Online sports betting – Page 9

February 14, 2025

Legal sports betting all but dead after Minnesota senate committee hearing

On Thursday (13 February) the Minnesota senate all but killed the hopes of legal sports betting.

The Minnesota committee on government and local affairs ended deadlocked, 6-6, on an industry friendly legal digital wagering bill and tabled a second. Lawmakers in the state have been trying for at least five sessions to legalise sports betting, to no avail.

The committee heard testimony on SB 757 from the gambling industry, charitable gambling, problem and responsible gambling groups and others, before a lively and passionate question-and-answer period with bill sponsor Matt Klein. Klein was peppered with questions and comments about gambling addiction, the price of entry into the market and why the state should allow betting on college sports.

His bill would have tethered 11 sports betting licences to the state’s tribes and sent 45% of tax revenue to charitable gambling. It earmarked another 15% of state tax revenue for Minnesota’s horse tracks. Those provisions solved key problems..

February 13, 2025

Ambiguity and money headline Missouri draft wagering rules

iGB obtained the draft Missouri sports betting regulations that were sent to the industry for review. Here's a look at what's inside.

The Missouri draft regulations are, for the most part, standard fare. Of note, they outline licensing fees ranging from $10,000 for official league data providers to $500,000 (£401,000/€479,000) for stand-alone mobile platforms. They also define key terms, but leave much open to interpretation.

An updated draft was sent to Governor Mike Kehoe for approval on 27 January. The Missouri Gaming Commission (MGC) is pointing to a June wagering launch date. The regulator has not publicly released the draft regulations sent to Kehoe.

After the draft regulations are signed by the governor, a 30-day public-comment period will open. Following that, the regulator may make changes based on the comments. The application process will open once the regulations are approved.

Two stand-alone licences available

The law and regulations allow for two stand-..

February 13, 2025

China drives MGM Resorts to record revenue in 2024, digital up 28% as betting platform launch is imminent

MGM Resorts International posted a record $17.24 billion (£13.80 billion/€16.53 billion) in consolidated net revenue during its 2024 financial year, driven once again by growth within its China-facing business.

Total revenue for 2024 surpassed the $16.16 billion reported during the previous year by 6.7%. It is also the highest annual amount ever posted by MGM, the operator confirmed yesterday (12 February).

Revenue was flat across two of MGM’s four core divisions – Las Vegas Strip Resorts and Regional Operations. However, significant growth in China, accompanied by a similar increase in digital revenue, pushed the yearly total up.

“We are proud to report the best full-year consolidated net revenues in the history of the company,” CEO Bill Hornbuckle said. “This was driven by a record performance from MGM China. We’re also encouraged by the strong demand we’re seeing in the business so far in 2025, which positions us well for continued growth.”

MGM China revenue rises 27.6%

The sta..

February 12, 2025

Trump nominates Kalshi board member as CFTC chief

Quintenz, who previously served as a commissioner for the CFTC under Trump, also spent time on the board of Kalshi.

Another day, another round of Commodity Futures Trading Commission (CFTC) news, with the big story coming via President Donald Trump, who has nominated Brian Quintenz to become chairman.

“It is my great honour to be nominated by President Trump as the next chairman of the Commodity Futures Trading Commission, where I had served as a commissioner in his last administration,” Quintenz said in a statement posted on X. “The CFTC plays a critical role in maintaining robust hedging and price discovery markets that are the envy of the globe. The agency is also well poised to ensure the USA leads the world in blockchain technology and innovation. I look forward to working with President Trump’s incredible financial regulatory team.”

News of Quintenz being nominated was first reported by Bloomberg Tuesday night. Currently serving as acting chairman is Caroline Pham.

Quintez ha..

February 12, 2025

Tennessee sports betting handle dips month-on-month in January

Player spending on sports betting in Tennessee declined month-on-month in January, although the amount wagered is the fourth highest since the state launched its legal market in November 2020.

Gross wagers in Tennessee in January hit $549.0 million (£442.7 million/€530.4 million). This is 17.4% above last year but 4.1% behind the $572.7 million wagered in December.

The monthly record for gross sports wagers in Tennessee stands at $598.6 million, which was set in November 2024. January’s total is 8.3% shy of this figure.

Data from the Tennessee Sports Wagering Council shows after adjustments of $5.3 million, gross handle for the month was $543.6 million. This beats the previous year by 16.7% but falls 4.6% short of December.

In terms of tax, privilege tax for the opening month of the year topped $10.0 million.

The council does not disclose what the reported “adjustments” are in its monthly report, nor does it publish a breakdown of activity by operator or sport. Operator revenue is..

February 11, 2025

Two Oklahoma betting bills get out of subcommittee

Two sports betting bills that would require four tribes to sign model legislation passed out of an Oklahoma subcommittee on Monday (10 February).

The bills unanimously passed out of the house subcommittee on appropriations and budget select agencies. They will now move to the full appropriations committee, although no hearing date has been set. Oklahoma’s legislature is set to adjourn on 30 May and there is no crossover deadline.

Representative Ken Luttrell, who has sponsored gambling legislation in the past, is carrying the bills. He is also the subcommittee chairman. On Monday, he explained that HB 1047 would bring sports betting to the state via the legislature. If the bill fails, HB 1101 would then be “triggered” and the decision would go to the voters via referendum.

Luttrell did not specify in either bill whether retail or digital betting – or both – would be legalised should either bill become law. He says that the “tribes can decide” and that “we’re not going to legislate..

February 11, 2025

Season-long props, sports awards betting approved by NY senate committee

The New York state senate passed a bill that legalises a new kind of proposition bets and some awards wagers.

In a bill sponsored by New York state senator Joseph P Addabbo Jr, the committee voted on Tuesday (11 February) to amend the racing, pari-mutuel wagering and breeding law. SB 2616 would allow for betting on season-long proposition and future award winners, such as the Heisman Trophy. It would also add betting on pre-game coin tosses.

The bill passed unanimously. From here, it will continue moving through the senate. It must pass the house and get Governor Kathy Hochul’s signature before it could become effective.

According to the text of the proposal, allowing for season-long proposition bets and predicted award winners would “expand on an already successful” online sports betting product.

The New York bill noted that the state was “quickly become the leading market for mobile sports”. Adding that this was bringing in revenue for education in the state.

Senator Addabbo ha..

February 11, 2025

North Carolina bounces back in January as betting hold hits 11.05%

North Carolina recovered from a record-low month in December to post an improved sports betting hold of 11.05% during January.

Consumers in North Carolina bet a total of $646.9 million (£523.1 million/€626.7 million) on sports in January. This is 2.8% above December and the fourth highest monthly total since the state opened its legal betting market in March 2024.

Some $623.3 million of this was paid wagers. The remaining $23.6 million was attributed to promotional bets, according to data from the North Carolina State Lottery Commission.

A total of $3.9 million was noted in cancelled and voided wagers, while players won $568.5 million from sports betting.

Monthly betting revenue second highest on record

As a result, gross wagering revenue for the month hit $74.5 million. This beats December by 108.7% and is the second highest monthly amount on record, behind $78.1 million posted in November.

This meant North Carolina operators were left with a monthly sports betting hold of 11.05..

February 11, 2025

New York smashes sports betting revenue and handle records in January

New York set new monthly records for online sports betting handle and revenue in January as the state marked three years since launching its regulated market.

Player spending on mobile sports betting in January topped $2.48 billion (£2.01 billion/€2.41 billion). This surpasses the existing New York record of $2.32 billion, set in October last year, by 6.9%.

The January handle total is also 25.9% higher the same month last year. New York opened its legal online betting market in January 2022.

In terms of gross gaming revenue, data from the New York State Gaming Commission places this at $247.0 million for the month. This is another new record, surpassing the $231.6 million reported in November 2024 by 6.7%.

As for year-on-year comparison, revenue in January 2025 was 16.7% higher than in 2024.

This resulted in a monthly hold of 9.96% for the Empire State in January.

FanDuel sets operator records in New York

Looking to operators, FanDuel set several new monthly records for individu..

February 10, 2025

GeoComply: Super Bowl LIX data showed 14% increase in active accounts

The Philadelphia Eagles weren't the only winners this past Super Bowl weekend. According to initial data, legal sportsbook operators saw a 14% increase in active accounts over last year.

Compliance and geolocation tech supplier GeoComply released its annual data report after the game on Sunday (9 February). The top-line news was a 14% year-on-year increase in active legal online sports betting accounts.

This is welcome news for the industry, especially given that there were no new markets launched for this year’s game. Missouri voters legalised sports betting there last November but the market has yet to launch. Over the course of the weekend, GeoComply said there were 724,400 new accounts created from 12am Saturday (8 February) through the end of the game Sunday night.

The other big takeaway from the report was the growth rate of active users in states that have taken action against illegal operators.

No markets or numbers were given, but user growth in states that have ta..

February 7, 2025

State of the Union: Bet the coin flip in MA, OH lawmakers aren’t for doubling the tax, 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.

MA regulator to allow Super Bowl coin flip bets

A year after voting not to allow bets on the Super Bowl coin flip, the Massachusetts Gaming Commission (MGC) reversed itself on Thursday (6 February). Operators in the state can now offer the bet ahead of Sunday’s Super Bowl between the Kansas City Chiefs and Philadelphia Eagles. Since last year, former MGC chair Cathy Judd-Stein retired and commissioner Paul Brodeur joined. Brodeur, who said “it’s not something that can be gamed, so I’m comfortable moving forward with this,” was the swing vote.

The commission also agreed to hold an adjudicatory hearing for Caesars Sportsbook. The company took bets on the total number of red cards during UEFA Euros 2024. MGC regulations prohibit bets on penalties, injuries and other things that could be manipulated. Caesars to..

February 7, 2025

Great Britain online GGY up 21% in Q4 amid record customer activity

Online gross gambling yield (GGY) in Great Britain increased 21% year-on-year during the fourth quarter of 2024 to £1.54 billion (€1.85 billion/$1.92 billion) as the total number of bets and spins reached a record high.

Data published yesterday (6 February) by the Great Britain Gambling Commission covers the three months to 31 December 2024. It primarily covers online gambling but also references GGY and activity in the land-based betting sector.

The Q4 online GGY figure surpasses the £1.30 billion posted in the same period in the last year. It is also 16.7% ahead of £1.32 billion in the third quarter of last year.

On top of this, overall online bets and spins jumped 8% year-on-year to a record 25.9 billion. However, average monthly active player accounts declined 3% in Q4.

Slots GGY hits £709 million

Slots remain the primary source of GGY in Britain. During Q4, online slots GGY reached £709 million, an increase of 15%. Total spins were also 9% higher at 23.9 billion while average..

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Tag: Online sports betting