Sports betting – Page 17 – FairOdds Network

January 23, 2025

Michigan online gambling reaches record $2.9 billion in 2024

Revenue from online gambling in Michigan reached an all-time high of $2.9 billion (£2.4 billion/€2.8 billion) during the 2024 calendar year, with the state reporting record figures across both igaming and sports betting.

Gross internet gaming and sports betting receipts for 2024 surpassed the previous record, set in 2023, by 23.8%. This is also more than double the $1.90 billion in the first year of legal online gambling in Michigan in 2021.

Adjusted revenue, which accounts for promotional spending, amounted to $2.4 billion, up 22.3% year-on-year. Figures from the Michigan Gaming Control Board (MGCB), published on Tuesday (21 January), cover commercial and tribal operators.

Igaming revenue tops $2.4 billion

Starting with igaming, revenue in this segment of the market topped $2.4 billion in 2024. This beats the previous year by 26.3% and is a new record for the state. Adjusted gross receipts for igaming also reached an all-time high of $2.2 billion, an increase of 27.2%.

BetMGM and..

January 22, 2025

ICE: California tribes won’t try for wagering legalisation in 2026

On Tuesday (21 January) a panel of California tribal leaders told ICE participants that they won't put legal sports betting on the 2026 ballot. Indian Country has reached some consensus, but polling indicates voters aren't interested.

California Nations Indian Gaming Association (CNIGA) chairman James Siva said that tribes have “come too far and have too far to go to rush into this complex sports betting (issue) which is tied to igaming”. His remarks led a chorus during the ‘State of Gambling in California: Current Trends and Future Prospects’ discussion at the ICE convention in Barcelona.

Siva was joined by Pechanga Band of Mission Indians councilmember Catalina Chacon and San Manuel Band of Mission Indians vice chairman Johnny Hernandez. The panel was the last of four put on by the Indian Gaming Association (IGA). A how-to guide for working with Indian Country, a history of how San Manuel grew gaming and a discussion about remaining growth opportunities for tribal sport..

January 22, 2025

Massachusetts sets another sports betting handle record in December

Massachusetts reported a record sports betting handle for the fourth consecutive month in December, with consumers in the Bay State wagering $788.3 million (£639.3 million/€757.4 million).

The December total surpasses the existing monthly state record of $777.8 million in November by 1.4%. It is also 19.7% more than the $658.7 million bet in Massachusetts in December of 2023.

Massachusetts Gaming Commission data shows online betting spend for the month was $776.8 million. Retail sportsbooks across the state took a total of $11.5 million in bets.

As for revenue, however, total taxable gaming revenue declined 5.1% year-on-year to $57.5 million. This is also 28.6% lower than November’s record $80.5 million haul. The decline comes in the wake of customer-friendly sports results that impacted the entire industry in December.

Online betting was responsible for almost all revenue in December, generating $57.4 million. In contrast, just $64,037 came from retail wagering.

In terms of hold..

January 22, 2025

ESPN Bet enters 20th market with Washington DC launch

Penn Entertainment has reached a significant milestone by announcing the launch of ESPN Bet in Washington DC, with the latest rollout meaning the brand is now live in 20 markets across the US.

DC players can now access and place bets with ESPN Bet via mobile and web platforms. The brand offers wagering across major league sports in the US and other competitions from around the world.

Betting options include live betting and featured parlays, while users will also have access to features such as daily odds boosts, custom offers and exclusive promotions and integrations with ESPN content and personalities.

In addition, customers in DC will have the option to link their ESPN Bet and ESPN accounts. This will allow them to track upcoming, live and settled bets within the ESPN app and on ESPN.com.

ESPN Bet joins other leading names such as BetMGM, Caesars Sportsbook, DraftKings, Fanatics Sportsbook and FanDuel in DC.

“We’re thrilled to launch ESPN Bet in our nation’s capital and expand ..

January 22, 2025

Britbet extends UK Tote Group partnership until 2030

Britbet Racing, a partnership of 55 racecourses across Great Britain, has signed an extension to its long-term partnership with the UK Tote Group.

The deal will see Tote continue to deliver its on-course pool betting service across almost all Britbet racecourses. The agreement will go live in November 2025 and run until at least the end of October 2030.

However, at present the deal excludes all Arena Racing Company (ARC) racecourses within the Britbet partnership. Talks over pool betting between ARV, Britbet and UK Tote Group remain ongoing.

Under the renewed deal, all covered racecourses will continue to control the delivery of on-course betting at their racing venues. Tote’s brand will remain associated with this offering while Tote will also provide all off-course services.

“The delivery of a daily pool betting service ranges from 500-plus staff on each day of the Cheltenham Festival, through to meetings where everyone knows each other on a weekday winter evening,” Britbet manag..

January 21, 2025

Casinos, pro sports team can create meaningful synergy

In Washington DC or downtown Phoenix, sports fans can get a double whammy – go to a game and visit a casino. In Dallas, Miriam Adelson and Mark Cuban are hoping to create the same sort of destination. The model is good for both parties, said speakers at an ICE panel on Monday (20 January).

Adam Sachs, counsel and senior policy advisor for Dentons, joined Brendan Bussmann of B Global Advisors to discuss the issue. The panel was entitled ‘From Sin City to Sport Central: Creating an Intercommercial Gaming Ecosystem’.

“Having a casino connected with professional sports… I think we all help each other,” said Sachs, whose law firm works with professional sports teams and gambling companies. “It’s all fan engagement or consumer engagement. We tend to bring each other to a destination. It’s also good for the economies.”

Sachs maintained that he believes that more is better. While it might seem like having a casino or sportsbook in or next to a sports venue could be at cross purposes, the ..

January 21, 2025

Denmark gambling revenue rises 7.8% in November

Overall gambling revenue in Denmark increased 7.8% year-on-year in November, driven by double-digit growth within the country’s online casino market.

Revenue for November reached DKK654 million (£74.1 million/€87.6 million/$90.7 million), Denmark regulator Spillemyndigheden reports. This is ahead of DKK608 million in the same month of previous year and 6.0% higher than October 2024.

As has been the case for some time, online casino generated the most revenue during the month. In total, revenue from this segment hit DKK295 million, up 17.9% year-on-year and 3.9% above October’s total.

Slots accounted for 77.4% of all online casino revenue in November. Blackjack drew 6.7%, roulette 6.6%, poker 3.5%, bingo 3.1% and other games 2.7%.

Minimal growth elsewhere in Denmark

While online casino continues to expand at a rapid rate, other segments also grew but at a much slower place.

Sports betting was the next highest segment in terms of revenue, generating DKK232 million for the month. T..

January 20, 2025

Pennsylvania sets another igaming revenue record in December

Pennsylvania operators reported record igaming revenue for the second consecutive month. But in December, sports betting revenue declined due to customer-friendly results that impacted the wider sector.

Total revenue from gambling in Pennsylvania in December totalled $533.1 million (£463.5 million/€517.3 million). This is 0.2% lower than the previous year and also 5.2% less than November’s $562.4 million record hold.

Pennsylvania Gaming Control Board (PGCB) figures highlight igaming as the state’s stand-out segment in December. Monthly revenue here hit $223.6 million, some 35.5% ahead of December 2023 and 11.5% above November’s existing record.

Of this total, $164.3 million came from online slots, up 40.5% year-on-year. Internet table-games revenue also increased by 24.2%, while online poker revenue edged up 2.9% to $2.5 million.

Players spent $4.28 billion playing online slots during December, as well as $3.01 billion on internet table games. Online poker spend was not disclosed.
..

January 20, 2025

North Carolina wagering operators report lowest hold since launch

North Carolina bettors laid down more than $600 million (£493 million/€584 million) in wagers for the third consecutive month in December, according to the latest revenue report from the North Carolina State Lottery Commission released on 17 January.

However the high amount bet didn’t translate into a record month for operator revenue or tax revenue as sportsbooks had their lowest hold since launch in March 2024. The 5.8% win rate marked only the third time that operators had a hold of less than 10% in North Carolina.

In December, consumers placed $629.5 million in bets, the third-most of any month since legal betting went live. Of that, bettors won back $590.9 million and operators reported $35.7 million in gross gaming revenue (GGR), the second-lowest GGR in history. Sportsbooks wrote off $16.4 million in promotional play.

North Carolina taxes sportsbooks at 18% of GGR, and operators contributed $6.4 million to state coffers, the second-lowest since launch. For comparison, the ..

January 20, 2025

EveryMatrix net revenue tops €180 million in record 2024

EveryMatrix reported record annual net revenue of €180 million (£152 million/$186 million) in its 2024 financial year, with growth across all core product verticals.

Group net revenue was 59% higher than the €114 million recorded in the previous year, although this excludes the impact of recent M&A activity. When including this, overall revenue for 2024 hit €352 million, an increase of 46% and another record for the group.

The business was boosted in 2024 by two acquisitions. First came FSB Technology in July and Fantasma Games followed a few months later in October.

Growth in revenue also led to a rise in EBITDA. For the full year, EBITDA amounted to €101 million, a 70% increase on the previous year and another record. On top of this, EBITDA margin in terms of net revenue hit 56%.

EveryMatrix highlights OddsMatrix success

In its annual report, published today (20 January), EveryMatrix described 2024 as the best 12 months in its history. CEO Ebbe Groes (pictured) said while all se..

January 20, 2025

Weekend Report: Sportsbet sued in Australia, FanDuel live in Puerto Rico

Welcome to the Weekend Report, where iGB looks at the news that you may have missed across Friday, Saturday and Sunday. This week: Sportsbet faces legal action in Australia, FanDuel launches in Puerto Rico and BetMGM secures gameshow rights.

Australian players launch class-action against Sportsbet

Up first, a group of Sportsbet customers in Australia have launched a class-action lawsuit against the operator, seeking to recover millions of dollars in losses.

Players are demanding Sportsbet repay the money they say was lost through “illegal” live betting, the Australian Associated Press reports. Digital in-play betting on sports is prohibited in Australia.

The suit said Sportsbet should refund gamblers who have lost money using Sportsbet’s ‘Fast Code’ service in the past six years. Fast Code allows players to bet on live sports by making a selection online and calling Sportsbet to place the wager.

Principal lawyer Elizabeth O’Shea is working with the group on the case. She said: “Be..

January 20, 2025

New Massachusetts bill: No in-play betting, massive tax hike, affordability checks

A new bill in Massachusetts would force operators to pull back on offerings and more than double the betting tax rate while a proposal in Mississippi would add digital sports betting.

On 17 January Massachusetts senator John Keenan introduced a bill that would eliminate in-play bets, introduce affordability checks, more than double the wagering tax rate and more.

Language in the bill, entitled ‘An Act Addressing Economic, Health and Social Harms Caused by Sports Betting’, mirrors that of the federal SAFE Bet Act filed last fall.

Massachusetts is known as one of the most stringently regulated legal betting states in the US. But Keenan’s proposal goes beyond current restrictions. Currently, Massachusetts bettors can make in-play wagers, but cannot place prop bets. The law also already bans betting on Massachusetts state college teams, unless the teams are playing in a tournament.

Operators have struggled with this – BetMGM, DraftKings, FanDuel and others have been fined since dig..

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Tag: Sports betting