Sports betting Archives - Page 56 of 60

BlueBet slips to loss despite revenue growth in H1

Australian mobile betting operator BlueBet Holdings reported a net loss of AU$761,000 (£412,752/€493,510/US$553,968) for the first half of its 2022 financial year, despite experiencing a 72.4% year-on-year increase in gross revenue.

Gross revenue for the six months to 31 December 2021 reached $33.1m, up from $19.2m in the previous year, while wagering revenue – net win from players who placed losing bets, minus winnings and promotional costs – jumped 68.8% to $26.0m.

Turnover was up 20.8% to $264.5m, with growth across all product offerings. Thoroughbred turnover hiked 59.5% to $136.9m, greyhound turnover 61.9% to $72.7m, harness racing turnover 61.1% to $24.3m and other sports turnover 63.0% to $30.6m.

BlueBet noted that 66% of all turnover came from its mobile platforms, including iPhone and Android offerings, while the remaining 44% was attributed to website and call centre activity.

The operator was also helped by a 46.5% year-on-year increase in the number of active customers,..

February 25, 2022

Connecticut online gaming revenue reaches $18.8m in January

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Online gaming and in Connecticut generated net gaming revenue of $18.8m in January, 15.6% higher than the net revenue recorded in December 2021.

This revenue was after promotions, which came to $3.6m. Before promotions the total was $22.4m.

Out of the $18.8m in revenue, the Mashantucket Pequot Tribe brought in $11.1m and the Mohegan Tribe the remaining $7.7m.

Players staked $780.0m on online gaming, a fall of 4.2% from December.

The Mashantucket Pequot Tribe’s Foxwoods Resort Casino saw the most staked, at $502.5m- a decline of 4% month-on-month. Customers staked the second highest amount with Mohegan Digital, hitting $277m. Mobile-on-premise stakes at the Mashantucket Pequot Tribe’s Foxwoods Resort Casino – mobile gaming that took place at the casino itself – made up the remaining $440,460.

Player winnings topped $757.3m, down 4.6% month-on-month, with the highest amount – $488.6m – coming from Mashantucket Pequot Tribe’s Foxwoods Resort Casino.

Aa total of $3.3m was paid to the..

February 25, 2022

Caesars announces sports betting partnership with Cleveland Cavaliers

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Caesars Entertainment has signed a multi-year agreement which will see it named as the official sportsbook partner of NBA side the Cleveland Cavaliers.

The deal will also see Caesars named as the official casino partner for the team.

Plans are also in place to open a retail sportsbook at Rocket Mortgage FieldHouse – home of the Cavaliers – pending regulatory approval.

The 10,355 square foot sportsbook will also utilise official Cleveland Cavaliers logos and marks, broadcast and digital content, in addition to TV-visible in-game signage.

The Caveliers deal represents Caesars’ latest sports team agreement. The company has partnered with the NFL’s Buffalo Bills, Indianapolis Colts, and Baltimore Ravens, in addition to sponsoring the NHL’s Washington Capitals.

Chris Holdren, co-president of Caesars Digital, said: “We’re ready to welcome Ohio sports fans into the Caesars Sportsbook Empire, while also making history with our second sportsbook at an NBA arena.

“Building upon our alre..

February 25, 2022

CDI to drop online betting and igaming businesses in 2022

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Churchill Downs Incorporated (CDI) has revealed that it will abandon its online sports betting and online gaming business within the next 6 months, in what it described as the “next step forward” for the company.

The news came as part of an earnings call for CDI’s 2021 financial results. Its online product TwinSpires – which includes horse racing as well as sports betting and igaming – brought in $431.7m in total revenue for the year. However, TwinSpires also accounted for $325.4m in costs.

Bill Carstanjen, CEO of CDI, explained that the company’s sports betting and online gaming business had not performed as expected, emphasising the competitiveness of the space.

“When the US Supreme Court overturned the federal ban on sports betting in May of 2018, we had high hopes for the potential to build a profitable business in this space,” said Carstanjen. “Our initial strategy was to leverage a variable cost technology model and be disciplined in our marketing spend with a focus on bottom ..

February 24, 2022

Kentucky lawmaker begins push for legal betting, fantasy and poker

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A bill to legalise sports betting, fantasy sports and online poker in Kentucky has been introduced to the state's Senate.

Senate Bill 213, authored by Senator David Yates, has been referred to the Committee on Committees, and it outlines the operation of online and in-person sports wagering, fantasy contests and online poker.

Sports betting licencees will be subject to a 9.75% tax rate on adjusted gross revenue from retail bets, while online bets will be taxed at 14.25%.

Wagering will only be permitted in the state at licensed racetracks, professional sports venues or on a mobile app, for which in-person registration will be mandatory.

This registration requirement will then lift from 2024, when players aged 18 and above will be able to download an app anywhere.

Tracks and venues are only allowed to partner with one provider at a time, using a format available in both a retail and online capacity.

For fantasy sports operators, the registration fee has been set at $5,000,..

February 24, 2022

New Hampshire smashes revenue and handle records in January

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New Hampshire set a new monthly sports betting handle record of $99.5m (£74.2m/€89.1m) in January, while the state’s revenue also reached an all-time high of $8.0m.

Player spending on sports wagering in January was 66.4% higher than $59.8m in the same month last year, as well as 15.2% more than $86.4m in the final month of 2021.

The January total also narrowly surpassed the previous state record of $98.2m that was set in October last year.

DraftKings’ mobile sportsbook again accounted for the majority of wagers placed during the month, with players spending $81.6m online. The remaining $18.0m was wagered at the operator’s three retail betting facilities across the state.

Turning to gaming revenue, after winnings were paid out to players, and this amounted to $8.0m, a 90.5% increase from $4.2m in January of last year and 207.7% up from $2.6m in December 2021.

This also comfortably surpassed the existing monthly record of $6.2m set in November 2021.

A total of $7.1m of this was gen..

February 24, 2022

Dutch regulator warns operator over Twitter ads during matches

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Dutch gambling regulator Kansspelautoriteit (KSA) has issued a warning to a licensed operator for advertising on social media platform Twitter during football matches.

The unnamed operator tweeted updates on games and in some posts quoted odds and included a direct link to its website where consumers could place bets on the matches.

Dutch law prohibits advertising during sports events in order to discourage players from impulsive betting.

As such, the KSA said the operator’s tweets on the matches breached this regulation.

The regulator contacted the licensee once it was aware of the tweets, ordered it to cease posting immediately and to not carry out this form of marketing in the future. The KSA said the operator complied with its orders.

The KSA added that it would continue to monitor the operator’s activities and warned it could impose sanctions if further breaches were identified.

The warning comes after the regulator last week also issued warnings to a number of operators ov..

February 23, 2022

Mississippi sports betting handle reaches $66.5m in January

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Players in Mississippi wagered a total of $66.5m (£44.5m/€53.3m) on sports in January, down slightly year-on-year, while monthly revenue also declined.

The state’s handle was down 0.9% from $67.1m in January of 2021, though the January total was up 17.1% month-on-month from $56.8m recorded in December of last year.

Revenue for the month was also down 28.6% year-on-year from $9.1m to $6.5m, but this was more than double the amount posted in the final month of 2021 when the state reported $3.2m in revenue for December.

Breaking down the monthly performance, coastal casinos remained the sports wagering venue of choice for consumers in January, with $45.7m in total bet at these casinos, while revenue amounted to $3.1m.

Football betting drew $17.5m in wagers at coastal casinos during the month, just ahead of basketball on $17.3m. Baseball wagering was just $2,953, while parlay betting hit $4.1m and other sports $6.9m.

Wagering and northern casinos reached $10.9m and revenue $1.6m, with..

February 22, 2022

AFL survey: 37% of fans list gambling ads as “key concern”

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A survey by the Australian Football League Fans Association (AFLFA) has revealed that a large number of AFL fans are unhappy with the prominence of gambling advertising during matches, with 37% of respondents listing it as a key concern.

The survey took place in late 2021. A total of 860 responses were recorded, with most participants being in the 55-64 years old age bracket.

Participants were asked a variety of questions regarding their experiences as AFL fans.

When asked what their key concerns were, 37% of participants chose gambling advertising. This was second only to umpiring and rule changes at 40.5%.

In choosing their top concern 11.6% chose gambling advertising, the third-most common concern behind game access being impacted by Covid-19 at 11.7% and umpiring and rule changes at 25.6%.

A number of participants called for the removal of gambling advertising altogether during games, suggesting that all gambling-related features and sponsorships be banned.

Others suggested t..

February 22, 2022

UK attitudes towards gambling improve for first time since 2016

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A survey from the Gambling Commission suggests British attitudes towards gambling are improving for the first time since the survey began, after a long period of worsening public perception.

The statistics come from the Gambling Commission’s quarterly telephone survey, which examines gambling prevalence, attitudes and rates of harm.

The regulator noted that December 2021’s edition, which saw 4,021 people polled, marked the first time in which responses suggested statistically significant year-on-year improvements in attitudes towards gambling since the surveys began in 2016.

However while attitudes softened when compared to December 2020, a majority of the population continued to express anti-gambling sentiments.

For example, in the year to December 2020, 63.4% of respondents said that “gambling should be discouraged”. However, in the 2021 edition, this total had dipped to 58.9%.

Similarly, the portion of the population who agreed that gambling was “dangerous for family life” drop..

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