Finance – FairOdds Network

April 22, 2025

Pennsylvania gambling revenue reaches record $574.5 million in March

Gambling revenue in Pennsylvania totalled $574.5 million (£429.7 million/€499.7 million) in March, a new monthly record for the state despite declines across sports betting and land-based casinos.

Revenue in March was 3.6% more than in the same month last year and 20.4% above the total for February. The Pennsylvania Gaming Control Board (PGCB) published the latest monthly statistics yesterday (21 April).

Pennsylvania sets new igaming revenue record

Igaming was once again the star of the show in Pennsylvania, generating a record $238.2 million in revenue. This surpassed March of 2024 by 24.7%.

Online slots accounted for $179.5 million of this total, a year-on-year rise of 32.5%. Internet table games revenue also climbed 5.8% to $56.2 million, while online poker revenue was up 3.3% to $2.6 million.

Hollywood Casino at Penn National Race Course and its online gaming partners collected the most revenue. In total, their revenue from online gambling across slots, tables and poker in Mar..

April 22, 2025

Michigan igaming revenue hits record $260.5 million in March

Online gambling revenue in Michigan increased 6.7% during a mixed March, with igaming revenue in the state reaching an all-time high but the sports betting market reporting decline.

Total revenue from online gambling hit $293.5 million (£219.4 million/€255.1 million). This was ahead of March last year and 9.3% more than $268.5 million in Michigan in February 2025.

Data published by the Michigan Gaming Control Board also showed adjusted gross receipts, after promotional spending, topped $260.7 million. The total beat March 2024 by 17.9% and was 10.3% higher than February.

Another igaming record in Michigan

Igaming revenue in March reached $260.5 million. This beat the previous monthly record, set in January, by 5% and surpassed last year by 20.9%.

Adjusted gross receipts from igaming amounted to $246.1 million, another new record and 26.5% higher year-on-year.

BetMGM and MGM Grand Detroit retook the lead with $69 million in total igaming gross receipts. The partnership also herald..

April 17, 2025

New Jersey igaming revenue reaches record $243.9 million in March

Igaming revenue in New Jersey hit a record $243.9 million (£184.2 million/€214.5 million) in March, although the Garden State reported declines across both sports betting and land-based casinos.

Total gambling revenue topped $546.1 million, data released on 16 April from the New Jersey Division of Gaming Enforcement (NJDGE) shows. This beats March last year by 3.7% and is also 12.6% clear of February this year.

As was the case in the first two months of the year, igaming drew the most revenue during March. Land-based casinos have traditionally been the primary source of gambling revenue in New Jersey, but continuous growth in the igaming sector has seen it fall behind in recent months.

Igaming revenue up 23.7% in March

Revenue from igaming during the month was 23.7% higher year-on-year. It is just the fourth time igaming has drawn the most gambling revenue in a single month in New Jersey.

Breaking down the market, $241.3 million of all this revenue came from “other authorised game..

April 16, 2025

Dutch deposit limits and tax hike impact FDJ United Q1 revenue

FDJ United's online betting revenues were significantly impacted by tightening regulation in the UK and increased taxes in the Netherlands.

In its Q1 results, published on 15 April, FDJ United reported total gaming revenue (GGR) of €925 million ($1 billion/£791,934), up 30% year-on-year.

However, online betting, through its Kindred business, was down 10% to €231 million in the first three months of the year. This was despite active players increasing 10%.

FDJ United pointed to increased taxation in the Netherlands and stricter regulations in the UK as causing an adverse impact on its earnings.

Notably, online betting and gaming revenue excluding the Netherlands and the United Kingdom was up by almost 8% on the previous year.

Revenue in the Netherlands dropped 41% in Q1, following the implementation of an almost 4% tax increase to 34.2% of GGR. The operator’s revenues were also squeezed by the introduction of deposit limits in the Netherlands.

“We were impacted by increas..

April 7, 2025

ANJL slams anti-betting comments from financial association director

The National Association of Games and Lotteries (ANJL) has hit out at “disrespectful” anti-betting comments from the director of the Brazilian Association of Financial and Capital Market Entities (Anbima).

The response from the ANJL comes after Aquiles Mosca, CEO of the financial institution BNP Paribas in Brazil and director of Anbima, wrote an article published in the Brazilian newspaper Valor Econômico last week. It was titled “Bets: The bookmaker who lives in your pocket will make you unhappy”.

In the article, Mosca slammed the regulated online betting sector in Brazil, which launched on 1 January. He detailed the potential consequences of addiction such as marital problems, bankruptcy and suicide.

The ANJL, alongside the Brazilian Gaming Association (Abrajogo), the National Gaming Association (AIGaming) and the Brazilian Institute of Legal Gaming (IJL), defended the licensed betting sector in a note of repudiation issued on Friday (4 April).

“By comparing the regulated bettin..

April 1, 2025

Sans Super Bowl, Nevada gaming revenue slides 9% in February

Nevada's gaming industry watched the Super Bowl from afar this February instead of hosting it and revenue fell 9% year-on-year as a result.

According to data from the Nevada Gaming Control Board published on Monday (31 March), the state brought in $1.21 billion (£936.5 million/€1.12 billion) in monthly gross gaming revenue (GGR). That represents a decrease of just under 10% from last February’s mark of $1.34 billion. The marked decrease is most easily attributable to the Super Bowl, which was estimated to have generated $1 billion in economic impact for the region last year.

For the fiscal year to date, Nevada gaming overall is down 1.1% year-on-year. February’s figures are a stark contrast from January, which, at $1.43 billion, was the second-highest monthly total ever.

Decreases were posted in nearly every market, most notably the Las Vegas Strip. America’s gambling capital posted $690.3 million in February GGR, down 14% YoY. The Strip’s record-breaking post-Covid run could ..

March 27, 2025

Underdog tops $1 billion valuation following Series C funding round

Underdog describes the raise led by Spark Capital as the sports gaming industry's largest investment from a top-tier Silicon Valley firm.

Underdog achieved a proverbial milestone with a funding round disclosed on Wednesday (26 March), clearing a valuation of $1 billion for the first time in company history.

The $70 million Series C round values the online sports gaming company at $1.2 billion (£927.4 million/€1.1 billion), nearly tripling the valuation Underdog received three years ago. The round led by Spark Capital represents the sports gaming industry’s largest investment from a top-tier Silicon Valley venture capital firm, Underdog wrote in a 26 March press release.

“This investment fits Spark’s philosophy of backing products we love from creators we admire,” said Will Reed, a general partner at Spark Capital. “Underdog has proven they can win where it matters most: product. They’ve also shown they can attract top talent from gaming, tech and sports.”

“A real accelerator”
..

March 25, 2025

US sports betting revenue tracker

March 25, 2025

European gross gambling revenue tops €123.4 billion in 2024

Gross gambling revenue (GGR) in Europe hit €123.4 billion (£103.1 billion/$133.4 billion) in 2024, a 5% year-on-year increase, according to data from the European Gaming and Betting Association (EGBA) and H2 Gambling Capital.

Published yesterday (24 March), “European Gambling Market – Key Figures 2025 Edition” covers all European Union member states, plus the UK. It includes analysis of provisional data for both the online and land-based gambling markets during 2024.

Online drives gambling revenue growth

Growth was evident across online and land-based gambling activities, but the former saw the steepest increase in GGR. In total, provisional online GGR climbed 11.7% year-on-year to €47.9 billion, or 39% of total GGR for the year.

Gaming accounted for €24.6 billion of this figure, with €23.2 billion attributed to casino-type games, including slots. In total, online casino games drew 45% of all internet gambling GGR during 2024.

Online betting revenue topped €16.2 billion, of which..

March 25, 2025

Spain online gambling revenue hits record €1.45 billion in 2024

Online gross gambling revenue (GGR) in Spain increased by 17.6% year-on-year during 2024, driven by double-digit increases across both online casino and sports betting.

Total revenue for the 12 months to 31 December 2024 was €1.45 billion (£1.21 billion/$1.56 billion), a new record for Spain. This comfortably beats the €1.24 billion reported in online gross gambling revenue (GGR) during the previous year.

Data published yesterday (24 March), by regulator Dirección General de Ordenación del Juego (DGOJ), shows deposits for the year were 19.6% higher at €4.58 billion. Withdrawals were also up 19.7% to €3.15 billion as players won more while gambling online.

Online casino and sports betting records tumble in Spain

Breaking down each market segment, online casino was again the main source of revenue in Spain. Total GGR from this segment hit €730.7 million, up 17%, marking another new record for the country.

Slots generated the most revenue in this area at €472.2 million, up 22.8%. Liv..

March 24, 2025

iGaming Ontario reveals year-on-year growth in February

Online gambling spend and revenue in Ontario both increased year-on-year during February, according to new monthly statistics published by the Canadian province’s market regulator.

Previously, iGaming Ontario released online gambling data on a quarterly basis. However, as confirmed by the regulator in January, it has switched to monthly reports, with the February set published on 19 March.

In February, consumers spent a total of CA$7.13 billion (£3.84 billion/€4.56 billion/US$4.96 billion) on gambling. This is 26.9% higher than last year, with figures now available for each month of regulated igaming in Ontario. The province opened its legal market in April 2022.

Month-on-month, however, the February total was 9.1% behind January.

Online casino leads the way in Ontario

As for how players were gambling, $6.07 billion of all wagers were on casino-type games in February. This beat the previous year by 30.5% and represented 85% of all February bets.

On top of this, online sports bett..

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 ..

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Tag: Finance