Sports betting Archives - Page 13 of 60

Richard Brown’s tenure as Gaming Innovation Group (GiG) chief executive began with a major change of direction, with the sale of its B2C assets to Betsson. Almost four years on, and with business booming for the B2B supplier, he’s poised to make another huge call with plans to split the business into media and platform suppliers.

When he was confirmed as permanent CEO of Gaming Innovation Group (GiG) in November 2019, Richard Brown pledged a focus “on delivery, execution and optimisation, putting us on a path for great focus and renewed growth”.

The business reported revenue of €43.0m for 2019, at a time it encompassed B2C operations; a platform business, and affiliate marketing operations under the GiG Media banner. Brown then divested the B2C operations to Betsson early in 2020.

This, he’s explained previously, created a focused business, with staff putting all efforts into the B2B platform and media operations.

In 2022, Brown’s third full year as GiG CEO, revenue hit €90.1m, ..

March 21, 2023

Missouri House votes to approve sports betting bill

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The Missouri House of Representatives has voted to approve a bill that would legalise sports betting in the US state.

While the vote is a step forward in the authorization of sports betting in the Show-Me State, a formal roll call vote is required in the House before the bill is sent to the State Senate for final confirmation.

House Bill 556, which would allow for retail and online sports wagering in Missouri, is being co-sponsored by Republicans Dave Hinman and Adam Schwadron, as well as Democrats Keri Ingle and Ashley Bland Manlove.

The bill was introduced to the House at the start of the year and approved last night (March 20). Following a formal roll call, which is expected to take place later this week, the bill will then progress to the Senate for further discussion.

Read the full story on iGB North America.

March 20, 2023

Massachusetts sports betting revenue reaches $2.0m in opening month

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Sports betting revenue in Massachusetts amounted to $2.0m during the first full month of regulation in February.

The US state opened its legal sports betting market on January 31 with an initial three land-based operators going live: Encore Boston Harbor, MGM Springfield and Plainridge Park Casino.

Plainridge Park proved the most successful of the three operators with $890,555 in revenue for the opening month, just ahead or Encore Boston Harbor on $857,602. MGM Springfield generated $262,066 in sports betting revenue.

Read the full story on iGB North America.

March 20, 2023

Pennsylvania gambling revenue up 21.6% in February

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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

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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

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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 16, 2023

Betr to expand beyond microbetting into new segments

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Joey Levy and Jake Paul's microbetting start-up Betr has announced it will be expanding beyond the vertical into new segments.

The company said that it will offer pre-match and in-play betting in its core markets ahead of the commencing of the NCAA basketball tournament March Madness. The expansion to new verticals will launch with 0% margin on pre-match markets for the tournament, which Betr said will be industry-best payouts during the event.

Co-founder and CEO Joey Levy said that the business was “excited” to be at the forefront of innovation efforts as it looks to expand its suite of product offerings.

“The core markets on Betr will be the first launch of Simplebet-powered core markets on any platform, so we are excited to be at the forefront of their innovation efforts as they continue expanding their suite of product offerings,” said Levy.

The CEO said that the decision to launch first with only microbetting was a deliberate strategy to speed up the company’s time to ..

March 15, 2023

Delaware igaming spend falls again in February

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Consumer spending on online gambling in Delaware fell for the second consecutive month in February, while sports betting handle fell to a six-month low.

Players wagered $38.0m on igaming during February, down 13.8% from $44.1m in January but 55.7% ahead of $24.4m in the same month last year.

Of this total, $23.0m was spent on video lottery games and $15.0m on online table games.

Read the full story on iGB North America.

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..

March 14, 2023

World Series of Politics Episode 13: Governor Rick Perry on Texas sports betting

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Former Secretary of the Environment and Texas’ longest-serving Governor Rick Perry joins Brandt Iden and Brendan Bussmann on the World Series of Politics.

Governor Perry believes legislation from Senator Lois Kolkhorst and Representative Jeff Leach, that paves the way for a public vote on sports betting regulation, is the best way to bring legal wagering to the Lone Star State.

Listen to the World Series of Politics on Apple Podcasts

About Rick Perry:

Rick Perry is a former United States Secretary of Energy, serving under US President Donald J. Trump from March 2017 to December 2019.

Governor Perry is a strong advocate for legal sports betting in texas

As the 14th Secretary of Energy, Rick Perry led an agency tasked with overseeing the United States’ energy supply, nuclear defense capacity, and the 17 National Laboratories, home to many of the country’s best scientists.

Prior to joining the Administration as Secretary of Energy, Perry served as the 47th Governor of Texas. As Gov..

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