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Playing the long game
October 14, 2022

Playing the long game

Bookiecity

Last week, sports betting solutions provider Kambi and Penn Entertainment finalised the terms of their long-awaited migration deal, wherein Penn’s online and retail sportsbooks will migrate to its proprietary technology. Marese O’Hagan speaks to Kambi CEO Kristian Nylén about the future of the deal and the rise of vertical integration.

In August 2021, Penn Entertainment – then known as Penn National Gaming – announced that it would acquire Canadian sportsbook theScore for $2.0bn (£2.79bn/€2.05bn). The plan was to migrate Penn’s betting products onto a platform created by theScore, which did not yet exist at the time of the deal.

Having worked with Penn since 2019, this deal came as a disappointment to Kambi. From Kambi’s perspective, it was losing a vital client to a platform that had not yet been created. And it certainly didn’t help that the announcement came on the back of the migration of another high-profile client in DraftKings.

The finalisation of Kambi and Penn’s migration a..

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Penn exercises options to acquire remainder of Barstool
August 18, 2022

Penn exercises options to acquire remainder of Barstool

Bookiecity

Penn Entertainment – the business formerly known as Penn National Gaming – has exercised its option to acquire all remaining shares of media brand Barstool Sports.

Penn acquired a 36% stake in Barstool for $161.2m in 2020, after which it rebranded its sportsbook product to bear the Barstool brand name.

The operator would then increase its stake in Barstool beyond 50% – paying $62.0m for a further 14% stake – within three years. Penn was also granted immediately exercisable call rights that would allow it to acquire the remainder of the media business, “based on a fair market value calculation”.

In February of this year, Penn then revealed that it planned to exercise these options and control the entire Barstool business by early 2023.

Read the full story on iGB North America

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High school Spire Institute among Ohio betting licence applicants
July 18, 2022

High school Spire Institute among Ohio betting licence applicants

Bookiecity

A number of new organisations have applied for Ohio sports betting licences, including Bet365 and Tipico as online providers, and high school Spire Institute – alongside a number of professional sports teams – for a proprietor licence.

Spire Institute is an Ohio sports-focused high school, with its athletic programs attracting top recruits including basketball star LaMelo Ball. The organisation also offers a general sporting development programs and operates sporting complexes on its grounds, outside of its presence as a high school.

Under Ohio’s sports betting laws, sporting organisations or land-based gaming venues may offer betting in the state, partnering with online operators for an online product.

It has partnered with Out the Gate, a startup sports betting operator that says it uses an in-house trading solution and plans to accept “all action” with lined that “lead the market on US sports”. Out the Gate is led by Christopher Kape and Robbie Manis, formerly of data provider Do..

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Iowa sports betting handle doubles year-on-year in January
February 11, 2022

Iowa sports betting handle doubles year-on-year in January

Bookiecity

Bettors in Iowa staked $303.3m in the first month of 2022, meaning handle more than doubled year-on-year.

Amounts wagered for January was up 102.9% from January 2021’s $149.5m total figures from the Iowa Racing and Gaming Commission show.

This was driven entirely by mobile betting, with customers staking $275.9m during the month, a 128.4% jump.

Retail, on the other hand, actually declined from January 2021, with stakes down 4.5% to $27.5m.

Caesars led the way in terms of handle, with customers staking $112.7m through its mobile sportsbook, setting it ahead of DraftKings which reported $68.9m in mobile stakes, and FanDuel on $44.1m.

For retail, it was the FanDuel sportsbook at the Diamond Jo Worth Casino that led the way, with $8.7m staked. Penn National’s Ameristar II in Council Bluffs followed with customers wagering $5.4m at its Barstool Sportsbook, and the Caesars Sportsbook at Horseshoe Casino Council Bluffs on $3.9m.

From the statewide handle of $303.3m across all chan..

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