Sports betting Archives

September 8, 2023

LeoVegas breaks ground with BetMGM UK

The news that BetMGM would be launching in the UK gave its gambling market a much-needed shake. But it was the fact that LeoVegas, not Entain, would be MGM’s launch partner that really set the conversation alight. Gustaf Hagman, CEO of LeoVegas, believes his company is more than ready to take on the challenge.

To say the journey to the launch of BetMGM UK has been complex would be an understatement.

To the uninitiated, an established US-facing brand – a joint venture of two industry giants – has managed to implant itself into the UK market.

But peeling back the layers reveals a different story. BetMGM’s US offering is a joint venture shared between MGM and Entain. But the launch of BetMGM UK doesn’t include Entain at all.

Instead LeoVegas, which was acquired by MGM Resorts last year for $604m, will power BetMGM’s new UK platform. This means that BetMGM UK will be competing directly against Entain’s UK brands, which include the likes of Ladbrokes, Coral and Gala.

Despite the enormi..

September 8, 2023

BetMGM rolls out revamped sports betting app as NFL season kicks off

BetMGM, the joint venture between MGM Resorts International and Entain, has launched an updated version of its sports betting app to coincide with the start of the new NFL season.

The 2023-24 NFL campaign kicked off yesterday (7 September), with the Detroit Lions seeing off the Kansas City Chiefs 21-20. The revamped BetMGM app went live ahead of the game, with users having access to a number of new features.

These include a free-to-enter Survivor Pool, where customers pick a team to win each week of the season. Once a team is selected, they cannot be picked again. The last player standing will win the $100,000 (£80,085/€93,352) jackpot.

Players can also access a Same-Game Parlay+ feature, allowing BetMGM sports betting app users to connect two different same-game parlays into a single bet.

Users travelling across different states where online sports betting is legal can access their BetMGM account. In addition, customers will have access to a range of special offers such as a 50% l..

September 7, 2023

Turnover is vanity, profit is sanity

The NFL is a difficult sport for oddsmakers and sportsbooks to navigate. But along with its headaches and complexities comes the promise of high rewards for operators, writes Simon Trim, launch consultant to 10star.

The weekend that follows the first Monday in September is always a red-letter event for US sportsbooks, as the NFL season makes its annual return.

The NFL season consists of 272 games, as opposed to the 2,430 that comprise the regular Major League Baseball season. But the impact on turnover, and potentially profit, that the NFL has in comparison is vast.

The NFL isn’t just America’s game either. It is a high-tariff sport throughout the global sports betting landscape. For UK sportsbooks, the NFL games held in London across three consecutive weekends in October are huge business drivers.

SIMON TRIM, LAUNCH CONSULTANT TO 10STAR

While the NFL is undoubtedly the main event in terms of generating turnover and revenue, the number of US sportsbooks that have translated this ..

September 7, 2023

Kentucky launches legal retail sports betting

Kentucky will today (7 September) open its legal retail sports wagering market, ahead of launching online betting later this month.

The market opens after governor Andy Beshear signed off on House Bill 551 in April. The bill makes nine Kentucky racetracks eligible to offer on-site retail betting.

Each racetrack is also able to partner with up to three online operators, meaning 27 licences are up for grabs in the state. Online will not launch until 28 September as part of a staggered start to regulation, although pre-registration is now open.

Online tax rate is set at 14.25% of gross gambling revenue and retail 9.75%. A licence will cost a racetrack $500,000 and an online operator $50,000 to partner.

Retail licensees confirmed in Kentucky

Last month, the Kentucky Horse Racing Commission (KHRC) approved sports betting licences for a number of operators. These covered both online and retail activities.

In terms of retail, licences were also approved for a number of racetracks and t..

September 7, 2023

NCAA demands help in the wake of soaring college gambling problems

One in four leading US college sports programmes have been notified of student-athletes being harassed by someone with gambling interests in the last 12 months, according to a new study published by the National Collegiate Athletic Association (NCAA).

The body that runs college sports has demanded help from sportsbooks and regulators in the wake of issues identified in its Survey of Senior Compliance Administrators on Sports Wagering Issues.

The study found that 27% of schools from the so-called Power Five conferences had dealt with a sports wagering problem among their athletes or staff within the past year. This is compared to just 3% when the same question was asked in 2019.

There was also a sharp rise within all Division I schools, from 4% to 13%. Division II and Division III athletic departments actually saw a fall in reports of problem gambling between 2019 to 2023.

Another statistic shows a quarter of Power Five schools were aware of student-athletes being harassed by someon..

September 7, 2023

Betr launches real-money sportsbook in Virginia

Microbetting operator Betr Holdings has announced the launch of its real-money sportsbook product in the state of Virginia.

Consumers can access the Betr Fantasy & Sportsbook app on iOS as well as the Betr Microbetting app via Google Play. Betr will also launch its Scripts product in the state.

The roll-out means Betr is now active in three US states, having already gone live in Ohio and Massachusetts.

Launching in Virginia also marks the final Betr Sportsbook roll-out on Betr’s V0 product. The operator will introduce its V1 Sportsbook in additional and existing states next year.

This development has been made possible through Betr’s acquisition of the Chameleon platform from FansUnite. Betr purchased Chameleon, which offers a suite of gaming solutions, for $7.4m (£5.9m/€6.9m) in May.

Betr’s new V1 OSB product will feature wider sportsbook capabilities. These include pre-match and in-play core markets, parlays, same game parlays, futures, props and other bet types. More than 20 ad..

September 7, 2023

Net profit up 56.4% at STS in H1

Net profit at Polish sports betting operator STS Holding grew 56.4% to PLN97m (£18.1m/€21.1m/$22.6m) in the first half of 2023, a period in which it agreed to be acquired by Entain CEE for £750.0m.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the half-year rose by 34.1% to PLN157m.

The news that Entain CEE – Entain’s Central and Eastern Europe (CEE) venture – would acquire Poland’s leading sportsbook operator came in June, after Mateusz Juroszek, chief executive of STS, and his father Zbigniew, entered into an agreement to accept Entain CEE’s acquisition offer.

Entain CEE paid PLN24.80 per STS share. This put the business at an equity value of £750m and an enterprise value of an estimated £690m. The deal closed on 24 August, after STS shareholders – holding 155,591,656 in STS shares – backed the deal.

On the half-year, Mateusz Juroszek said STS focused on optimising its operations during the six months, adding that he projects increased player ..

September 6, 2023

Malta regulator cancels Tipster’s licences

The Malta Gaming Authority (MGA) has cancelled Tipster Limited’s licences in the country after the business was recently wound up.

The regulator in July suspended Tipster in response to the winding up order and is now proceeding with full cancellation. This, the MGA, said was the most “appropriate” measure.

Tipster must now notify all players of the cancellation and settle outstanding fees with the regulator. The sports betting operator is also ordered to remove any reference to MGA licensing from its websites.

All licence cancellations and suspensions in Malta are open to appeal.

Tipster faces insolvency proceedings

The licence suspension and subsequent cancellation come after insolvency proceedings were launched against Tipster in June. Dr Jörg Gollnick was appointed as its provisional insolvency administrator.

Gollnick is also the provisional insolvency administrator for Tipster Service GmbH, part of the Tipster group. At the time, Gollnick said the restructuring hinges on the..

September 4, 2023

Rhode Island sports betting handle slips to three-year low in July

Players in Rhode Island spent $20.2m (£16.0m/€18.7m) wagering on sports in July, the lowest monthly total for three years.

The figure was 19.8% down from $25.2m in July 2022 and 14.8% lower than $23.7m in June of this year. It was also the shortest monthly spend since July 2020 when $6.7m was bet by players.

Some $15.4m of the monthly spend was attributed to online betting. A further $4.9m was wagered at retail sportsbooks within Twin River and Tiverton Casino, split $3.0m and $1.9m, respectively.

In terms of revenue, $1.9m was generated in Rhode Island in July. This was 34.5% behind $2.9m in 2022 but marginally ahead of $1.8m in June.

Of this total, $1.5m came from online betting, while retail’s share totalled $293,397. Twin River generated $298,879 in betting revenue but Tiverton Casino posted a $5,482 loss, bringing the total slightly down.

Rhode Island legalises igaming

Confirmation of the July figures comes in the wake of Rhode Island moving to legalise igaming.

Governor Da..

September 4, 2023

Revenue dips as US plans gear up at BlueBet

Net revenue at sports betting operator BlueBet decreased marginally year-on-year for FY23, while turnover perked up as its US expansion plans took shape.

Revenue was AU$49.0m (£25.1m/€29.3m/US$31.7m) for the 12 months to 30 June, dipping by 1.3% compared to FY22. Turnover increased by 4.8% to AU$536.6m.

BlueBet pointed to its performance in Australia as a particular highlight for the year. But its full-year results came days after it was issued a $945,187 fine by the Victorian Gambling and Casino Control Commission (VGCCC). This figure could change subject to further legal proceedings. BlueBet displayed three advertisements on billboards between 29 August and 11 September last year, breaching state laws on marketing.

BlueBet’s active customers in Australia shot up by 22.7% to 65.4 million. Turnover grew 3.5% to $530.0m, accounting for a majority of the overall turnover for the year. BlueBet attributed this growth to a 24.0% increase in marketing spend, which was due to increased inv..

September 1, 2023

DOI blasts West Flagler over Florida sports betting rehearing request

The US Department of Interior (DOI) has hit back at West Flagler’s “strawman arguments” over its request for a rehearing in the Florida sports betting case.

In a 25-page response, the DOI criticised the en-banc hearing request by two Florida pari-mutuel betting operators, after the businesses lost their case in the DC Circuit Court challenging the Seminole Tribe’s compact with the State of Florida.

The compact, through its “hub and spoke” model, grants Seminole the exclusive right to offer online sports betting in the Sunshine State. The tribe plans to launch the offering through its Hard Rock Bet brand.

the original ruling cleared the compact’s “hub and spoke” model from federal objections

‘Rehearing is unwarranted’

The department pushed back against the “erroneous assertions” of the pari-mutuels. It argued the compact does not legalise the placing of bets. As evidence, it highlighted that the court’s decision does not prevent the plaintiffs from challenging the compact in the s..

September 1, 2023

Fanatics completes PointsBet deal in eight US states

Fanatics Betting and Gaming (FBG) has closed on the first eight states in its previously announced acquisition of PointsBet’s US business.

Following regulatory approvals, the deal has now completed in major markets such as New Jersey and Pennsylvania. FBG has also completed in Colorado, Iowa, Kansas, Maryland, Virginia and West Virginia.

PointsBet confirmed that the Fanatics subsidiary has now paid the initial instalment of $175m of the $225m headline purchase price. The price was agreed in June 2023.

From today, customers in each of the eight states will see PointsBet rebranded to “PointsBet, a Fanatics Experience”. The rebrand will complete in Indiana and Illinois in the coming months.

PointsBet USA will continue to operate in Illinois, Indiana, Louisiana, Michigan, New York and Ohio. This will be until Fanatics is able to close on selected states individually.

“We are excited about what we are building at Fanatics Betting and Gaming and this acquisition accelerates our plans,” ..

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Tag: Sports betting