Sports betting Archives

August 2, 2023

Caesars Digital becomes EBITDA positive in Q2

Caesars Entertainment has posted the first quarter of positive adjusted EBITDA for its digital business since rebranding to Caesars Sportsbook in the summer of 2021.

The group launched its new-look sportsbook app in August 2021, following its acquisition of William Hill earlier in that year. Caesars acquired William Hill for £2.90bn (€3.37bn/$3.71bn) in April 2021 after a deal was agreed in September 2020.

In the months and years that followed, Caesars Sportsbook was rolled out across a total of 20 of states. However, despite this extended reach, EBITDA did not turn positive until the second quarter of this year.

EBITDA from Caesars Digital in Q2 reached $19.0m. In May this year, Caesars set a digital EBITDA target of $500.0m within the next two years.

Eric Hession, president of Caesars Sports and Online Gaming, welcomed the landmark. He highlighted the growth of both online sports betting and casino.

“Our performance this quarter continues to demonstrate the effectiveness of our ..

August 1, 2023

Bet-at-home H1 cost-cutting pushes earnings despite revenue decline

German-facing sports betting and igaming operator Bet-at-home.com announced the business’ cost-cutting measures has tripled the company’s EBITDA, despite an overall decline in revenue.

Bet-at-home’s gross gambling revenue stood at €24.2m in H1 2023. This was a 9.3% fall from the €26.7m the business achieved in the same period the previous year.

The FL Entertainment-owned company said this resulted from regulatory developments in Germany. It represents the operator’s largest single source of revenue.

In particular, Bet-at-home highlighted the impact of the monthly betting limits Germany implemented from 1 July 2022.

These limits – which were implemented as part of the country’s Fourth State Treaty on Gambling – include a €1 per spin stake limit for online slots.

The operator also highlighted a weaker than expected development of the online gaming segment. This is a trend it also blamed on enhanced regulation from the previous year.

Impact of strict cost-cutting

However, during H..

August 1, 2023

New Hampshire sports betting revenue hits $81.0m in FY23

Sports wagering revenue in New Hampshire increased 57.0% year-on-year during the state’s 2023 financial year, while handle also edged up.

Gross gaming revenue for the 12 months to the end of June 2023 amounted to $81.0m, up from $51.6m in the previous year.

Of this total, $69.1m came from online betting, an increase of 57.1%. Retail betting revenue also jumped 56.6% year-on-year to $11.9m.

In terms of handle, players wagered a total of $883.7m on sports during the 2023 financial year. This was 2.6% higher than the previous year when $861.1m was bet.

Read the full story on iGB North America

August 1, 2023

Mississippi betting handle continues decline in June

Player spending on sports betting in Mississippi fell for the third consecutive month in June, while the state also experienced year-on-year declines.

Monthly handle in Mississippi reached $20.4m. This was 18.7% behind $25.1m in June 2022 and 23.9% less than $26.8m in May of this year.

Revenue for June amounted to $1.8m, down 14.3% year-on-year and 43.8% behind $3.2m in May.

Coastal casinos drew the most custom with a handle of $13.0m. These venues were also able to generate $832,238 in revenue during the month.

Read the full story on iGB North America

August 1, 2023

Colorado handle declines again in June

The total Colorado sports betting handle declined for the third consecutive month in June, as well as falling for the first time on a yearly basis.

Colorado’s total betting handle stood at $310.7m in June 2023, a 19% decline from the $385.2m the Centennial state achieved in May.

This also represented a 0.8% fall from the $313.2m the state reported in the same period last year.

Of the total wagers, the vast majority resulted from online wagers at $308.2m, with just $2.44m originating from retail and land-based bets.

Players bet the highest totals on baseball, which received $104.6m in wagers. The second and third most popular sports were basketball and tennis, reporting $57.9m and $23.7m respectively.

This represented a change from June 2022, when ice hockey was the state’s third most popular sport to bet on instead of tennis.

Read the full story on iGB North America

July 31, 2023

Bolivian tennis official suspended for 12 years over corruption

The International Tennis Integrity Agency (ITIA) has suspended Bolivian tennis official Percy Flores for 12 years over a series of corruption charges.

Flores, who was also fined $15,000 (£11,673/€13,609) by the ITIA, was ruled to have breached the Tennis Anti-Corruption Programme (TACP).

Some 31 breaches were noted between November 2021 and October 2022. These included routine manipulation of scores for betting purposes by entering the wrong score into the umpire’s handheld device.

Flores, a white badge umpire, did not contest the charges and had his suspension backdated to 8 December 2022. The ITIA also reduced this by three years due to mitigating circumstances, including early admission of charges.

As such, the suspension will run until 7 December 2034. Flores cannot officiate at or attend any event authorised by tennis’ governing bodies.

Corruption breaches

In terms of the specific breaches, ITIA noted several sections of both the 2021 and 2022 editions of the TACP.

Featur..

July 31, 2023

Sports betting decline hits Michigan igaming revenue in June

Reduced sports betting activity in Michigan in June led to a month-on-month drop in overall online gambling revenue for the state.

Combined gross igaming and sports betting receipts in Michigan amounted to $169.3m. This was down 8.9% from $185.5m in May this year, representing the third consecutive month of decline in the state.

However, the total was some 23.7% ahead of $136.9m in June 2022.

Online casino gaming gross receipts amounted to $151.0m, a year-on-year climb of 24.2% and marginally ahead of May. Gross sports betting receipts also increased 18.8% from June 2022 to $18.3m, but this was 48.0% lower than $35.2m in May.

Read the full story on iGB North America

July 31, 2023

Massachusetts casinos fined for college betting rule breaches

Three land-based casinos in Massachusetts have been fined for breaching state rules related to betting on college sports events.

The Massachusetts Gaming Commission (MGC) flagged MGM Springfield, Plainridge Park Casino and Encore Boston Harbor for separate offences.

Both Plainridge Park Casino and MGM Springfield were fined $20,000, while Encore Boston Harbor was handed a $10,000 penalty.

Each casino was penalised after allowing players to bet on regular-season games featuring teams from colleges in Massachusetts. State law prohibits wagering on events involving Massachusetts colleges unless it is part of a tournament of at least four teams.

The rules have been in place since the state opened its regulated sports wagering market in January this year. Retail betting launched first, followed by online in March.

Read the full story on iGB North America

July 31, 2023

Nevada gambling revenue dips in June

Gambling revenue in the state of Nevada declined both month-on-month and year-on-year in June, according to the Nevada Gaming Control Board.

Total revenue for June amounted to $1.25bn. This was 2.3% less than $1.28bn in June 2022 and also 3.1% lower than $1.29bn in May this year.

Slots were again the main source of revenue during the month. Revenue from slot machines reached $836.2m, down 0.3% year-on-year. Of this total, some $486.2m came from multi-denomination slots, while penny slots generated $255.2m.

Table, counter and card games revenue was also down, slipping 6.5% to $409.6m. Blackjack drew the most revenue at $104.0m, with baccarat second on $100.5m following a 29.8% year-on-year drop.

Read the full story on iGB North America

July 31, 2023

Fox Bet to close by 31 August

Flutter Entertainment and Fox Corporation have announced that their Fox Bet sports betting joint venture will close next month.

A phased closure of the Fox Bet operations will take place from today (31 July) until 31 August.

Flutter has been operating the brand as part of The Stars Group US, along with the US-facing operations of the PokerStars business.

It was confirmed that Flutter will retain ownership of both PokerStars and FanDuel Group. However, Fox will retain future use of the Fox and Fox Bet brands. These include the Fox Bet Super 6 prediction game, with a revamped version of this still due to go live this summer.

In addition, Fox, which holds a 2.5% stake in Flutter, will retain its option to acquire 18.6% of FanDuel.

Fox Bet’s short history

Fox Bet was born in May 2019 when Fox linked up with The Stars Group to launch a new sports betting service in the US. This was prior to Flutter acquiring The Stars Group in May of the following year.

At the time, it was planned fo..

July 28, 2023

Illinois approves Hard Rock Casino sportsbook

The Illinois Gaming Board (IGB) has approved the launch of a new sportsbook at the Hard Rock Casino in Rockford.

The authority granted 815 Entertainment – doing business as Hard Rock Casino Rockford – a sports wagering operator licence. Seminole Hard Rock Digital was also approved as a sports wagering management service provider.

The casino “must comply with IGB rules before offering in-person and online wagering”, the regulator said. It is understood that the casino is hoping to begin offering sports betting within the next two months.

Read the full story on iGB North America

July 27, 2023

Philippoussis sanctioned for breaching tennis betting rules

Australian tennis coach Mark Philippoussis is being sanctioned after breaching the sport’s betting sponsorship rules.

The International Tennis Integrity Agency (ITIA) is fining Philippoussis $10,000 and handing him a suspended ban of four months.

He broke the rules by receiving payment for providing a voiceover to promotional content for a gaming operator.

Suspended ban

The ITIA said that the suspension will not come into force unless there is a further breach of the rules. The regulations are set out in the ITIA’s Tennis Anti-Corruption Programme.

The ITIA is an independent body established by the sport’s international governing bodies. The body focuses on safeguarding the integrity of professional tennis worldwide.

The former top-10 player on the men’s ATP tour did not contest the charge and cooperated fully.

“Covered person”

As an accredited coach, Philippoussis is considered a “covered person” under the rules. This means they are subject to the sport’s regulations around re..

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Tag: Sports betting