Betting News – Page 18 – FairOdds Network

January 20, 2025

North Carolina wagering operators report lowest hold since launch

North Carolina bettors laid down more than $600 million (£493 million/€584 million) in wagers for the third consecutive month in December, according to the latest revenue report from the North Carolina State Lottery Commission released on 17 January.

However the high amount bet didn’t translate into a record month for operator revenue or tax revenue as sportsbooks had their lowest hold since launch in March 2024. The 5.8% win rate marked only the third time that operators had a hold of less than 10% in North Carolina.

In December, consumers placed $629.5 million in bets, the third-most of any month since legal betting went live. Of that, bettors won back $590.9 million and operators reported $35.7 million in gross gaming revenue (GGR), the second-lowest GGR in history. Sportsbooks wrote off $16.4 million in promotional play.

North Carolina taxes sportsbooks at 18% of GGR, and operators contributed $6.4 million to state coffers, the second-lowest since launch. For comparison, the ..

January 20, 2025

EveryMatrix net revenue tops €180 million in record 2024

EveryMatrix reported record annual net revenue of €180 million (£152 million/$186 million) in its 2024 financial year, with growth across all core product verticals.

Group net revenue was 59% higher than the €114 million recorded in the previous year, although this excludes the impact of recent M&A activity. When including this, overall revenue for 2024 hit €352 million, an increase of 46% and another record for the group.

The business was boosted in 2024 by two acquisitions. First came FSB Technology in July and Fantasma Games followed a few months later in October.

Growth in revenue also led to a rise in EBITDA. For the full year, EBITDA amounted to €101 million, a 70% increase on the previous year and another record. On top of this, EBITDA margin in terms of net revenue hit 56%.

EveryMatrix highlights OddsMatrix success

In its annual report, published today (20 January), EveryMatrix described 2024 as the best 12 months in its history. CEO Ebbe Groes (pictured) said while all se..

January 20, 2025

Weekend Report: Sportsbet sued in Australia, FanDuel live in Puerto Rico

Welcome to the Weekend Report, where iGB looks at the news that you may have missed across Friday, Saturday and Sunday. This week: Sportsbet faces legal action in Australia, FanDuel launches in Puerto Rico and BetMGM secures gameshow rights.

Australian players launch class-action against Sportsbet

Up first, a group of Sportsbet customers in Australia have launched a class-action lawsuit against the operator, seeking to recover millions of dollars in losses.

Players are demanding Sportsbet repay the money they say was lost through “illegal” live betting, the Australian Associated Press reports. Digital in-play betting on sports is prohibited in Australia.

The suit said Sportsbet should refund gamblers who have lost money using Sportsbet’s ‘Fast Code’ service in the past six years. Fast Code allows players to bet on live sports by making a selection online and calling Sportsbet to place the wager.

Principal lawyer Elizabeth O’Shea is working with the group on the case. She said: “Be..

January 20, 2025

New Massachusetts bill: No in-play betting, massive tax hike, affordability checks

A new bill in Massachusetts would force operators to pull back on offerings and more than double the betting tax rate while a proposal in Mississippi would add digital sports betting.

On 17 January Massachusetts senator John Keenan introduced a bill that would eliminate in-play bets, introduce affordability checks, more than double the wagering tax rate and more.

Language in the bill, entitled ‘An Act Addressing Economic, Health and Social Harms Caused by Sports Betting’, mirrors that of the federal SAFE Bet Act filed last fall.

Massachusetts is known as one of the most stringently regulated legal betting states in the US. But Keenan’s proposal goes beyond current restrictions. Currently, Massachusetts bettors can make in-play wagers, but cannot place prop bets. The law also already bans betting on Massachusetts state college teams, unless the teams are playing in a tournament.

Operators have struggled with this – BetMGM, DraftKings, FanDuel and others have been fined since dig..

January 17, 2025

New Jersey gambling revenue tops $6.3 billion in record 2024

Gambling revenue in New Jersey reached $6.30 billion (£5.17 billion/€6.12 billion) in what was a record year for the state, with all-time high figures also reported across igaming and sports betting.

Total market revenue was 9.0% ahead of the existing record of $5.78 billion in the previous year. The New Jersey Division of Gaming Enforcement (NJDGE) reported growth across two of the state’s three sectors, with only land-based casinos seeing a decline.

Igaming pushes land-based casinos close in 2024

The stand-out performance in 2024 is by far igaming, with revenue up 24% to a record $2.39 billion. While this is short of the land-based market ($2.82 billion), igaming has surpassed physical casinos in recent months and 2025 could see it become the leading source of gambling revenue in New Jersey.

For 2024, some $2.36 billion of igaming revenue came from online slots and table games, up 24.5% year-on-year. Peer-to-peer poker revenue, however, slipped 1.5% to $28.5 million.

DraftKings ..

January 16, 2025

Uptime, arbitrage and risk: Comparing the leading betting platforms

Bettormetrics and iGB present key insights comparing the performance of leading betting platforms in the Premier League, offering a comprehensive analysis of market trends.

By closely examining data from the first 126 games (15 August-2 December) of the FAPL season, we have highlighted standout performers, emerging trends and key challenges across the major betting platforms.

Top performers: Balancing uptime and arbitrage exposure

In such a competitive industry, achieving high uptime and minimising lost wagering are critical performance indicators. 888Sport, PaddyPower and Bet365 emerge as the leading platforms in terms of achieving consistently high uptime and minimising lost wagering opportunities. However, significant differences in their strategies raise questions about trade-offs.

Though 888Sport and PaddyPower achieve impressive uptime, they also spend a notable amount of time in arbitrage. This begs the question of whether they are striking the right balance between higher u..

January 16, 2025

Bettormetrics trading review dashboard

For an in-depth analysis of the data, click here to check out the Bettormetrics trading review.

January 16, 2025

Legislative roundup: MD tax hike, NJ sweepstakes, more

Legislative season is never dull for the gaming industry and this latest roundup includes a potential tax hike in Maryland and a sweepstakes bill in New Jersey.

Bills to legalise online casino gaming in Wyoming and Indiana, a proposed gambling tax rate hike in Maryland and a bill to legalise “sweepstakes gaming” in New Jersey were all rolled out this week as what tends to be a four-month flurry of legislative activity across the US begins.

In Maryland, gambling expansion backers have said they intend to reintroduce their own igaming legislation soon. But the more immediate news on Wednesday (15 January) was that Wes Moore, the governor of Maryland, introduced his annual budget. It notably includes his endorsement of a boost in sports betting tax from 15% to 30% and a rise in casino table game rates from 20% to 25%.

Ohio and Illinois already have raised their sports betting tax rates in the past year. The former did so less than a year after the first legal bets were placed.

New Yo..

January 14, 2025

DC Council fines Intralot $5 million for violating subcontracting agreements

The drama surrounding the Washington DC sports betting market continued with an announcement today (14 January) that the DC Council has fined Intralot $5 million (£4.09 million/€4.85 million) for violating small business subcontracting agreements in its sole-source sports betting and lottery contract.

In addition to Intralot, subcontractor Veterans Services Corporation (VSC) was also fined $1.5 million, bringing the total to $6.5 million. The fines were announced by the DC office of the attorney general (OAG).

The OAG said that when Intralot sought to secure the controversial contract in 2019, it did so with the premise that “VSC would perform 51% of the work – all with its own resources – and receive an equivalent percentage of the revenue”. DC law requires that 35% of large government contracts be subcontracted to local small businesses. The benefits to VSC and other local businesses was said to be among the primary reasons that the contract was awarded.

But that premise turned..

January 14, 2025

Tennessee sports betting handle tops $572.7 million in December

Gross wagers on sports in Tennessee reached $572.7 million (£470.5 million/€558.9 million) during December, the second-highest monthly amount on record for the Volunteer State.

December gross wagers beat the $495.1 million spent in the same month in 2023 by 15.8%. However, the total fell 4.3% short of the Tennessee record of $598.6 million set in November 2024.

The Tennessee Sports Wagering Council (SWC) also said after $2.9 million worth of adjustments, gross sports betting handle was $569.8 million. This beats December 2023 by 16.1% but is 4.1% behind November last year. Detail of these adjustments were not disclosed.

In terms of tax, the state generated $10.5 million from sports betting during December. The SWC does not indicate on the report what the adjustments are for, nor does it break down bets by operator or sport. The SWC also does not report operator revenue.

Some of the performance might be attributable to the University of Tennessee football team. The Volunteers finish..

January 14, 2025

ESPN Bet secures DC market access with Monumental Sports partnership

Penn Entertainment is to launch ESPN Bet in Washington DC after securing market access in the US capital through a new partnership with Monumental Sports & Entertainment (MSE).

Effective immediately, the long-term deal enables ESPN Bet to join several other approved online operators already established in DC. These include BetMGM, FanDuel, Caesars, Fanatics and DraftKings.

According to a 14 January statement, ESPN Bet will also become a sports betting partner of MSE and its various sports teams. MSE owns and operates NHL ice hockey team the Washington Capitals, NBA basketball team the Washington Wizards and the Washington Mystics of the WNBA. It also counts several multi-purpose venues among its portfolio of assets.

As part of the agreement, ESPN Bet will work with MSE to enhance the fan experience via an integrated marketing partnership. This multi-channel collaboration will include in-arena and media components, such as features in game broadcasts on MSE-owned Monumental Sports Ne..

January 14, 2025

Esportes da Sorte avoids Loterj national betting ban with Federal Court injunction

Esportes da Sorte has obtained an injunction from the Federal Court of the Federal District that will allow it to operate in the licensed Brazil betting market, despite it only holding a Lottery state betting licence.

The Federal Court’s decision, taken on Monday (13 January), enables Esportes da Sorte Group to launch its Esportes da Sorte and OnaBet brands nationally in Brazil, even though it has not been granted a federal licence or provisional licence to operate in the legal online betting market.

On 3 January Federal Supreme Court minister André Mendonça passed a preliminary ruling to ban Rio de Janeiro State Lottery (Loterj) licensees from providing nationwide gambling activities.

Esportes da Sorte gained Loterj authorisation back in August 2024 after its owner, Esportes Gaming Brazil, became the controlling shareholder of Loterj-licensed platform owner ST Soft.

However, the new Federal Court ruling guarantees Esportes da Sorte will be granted special authorisation to operat..

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