Online sports betting Archives - Page 3 of 36

DraftKings further increases full-year guidance after Q2 growth

DraftKings has increased its full-year revenue and earnings guidance after reporting growth during both its second quarter and first half.

The operator put Q2 success down to continued customer retention and engagement, as well as the acquisition of new players. DraftKings also highlighted an expanded parlay offering and improved promotional intensity.

This led to a year-on-year rise in revenue and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA). DraftKings was also able to reduce net loss.

Based on these figures, the operator was confident in increasing FY guidance for the third consecutive quarter. DraftKings already raised FY expectations in both the first quarter of 2023 and final quarter of last year.

DraftKings also took into account anticipated launches in new markets when increasing its FY guidance. The operator expects to go live in Kentucky in September and Puerto Rico before the end of the year, with these launches set to further improve f..

August 3, 2023

Arizona sports betting handle down again in May

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Player spending on sports betting in Arizona fell again in May, while revenue also declined month-on-month.

Monthly handle in Arizona amounted to $451.7m, down 2.1% from May of 2022 and 17.7% lower than April this year.

Consumers wagered $446.9m online and a further $3.9m at retail sportsbooks in the state.

Player winnings for the month amounted to $398.2m, resulting in $48.6m in adjusted gross event wagering revenue before free bets. This was 12.0% down on last year but marginally higher than April’s total.

Read the full story on iGB North America

August 3, 2023

Rhode Island sports betting handle declines in FY23

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Rhode Island’s sports betting handle for the 2023 financial year declined year-on-year despite consumers spending more than $500.0m.

Handle for the 12 months to 30 June hit $509.5m, down 1.5% from $517.2m in the previous year.

Players spent $331.9m betting online, up 14.3% but retail across the Twin River and Tiverton casinos fell 21.7% to $177.6m. Twin River took $115.3m in bets and Tiverton $62.3m.

However, total revenue for the year reached $50.9m, up 28.2% from 2022’s $39.7m. Players won $458.6m from sports betting.

Read the full story on iGB North America

August 2, 2023

PlayUp accused of falsifying documents as Mintas case expands scope

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Former PlayUp US CEO Laila Mintas’ updated suit against the troubled gaming operator and its global CEO Daniel Simic accuses the business of falsifying documents, as the legal action expands in scope to the Australian parent company.

The updated suit, which is seeking approximately $100m in damages, details previously unheard allegations including PlayUp falsifying the dates on Australian government paperwork.

Mintas also alleges PlayUp manufactured and manipulated other documents submitted in response to discovery requests and accuses the operator of improper conduct throughout the legal action. There is also the allegation of PlayUp running a “concerted campaign” to ruin the former executive’s reputation.

Simic accused of falsifying of documents

In the third amended counterclaim – the latest filing from the Mintas camp in the legal fight – PlayUp and Simic are accused of making “egregious discovery abuses such as the falsification of corporate documents”.

the suit alleges play..

August 2, 2023

Caesars Digital becomes EBITDA positive in Q2

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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

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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

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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

July 31, 2023

Sports betting decline hits Michigan igaming revenue in June

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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

June 15, 2023

Where are the next big US sports betting wins?

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A few states are on the shortlist to legalise or make significant legislative progress this year, one of which is Texas. Just a few months ago, Missouri would’ve been considered too, but the Show-Me State didn’t show us anything except for the latest in a five-year string of sports betting failures.

Other states—Maine, Kentucky, and Nebraska—are making progress in sports betting legislation. All three states are in the regulation phase, with launch dates to be determined.

Meanwhile, in the last day, Vermont and North Carolina have passed sports betting into law.

Which states, then, will join them? And what will the impact be on the big-picture US sports betting market?

Who’s on first?

North Carolina Governor Roy Cooper signed House Bill 347 into law yesterday (14 June), following weeks of build-up. This, plus Vermont’s legalisation of sports betting puts an end to sports betting legislative journeys for two US states.

Almost every expert we spoke to also mentioned Texas. The Lon..

June 15, 2023

Vermont Governor signs sports betting bill into law

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Vermont has become the latest US state to legalise sports betting after Governor Phil Scott signed a bill into law.

House Bill 127 was introduced earlier this year and passed through the state’s House and Senate before landing on Scott’s desk last week.

Scott, a long-term supporter of sports betting, signed off on the bill yesterday (June 14), clearing the way for the market to open next year.

“I first proposed Vermont legalise sports betting several years ago and I’m happy the legislature has come to an agreement, as well,” Scott said. “We know many Vermonters already participate in the marketplace and bringing it above board provides important resources and consumer protections.

“Vermont now joins many other states who have made this move, and I want to thank Commissioner [Wendy] Knight and her team, as well as members of the legislature for their collaborative approach on this issue.”

Read the full story on iGB North America.

Tag Archives: Online sports betting