Betting News – Page 7 – FairOdds Network

March 21, 2025

Resorts World Las Vegas agrees to pay second-largest fine in Nevada gaming history

If approved, the $10.5 million fine over the casino's purported AML failures will be the largest in Nevada history behind a 2019 fine against Wynn Resorts.

The Nevada Gaming Control Board (NGCB) entered into a proposed stipulation for settlement with Resorts World Las Vegas (RWLV) on Thursday (20 March) in the latest chapter of a comprehensive investigation that has ensnared the bookmaker of Shohei Ohtani’s former interpreter.

The proposed settlement was reached months after the NGCB issued a 12-count complaint against RWLV stemming from the property’s purported anti-money laundering (AML) deficiencies. Given the enormity of the probe, questions arose of whether the NGCB would impose the largest fine against a casino in state history.

The stipulation includes a fine of$10.5 million (£7.7 million/€9.2 million), payable to the Nevada general fund. The proposed monetary penalty pales in comparison to a $20 million fine Wynn Resorts received in 2019 over the company’s failure to i..

March 21, 2025

State of the Union: MD governor wants betting tax increase, new AR bill, more

Welcome to iGB's State of the Union, a look at the biggest North American sports betting stories we've covered over the week and briefs on others we found interesting.

Mixed bag in Maryland

Maryland’s governor, Wes Moore, unveiled his latest budget proposal on Thursday (20 March) night and it’s not terribly favourable for the gambling industry. The proposal does not include any funding from online casino and does include a sports betting tax hike.

Moore previously floated the idea of doubling the tax rate on wagering from 15% to 30%. In his new proposal, he pitches a 20% tax rate, which is projected to bring in an additional $32 million (£24.6 million/€29.6 million) in tax revenue in FY 2026. The state is facing a $3 billion deficit.

If lawmakers follow through, Maryland would become the third state in two years to raise its betting tax. Ohio was the first when Governor Mike DeWine pushed through a bump from 10% to 20% in July 2023, six months after wagering went live. He..

March 21, 2025

Massachusetts sports betting handle slips to eight-month low in February

Player spending on sports betting in Massachusetts fell to its lowest monthly amount since July last year during February, although the state was able to report year-on-year growth across handle and taxable revenue.

Total spend by sportsbook customers in February hit $628.2 million (£484.5 million/€578.5 million). This surpassed last year by 15.8% but was 17.6% behind January’s betting handle in Massachusetts.

Data released yesterday (20 March) by the Massachusetts Gaming Commission show online handle topped $618.6 million in February. Retail sportsbooks also processed $9.6 million in total wagers.

As for taxable gaming revenue, this reached $65.6 million. It beat the previous February by 24.7% but was 30.5% less than January’s $94.4 million record haul.

Breaking this down, online betting generated $65.4 million of total revenue. The retail sector was responsible for $205,391 of the overall monthly amount in Massachusetts.

In terms of hold, the statewide figure for February stood ..

March 21, 2025

Finland gambling reform bill enters parliament

Finland’s government has submitted a bill on its proposed new gambling framework to the country’s parliament, raising hopes of hitting online gambling trade body Rahapeliala Ry’s target of passing laws by mid summer.

Presented yesterday (20 March), the bill sets out a new-look gambling market for Finland. The main change in regulations would be opening up the country’s online gambling market to private operators, following in the footsteps of its Nordic peers Sweden and Denmark.

At present, Veikkaus holds a monopoly on online gambling, across lottery and online sports betting and casino games. Should the bill pass in its current form, this setup would stop by the end of 2026. Veikkaus will, however, keep exclusivity for lottery and scratchcards, as well as retail gaming machines and casino games.

Previous guidelines have said operators could apply for licences from 1 January 2026, when the new regulations officially come into effect. This would be with the view of the new-look mar..

March 20, 2025

Michigan sports betting revenue up in February despite lower handle

Gross online sports betting receipts in Michigan increased 50.8% year-on-year in February despite a reduction in player spending, while the state also reported growth within its igaming market.

Combined gross online casino and sports betting receipts in February totalled $268.5 million (£206.4 million/€246.0 million). This is 22.9% more than last year but 18.9% behind January in Michigan.

Figures published on 18 March by the Michigan Gaming Control Board also include adjusted totals for February. Total adjusted gross receipts – after promotional spending – across sports betting and igaming was $236.3 million, up 29.8% year-on-year but 17.9% less than January.

Mixed news for sports betting

Breaking down the data, sports betting gross receipts totalled $46 million, up from $30.5 million last year. Adjusted gross sports betting receipts were 110.9% more than the previous year at $27.2 million.

As for how much players spent, handle for the month was $379.8 million, some 31.6% less tha..

March 20, 2025

Penn in peril? theScore founder says “execution”, “unified approach” lacking for ESPN Bet

With the future of ESPN Bet seemingly in question, criticism of Penn Entertainment is coming from many corners.

Ever since Penn Entertainment CEO Jay Snowden in late February addressed the idea that his company or ESPN could exit their 10-year deal for ESPN Bet in 2026, the wagering world has been raining negatives. Some analysts have downgraded Penn stock and, on 18 March, the founder of theScore and theScoreBet had his say.

Prior to that, two investors had accused Penn of mismanaging its interactive strategy. In May 2024, the Donerail Group said “guidance misses” by Penn executives had “damaged the credibility of the management team and board of directors”. And in January, HG Vora accused the company of “reckless spending” on digital projects.

John Levy was the founder of theScore and theScoreBet, which Snowden called a “very good story for us in Canada” as a result of Penn acquiring them in 2021. Levy, however, this month shared his not-so-warm-and-fuzzy thoughts about his compan..

March 20, 2025

Betting and igaming drive OPAP to record revenue in 2024

Greek gambling group OPAP reported a record €2.3 billion (£1.93 billion/$2.5 billion) in gross gaming revenue (GGR) during its 2024 financial year, helped by growth within both its betting and igaming segments.

Revenue for the year ending 31 December 2024 surpassed the previous year, and existing record, by 10%. Data published by OPAP yesterday (19 March) also revealed a 9.4% uplift in net gaming revenue to €1.57 billion.

OPAP reported growth in four of its five core segments, including double-digit increases in betting and igaming revenue. Lottery, still the group’s primary source of revenue, and video lottery terminals (VLTs) also saw growth, but instant and passives revenue declined.

The online segment stole the show, posting a 29.2% increase in revenue for 2024. The division is now on track to surpass VLTs as OPAP’s third-largest revenue stream. However, there was also a lot to be said for sports betting, with revenue here up 15.6% year-on-year.

OPAP CEO Jan Karas highlighted t..

March 20, 2025

Gambling Commission hands AML fine to Corbett Bookmakers

Great Britain’s Gambling Commission has ordered land-based operator Corbett Bookmakers to pay a fine of £686,070 (€818,039/$890,568) after an investigation highlighted numerous social responsibility and anti-money laundering (AML) failings within the offering.

Setting out the case today (20 March), the Gambling Commission said breaches took place between February 2022 and May 2024. Corbett Bookmakers operates 36 premises across the UK.

The retail operator, which has a number of betting pitches across UK racecourses, is also required to carry out a third-party audit to ensure it is effectively implementing AML and safer gambling policies, procedures and controls. This must take place within 12 months of the ruling (6 March).

Corbett allowed players to lose ‘significant’ sums

In terms of social responsibility failures, the commission provided examples of several issues it identified during a two-day compliance assessment. These include failing to flag a consumer who staked £23,674 in..

March 19, 2025

Bill to ban college prop bets introduced in Congress

While the reintroduction of the proposed SAFE Bet Act has taken up most of the oxygen when it comes to federal bills seeking to limit sports betting, another bill has entered the chat that seeks to ban prop bets on college athletes.

Introduced on 25 February, the bill – ‘‘Providing Responsible Oversight and Transparency and Ensuring Collegiate Trust for Student Athletes Act,” or the PROTECT Act – is sponsored by first-term congressman Michael Baumgartner of Washington. He doubles as the chair of the college sports caucus.

“Sports gambling on college campuses has surged in recent years,” Baumgartner said in a press release. “Student athletes dedicate themselves to their sport and education and it’s essential that we protect their integrity both on and off the field.

“This bill doesn’t ban betting on college sports games, but it targets wagers on student athletes’ individual performances. We are witnessing a troubling rise in harassment of college athletes on campuses, as well as an a..