Casino – Page 10 – FairOdds Network

July 30, 2024

Caesars’ Big Brazil and Sportingbet apply for Brazil licences

Sportingbet and Caesars Sportsbook’s Big Brazil have submitted their licence applications in Brazil, becoming the fourth and fifth operators to do so.
Sportingbet applied for a Brazil sports betting and igaming licence on Thursday (25 July). The following day, Caesars Sportsbook’s licensee Big Brazil joined Sportingbet, Betano, Superbet and Rei do Pitaco in submitting its application.

In applying during the initial 90-day window of preference, Sportingbet and Big Brazil have ensured their applications will be prioritised by the ministry of finance’s Secretariat of Prizes and Bets (SPA).

The SPA guarantees that operators who submit their applications by the 20 August deadline will have their applications processed by 1 January 2025, the anticipated launch date of the legal market.

Licences will last for five years and will cost BRL30m (£4.6m/€5.4m/$5.9m) in fees. Those who receive a licence will be able to offer gambling via three skins. Meanwhile, operators who fail to secure a lice..

July 26, 2024

State of the Union: Texas exploratory group, a look at online gambling support in Addabbo’s district

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.
Texas group to “explore” legal gambling
A group of North Texas business and community leaders formed a coalition to explore legalising casinos in the state. Former Dallas Mavericks majority shareholder Mark Cuban sold a portion of his shares to two families associated with Las Vegas Sands earlier this year. Should gambling be legalised, the entity plans to build a casino resort in Dallas.

The North Texas Commission “will study the implications of destination gaming and make recommendations regarding issues like economic development, workforce demands, infrastructure requirements, transportation and public safety impacts,” the Dallas Business Journal reported on Wednesday (24 July).

The commission was formed ahead of the 2025 legislative session, when lawmakers are expected to again consider the issue. Las Veg..

July 19, 2024

Bettor perspective? Walters, “Spanky” say US sportsbooks have much to learn

As legal sports betting in the US proceeds in its seventh year, many have expressed concerns about whether the current wagering model is sustainable for the long term.

A panel discussion on Friday (19 July) at the summer meeting of the National Council of Legislators from Gaming States (NCLGS) in Pittsburgh featured views on the subject from legendary sports bettors Billy Walters and Gadoon “Spanky” Kyrollos. Both the legendary Walters, 78, and Kyrollos said sustainability depends on treating sports bettors fairly.

That, they said, means an equal playing field for all customers.

Richard Schuetz, a veteran casino executive, regulator and onetime Las Vegas sportsbook operator, moderated the panel. Schuetz hosted Walters when Schuetz ran the sportsbook at the Stardust.

Transparency, betting limits are concerns

One problem threatening the long-term sustainability of legal sports betting, panelists said, is a lack of knowledgeable operators. “The (legal) industry is new in this country..

July 17, 2024

New Jersey: Sports betting decline fails to halt gambling revenue growth in June

A second consecutive month of year-on-year decline in sports betting revenue failed to halt overall growth in the New Jersey gambling market, with total revenue rising 7.4% in June.

Combined land-based casino, igaming and sports betting revenue in New Jersey hit $491.0m (£378.6m/€450.3m) for June. This is clear of $457.2m in the same month last year but 3.7% behind the $510.0m posted in May this year.

Land-based casino again generated the most gambling revenue for New Jersey during June. In total, revenue in this segment edged up by 1.0% to $244.1m. This includes $184.0m in slot machine revenue, a rise of 0.6%, and $60.1m table games, up 2.5%.

Igaming edges closer to New Jersey land-based casinos

By far the biggest area of growth in New Jersey in June was the igaming market. Here, total revenue was 25.2% higher year-on-year at $186.8m. This was $57.3m behind the long-established casino land-based sector.

‘Other authorised games’ drew $184.4m of all igaming revenue, up 25.6%. Howe..

July 16, 2024

Massachusetts reports sports betting growth despite retail loss in June

Massachusetts saw its sports betting handle and taxable gaming revenue both increase year-on-year in June despite reporting a loss within its retail market.

Total player spending on sports betting in Massachusetts during June amounted to $509.4m (£303.1m/€467.8m). This is 57.5% up from $323.5m last year but 13.3% behind $587.3m in May this year. It is also the lowest monthly total since $314.9m was bet in August 2023.

Online betting spending hit $500.7m in June, with retail drawing just $8.6m in comparison.

Revenue-wise, operators across online and retail reported $40.5m. This is up 25.8% from last year’s $32.2m haul but 29.0% short of $57.0m in May and the lowest monthly amount since $22.7m last August.

Online sports betting generated $41.0m in revenue during June. However, a $588,965 loss from the retail sector pushed the overall revenue total down for the month.

As for hold, across the Massachusetts market, this stood at 8.30% in June. Online hold hit 8.44% with retail at 0.01..

July 15, 2024

Weekend Report: DraftKings to divest VSiN, Bermuda’s banks slow casino launch and more

Welcome to the Weekend Report, where iGB covers the news you may have missed over Friday, Saturday and Sunday. This week we’ve got news of DraftKings cashing out of its big media bet, Bermuda’s casinos struggling for acceptance in the banking sector and more.

DraftKings turns off VSiN?

DraftKings could be preparing to sell off its sports betting media specialist Vegas Sports Information Network (VSiN), according to Eilers & Krejcik Gaming.

Original owner Brent Musburger is allegedly set to take back control of the TV and radio network, which was acquired by DraftKings for $70m back in 2021. Active since 2017, VSiN broadcasts 18 hours of content a day, across multiple markets and streaming platforms, at one time showing Betting Across America, a BetMGM-backed sports betting programme.

While the sale is not confirmed it would take a significant media asset out of DraftKings’ stable, although it still maintains a distribution deal with Meadowlark Media, as well as its own streaming..

July 12, 2024

Waterhouse VC: Turning back the clock

In his latest column, Tom Waterhouse of Waterhouse VC reviews how the fund has performed over the last year.

We started the fund on 19 August 2019 and I am very pleased that our five-year anniversary is fast approaching, with outstanding results for investors over the past year. The fund returned 53.3% for the 2024 financial year, a result our team is proud of.

While global equities have been favourable over the past 12 months, our performance has not relied on these tailwinds, outperforming the S&P 500 by +31%. Returns have been achieved across each pillar of our strategy (Option Deals, Professional Betting, Global Equities).

We’re pleased with the fund’s performance since launching, particularly given the challenges of finding attractive deals during a period of exuberance for growth assets in 2021. Last year’s results bring the return since inception to 102% per annum before all fees. An investment of $100,000 at inception in August 2019, assuming reinvestment of all distribution..

July 10, 2024

US round-up: Iowa FY24 handle tops $2.6bn, mixed June for Maine

Rounding up the latest US state reports, iGB analyses growth in Iowa sports betting during the state’s 2024 financial year and a mixed June for Maine.

Iowa’s sports betting market closed out its 2024 fiscal year with growth in June, while Maine sports betting operators DraftKings and Caesars reported a decline in handle for the month.

Iowa market up 14% in 2024 fiscal year

Iowa reported year-on-year growth across revenue and handle for the full year to 30 June. Maine, meanwhile, saw sports betting revenue rise month-on-month despite lower spending among consumers.

Starting in Iowa, betting handle for the year hit $2.62bn (£2.05bn/€2.43bn). This is 16.4% higher than the $2.25bn spent in the previous year. Online wagers amounted to $2.41bn while retail spend totalled $207.1m.

In revenue terms, this amounted to $212.3m, an increase of 14.0% from 2023. Of this, $193.5m came from betting over the internet and $18.7m retail sportsbooks.

Looking at individual operators’ performance for..

July 9, 2024

Survey reveals Betano as most recognisable brand in Brazil

Kaizen Gaming-owned Betano is the most recognisable and trusted betting brand in Brazil, a survey by Env Media has revealed.

Env Media centred its survey on the 20 most popular brands in Brazil, including the likes of Betano, Bet365 and Betfair. The study aimed to establish what operators held the greatest share of voice in Brazil by looking at their visibility and market shares.

This is ahead of the regulated market going live following the December approval of Bill 3,626/2023, legalising sports betting and igaming.

The survey asked 500 active adult bettors which operators they were both aware of and trusted. Betano led the way with 73.4% of respondents stating they recognised and trusted the operator. Bet365, meanwhile, was second, selected by 67.2% of those surveyed.

Brazilian operator Pixbet was third, recognised and trusted by 54.7% of respondents, while Sportingbet and Betnacional were selected by 42.6% and 41.6% respectively.

Betano also held the advantage in Env Media’s s..

July 5, 2024

State of the Union: CNBC Sports, new Illinois tax now in place, 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.

CNBC getting into sports

Per Steve Ruddock’s “Straight to the Point” substack, CNBC is adding a sports channel. What does that mean for sports betting? “That coverage includes sports betting, an area CNBC’s Contessa Brewer has been in the thick of for several years,” Ruddock wrote on Wednesday (3 July). Overall, the channel will focus on the intersection of sports and business.

Brewer has been among a handful of national news voices to cover the sports betting industry since PASPA was overturned in May 2018. She “will continue to focus on the money, data statistics and strategy behind the sports gaming industry” according to the press release.

Betting on colleges coming to NJ?

The one thing missing from the market often considered the gold standard of US wagering is the ability to bet on college sports in ..

June 28, 2024

State of the Union: Big fine in Philly, Caesars NYC plans and 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.

Live! Philadelphia fined $100,000

The Pennsylvania Gaming Control Board this week issued a $100,00 fine to Live! Philadelphia for taking sports bets over the phone. At the PGCB meeting, it was revealed that more than $287,000 in wagers were taken by phone. Of the bets, three were taken via text message and lost and the bettor never laid down the funds.

Live! Philadelphia representatives told the PGCB that it had terminated the employees who took a total of 15 bets via phone or text message. In addition, all have also been placed on the involuntary exclusion list. Live! Philadelphia also now bans personal phones for sportsbook employees while at work and lowered its surveillance notification threshold to $10,000.

Caesars proposes Times Square makeover

Caesars Entertainment has plans to plant trees, improve..

June 28, 2024

US May round-up: Strong month for NV; CO handle up 16.2%; Icasino shines in CT

Analysing some of the latest US monthly state reports, iGB takes a closer look at how Nevada, Colorado, Connecticut and South Dakota performed during May.

Sports betting revenue for May in Nevada topped $36m, up 19.8% on last year. Online betting (up 23%) accounted for 63.4% of all sports wagering revenue. Overall handle dipped 2.3% on the previous year.

Of this, $17.2m in revenue came from basketball wagering with the NBA Conference semi-finals and finals playing out during the month. A further $11.2m in revenue came from baseball, as the MLB season takes place, and $3.4m from ice hockey. A further $7.8m was generated across other sports.

Nevada saw overall revenue climb 2.3% to $1.32bn (£1.04bn/€1.23bn).

Gaming revenue in Nevada edged ahead of $1.29bn last year, with May halting two consecutive months of year-on-year decline.

With regards to land-based gaming, slots drew the most revenue at $886.1m, up by 1.0% year-on-year. Multi-denomination slots accounted for $599.1m of rev..

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Tag: Casino