outside of Spain by corrupting athletes. Once outcomes were agreed, crime group members in Spain placed online bets on what Interpol described as a “massive” scale.

Criminals get ahead of bookmakers

Officers also discovered a criminal process whereby the group acces..

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 14, 2023

Spajic tapped as Betfred USA CEO

Kresimir Spajic will lead Betfred USA as its new chief executive.

Spajic will oversee the sportsbook’s strategy and operations across 10 US states. Betfred is licensed to operate in Nevada, Pennsylvania, Colorado, Louisiana, Arizona, Iowa, Washington, Virginia, Ohio and Maryland.

Read the full article on iGB North America

September 14, 2023

Brazil lower house approves gambling bill

Brazil’s Chamber of Deputies has approved the government’s gambling bill, which regulates both sports betting and online casino.

The passage of the bill marks one of the final hurdles in the long journey to regulate online gambling in Brazil, the 10th largest economy in the world.

Bill 3,626/23 – which will replace the provisional measure (PM) president Luiz Inácio Lula da Silva issued in July – was amended several times from the original bill that the rapporteur, deputy Adolfo Viana, presented yesterday.

However, the bill still legalises online casino in addition to sports betting. Betting on fantasy sports will remain illegal due to a specific exemption from the new rules.

deputy adolfo viana presents amended bill

The bill will now head to the Federal Senate, which has 45 days to comment on the bill.

Foreign operators barred from licensing

Unlike the PM, the proposed law excludes foreign companies from offering regulated gambling. Only businesses incorporated under Brazilian ..

September 14, 2023

FA hands suspended ban to Forest’s Toffolo over betting breaches

The English Football Association (FA) has issued a suspended five-month ban to Nottingham Forest defender Harry Toffolo after he admitted to 375 breaches of its betting rules.

The ban is suspended to the end of the 2024-25 season. Toffolo is also being fined £20,956 (€24,374/$26,202) over the case.

Toffolo was charged in July for allegedly placing bets on football matches between 22 January 2014 and 18 March 2017.

FA Rule E8 says players, match officials or coaches must not bet, either directly or indirectly, on any matters related to football anywhere in the world. Toffolo had been given until 19 July to respond to the charges.

The 28-year-old represented Premier League club Forest in 2022. He was playing for several clubs on loan during the period highlighted by the FA.

Loaned out by Norwich City, he played for Swindon Town, Rotherham United, Peterborough United and Scunthorpe United. All these clubs play in the lower leagues, outside the top-tier Premier League.

Toffolo has on..

September 13, 2023

BetMGM ups the ante for the 2023-24 NFL season

One week on, the 2023-24 National Football League (NFL) season is in the books and Matt Prevost, BetMGM's chief revenue officer says BetMGM is looking to make it a big year.

During the off season, BetMGM made numerous changes to its sports betting experience, fuelled by the popularity of the NFL and a general aim to consistently improve its offering.

“The BetMGM app is taking a giant leap forward this season with new capabilities and streamlined user experience,” says Prevost. “One new feature is Same Game Parlay+.

“We have seen incredible activity and demand from our customers in same game parlays. So the ability to add new functionality to this popular feature and now offer the ability to combine several same game parlays for exponentially higher odds is something we expect fans to really take advantage of this season.”

BetMGM’s Survivor Pool

BetMGM is also bringing local flair to its sportsbook in legal markets. The sportsbook is offering “exclusive odds boosts for our tea..

September 13, 2023

Online casino included in imminent Brazil gambling regs

Brazil’s Chamber of Deputies is set to vote today on the latest set of sports betting regulations, which leaves in place the high tax regime put in place by the provisional measure (PM), but includes the legislation of online casino.

Bill No 3626/23 amends PM No 1,182 issued by Brazil president Luiz Inácio Lula da Silva in July. If passed, the law would keep in place the high tax regime brought in by the PM. This will maintain the original 18% tax on gross gambling revenue.

However, commentators previously pointed out that once additional mandatory contributions are accounted for the effective tax rate will run between 31% and 34%.

On top of this, the law will impose a 30% tax on prizes won over R$2,112 (£342/€398/$427).

the bill keeps in place the high tax regime imposed in lula’s provisional measure

The maintenance of the high tax rates no doubt will be a blow to Brazil’s gaming industry. The sector largely responded negatively to the original PM, with many criticising the tax r..

September 12, 2023

Indiana sports betting handle level year-on-year at $238m in August

Player spending on sports betting in Indiana remained level year-on-year in August at $238.1m (£191.0m/€222.2m) while revenue dipped slightly.

Monthly handle was in line with the $238.0m reported in August 2022 and 16.8% higher than $203.8m in Indiana in July this year.

Baseball again proved the most popular sport among consumers, attracting $66.8m in bets. Basketball bets totalled $19.8m and football $17.3m, while other sports drew $63.0m in wagers. A further $70.7m was spent on parlay bets.

Taxable adjusted gross revenue in August amounted to $23.5m. This was 7.5% behind the $25.4m posted last year but only marginally less than $23.3m in July 2023.

Blue Chip Casino and FanDuel dominance continues in Indiana

Blue Chip Casino and partner FanDuel continued to lead the market with $8.5m in revenue and a $71.1m handle. Ameristar Casino and DraftKings again had a higher handle of $95.6m but lagged behind in revenue terms with $7.7m.

Belterra Casino and partner FanDuel completed the..

September 12, 2023

Colorado sports betting handle dips below $300m in July

Player spending on sports betting in Colorado amounted to $281.1m (£224.7m/€261.8m) in July, the first time the state’s handle fell below $300.0m since August 2022.

Colorado’s betting handle was 8.9% higher than $258.4m in July 2022 but 9.5% behind $310.7m in June this year. July was also the fourth consecutive month of month-on-month betting handle decline for Colorado.

Online betting accounted for $279.4m of all wagers placed during the month. In contrast, just $1.7m was spent betting at retail sportsbooks in Colorado.

Baseball again drew the most bets, with players wagering a total of $104.9m during the month. Basketball was a distant second on $34.5m, then tennis at $33.9m. Players also spent $44.8m placing parlay bets in July.

Revenue rockets 171% month-on-month in Colorado

Gross gaming revenue from betting amounted to $25.0m in July. This was 20.2% ahead of $20.8m in July 2022 and 171.7% more than $9.2n in June this year.

Online revenue for the month in Colorado reached $2..

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Tag: Sports betting