Finance Archives - Page 4 of 12

Iowa sports betting handle continues to decline in April

Iowa experienced another year-on-year drop in sports wagering handle in April, although the state was able to report an increase in revenue.

Consumers spent $172.6m betting on sports during the month, down 2.7% from $177.4m in April 2022 and also 25.8% behind the $232.6m wagered in March of this year.

Of this total, $157.5m was wagered online, while the remaining $15.1m was bet with retail sportsbooks across the state.

Read the full story on iGB North America

May 4, 2023

New York greenlights $455m racing Belmont development

Sports Betting News Bookiecity

On 2 May, New York State lawmakers approved the FY2024 budget, which included funding for a $455m (£362.0m/€412.2m) loan to renovate and upgrade the Belmont Park race track.

Non-for-profit racetrack operator the New York Racing Association (NYRA) is charged with developing the project to build the new thoroughbred racing facility at Belmont Park.

The NYRA said that the “significant” construction development would have no cost to tax payers, due to being funded through loans that the operator is obliged to pay back to the state government.

Belmont Park’s existing grandstand and clubhouse are to be replaced with a new building, designed to “reflect the evolution” of racing and wagering since the site was last redeveloped in 1968.

In keeping with the declining popularity of racing in New York, the new construction is to be smaller, with the current 1.25 million square foot facility set to be replaced with a 275,000 square foot structure.

According to the NYRA, the new building is to..

May 3, 2023

Delaware sports betting handle continues to decline in March

Sports Betting News Bookiecity

Player spending on sports wagering in Delaware fell to a seven-month low in March, though the state was able to report an increase in igaming wagers.

Betting handle for the month amounted to $3.5m, which was 32.7% lower than $5.2m in the same month last year and 14.6% behind the $4.1m wagered in February this year. This was also the lowest monthly total since August 2022.

However, sports wagering revenue was $544,385, only marginally lower than $553,465 in March 2022 and 77.6% higher than $306,573 in February.

Read the full story on iGB North America.

April 28, 2023

PointsBet confirms North American sales talks

Sports Betting News Bookiecity

Australian gaming operator PointsBet confirmed that the business is “currently in discussion with multiple parties” regarding the sale of its North American business.

The company also said that it has terminated previously reported talks to sell its Australian business to the News Corp-backed gaming venture behind the Betr brand. Despite this, PointsBet said it remains in discussion with “other third parties” who have expressed interest in acquiring the business.

“Consistent with commentary previously provided to our investors and the market more generally, PointsBet continues to engage in discussions regarding strategic transactions that offer the potential to add value for our shareholders,” said the company.

pointsbet also confirmed that it had terminated the talks to sell its Australian business to a news Corp-backed venture

Losses mount despite revenue growth

For the three-month period ending 31 March, the business recorded gross gaming revenue of AU$106.6m (£56.4m/€63.9m/US..

April 19, 2023

Pennsylvania gambling revenue exceeds $500m for the first time in March

Sports Betting News Bookiecity

Pennsylvania set a new record in March after monthly gambling revenue surpassed $500.0m for the first time, while igaming revenue also reached an all-time high.

Revenue for the month reached $515.3m, up 11.4% from $462.7m in March 2022 and also 12.8% ahead of $456.8m in February of this year.

Retail slots accounted for almost half of all gambling revenue for March, with the $225.4m generated during the month being 5.0% ahead of the previous year. However, revenue from retail table games slipped 8.9% to $85.9m.

Read the full story on iGB North America.

March 23, 2023

Portuguese online gambling revenue reaches record €195.3m in Q4

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Online gambling revenue hit an all-time high of €195.3m (£173.0m/$213.0m) in Portugal during the fourth quarter of 2022, with record performances across both the sports betting and casino sectors.

Gross revenue for the three months to 31 December 2022 was 39.7% higher than €139.8m in the corresponding period of the previous year and also 23.4% more than the previous quarterly record of €158.2m set in Q3 of 2022.

Online casino

Casino was the primary source of revenue during the quarter, generating €109.8m in total revenue, up 48.3% year-on-year and 23.8% quarter-on-quarter, according to regulator the Gaming Regulation and Inspection Service (SRIJ).

Consumers spent €2.98bn playing online casino in Q4, up 42.1% from the previous year’s total and also a new record for the country’s market.

Slot machines were by far the most popular form of online casino, attracted 79.8% of all bets during, with French roulette a distant second with 8.5% of bets and blackjack 5.5%.

Sports betting

Tu..

March 20, 2023

Pennsylvania gambling revenue up 21.6% in February

Sports Betting News Bookiecity

Gambling revenue in Pennsylvania increased by 21.6% year-on-year in February, driven by significant growth across the sports betting and online slots sectors.

Revenue for the month amounted to $456.8m, up from $375.7m in February 2022and just 1.6% shy of the $464.4m generated in January of this year, according to the Pennsylvania Gaming Control Board (PGCB).

Retail slots remained by far the main gambling revenue source in the state with $202.8m, up 4.2% year-on-year, while retail table games revenue also edged up 0.2% to $74.5m.

Read the full story on iGB North America.

March 17, 2023

NJ gambling revenue up 10.4% year-on-year in February

Sports Betting News Bookiecity

Gambling revenue in New Jersey climbed 10.4% year-on-year during the month of February, with growth in almost all market sectors.

Revenue for the month amounted to $412.2m, according to the New Jersey Division of Gaming Enforcement. This was up from $373.3m in the same month in 2022 but 5.7% behind the $436.9m generated in January of this year.

Physical slot machines remained the core source of revenue in the state, with the $159.3m collected in February being 3.5% ahead of the previous year.

However, land-based table games revenue slipped 4.9% to $55.6m, although this was the only segment to experience a decline.

Read the full story on iGB North America

March 16, 2023

Norway announces new distribution of Norsk Rikstoto profits

Sports Betting News Bookiecity

The Norwegian Ministry of Food and Agriculture have established new regulations, formalising the revenue share received by the different national equestrian organisations from Norsk Rikstoto.

Under the new rules, the profits distributed to these various bodies will be formalised, with each organisation receiving a set percentage of the proceeds. This differs from the repealed regulations in which the Ministry had far more discretion over where the profits were distributed.

Gambling on horse racing in Norway is supervised by the state-owned monopoly of Norsk Rikstoto, which collects all legal pari-mutuel bets on the vertical. The profits from this company are then shared among a variety of Norwegian equestrian organisations in order to support the sport.

Distribution of profits

The new regulations outline that the Norwegian Trotting Association, the national harness racing association, is to receive 82% of the profits. The Ministry says that the grant will be used in order to suppor..

March 15, 2023

US growth drives 30% revenue rise in Sportradar FY22

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Sportradar reported a 30% rise in revenue from €561.2m (£490.1m/ $591.2m) in 2021 to €730.2m in its full year 2022 financial report, driven by 78% growth in the US, as well as 26% growth from its international operations.

The company’s reported revenue beat its annual projected outlook range of €718m to €723m. US revenue stood at €127m for the year, as opposed to the €71.7m the business reported in 2021. This compares with the 25.8% rise in its international betting segment with grew from €309.4m to €389.1m from 2021 to 2022.

From this revenue, the business announced adjusted earnings before interest taxes depreciation or amortisation (EBITDA) of €125.8m, a 23% increase from the €102.0m the company achieved in 2021.

The business hailed the strong results across all its key performance metrics. CEO Carsten Koerl said he was “very pleased” with the company’s results, driven by what he described as “exceptional execution”.

“We saw excellent performance across all of our key performa..

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