Sports betting Archives - Page 7 of 110

March 21, 2024

Penta working with JP Morgan to explore “strategic options” for Fortuna

Investment group Penta Investments is working alongside JP Morgan to explore the potential sale of Fortuna Entertainment Group.

Penta is exploring its options for Fortuna, which currently operates in Poland, Croatia, Romania, Slovakia and the Czech Republic, running sites and betting shops under the Fortuna, Casa Parulior and PSK brands.

Any sale of Fortuna could purportedly be worth up to €2bn (£1.7bn/$2.2bn), according to Reuters which broke the news. Penta acquired a 79.8% stake in Fortuna in 2017, having first bought into the company in 2005, before launching a takeover bid in 2018.

While not ruling out an exit, Penta is evaluating alternatives that would best help the development of the Fortuna franchise, the business told iGB, while ensuring sustainable growth and the creation of long-term value.

“As discussions are in their early stages, it’s premature to speculate on the specific outcomes,” Penta said. “However, the possibility of a majority sale remains within the realm of..

March 21, 2024

Florida Supreme Court won’t hear sports betting case

Florida's Supreme Court has denied a petition from a pair of pari-mutuels to hear their case against Governor Ron DeSantis and the state legislature that could have altered the future of sports betting in Florida.

Justice Meredith Sasso wrote that West Flagler and Associates (WFA) chose the wrong “vehicle” to seek relief.

“Quo warranto is not, and has never been, the proper vehicle to obtain a declaration as to the substantive constitutionality of an enacted law. For that reason, we deny the petition because the relief that petitioners seek is beyond what the writ of quo warranto provides.”

The latest Florida Supreme Court decision may not be the end for WFA in Florida. The pari-mutuels chose to bypass filing in district court and went straight to the Florida Supreme Court.

But Bob Jarvis, a constitutional law professor at NOVA Southeastern, told iGB that WFA could now “follow the correct route and sue in the Leon County Circuit Court in Tallahassee”. Jarvis does not believe t..

March 21, 2024

DC sports betting revenue level despite handle drop in February

Sports betting revenue in Washington DC remained level year-on-year in February at $1.2m (£938,467/€1.1m) despite handle slipping 4.8%.

Revenue in February was at the same level as in the same month last year. However, it was half the $2.4m posted in DC in January of this year.

As for player spending, handle for the month reached $12.0m. This was down from $12.6m in February 2023 and 25.0% behind January’s total spend of $16.0m.

Caesars edges ahead in DC

Looking to individual operators, Caesars took a marginal lead in terms of revenue. During the month of February, it posted $409,386 in revenue from $3.3m in bets.

GambetDC slipped to second in DC – but only just – with $403,646 in revenue. This came despite having a much higher handle than Caesars, processing $5.3m worth of bets.

Next came BetMGM, which generated $294,651 in revenue off $2.6m in total wagers for the month. FanDuel followed with revenue of $84,220 and a $565,595 handle.

Turning to Class B licensees in DC, Grand ..

March 21, 2024

Peru receives 145 licence applications for online gambling in 30 days

Peru’s Ministry of Foreign Trade and Tourism (Mincetur) received 145 requests for operator licences over the first 30 days after Law no 31557 came into effect.

Law no 31557, which regulates online gaming and sports betting, went into effect on 9 February.

Operators had until 10 March to apply for a licence. Mincetur had warned those already active in the Peruvian market that they could face a fine of up to Sol990,000 (€245,394/£212,401/$257,838) or criminal prosecution if they did not apply.

That initial application process has now closed for companies already active in Peru. The country’s minister of foreign trade and tourism, Juan Carlos Mathews, confirmed 145 requests had been received from both national and international companies. Those not previously in the Peru market can continue to apply.

peru’s sports betting and igaming regulations were approved in october

During the initial 30-day period period, 144 linked service providers were registered with seven international cert..

March 21, 2024

Mississippi sports betting market shrinks in February

The Mississippi Gaming Commission posted a year-on-year fall in both handle and revenue during February, while the Magnolia State also reported month-on-month declines.

Players spending on sports betting reached $31.4m (£24.6m/€28.7m) in February. This was 21.1% down from $39.8m in Mississippi last year and some 45.1% behind January’s $57.2m spend.

Inevitably, the sharp drop in revenue – both year-on-year and month-on-month – also led to a decline in revenue.

For February, revenue in Mississippi amounted to $2.3m. The Commission said this was 25.8% lower than the $3.1m reported in February 2023 and 65.7% less than $6.7m in January this year.

Coastal casinos remain popular with Mississippi players

Breaking down these figures by casino location, coastal venues remain the most popular with players when it comes to sports betting.

During February, consumers bet a total of $19.5m at coastal casinos, with a large portion of this – $10.1m – being on basketball. Casinos turned a monthly ..

March 21, 2024

Racecourse Media Group names Dowding as chief betting officer

Racecourse Media Group (RMG) has announced the appointment of Ben Dowding to the new role of chief betting officer.

Dowding takes up the position following the merger of the organisation’s domestic and international betting teams. He was previously director of betting at Racecourse Media Group.

RMG took the decision to combine its teams as more bookmakers are approaching rights acquisition on a global basis. Dowding will now oversee the enlarged team, taking on the new role with immediate effect.

Dowding is a long-serving member of the RMG team having joined the business in March 2013 as head of partnerships. He went on to become head of B2B and then director of betting, holding the latter role for more than six years.

Prior to his time with RMG, Dowding worked for The Jockey Club. Here, he spent time as sponsorship manager and regional sponsorship manager.

In addition, for the past three years, he has combined his duties at RMG with serving as a non-executive director at BocaSpor..

March 20, 2024

Baseball star Ohtani’s lawyers: Interpreter stole for illegal sports betting

The Los Angeles Times claims lawyers for baseball superstar Shohei Ohtani are accusing the ballplayer's interpreter of stealing money and placing “bets with an allegedly illegal bookmaker who is the target of a federal investigation”.

The Los Angeles Times broke the story today (20 March) claiming baseball superstar Ohtani’s lawyers are accusing the ballplayer’s interpreter Ippei Mizuhara of “massive theft” for illegal sports betting.

According to the Times’ report, learning of the theft was incidental after Ohtani’s name turned up during an investigation into Michael Bowyer.

“Millions” of dollars involved in illegal sports betting investigation

Two sources told the newspaper that “millions of dollars” were involved. Federal agents “raided” Bowyer’s Orange County, California. home last year as part of an illegal sports betting investigation, and the Times discovered Ohtani’s name came up in that investigation.

According to an ESPN report, $4.5m was wired out of Ohtani’s acco..

March 20, 2024

New Washington, DC bill would allow competitive digital sports betting market

A DC councilman, Kenyan McDuffie, has filed a bill that would allow for an open, competitive market in the nation's capital, where consumers currently have only a single choice for online sports betting.

The bill would create a new Class C licence, under which operators could offer online sports betting citywide.

Currently, the only platform available throughout the district is GambetDC, which has been under fire almost since it was launched. Operated by Intralot on behalf of the Office of Lottery and Gaming (OLG), the platform has a reputation for uncompetitive odds, limited markets and difficult usability.

It is common knowledge among stakeholders that consumers cross the border to Maryland and Virginia – both of which offer at least 10 online sportsbooks – for a bigger selection. BetMGM and Caesars Sportsbook also offer digital sports betting in the district, but are limited to doing so at their partners’ sports stadiums and within a two-block radius.

GambetDC has brought..

March 20, 2024

Sportradar nears upper end of FY23 revenue guidance with US growth

Sportradar generated €877.6m (£749.6m/$951.5m) in revenue over its 2023 financial year, nearing the upper end of its guidance range thanks to growth in the US.

Revenue was up by 20.2% year-on-year to €877.6m, with Sportradar’s annual outlook for 2023 initially setting a revenue target of €870m to €880m. Revenue growth was powered by increases of 30.0% in the US and 20.0% in Sportradar’s rest of world category.

Significant revenue growth led Sportradar to a total profit from continuing operations of €34.6m, up 229.5% from 2022’s total profit of €10.5m. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 32.6% year-on-year to €166.8m, close to exceeding Sportradar’s outlook range of €162m-€167m.

Adjusted EBITDA margin jumped 177 basis points from 2022 to 19.0%, with Sportradar attributing this to strong operating leverage from sports rights and personnel costs.

As of 31 December 2023, Sportradar had €497.2m in available liquidity, including und..

March 20, 2024

US Representative Tonko to file bill requiring federal approval for states to offer wagering

Yesterday (19 March), US Representative Paul Tonko announced that he plans to file a bill that will limit sports betting advertising, ban funding wagering accounts with credit cards and prohibit the use of the phrases “no sweat” or “bonus” in promotional advertising.

What he didn’t highlight is that the bill would also “establish a general prohibition on sports betting” and require states to get permission from the federal government in order to offer legal sports betting.

Since the US Supreme Court (SCOTUS) overturned the Professional and Amateur Sports Protection Act (PASPA) in May 2018, more than 35 US jurisdictions now offer some form of legal sports betting.

Tonko’s proposal would ultimately require US jurisdictions to get approval from the Department of Justice in order to offer sports betting, according to an outline of the proposed bill. Those wishing to offer sports betting would have to file an application with the US attorney general and prove that they meet a list of r..

March 20, 2024

NCAA launches ‘Draw the Line’ gambling education campaign

The National Collegiate Athletic Association (NCAA) has announced the launch of “Draw the Line”, a new campaign aimed at educating student-athletes about sports betting and the risk of gambling-related harm.

The launch of Draw the Line coincides with week one of the 2024 Division I Men’s and Women’s Basketball Championships. This, the NCAA said, is one of the busiest times of the year for betting in the US.

Draw the Line will run across social media channels, raising awareness of the dangers related to sports betting. NCAA member schools and conferences will also have access to a toolkit and supporting resources.

Underage betting and integrity issues for NCAA

Sports betting is now legal in over 30 states and, according to the NCAA, more than half of college-age students have bet on sports at least once in the previous year.

Further research by the NCAA founded 67% of 18- to 22-year-olds on college campuses have taken part in sports wagering. This is of some concern, given that i..

March 20, 2024

Pennsylvania igaming revenue reaches record $184.9m in February

Online gambling revenue in Pennsylvania hit a record $184.9m (£145.3m/€170.1m) during February, although the state reported year-on-year declines across almost all other markets.

Total gambling revenue in February amounted to $499.1m. This was 9.3% ahead of $456.8m in Pennsylvania last year but 1.6% behind $464.4m in January this year.

Retail slots remain the largest source of revenue in the Keystone State, generating $202.7m, only marginally lower year-on-year. This was despite a decline in the total number of slot machines from 25,708 to 24,962.

Elsewhere in the retail sector, revenue from land-based table games increased by 2.9% to $76.6m.

Online slots and table games growth in February

Turning to the Pennsylvania online market and total igaming revenue was 40.5% higher at $184.9m, compared to $131.6m in 2023.

Online slots revenue jumped 35.6% to $125.9m, while internet table games revenue hiked 56.7% to $56.6m. There was, however, a slight decline in online poker revenue, wi..

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Tag: Sports betting