Sports betting – Page 24 – FairOdds Network

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

Weekend Report: Google to lift social casino advert ban, NHL players reveal sports betting harassment

Welcome to the Weekend Report, where iGB looks at the news that you may have missed across Friday, Saturday and Sunday. This week: Google to lift ban on social casino adverts, NHL players face sports betting harassment and Jackpot.com pens 7-Eleven partnership.

Google to allow targeted social casino adverts

First this week, Google will lift a ban on targeted and personalised adverts for online social casino games. Social casinos will be removed from Google’s restricted ‘Gambling’ sensitive interest category with effect from 4 December.

Effectively, Action Network reports, this will mean adverts for social casinos are allowed to appear on web pages that consumers visit regularly. This covers all forms of social casino including slot, poker and roulette.

Google has not said specifically why it is removing social casino from its exclusion list of advertisers.

It is expected that Google will remove similar restrictions on all other advertisers from March 2025, allowing any company to ..

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..

November 22, 2024

Wyoming Gaming Commission votes in rule to penalise those who harass athletes

The Wyoming Gaming Commission today (22 November) unanimously voted to amend its rules and put anyone found guilty of athlete harassment onto the state's involuntary exclusion list.

The decision came four months after a spirited discussion about banning college-player prop bets.

Commissioners in July discussed a ban, which the NCAA has been lobbying for around the country. But they determined that the bet is not the issue. Rather, the heart of the problem, commissioners said, is bettors who harass athletes, coaches, officials and others involved with sporting events.

At that meeting, Scott Ward, a lobbyist with the Sports Betting Alliance (SBA) argued that banning prop bets would send bettors offshore. WGC operations manager Michael Steinberg presented his findings on the subject.

He offered several solutions, but ultimately explained: “We all agree that harassment of student athletes is bad and something that should not be tolerated. The question then becomes, is banning ..

November 22, 2024

State of the Union: DraftKings under fire, AGA reports record Q3 for gaming revenue

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.

DraftKings under fire in MA, OH

On Wednesday (20 November) the Ohio Casino Control Commission (OCCC) levied a $425,000 (£335,028/€408,042) fine on DraftKings for two separate violations. The OCCC said DraftKings took college-player prop bets, which are banned in the state. It also said the company allowed accounts to be funded at “unauthorised” locations.

With regard to the college-player prop bets, DraftKings took bets 14-19 March, after the ban went into effect 1 March. In terms of account funding, the OCCC revealed that DraftKings took $2.5 million – on 40,985 deposits – at “non-gaming retail locations”.

Following the violations, the OCCC said DraftKings removed player-prop bets from its Ohio bet menu and stopped taking deposits at unapproved locations. The commission is requiring DraftKings to train i..

November 22, 2024

Massachusetts regulator requiring detailed data from operators on bet limits

Commission also takes a close look at the idea of permitting betting kiosks in assorted locations.

Over the course of this calendar year, the Massachusetts Gaming Commission has made two things clear about its interest in the topic of sportsbooks and their alleged bet limits:

The commission does not intend to rush to draw any conclusions;

The commission will not stop in its efforts.

The latest evidence of both points came yesterday (21 November). A commission hearing on the issue led to a decision to have the Massachusetts Sports Wagering, Legal and Communications divisions send out a request for specific data to the state’s approved sports betting operators. The idea is to see how pervasive these limitations might be.

Data will allow review and analysis

The commission initially planned a discussion on bet limits in May. At that time, only one licensed operator appeared at the meeting. That set the stage for a September hearing that did include the operators. During that hearing,..

November 22, 2024

Belgium’s BAGO urges action over illegal gambling among young men

The Belgian Association of Gaming Operators (BAGO) has called on authorities in the country to take a stricter approach to illegal gambling websites after new research revealed almost half young men aged 18-21 are gambling with unlicensed operators.

Commissioned by BAGO, the research took place prior to new rules being introduced on the minimum gambling age in Belgium. As of 1 September this year, players must be at least 21 to participate in legal gambling.

Age requirements for sports betting, arcades and bingo have now been raised to be in line with land-based casinos. Since 2018, players have had to be 21 to gamble at casinos across Belgium.

However, research flagged almost half of men aged 18-21 in Belgium were gambling with illegal operators before the law became effective. This, in essence, meant the new regulations would not have impacted their activities on illegal sites, which are not bound by the same rules as licensed operators.

Furthermore, the research suggests awarene..

November 21, 2024

CA tribes to sweepstakes operators: “We don’t negotiate with terrorists”

In the latest edition of the New Normal webinar series today (21 November), host Victor Rocha said there is no room for discussion between California tribes and sweepstakes operators. The time has come to explore enforcement actions.

Rocha, conference chair for the Indian Gaming Association (IGA), was joined by fellow host and IGA executive director Jason Giles. This week’s guest was Jonodev Chaudhuri, principal at Chaudhuri Law and former chair of the National Indian Gaming Commission (NIGC).

The theme of the episode was regulation and enforcement. More specifically, Rocha and Giles sought to know what tools the NIGC – and state and federal governments – can use to fight the proliferation of sweepstakes sites.

“You see the entire industry is reacting to this,” Rocha said. He noted that among California tribes in particular, “you’re starting to see the outrage” that typically follows attempts to encroach on tribal exclusivity.

He later asserted that there is no room for collabo..

November 21, 2024

When Alberta sports betting might launch a moving target

If it feels like we've been talking about when sports betting might go live in a second Canadian province for a while, that's because we have been. Alberta appears to be next on the list, but the timeframe remains open-ended.

At least two major US operators in the last month addressed the question during third-quarter earnings calls. Penn Entertainment CEO Jay Snowden said the target date “certainly has moved into 2025”. The company will “wait on the government, the regulators there, to tell us exactly when the go-live launch would be.”

The question is when? In the US, regulators and operators often point to the Super Bowl or NCAA March Madness as big events around which to launch.

In Canada, it’s possible that if the regulator is aiming for a big event, it would be the start of the Stanley Cup Finals in April. Alberta is home to two NHL teams – the Calgary Flames and Edmonton Oilers. Another potential time would be in June, around the start of the Canadian Football Leag..

November 21, 2024

Massachusetts sets $748.1 million sports betting handle record in October

Consumers in Massachusetts spent $748.1 million (£591.9 million/€710.8 million) betting on sports during October, a new monthly handle record for the Bay state.

The October figure surpasses the exiting record of $678.7 million, which was just set in September, by 10.2%. It is also 30.8% ahead of $571.8 million last year, according to the Massachusetts Gaming Commission.

Players wagered $735.0 million betting online and $13.1 million at retail sportsbooks across the state.

In terms of taxable revenue, operators generated $48.3 million in total for October. This falls 20.3% short of $60.6 million last year and lags 35.9% behind September’s record $75.4 million haul.

Online betting was responsible for almost all revenue, with retail contributing just $5,286 in October. As for hold, the state-wide figure for the month stood at 6.46%. Tax-wise, Massachusetts collected $9.7 million from sports betting, almost all of which related to online wagering.

Can anyone stop DraftKings in Massach..

November 21, 2024

Strong igaming lifts Pennsylvania gambling revenue in October

Gambling revenue in Pennsylvania increased 2.8% year-on-year in October to $496.6 million (£392.6 million/€471.6 million) driven by near-record figures from the Keystone state’s igaming market.

Total revenue for October was ahead of $483.0 million during the same month last year. However, data from the Pennsylvania Gaming Control Board shows a 1.8% drop from $505.9m million in September.

Igaming revenue hits $189.1 million in October

Igaming was undoubtedly the leading segment in October, with revenue up 22.1% year-on-year to $189.1 million. This was just 1.1% shy of March’s $191.1 million monthly record.

Breaking down this market, online slots generated $140.9 million in gross revenue, up 28.3% from last year. Internet table games revenue also increased 7.8% to $45.9 million, although online poker revenue slipped 5.9% to $2.2 million.

Hollywood Casino at Penn National Race Course continues to lead the igaming market. For October it took $69.5 million in revenue, up 11.6% from las..

November 21, 2024

Could a 1% consumption tax topple Peru’s betting ambitions?

The reintroduction of a betting consumption tax looms over Peru, raising concerns that double taxation and a rise in black market activity could dampen growth.

It has been a huge year for gambling in Peru and industry commentators expect, thanks to recent online regulation, that it could become the third largest online betting market in South America. An amended Law No 31557 to regulate online sports betting and igaming in the country came into effect on 9 February, after initially being signed off by President Pedro Castillo in 2022.

The country’s gambling regulator, the Ministry of Foreign Trade and Tourism (Mincetur), started taking online licence applications in February and the market’s potential encouraged top tier operators such as Betsson, Rush Street Interactive and Stake to apply. By 21 March, 145 applications had been received.

The regulatory framework set out in Law No 31557 has been described as favourable for operators as it features a respectable 12% tax on gross gami..

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Tag: Sports betting