Sports betting Archives - Page 36 of 60

How social gaming set Bryan Bennett up to succeed at Betfred

Bryan Bennett fought “800lb gorillas” working for a challenger brand in the social casino space, and that experience could prove crucial as he works to make Betfred USA Sports a key player in the sports betting sector.

The social casino boom of the early 2010s, sparked by what was then Caesars Interactive’s investment in Playtika in 2009, opened up a new audience to the gaming industry and sparked a wave of M&A. The likes of DoubleDown, Big Fish Games, Product Madness and Buffalo Studios were among those to sell at significant multiples.

The smaller challengers tended to have to fight for market share, which in turn saw the market leaders turn to them as acquisition targets to further shore up their strong positions.

Bryan Bennett entered the fray as vice president of marketing for slot developer Rocketplay, one of these challengers, and one that was ultimately snapped up by slot manufacturer AGS. This saw Bennett, who previously worked for strategy games developer Kabam and casua..

August 19, 2022

WynnBet and MaximBet among latest sports betting licence applicants in Ohio

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A further four operators have submitted applications for mobile management services licences in Ohio, with WynnBet and Maximbet among the brands seeking approval in the state.

As confirmed by the Ohio Casino Control Commission (OCCC), the two operators, along with Digital Gaming Corporation – which has the rights to the Betway brand in the US – and Stake Trade, more commonly known as Prophet Exchange, have has put their names forward for a license

WynnBet, the online gaming division of Wynn Resorts, applied in partnership with Jack Thistledown Racino. WynnBet’s efforts to launch in Ohio date back to January last year when it announced it had secured a market access deal in the state with an unnamed partner.

Carousel Group-operated MaximBet put forward its application with Jack Cleveland Casino, having in September last year revealed it had agreed a market access deal in Ohio, again with an unnamed partner.

Meanwhile, Digital Gaming Corporation sent its application to the OCCC in pa..

August 19, 2022

Mississippi sports betting handle continues to decline in July

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Player spending on sports betting in Mississippi declined for the fourth consecutive month in July, while the state’s handle also fell year-on-year.

Consumers wagered a total of $18.3m (£15.4m/€18.2m) in sports during the month, down 27.1% from $25.1m in June this year and also 40.4% lower than $30.7m in July of 2021.

Revenue improved month-on-month, rising 19.5% from $2.1m in June to $2.5m, though this figure was 13.8% behind the $2.9m reported in July last year.

Coastal casinos were once again the busiest of the state’s sports betting venues drawing a total of $11.4m in bets and turning $1.5m in revenue.

Player spending at central casinos reached $4.1 and revenue amounted to $481,362, while northern casinos took $2.8m in wagers and posted $513,693 in revenue for the month.

Baseball drew the largest portion of bets during July, with consumers wagering $6.5m at coastal casinos, $1.9m and central casinos and $1.6m at northern casinos.

August 18, 2022

Penn exercises options to acquire remainder of Barstool

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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

August 17, 2022

Why MaximBet is more than a sum of its parts

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When PASPA was repealed, Daniel Graetzer saw the biggest opportunity of his career. Having gone all-in on the market, he is now running a nationally recognised brand in MaximBet.

When it comes to partnerships between US media giants and sportsbooks, it tends to be the market leaders that get mentioned. It could be 888 using the Sports Illustrated brand for its US push. Or Penn National acquiring Barstool Sports and theScore to drive its growth.

The rampant speculation around ESPN moving into betting operations tends to cite DraftKings or Caesars as being its most likely partner. In short, the companies involved tend to be large, and listed.

But MaximBet, a challenger launched in 2021, has successfully pivoted from a Europe-focused, multibrand business into a US-focused, media brand-driven competitor.

And chief executive Daniel Graetzer is keen to stress that MaximBet is not just a gimmick – he’s building a new proposition for the US sportsbook industry.

Building betting into a..

August 17, 2022

Sportradar shares up 15% after raising full-year revenue guidance

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Data provider Sportradar’s share price rocketed after it raised its full-year revenue guidance for 2022.

The announcement came as part of its second-quarter financial report, in which the provider also revealed that its revenue for the three months to 30 June was €177.2m, up 23.0% year-on-year.

In total, €29.1m of Sportradar’s revenue came from the US, up by 66.3% as the US market continued to expand. Rest-of-world betting services brought in €95.5m, up by 20.6% This, the business said, was mostly due to more focus on “higher-value-add” services such as managed betting services.

Rest-of-world audiovisual services to betting operators came to €39.7m, up by just short of 10% thanks mostly to new customers.

Other operations brought in a further €12.9m.

The business then paid €43.4m for purchased services and data licences, up 33.1%, plus €64.4m in personnel expenses, up 37.6%, €21.2m in other operating income, a slight increase, and €49.2m in depreciation and amortisation, up by 75.9..

August 16, 2022

DC sports betting handle continues downward trend in July

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Washington DC’s sports betting handle declined for the second consecutive month in July, while both revenue and player spending in the market fell year-on-year.

Consumers bet a total of $11.3m (£9.4m/€11.2m) on sports during the month, down 11.7% from $11.3m in July 2021, while the monthly total was also 18.1% lower than $13.8m in June this year.

Gross gaming revenue from sports wagering stood at $1.2m, which was 33.3% lower than $1.8m in July last year, but 20.0% up on June 2022’s total of $1.0m.

Looking at individual operator performances, Caesars again processed the largest amount of bets during the month, posting a handle of $4.3m and $378,662 in revenue.

Gambet, which is operated by the DC Lottery and powered by Intralot, claimed top spot in terms of revenue, as after paying out $2.8m in winnings from $3.3m in bets, this suggested revenue for July was $457,616.

BetMGM, which operates in DC in partnership with Major League Baseball franchise the Washington Nationals, ranked th..

August 16, 2022

New Corp venture adjusts wagering plans with TexBet acquisition

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News Corp Australia and Tekkorp’s new NTD Pty wagering venture will acquire assets from local operator TexBet, as part of a change to its agreement with betting supplier BetMakers.

NTD agreed to purchase certain assets owned by O’Shea Bookmaking Pty, which trades as TexBet, with support from BetMakers. TexBet is a long-standing SaaS platform customer of BetMakers.

Effective from completion of the sale of TexBet, BetMakers shall receive ownership and IP rights for the betting platform technology currently owned by TexBet, while BetMakers will also support the migration of TexBet users to the NTD platform.

This follows an initial deal, agreed in April when the NTD venture was first announced, which stated that News Corp will run the venture with backing from gambling executives Matt Davey of Tekkorp and Matt Tripp, while BetMakers’ technology will drive NTD.

The deal said that BetMakers’ OM Apps subsidiary would provide B2B platform technology and wagering solutions to NTD, which wi..

August 15, 2022

NeoGames’ BtoBet enters Ethiopia with UtopBet

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BtoBet, the sports betting supplier subsidiary of online lottery platform provider NeoGames, has expanded into Ethiopia after entering into a partnership with UtopBet.

Under the deal, BtoBet will provide its proprietary sportsbook platform and other sports betting services, including risk management, to UtopBet in the East African country.

The Ethiopian online and retail sports betting operator will offer betting on both local and international sports events, while it will also add esports betting to its offering for the first time.

BtoBet’s deal with the UtopBet brand means the supplier has a presence in 28 different jurisdictions around the world.

“We are pleased to further strengthen our presence in Africa, by going live in the highly competitive Ethiopian market,” NeoGames’ chief executive Moti Malul said. “UtopBet is one of the more well-known brands in the local market and I am pleased that the choice to power their retail and online channels fell on our flexible solutions an..

August 15, 2022

Indiana sports betting handle decline continues in July

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Indiana’s sports betting handle fell for the fourth consecutive month during July, with the $206.6m (£170.9m/€202.5m) wagered by players the lowest monthly total of the calendar year.

July’s total was 19.4% lower than the $256.3m spent by consumers in June, but 6.2% higher than the $194.5m bet during July of last year.

Of this total, $76.1m was spent on baseball betting, with $16.1m on basketball and $2.9m on football. A further $53.5m worth of parlay bets were place in the month, while $56.8m was bet on other sports.

In terms of taxable adjusted gross revenue from sports betting, this amounted to $20.9m, which was 32.3% higher than $15.8m in June this year and also 19.4% up from $17.5m in July 2021

Blue Chip Casino and partner FanDuel retained top spot with $7.4m in revenue off $61.7m in bets ahead of the Ameristar Casino and partner DraftKings with $5.0m in revenue and a $61.3m handle.

Belterra Casino and its FanDuel-operated sportsbook placed third with $3.1m in revenue off a h..

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