Sports betting – Page 12 – FairOdds Network

February 20, 2025

Horse racing betting turnover impacted by affordability checks says BHA

The British Horseracing Authority has blamed the Gambling Commission's financial risk checks for falling betting revenue in 2024, as it says punters have moved to unlicensed operators.

In its BHA racing report 2024 published on 19 February, the authority stated that total betting turnover fell by 6.8% in comparison to the previous year. This is a 16.5% downturn when compared to 2022.

While the BHA would not disclose the betting turnover value, it told iGB that the rate consists of both retail and digital betting.

In its report, the BHA found that the decline in total betting turnover slowed to under 1% in the second half of the year. However, it stated that it had run more races in that period when compared to 2023, adding that the “average race turnover” was down by 4% in 2024.

BHA director of racing Richard Wayman wrote in the report that he has “no doubt” that the drop in betting revenue was “headed by the impact of affordability checks”.

Wayman said these have resulted i..

February 20, 2025

New Victoria licence drives revenue and earnings growth at Tabcorp in H1

Australia’s Tabcorp has reported year-on-year growth across revenue, underlying EBITDA and net profit during the first half of its 2025 financial year, primarily due to the impact of a new licence in the state of Victoria.

For the six-month period to 31 December 2024, Tabcorp posted group revenue of AUS$1.33 billion (£672.4 million/€812.2 million/US$846.1 million). This surpasses H1 of the previous year by 10.1%.

Awarded in December 2023, the new Victoria licence came into effect in August 2024. It grants Tabcorp exclusive rights to offer wagering and betting in Victoria for the next 20 years. While still in its infancy, the licence impact was clear to see in Tabcorp’s H1 results, published today (20 February).

The licence means Tabcorp no longer need to collaborate on the joint venture arrangement with the Victorian racing industry. Other industry funding obligations were also terminated, with Tabcorp instead paying wagering taxes and racing and sports product fees on the same bas..

February 19, 2025

Two US reps again file bill to repeal federal sports betting excise tax

The two legislators have once again filed to remove the 0.25% tax that has been in place since 1951.

United States representatives Dina Titus of Nevada and Guy Reschenthaler of Pennsylvania re-filed legislation on Tuesday (18 February) to repeal the 0.25% federal excise tax on sports betting handle.

It is the fourth consecutive session the co-chairs of the congressional gaming caucus have combined for this bipartisan push. They also did so in 2019, 2021 and 2023. The federal excise tax has been in place since 1951, when it was introduced primarily to counter illegal gambling.

The tax revenue created has dramatically increased since the US Supreme Court struck down the Professional and Amateur Sports Protection Act in 2018. There was nearly $148 billion (£117.72 billion/€142 billion) wagered legally in 2024. That resulted in close to $370 million in tax revenue. That figure will end up slightly higher after Arizona reports its figures for November and December.

There is again compet..

February 19, 2025

AGA reports YoY growth, CEO addresses cannibalism, calls for Trump administration to tamp down black market

The American Gaming Association (AGA) reported another record year for gambling, as both traditional and online sectors posted growth, despite some declines in the last quarter attributed to sports betting and favourable game results.

In the AGA’s State of the Industry 2025 report published today (19 February), annual gaming revenue grew for the fourth consecutive year to $71.92 billion (£57.13 billion/€69 billion), up 7.5% year-on-year.

The AGA expects that when tribal gaming revenue is reported by the National Indian Gaming Commission (NIGC) later in the year, total US gaming revenue for 2024 will “approach” $115 billion.

Slot-machine revenue in 2024 was $36.06 billion, an increase of 1.6%. Table-game revenue fell by 1.7% over the course of the year to $10.14 billion. In total, traditional casino slots and table games took in $49.78 billion.

In-person gaming, consisting of casino slots, tables and retail sports betting, accounted for $50.32 billion of industry revenue last year.
..

February 19, 2025

BGC “deeply disappointed” by Wales ban on greyhound racing

Wales is set to become the first nation in the UK to halt greyhound racing after the country’s government announced plans to introduce a ban “as soon as practically possible”.

Huw Irranca-Davies, deputy first minister with responsibility for climate change and rural affairs, confirmed the decision in a statement to the Welsh parliament (senedd) yesterday (18 February). A potential ban on greyhound racing has been talked about in the senedd for some time.

Irranca-Davies said there is “clear” cross-party support for the ban and now is the “right time” to push ahead.

“I believe that now is the right time to move to ban greyhound racing in Wales. We are proud to be the first nation in the UK to do this.”

Support for the ban seemingly stretches beyond parliament with a public petition to stop greyhound racing in Wales receiving over 35,000 signatures.

A government consultation on a national framework for animal welfare suggests further support for the ban. When asked about a phased ba..

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 18, 2025

Is the UK online market a growth source or are operators pulling back?

The long-established UK market is going through some seismic regulatory changes. Operators have had to grapple with new measures and impending reforms instituted by the Gambling Commission, raising the question is the UK still a source of growth or are operators pulling back?

The latest data from the Gambling Commission shows that the UK online market is experiencing growth in terms of player activity as gross gambling yield (GGY) from October to December 2024 was up 21% year-on-year to £1.54 billion.

Both online monthly active accounts and total bet and/or spins rose during that period. Total bets and/or spins hit a record of 25.9 billion during the quarter, up 8% year-on-year, while accounts grew by 3%.

Online slots GGY was up 15% to £709 million in the same period, while spins were up 9% to 23.9 billion. Average monthly active accounts were up by 10% to 4.4 million.

Despite this growth, the UK has faced a tough period of gambling reforms relating to the previous government’s Gam..

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

Draftkings posts positive 2024 EBITDA although misses guidance

Draftkings posted a revenue of $4.77 billion in its 2024 full-year results, up 30% year-on-year. However, the US gambling major missed its EBITDA guidance for the year.

The group reported a positive EBITDA of $181.3 million, up from the previous year’s loss of $151 million. This is the first time the operator has posted positive EBITDA since becoming listed in April 2020.

However, this is some way below Draftkings’ full-year adjusted EBITDA guidance of $240 million to $280 million, announced during its third quarter results.

The 2024 guidance was dropped due to a bad run of NFL results in October, as it had previously been set at a range of $460 million to $540 million.

Draftkings CFO Alan Ellingson, in a statement, called 2024 a “milestone year” for the group as it achieved its first year of positive adjusted earnings.

Draftkings’ fourth quarter

Turning to Q4, Draftkings reported a revenue of £1.39 billion during the period, up 13% on the previous year’s $1.23 billion. This re..

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..

February 14, 2025

ATG CEO urges Swedish government to lower gambling tax for betting

Hasse Lord Skarplöth, chief executive of Swedish horse racing monopoly AB Trav och Galopp (ATG), has urged the government to drop its gambling tax for betting, following disappointing results in 2024.

Looking to how ATG performed in 2024, revenue for the 12 months to 31 December 2024 amounted to SEK6.19 billion (£459 million/€551 million/$577 million). This is 2.5% above the previous year. Net gaming revenue was largely flat, up 1.7% to SEK5.36 billion.

Revenue growth was enough to push operating profit up 1.4% to SEK1.81 billion for the 12-month period. After also including financial items, pre-tax profit topped SEK1.87 billion, up 1.8% year-on-year.

In ATG’s full-year presentation, published today (14 February), Skarplöth said growth could have been much greater had it not been impacted by Sweden’s gambling tax increase, which came into force in July.

Skarplöth said the recession, high household costs and higher interest rates had also hit ATG revenue in 2024.

Skarplöth urges re..

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Tag: Sports betting