Online sports betting – Page 16

December 9, 2024

New Zealand government proposes extending TAB NZ monopoly online

New Zealand government has introduced new legislation to extend the current monopoly TAB NZ holds for retail sports betting and horse racing wagering in the country to also cover the online market.

Filed by racing minister Winston Peters and announced over the weekend, the legislation would amend the Racing Industry Act 2020. This would effectively grant a TAB NZ monopoly across the entire sports and horse racing betting market in New Zealand.

TAB NZ was established under the Racing Industry Act. It replaced the Racing Industry Transition Agency (RITA), which previously oversaw the country’s betting activity. According to the government, TAB NZ already accounts for 90% of revenue within the New Zealand racing industry.

Minister Peters said that extending the current monopoly model to online operations would increase revenue and support the wider industry. He added that establishing TAB NZ as the sole online operator would help protect consumers from illegal offshore sites.

“This le..

December 6, 2024

New York sets $231.6 million online sports betting revenue record in November

Mobile sports betting gross gaming revenue in New York reached a monthly record of $231.6 million (£181.6 million/€219.0 million) during November, while handle fell just short of the state’s all-time high.

Revenue from online sports betting was 53.5% higher than $150.9 million in November last year. It also surpassed the $176.3 million posted in New York in October this year by 31.4% and beat the state’s existing record – $211.5 million in January – by 9.5%.

Spending-wise, data from the New York State Gaming Commission reveals monthly handle for November hit $2.27 billion. This is the second-highest monthly amount on record since the state launch legal online betting in January 2022.

November’s handle total is 7.6% more than last year but fell 2.2% short of October’s record $2.32 billion spend. As for hold, the state-wide total for the month was 10.22%, a marked improvement from 7.60% in October.

FanDuel pulls further clear of DraftKings in New York

Looking now to operators, there..

December 4, 2024

Las Vegas Strip revenue slides 3% in October for fourth straight YoY decline

October gambling revenue figures released today (4 December) by the Nevada Gaming Control Board (NGCB) showed that the state brought in $1.28 billion (£1 billion/€1.2 billion) in gross gaming revenue (GGR) for the month, a year-over-year decline of just over 2%.

Figures for the Las Vegas Strip were the highlight of the report, but not for good reasons. The Strip’s October GGR total of $692 million was a 3% drop year-over-year. That’s the fourth consecutive month of year-over-year declines for America’s gaming capital, which had its best year ever in 2023. For the fiscal year-to-date, the Strip is down more than 6%.

Strip slot revenue ($428.3 million) was up 5.5%, but table games (-14.5%) were tricky again in October. Baccarat revenue, which has become a boom-or-bust category that spurred records last year, plummeted 23.4% to $68.7 million. The Strip is down 33% on the game in the last three months.

Downtown Las Vegas had the worst month of all the southern Nevada markets. Its GGR..

December 4, 2024

The sports betting graveyard: Key 2024 trend is smaller companies exiting the US

While BetMGM, Caesars Sportsbook, DraftKings, ESPN Bet, Fanatics and FanDuel continue to grow their customer databases and jockey for market share in sports betting, many of the smaller and often independent platforms have disappeared, leaving consumers with fewer choices.

This story originally ran in the December 2024 issue of GGB Magazine.

This year was the first since sports betting became a states’ rights issue in 2018 in which no state legislature legalised sports betting. Missouri voters did legalise that state in November. Two states – North Carolina and Vermont – launched live wagering, the lowest number since 2018. The only number that continues to rise is the number of wagering platforms downsizing or joining the sports betting graveyard.

Companies like Betr, Sporttrade and Underdog Sports have grown in this environment. Rather than rushing to get licensed and go live in any available market, these companies have thoughtfully and intentionally selected markets in which th..

December 3, 2024

Experts: Legal obstacles stifle Vietnam sports betting

Vietnamese sports bettors gamble billions of dollars a year, but most of the revenue goes to overseas operators. Experts say the market is ripe for development if the government amends a 2017 decree.

Vietnam could grow a lucrative sports betting industry, given more favourable regulations. That was the consensus of business and financial experts at a 28 November seminar, hosted by The Investor and Vietnam’s Association of Foreign Invested Enterprises (VAFIE).

Decree 6: Cumbersome, unclear and ineffective

According to the Tuoi Tre News, the conversation centred on Decree 6, implemented in Vietnam in 2017. The legislation ostensibly opened the door to legal betting on horse races, greyhound races and international football. It also laid out a framework for sports betting operators.

But speakers at the Hanoi seminar said the rules are vague, prohibitive and out of step with the times.

For gamblers, Decree 6 limits legal gambling to 20 pilot jurisdictions in Vietnam and caps bets at ..

December 2, 2024

Miriam Adelson more than quadruples 2022 Texas gambling contributions

The Adelson family, now majority owners of the Dallas Mavericks, have heavily backed gambling legislation in Texas over the last several sessions. But despite all the dollars put in, Texas politicians have not meaningfully considered the issue.

The Texas legislature meets only in odd-numbered years. During the 2023 session, the house approved a bill that would have allowed for statewide mobile betting controlled by the state’s professional sports teams and other sports entities, with the tax rate set at 10%. A destination resorts bill that included casinos was withdrawn from the house floor without a vote. Besides that, Texas’ lieutenant governor, Dan Patrick, said at that time he wouldn’t call for a vote on legal wagering.

He tweeted, “I’ve said repeatedly there is little to no support for expanding gaming from senate GOP. I polled members this week. Nothing changed. The senate must focus on issues voters expect us to pass. We don’t waste time on bills without overwhelming GOP sup..

December 2, 2024

Argentina chamber of deputies approves bill to ban online betting ads

The chamber of deputies in Argentina has approved a bill to ban online betting advertising, with the hopes it will protect children from gambling harms.

In a special session on 27 November, the chamber passed the federal bill by 139 votes to 36. There was also 59 abstentions from the vote in Argentina.

The bill will now go to the senate, which will take into account the views of stakeholders such as Argentinian football clubs before deciding whether to progress the bill further.

Article 8 of the bill bans advertising, promotion and sponsorship of online betting on all communication platforms. This includes digital platforms like social media and outdoor spaces such as public roads.

Additionally, Article 8 prohibits online operators from sponsoring sports teams or athletes. This also includes the use of the company’s name to identify sporting venues such as stadiums or training centres. The promotion of online gambling on signage at such venues would also be banned.

Influencer adv..

December 2, 2024

Ohio sports betting handle exceeds $900 million in October

Consumers in Ohio spent $901.4 million (£711.5 million/€854.8 million) betting on sports in October, the second highest monthly amount since the state launched its legal market in January 2023.

The October total surpasses last year’s $747.7 million by 20.6% and 4.5% higher than $863 million in September. It is second only to $1.11 billion in the opening month of legal betting in Ohio.

Data supplied by the Ohio Casino Control Commission shows online betting handle topped $881.7 million and retail $19.7 million.

Player winnings hit $814.7 million across online and retail while $5.6 million worth of wagers was voided. After also taking off $37.7 million in promotional gaming credits, taxable revenue for October reached $81.5 million.

The monthly revenue figure is 1% above last year’s $80.7 million haul and 67% ahead of $48.8 million in September. Ohio’s record is $209 million, again in the launch month of January 2023.

Online betting generated $80.3 million in taxable revenue and re..

November 29, 2024

LeoVegas launches online sports betting in Germany

LeoVegas Group is expanding its presence in Germany by launching a sports betting offering to run alongside its existing online casino vertical in the country.

Announced today (29 November), the sportsbook will be accessible across all 16 states in Germany. Sports betting will be available on the LeoVegas.de website, which already offers online slots to players in the country.

The operator will promote the new offering via a nationwide marketing campaign that will launch in December. Entitled ‘Thrill Seeker’ this will run across various platforms including TV and affiliates.

LeoVegas has been running online slots under its German gaming licence that was issued in March last year. The licence was issued to LVSports Limited, an entity of LeoVegas Group.

“Launching our sportsbook offering in Germany is a very exciting step for LeoVegas Group as we continue to grow and strengthen our foothold,” LeoVegas Group CEO Gustaf Hagman said.

“Germany is one of Europe’s great sports powerhouses..

November 28, 2024

Virginia sports betting handle hits new record in October, weak hold hits revenue

Sports betting handle in Virginia hit a record $696.1 million (£549.3 million/€659.6 million) in October.

However a year-on-year decline in adjusted gross revenue suggests evidence of player-friendly results in the NFL hitting operators’ performance is emerging.

Handle for October was 21.8% higher than the $571.4 million wagered in Victoria during the same month last year. It also surpasses September’s $622.1 million handle by 11.9%, the Virginia Lottery reports.

The existing monthly record in Virginia was $652.9 million, which was set in January this year. October’s new record surpassed this by 6.6%.

Online betting accounted for $692.2 million of all sports wagering activity in October, with retail’s contribution at $3.9 million.

Hold reaches 7.04% in October

Adjusted gross revenue after player winnings came to $49.0 million. The total falls 13.1% short of October 2023 and 25.6% behind September’s $65.9 million.

Of that total $48.8 million in AGR came from online betting, wh..

November 28, 2024

Canada’s NorthStar seeks additional funding to build on Q3 growth

Canada-facing NorthStar Gaming has revealed it is working to secure additional funding to support its long-term growth strategy after reporting a year-on-year increase in revenue in Q3, although the operator remained at a net loss.

Gross gaming revenue during the three months to 30 September was CA$8.4 million (£4.7 million/€5.7 million/US$6.0 million). This is 52.7% ahead of $5.5 million at NorthStar in Q3 last year.

NorthStar, which published the results yesterday (27 November), also showed revenue after deducting bonuses, promotional costs and free bets. When including revenue from other managed services, this left $6.8 million in operating revenue, up 44.7%.

The operator generates revenue from its Northstarbets.ca website. During Q3, total wagers placed through the site hit $234.0 million, a rise of 69.6% from last year.

Q3 costs reduced despite higher marketing spend

Spending-wise, operating costs were cut by 5.2% to $5.5 million, despite a rise in marketing and general and a..

November 25, 2024

Arizona gross sports betting hits record $77.4 million in September

Sports betting revenue in Arizona hit a record $77.4 million (£61.5 million/€73.9 million) in September, with the return of the NFL also contributing to the second-highest handle since the Grand Canyon state launched sports betting.

Arizona sports bettors wagered $732.1 million across online and retail channels in September. This This is 19.9% ahead of September 2023’s handle. However, it falls short of Arizona’s all-time monthly record handle of $759.8 million, set in March 2024.

It breaks down to $719.6 million wagered online, with a further $12.5 million coming through retail outlets run by Caesars, Desert Diamond, DraftKings and FanDuel.

After Arizona sports betting licensees paid out $655.7 million in winnings, adjusted gross receipts totalled $77.4 million. This marks a 28.8% improvement on September 2023 and surpasses the record $70.9 million in revenue reported for January 2024, when the NFL play-offs were underway.

It also suggests a statewide hold of 10.5% for the mont..

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Tag: Online sports betting