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November 28, 2024 – FairOdds Network
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Daily Archives: November 28, 2024

November 28, 2024

Virginia sports betting handle hits new record in October, weak hold hits revenue

Sports betting handle in Virginia hit a record $696.1 million (£549.3 million/€659.6 million) in October.

However a year-on-year decline in adjusted gross revenue suggests evidence of player-friendly results in the NFL hitting operators’ performance is emerging.

Handle for October was 21.8% higher than the $571.4 million wagered in Victoria during the same month last year. It also surpasses September’s $622.1 million handle by 11.9%, the Virginia Lottery reports.

The existing monthly record in Virginia was $652.9 million, which was set in January this year. October’s new record surpassed this by 6.6%.

Online betting accounted for $692.2 million of all sports wagering activity in October, with retail’s contribution at $3.9 million.

Hold reaches 7.04% in October

Adjusted gross revenue after player winnings came to $49.0 million. The total falls 13.1% short of October 2023 and 25.6% behind September’s $65.9 million.

Of that total $48.8 million in AGR came from online betting, wh..

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November 28, 2024

Aposta Ganha eyes 10% market share as one of Brazil’s first betting licensees

Aposta Ganha expects to take up to 10% market share in Brazil's licensed betting market after securing one of the first licences and gaining early mover advantage.

Aposta Ganha announced on Tuesday (26 November) that its betting licence had been approved by the Secretariat of Prizes and Bets (SPA), paving the way for the operator to enter the legal betting market in Brazil in January.

As a local operator, the company takes pride in being one of the first to receive licence approval in its home country.

Aposta Ganha CCO Hugo Baungartner describes it as a “big, big step”, one that reinforces the operators’ belief that the soon-to-be regulated sector in Brazil will support and protect players and stakeholders.

“We are really happy to get this and this whole thing just comes to reconfirm that we are a group in Brazil that really believes in the market, being a Brazilian group and always, always trying to make the best things for Brazil as well and that’s why we were on the one ..

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November 28, 2024

Canada’s NorthStar seeks additional funding to build on Q3 growth

Canada-facing NorthStar Gaming has revealed it is working to secure additional funding to support its long-term growth strategy after reporting a year-on-year increase in revenue in Q3, although the operator remained at a net loss.

Gross gaming revenue during the three months to 30 September was CA$8.4 million (£4.7 million/€5.7 million/US$6.0 million). This is 52.7% ahead of $5.5 million at NorthStar in Q3 last year.

NorthStar, which published the results yesterday (27 November), also showed revenue after deducting bonuses, promotional costs and free bets. When including revenue from other managed services, this left $6.8 million in operating revenue, up 44.7%.

The operator generates revenue from its Northstarbets.ca website. During Q3, total wagers placed through the site hit $234.0 million, a rise of 69.6% from last year.

Q3 costs reduced despite higher marketing spend

Spending-wise, operating costs were cut by 5.2% to $5.5 million, despite a rise in marketing and general and a..

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