November 21, 2024 – FairOdds Network

November 21, 2024

CA tribes to sweepstakes operators: “We don’t negotiate with terrorists”

In the latest edition of the New Normal webinar series today (21 November), host Victor Rocha said there is no room for discussion between California tribes and sweepstakes operators. The time has come to explore enforcement actions.

Rocha, conference chair for the Indian Gaming Association (IGA), was joined by fellow host and IGA executive director Jason Giles. This week’s guest was Jonodev Chaudhuri, principal at Chaudhuri Law and former chair of the National Indian Gaming Commission (NIGC).

The theme of the episode was regulation and enforcement. More specifically, Rocha and Giles sought to know what tools the NIGC – and state and federal governments – can use to fight the proliferation of sweepstakes sites.

“You see the entire industry is reacting to this,” Rocha said. He noted that among California tribes in particular, “you’re starting to see the outrage” that typically follows attempts to encroach on tribal exclusivity.

He later asserted that there is no room for collabo..

November 21, 2024

When Alberta sports betting might launch a moving target

If it feels like we've been talking about when sports betting might go live in a second Canadian province for a while, that's because we have been. Alberta appears to be next on the list, but the timeframe remains open-ended.

At least two major US operators in the last month addressed the question during third-quarter earnings calls. Penn Entertainment CEO Jay Snowden said the target date “certainly has moved into 2025”. The company will “wait on the government, the regulators there, to tell us exactly when the go-live launch would be.”

The question is when? In the US, regulators and operators often point to the Super Bowl or NCAA March Madness as big events around which to launch.

In Canada, it’s possible that if the regulator is aiming for a big event, it would be the start of the Stanley Cup Finals in April. Alberta is home to two NHL teams – the Calgary Flames and Edmonton Oilers. Another potential time would be in June, around the start of the Canadian Football Leag..

November 21, 2024

Massachusetts sets $748.1 million sports betting handle record in October

Consumers in Massachusetts spent $748.1 million (£591.9 million/€710.8 million) betting on sports during October, a new monthly handle record for the Bay state.

The October figure surpasses the exiting record of $678.7 million, which was just set in September, by 10.2%. It is also 30.8% ahead of $571.8 million last year, according to the Massachusetts Gaming Commission.

Players wagered $735.0 million betting online and $13.1 million at retail sportsbooks across the state.

In terms of taxable revenue, operators generated $48.3 million in total for October. This falls 20.3% short of $60.6 million last year and lags 35.9% behind September’s record $75.4 million haul.

Online betting was responsible for almost all revenue, with retail contributing just $5,286 in October. As for hold, the state-wide figure for the month stood at 6.46%. Tax-wise, Massachusetts collected $9.7 million from sports betting, almost all of which related to online wagering.

Can anyone stop DraftKings in Massach..

November 21, 2024

Strong igaming lifts Pennsylvania gambling revenue in October

Gambling revenue in Pennsylvania increased 2.8% year-on-year in October to $496.6 million (£392.6 million/€471.6 million) driven by near-record figures from the Keystone state’s igaming market.

Total revenue for October was ahead of $483.0 million during the same month last year. However, data from the Pennsylvania Gaming Control Board shows a 1.8% drop from $505.9m million in September.

Igaming revenue hits $189.1 million in October

Igaming was undoubtedly the leading segment in October, with revenue up 22.1% year-on-year to $189.1 million. This was just 1.1% shy of March’s $191.1 million monthly record.

Breaking down this market, online slots generated $140.9 million in gross revenue, up 28.3% from last year. Internet table games revenue also increased 7.8% to $45.9 million, although online poker revenue slipped 5.9% to $2.2 million.

Hollywood Casino at Penn National Race Course continues to lead the igaming market. For October it took $69.5 million in revenue, up 11.6% from las..

November 21, 2024

Could a 1% consumption tax topple Peru’s betting ambitions?

The reintroduction of a betting consumption tax looms over Peru, raising concerns that double taxation and a rise in black market activity could dampen growth.

It has been a huge year for gambling in Peru and industry commentators expect, thanks to recent online regulation, that it could become the third largest online betting market in South America. An amended Law No 31557 to regulate online sports betting and igaming in the country came into effect on 9 February, after initially being signed off by President Pedro Castillo in 2022.

The country’s gambling regulator, the Ministry of Foreign Trade and Tourism (Mincetur), started taking online licence applications in February and the market’s potential encouraged top tier operators such as Betsson, Rush Street Interactive and Stake to apply. By 21 March, 145 applications had been received.

The regulatory framework set out in Law No 31557 has been described as favourable for operators as it features a respectable 12% tax on gross gami..

November 21, 2024

Online casino continues to uplift OPAP revenue in Q3

Greek gambling group OPAP posted a 17.6% year-on-year increase in revenue for Q3, helped by double-digit growth across its lottery, sports betting and online casino segments.

Gross gaming revenue for the three months to 30 September hit €565.8 million (£471.6 million/$596.6 million). This comfortably surpasses the €481 million reported by OPAP in Q3 last year.

Figures from the operator published last night (20 November) show growth in four of its five core divisions. Lottery generated the most revenue at €200 million, but arguably the star of the show was online casino where revenue jumped 48.3%.

This continued a trend seen throughout H1, with growth in the online casino business far outpacing other areas.

Online casino again the highlight at OPAP

Breaking down segmental performance in Q3, online casino saw the most growth, with total revenue up to €92.7 million. This follows double-digit increases in Q1 and Q2, with OPAP highlighting the impact of higher player engagement levels…

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