Online casino – Page 3 – FairOdds Network

February 28, 2025

Penn’s ESPN Bet struggles continue; Snowden addresses plans if progress stagnates

Penn Entertainment's Jay Snowden pointed to “lower loss sequentially” coming every quarter in 2025 as well as better ways to “optimise spend” with ESPN in the company's quarterly earnings conference call. But Penn fell short of some expectations and beat others for the last quarter of 2024.

Saying once again on the company’s fourth-quarter earnings call on Thursday (27 February) that the future is bright, Penn’s CEO placed heavy focus on what is to come versus what has already happened Snowden said Penn is seeing “green shoots” throughout its departments while “we have more work to do to unlock the full potential and value of our partnership with ESPN”.

For digital gaming overall, the company reported revenue of $275 million (£218 million/€$264.7 million) for the fourth quarter. Its $109.8 million in adjusted EBITDA loss was a $224 million improvement compared to the same quarter for 2023, but those numbers still pulled down Penn’s overall performance and were below analys..

February 26, 2025

Gambling tax increases are all the rage, with New Jersey the latest to consider it

New Jersey governor Phil Murphy has plans to spend $58.1 billion this year and he wants to finance some of that by raising sports betting and igaming taxes among other levies.

The proposal, which Murphy shared on Tuesday (25 February), is the latest gambling and sports betting tax increase proposed in the US in the last year. It feels somewhat ironic, in that Murphy’s name is on the lawsuit that overturned the Professional and Amateur Sports Protection Act (PASPA) in 2018. Since then, 38 states have launched some form of sports betting (Missouri is also set to launch later this year), with two of those hiking their original sports betting tax rates.

Murphy proposes hiking both the sports betting and igaming tax rates to 25%, up from 13% and 15%, respectively.

“This tax increase would be a wrong turn for New Jersey,” industry lobbyist Jeremy Kudon countered in a statement on behalf of the Sports Betting Alliance (SBA). “Since New Jersey first launched regulated sports betting seven..

February 26, 2025

Caesars slips to FY24 net loss, remains confident about digital EBITDA target

Caesars Entertainment reported a net loss during its 2024 financial year after a drop in group revenue, but the gambling giant remains confident of long-term earnings goals for its digital arm after the division reported further growth.

Group revenue for the 12 months through to 31 December 2024 topped $11.2 billion (£8.89 billion/€10.71 billion). This is 2.5% lower than the previous year, according to data published yesterday (25 February) by Caesars.

Caesars attributed this primarily to its Las Vegas and regional segments, with both divisions seeing declines in 2024. Managed and branded revenue was also down, although there was some positive news from the digital segment.

Revenue from the digital business, which comprises igaming and online sports betting, was up 19.5%. This continues an upward trend seen in recent years, but the trajectory was not as high as seen in 2023 (77.6%).

Caesars: Digital EBITDA to reach $500 million in 2025

While digital growth may not have been quite ..

February 26, 2025

PointsBet board approves MIXI acquisition bid amid rival offer from BlueBet

PointsBet has approved a takeover bid from MIXI Australia via a scheme arrangement which will transfer 100% of PointsBet's shareholding to the Australian arm of Japanese digital entertainment and sports group, MIXI Inc.

If the deal is approved PointsBet shareholders will receive cash consideration of $1.06 per share as part of the deal, which represents a significant premium of 27.7% to PointsBet’s closing price on 25 February. This amounts to around AU$353 million.

This amount also equates to an EV/EBITDA multiple of 25.2x – 32.1x based on PointsBet’s FY25 EBITDA guidance range.

The deal has been unanimously recommended by the board, as published in its half-year financial earnings report on 25 February.

A vote to approve the deal will occur in late May, and the ‘scheme’ is expected to pass and be implemented in mid-June.

MIXI’s Japanese parent company operates a number of sports and digital gaming business arms, including the FC Tokyo football team, horse racing betting..

February 25, 2025

Michigan igaming momentum continues in new year

Record monthly online gambling revenues lifted Michigan’s combined gross igaming and sports betting receipts to $331.2 million (£262.5m/€316.4m) in January.

The total figure, comprising igaming receipts of $248.2 million and sports betting revenue of $83 million, was up 25.4% over December’s total.

January’s record online gambling figure surpassed the previous record of $244 million set in December. Adjusted monthly igaming gross receipts of $233.1 million represented a year-on-year increase of 42%.

Online gambling growth

Last month, the Michigan Gaming Control Board (MGCB) reported that igaming revenue reached an all-time high of $2.9 billion in 2024.

The momentum appears to be continuing in the new year, with the market’s three biggest players increasing their monthly receipts.

BetMGM and MGM Grand Detroit, which generated market-leading igaming receipts of $640.1 million in 2024, remained at the top with $66.5 million in January. This figure was up from $65.1 million in Decemb..

February 24, 2025

Weekend Report: Fresno State basketball betting inquiry, Bet365 in Tennessee

Welcome to the Weekend Report, where iGB looks at the news that you may have missed across Friday, Saturday and Sunday. This week: Fresno State basketball faces betting inquiry, Bet365 lands Tennessee licence and Altenar pens Immense Group sportsbook deal.

Sources allege Fresno State basketball betting inquiry

The basketball programme at California State University, Fresno has reportedly found itself at the centre of a betting enquiry.

Sources close to the matter told ESPN on 22 February the case involves several of the Fresno State team’s players. So far, one player has been removed from the team, while two others have been suspended.

Mykell Robinson has not played for Fresno State since January and is no longer on the team. Fresno State also said in a statement that guards Jalen Weaver and Zaon Collins were being withheld from competition while the university reviews an “eligibility matter”.

The sources said Fresno State launched an investigation after receiving a tip off. The N..

February 21, 2025

Pennsylvania gambling revenue up in January despite sports betting decline

Gambling revenue in Pennsylvania increased 10.9% year-on-year during January despite the state’s sports betting market reporting further declines.

Total market revenue in January amounted to $529.1 million (£417.8 million/€504.7 million). This, according to figures published yesterday (20 February) by the Pennsylvania Gaming Control Board, surpasses $477.2 million in January 2024.

This total does, however, fall 0.8% short of the $533.1 million generated in December.

Online gambling the star of the show in Pennsylvania

Starting with online gambling, revenue here climbed 40.5% year-on-year to $210.2 million. This, however, falls short of the record $223.6 million reported in December last year.

Online slots drew the most revenue in this sector, with the $158.6 million being 44.2% ahead of last year. Internet table games revenue also climbed 32.7% to $48.9million, although online poker revenue dipped 2.3% to $2.6 million.

Spending-wise, consumers wagered some $4.23 billion on online..

February 21, 2025

Sweden gambling revenue edges up to SEK27.85 billion in 2024

Gambling revenue in Sweden increased 2.65% year-on-year during 2024, driven by growth within the country’s commercial online gaming market.

Total gambling revenue in the 12 months to 31 December 2024 hit SEK27.85 billion (£2.07 billion/€2.49 billion/$2.62 billion). This surpasses the SEK27.13 billion reported in Sweden in the previous year.

Figures published by regulator Spelinspektionen yesterday (20 February) highlight igaming as the stand-out market in Sweden. During the 12-month period, online gambling generated SEK17.84 billion in total revenue, an increase of 5.0% from the 2023 total.

Annual revenue from state lottery and slots also increased 2.2% year-on-year to SEK5.72 billion. On top of this, non-profit games and national lotteries revenue climbed 2.6% to SEK3.70 billion.

Casino Cosmopol closures impact clear to see in Sweden

In other parts of the market, the news was somewhat mixed. Land-based commercial gaming, such as restaurant casinos, saw revenue increase by 4.0% to..

February 18, 2025

BOS urges Swedish government to remove Gambling Act loophole and tackle black market

Sweden's gambling trade body BOS has written to the country’s ministry of finance urging it to remove a “loophole” in the Gambling Act that allows unlicensed operators to accept players in Sweden when targeting them in a language outside of Swedish.

In the letter, BOS said the Gambling Act only prohibits unlicensed operators from offering gambling without consequences when targeting consumers in Swedish and/or processing transactions in Sweden’s local currency.

This, BOS said, is driving black market growth in Sweden and preventing it from reaching its goal of 90% channelisation.

“It is [currently] permitted for gambling companies all over the world and their service providers to enable games from Swedish customers as long as it is done in a language other than Swedish and in a currency other than SEK. Most Swedes understand English and understand the value of commonly used foreign currencies, such as the euro,” the letter said.

“There is therefore no real possibility for ..

February 17, 2025

New Jersey igaming up in January, online betting slips 29%

Igaming continued on its growth trajectory in New Jersey in January, while sports betting took a hit compared to the previous year's revenue.

Total gambling revenue in New Jersey hit $553.9 million (£439.6 million/€528.1 million). This is 0.9% behind January last year but 6.% ahead of December.

New Jersey Division of Gaming Enforcement (NJDGE) figures filed on 14 February show the year-on-year fall was due to a decline in sports betting. Igaming, on the other hand, continues to go from strength to strength.

For January, igaming revenue topped $221.6 million. This beats last year by 20.9% and falls just 2.8% short of December’s $228 million record. However, it was only the second time igaming drew the highest gambling revenue in a single month, after the feat was first achieved in October 2024.

Breaking down igaming, ‘other authorised games’, including slots, drew $218.9 million, up 21.1%. Online poker revenue also increased by 8.1% to $2.7 million.

FanDuel and Golden Nugget..

February 14, 2025

State of the Union: Mississippi senate bans sweeps, MGCB comes down on illegal operators

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.

Mississippi senate approves sweeps ban

Mississippi lawmakers on Tuesday (11 February) became the first state in the nation to take decisive action in terms of banning digital sweepstakes. The state senate passed SB 2510, 44-1. The bill will now go to the house. The bill bans “online sweepstakes casino-style games” and operators would be fined $100,000 (£79,000/€95,000) per violation and could serve up to 10 years in prison. The level of crime was elevated from a misdemeanour to a felony.

The bill would also ban online racebooks and online sports pools. Brick-and-mortar casinos and sportsbooks and horse race tracks are legal throughout the state, but no form of digital gambling, including online casino, is.

Earlier in the session, HB 1302, which would allow for statewide digital sports betting, passed out t..

February 14, 2025

Denmark gambling revenue rises to DKK7.27 billion in 2024

Gross gambling revenue in Denmark increased 6.9% year-on-year during 2024, mainly due to a double-digit rise within the country’s online casino market.

Revenue in Denmark hit DKK7.27 billion (£811.2 million/€974.1 million/$1.02 billion) in the 12 months to 31 December 2024. This surpasses the DKK6.80 billion posted in the previous year.

Data published yesterday (13 February) by regulator Spillemyndigheden shows online casino was the main source of revenue by some margin. In total, revenue from online casino in 2024 topped DKK3.53 billion, up 14.7% on 2023.

Slots accounted for 78.2% of all online casino revenue during the year. Blackjack drew 6.7% of revenue and roulette 6.4%. Remaining revenue was spread across poker, bingo and other games.

Sports betting and casinos revenue up, slots decline

As for other sectors of the market, there was mixed news in Denmark. Sports betting ranked second in terms of total revenue, with this rising 1.2% year-on-year to DKK2.21 billion.

Mobile acc..

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Tag: Online casino