Online sports betting – Page 34

July 29, 2024

Pagcor dismisses fake memo ordering imminent POGO closures

The Philippine Amusement and Gaming Corporation (Pagcor) has dimissed a fake memo for local government units to immediately terminate the operations of Philippine Offshore Gaming Operators (POGOs).
Picked up by Pagcor, the fake memo states all POGOs must be shut down by the first week of August. The memo features Pagcor logos and was fraudulently signed by Jessa Mariz Fernandez, head of the regulator’s offshore gaming licensing department.

The memo refers to Philippines president Ferdinand Marcos Jr announcing the decision to ban all POGOs during his State of the Nation address on 22 July. During the address, he said all POGOs should close by the end of the year.

On Saturday (27 July) Pagcor dismissed the memo in a statement that said it was a forged version of an earlier memorandum issued by Pagcor on 23 July.

The genuine memo did not give a definitive date for POGO closures. It instead said closures were “pending finalisation of the details and process of winding down”, adding tha..

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 26, 2024

Active players double as Ontario online gambling revenue grows by a third in Q1

The number of active player accounts in Ontario doubled in the first quarter of the province’s 2024-25 fiscal year, as revenue from sports betting and online casino grew 34.4% year-over-year.
iGaming Ontario’s Q1 report shows a 31.4% in amounts wagered across all verticals to CA$18.4bn (£10.4bn/€12.3bn/US$13.3bn) in the three months ended 30 June. This also represents a 3.4% improvement on Q4.

This was underpinned by more players coming into the market. Active player accounts more than doubled to 1.9 million in the quarter, with 50 operators running 80 sites. This beats Q1 2023-24 by 106.5% and represents a 46.2% on the preceding quarter. Ontario’s average monthly spend per active player account also increased markedly by 44.2% year-on-year to $284.

After winnings and adjustments from promotional spend by licensees, revenue for the quarter increased 34.4% year-on-year to $726m.

To iGaming Ontario executive director Martha Otton, this shows the success of the province’s regulated on..

July 25, 2024

Arizona reports yearly sports betting revenue and handle growth in May

Sports betting revenue and handle in Arizona increased year-on-year during May as FanDuel remained the state’s leading operator by some distance.
Total spending on sports betting in May hit $568.5m (£441.3m/€523.8m), according to the Arizona Department of Gaming report. This is 25.9% more than in the state in May 2023, but 13.4% behind April’s total this year.

Of all wagers placed in Arizona, $563.2m was bet online and $4.1m with retail sportsbooks. The remaining $1.2m was wagered through limited event wagering operators during May.

Players won a total of $506.0m from sports betting in May, resulting in $61.1m adjusted gross receipts (AGR) prior to promotional deductions. This figure is 25.7% higher than last year and only marginally behind $63.3m in April despite the lower handle.

After accounting for $17.2m in free-bet and promotional deductions, AGR amounted to $43.2m. This amended figure is 27.4% ahead of last year and 0.5% behind April.

May’s $42.7m AGR came from online bet..

July 24, 2024

Study: Lower-income gamblers take more risks online

A study of more than 700,000 North American online gamblers released on Tuesday (23 July) reveals that 96% of respondents lose money and that lower-income gamblers are more “irresponsible” with their gambling spending than higher-income gamblers.
Researchers at UC-San Diego’s Rand School of Management took a comprehensive look into gambling habits and how legal online betting affects jurisdictions and individuals. States with legal online gambling get increased revenue and more money to funnel to problem gambling initiatives, per the study. And a legal market helps to limit illegal wagering.

But for consumers, gambling is a money-losing proposition with potentially life-changing consequences. And online casino, researchers wrote, caused more “irresponsible” behaviour than online sports betting.

“On the downside, increased accessibility and participation can lead to higher rates of problematic gambling behaviour,” the authors wrote.

Tracking online gambling spending habits
In part..

July 23, 2024

DraftKings announces plans for DC sports betting launch

The pool of sports betting operators in Washington, DC got a little bit bigger on Tuesday (23 July) when DraftKings announced intentions to launch its platform in the newly opened competitive market.
With the addition of DC, DraftKings will have launched in 29 North American jurisdictions.

“We would like to thank the DC Council for creating a path to bring DraftKings’ top-rated sportsbook to the nation’s capital,” DraftKings’ North American president, Matt Kalish, said in a statement.

“Together with DC United, we look forward to delivering fans a best-in-class experience through our customer-friendly product.”

DraftKings will join FanDuel, BetMGM and Caesars Sportsbook in offering mobile sports betting throughout the District. The latter two operators went live in the nation’s capital on 17 July.

They had expected to launch two days earlier. But there was a short delay related to the city’s FY2025 budget, which included the provisions needed to open the marketplace from a monop..

July 22, 2024

US round-up: online growth drives Louisiana in FY, mixed June for Mississippi

Rounding up some of the latest gambling figures in the US, Louisiana reported a year-on-year rise in sports betting revenue and handle despite a decline in the retail market during its 2023-24 financial year, while Mississippi saw player wagers fall in June.
Starting in Louisiana, players staked $3.33bn, an increase of 32.1% figures from the state Gaming Control Board show. Of this, $3.04bn was bet online, a rise of 37.2%, and $291.7m at retail sportsbooks, down 5.0%.

After promotional spend – something that skewed Michigan sports betting figures in June – of $44.4m, net revenue from sports betting came to $388.1m, up 58.3% on the prior year.

Mobile betting accounted for $358.2m of the total (a rise of 73.2%) although retail’s $29.9m contribution was down on the prior year. Mobile launched in January 2022, months after the first retail bets were placed in October 2021.

American football was the sport that generated most revenue across online ($30.1m) and retail ($3.5m). However, pa..

July 22, 2024

Michigan sports betting figures skewed by BetMGM deductions in June

While Michigan posted strong year-on-year growth in online gross gaming revenue (GGR) in June, hefty promotional deductions attributed to BetMGM meant adjusted sports betting revenue swung to a loss for the month.
Total online gambling gross receipts, across the state’s tribal and commercial licensees, hit $214.1m in June, figures from the Michigan Gaming Control Board (MGCB) show. This was generated almost entirely from online casino, which accounted for $183.2m of the total. A further $30.9m of revenue came from sports betting, from $276.8m in stakes, an 11.2% hold.

June, with only Major League Baseball (MLB) in action, is traditionally a quieter month for US sports betting. However, Michigan sports betting operators, as in many other states, reported strong year-on-year growth in player wagers. Handle was up 21.4% from June 2023 to $276.8m.

BetMGM deductions hit Michigan sport betting performance
A hefty promotional deduction for BetMGM meant adjusted revenue for sports betting..

July 22, 2024

Student athletes face new wave of harassment – how is the NCAA and the betting industry addressing the issue?

The National Collegiate Athletic Association (NCAA) and the National Council of Legislators from Gaming States (NCLGS) are working together to afford collegiate athletes safety in the new world of sports betting.

Dangers for student athletes range from integrity to the illegal betting market, to physical danger to athletes from bettors who lose individual player prop bets said panelists on Friday (19 July) at the NCLGS summer meeting in Pittsburgh.

The NCAA and NCLGS are banding together for a solution, said Clint Hangebrauck, the NCAA’s managing director of enterprise risk management. The two entities have formed a special committee on education to create draft legislation that can address protecting student athletes.

“We have drafted a model legislative framework that starts with really enforcing the unregulated market,” Hangebrauck said. He went on to say that the current situation presents a “clear and present danger to the safety and well-being of our student athletes”.

Wayne..

July 22, 2024

SuperBook shuts down in eight states

Late Friday (19 July) SuperBook Sports became the latest casualty in the digital sports betting world when it shut down in eight states. The company, which has its flagship retail sportsbook at the Westgate in Las Vegas, remains live online in Nevada.

In an 8.38pm ET tweet, the company announced that it had shuttered its platforms in Arizona, Colorado, Iowa, Maryland, New Jersey, Ohio, Tennessee and Virginia at 8pm ET on Friday. SuperBook is the fourth platform to wind down operations this year.

Prophet Exchange, SaharaBets and Unibet all closed earlier in 2024. Like those three, SuperBook was unable to capture significant market share in any state outside of Nevada.

SuperBook is known for its massive retail location in Nevada and its NFL SuperContests. SuperBook had plans to offer the contests in other states. But it could not bring in players outside of Nevada without violating the Wire Act. However, plans to offer similar contests locally did not materialise.

SuperBook’s clos..

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 19, 2024

State of the Union: ESPN Bet layoffs, SEC should be ‘vigilant’ to protect athletes

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.

Penn lays off some ESPN Bet employees

Less than a year after launching its ESPN Bet platform, and about three years after buying Canadian-based theScore, Penn Entertainment announced layoffs.

Front Office Sports on Wednesday (17 July) tweeted a letter from Penn CEO Jay Snowden to employees. In the letter, Snowden says the company will be “implementing changes” to “streamline the reporting lines”. He also wrote that this process will “result in a limited number of team member separations”.

PENN Entertainment—the gambling company behind ESPN Bet—had a round of layoffs, including multiple employees who focused on ESPN Bet, a source tells @FOS. (Layoffs first reported by @DustinGouker)
Here's an email that was sent to employees this afternoon from the company's CEO: pic.twitter.com/zW7LKOVI9U
— A.J…

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Tag: Online sports betting