Strategy – FairOdds Network

April 4, 2025

How Rei do Pitaco is following the US DFS to sports betting model in Brazil

One of the first to gain a full licence in the newly regulated Brazil betting market, Rei do Pitaco is hoping to compete against a wave of international entrants. Somewhat following in the footsteps of success stories in the US, CEO Kiko Augusto explains how the company’s strategy differs and how Rei do Pitaco’s daily fantasy sports (DFS) roots have set it up for success.

Rei do Pitaco launched its DFS offering in 2019 with one eye already on the soon-to-be regulated sports betting market in Brazil, which finally launched on 1 January.

It first signed an online sportsbook partnership with Kambi in 2022 – a deal it extended last October as it prepared to transition from a DFS operator to a full-fledged sports betting site.

It is a strategy that has been hugely successful in the US for the two market leaders, FanDuel and DraftKings. Both evolved from DFS-focused operations to sports betting and igaming to the tune of a combined $10.6 billion (£8.2 billion/€9.6 billion) in FY2024 reven..

April 3, 2025

Racecourse Media Group appoints Russell Ferris as managing director

Racecourse Media Group has announced the appointment of Russell Ferris, currently CEO of horseracing organisation Weatherbys, as its new managing director.

Ferris will officially take on the new role on 18 August, the Racecourse Media Group (RMG) confirmed yesterday (2 April). The RMG is the umbrella organisation responsible for media rights involving 61 racecourses across Britain and Ireland.

An experienced executive, Ferris has been serving as the CEO of Weatherbys since September 2019. Weatherbys provides a range of services to the horseracing industry, including playing a major role in breeding approval.

Before becoming CEO, Ferris also had a spell as chief executive of the Weatherbys General Stud Book, a breed registry for horses in Britain and Ireland. He also spent time as operations director.

Prior to Weatherbys, Ferris was a director for At The Race, a dedicated horseracing channel in the UK and Ireland. He also worked as the managing director of Limerick Racecourse in Ire..

March 3, 2025

Weekend Report: Trump set to pardon Pete Rose, new Genting Berhad CEO, Pope betting

Welcome to the Weekend Report, where iGB looks at the news that you may have missed across Friday, Saturday and Sunday. This week: Trump set to pardon Pete Rose, Genting Berhad names new CEO and controversial Pope betting markets.

Trump pledges to pardon Pete Rose

US president Donald Trump has said he will pardon baseball legend Pete Rose and hit out at the decision to exclude him from the sport’s Hall of Fame.

Rose was banned from baseball for life after admitting to betting on the sport back in 2004 but never bet against his own team. His bid for reinstatement was rejected in 2015.

Rose, who also served five months in prison after pleading guilty to tax evasion in 1990, died last year aged 83.

Writing on social media last week, Trump said he will pursue a “complete pardon” for Rose.

“He never betted against himself, or the other team. He had the most hits, by far, in baseball history and won more games than anyone in sports history,” Trump said, according to ESPN.

Genting Berh..

February 26, 2025

PointsBet board approves MIXI acquisition bid amid rival offer from BlueBet

PointsBet has approved a takeover bid from MIXI Australia via a scheme arrangement which will transfer 100% of PointsBet's shareholding to the Australian arm of Japanese digital entertainment and sports group, MIXI Inc.

If the deal is approved PointsBet shareholders will receive cash consideration of $1.06 per share as part of the deal, which represents a significant premium of 27.7% to PointsBet’s closing price on 25 February. This amounts to around AU$353 million.

This amount also equates to an EV/EBITDA multiple of 25.2x – 32.1x based on PointsBet’s FY25 EBITDA guidance range.

The deal has been unanimously recommended by the board, as published in its half-year financial earnings report on 25 February.

A vote to approve the deal will occur in late May, and the ‘scheme’ is expected to pass and be implemented in mid-June.

MIXI’s Japanese parent company operates a number of sports and digital gaming business arms, including the FC Tokyo football team, horse racing betting..

February 24, 2025

Weekend Report: Fresno State basketball betting inquiry, Bet365 in Tennessee

Welcome to the Weekend Report, where iGB looks at the news that you may have missed across Friday, Saturday and Sunday. This week: Fresno State basketball faces betting inquiry, Bet365 lands Tennessee licence and Altenar pens Immense Group sportsbook deal.

Sources allege Fresno State basketball betting inquiry

The basketball programme at California State University, Fresno has reportedly found itself at the centre of a betting enquiry.

Sources close to the matter told ESPN on 22 February the case involves several of the Fresno State team’s players. So far, one player has been removed from the team, while two others have been suspended.

Mykell Robinson has not played for Fresno State since January and is no longer on the team. Fresno State also said in a statement that guards Jalen Weaver and Zaon Collins were being withheld from competition while the university reviews an “eligibility matter”.

The sources said Fresno State launched an investigation after receiving a tip off. The N..

February 6, 2025

2025 a year of stability in Brazil as sector interprets new regulations, says legal expert

The first year of Brazil's legal online gambling market will be one of interpretation and major consolidation of regulations, predicts specialist betting lawyer Udo Seckelmann of Bichara e Motta Advogados. He also believes the public narrative against gambling is influencing the SPA's decisions.

Speaking to iGB, Seckelmann, who is head of gambling & crypto at Bichara e Motta Advogados, said he believes this first year of operation for online gambling in Brazil will bring many changes in regulations as the sector settles into the new rules.

He expects 2025 to be a “year of consolidation” for gambling in Brazil as regulations and expectations from the regulator are interpreted and finalised.

“We can expect a lot of changes and consolidation in Brazil this year, consolidation of the understanding or the interpretation [of regulations] for the SPA. [Consolidation] of what’s going to work, what’s going to be allowed, what’s not going to be allowed and eventual changes that w..

February 5, 2025

BlueBet agrees to acquire TopSport assets

BlueBet Holdings has entered an agreement to acquire certain assets of Merlehan Booking, the Australia-facing sports and racing betting company trading as TopSport.

Under the deal, BlueBet will pay an initial AU$10 million (£5 million/€6 million/US$6.3 million) to acquire the assets from TopSport. This will comprise 70% cash and 30% in new, ordinary shares in BlueBet.

The agreement, announced today (5 February) by BlueBet, will also include potential further payments. These are contingent on BlueBet’s share price reaching certain milestones and the net gaming revenue performance of the assets.

To support the cash portion of the purchase price, BlueBet has successfully undertaken an equity raising. This will raise $15 million in gross proceeds via the issue of approximately 44.1 million new shares in BlueBet.

Why is BlueBet acquiring the assets?

Operated by father and son duo Lloyd and Tristan Merlehan, TopSport offers both sports and racing betting in Australia. In the first half ..

January 29, 2025

iGB@ICE: Werner Becher on the first six months of his Kambi tenure

Werner Becher had a tough act to follow, taking charge of Kambi from Kristian Nylen, but he says it’s been a case of refining an ongoing transformation process to build out a modular product range from a turnkey business.

Speaking in the iGB@ICE studio, he reflects on the first six months of his tenure, including launching for clients in Brazil on 1 January, when the market opened.

Going forward he aims to change the perception of Kambi from a turnkey specialist to a premium sportsbook solutions provider. This increases the supplier’s addressable market, Becher explains

Flexibility is key to the renewed and refreshed Kambi, Becher says. And he admits that Kambi was perhaps too reliant on a small number of partners previously. By offering solutions that allow the sportsbook technology provider to tap into a wider range of clients, there is scope to add far more customers.

Kambi remains a premium proposition

However it remains a premium sports betting product, meaning it’s not l..

January 28, 2025

iGB@ICE: The intersection of sports and gaming with Brendan Bussmann and Adam Sachs

We’re talking sports in the iGB@ICE studio, with Adam Sachs, counsel and senior policy advisor at Dentons. Sachs previously acted as chief counsel for MLB’s Kansas City Royals for three years and has been instrumental in helping the team forge relationships with the gaming sector.

In conversation with Brendan Bussmann, managing partner of B Global advisors, Sachs said the team was looking to implement an “esports component” to any deal the team pursues in the future.

“We have a visionary owner in John Sherman with the Royals who saw that a sports stadium can unlock value for the ownership group but can also engage fans and bring them down to an engaging and exciting venue more often than they typically do in a place like Kansas City,” Sachs said of the innovation under way within the team.

Sachs also digs into the challenges faced by sports entities in partnering with the gaming sector, due to the built-in moral-based opposition against gambling.

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 14, 2025

First in line: Brazil licence holders KTO and Stake on licensing challenges and first-mover advantages

Among the first to gain access to the legal online betting market in Brazil, KTO and Stake sat down with iGB to uncover the licensing process and how their early entry will bolster credibility among consumers.

After years of delays, Brazil finally launched its legal betting sector on 1 January, with operators looking to tap into what is expected to become a top-three market globally. For companies who have already secured licensed approval, the first-mover advantage has provided them with an exciting opportunity to be trailblazers.

The legal betting market in Brazil launched with 14 companies initially receiving full licences, as well as 52 operators that were granted provisional authorisation.

Provisional licences were granted to companies who are facing setbacks with their applications, such as certification delays. The extensive requirements relating to certification, as well as the huge number of applications submitted to the Secretariat of Prizes and Bets (SPA), have led to ..

January 13, 2025

Weekend Report: Entain confident on FY24 earnings, Betfred exits Nevada, Concacaf seeks first betting partner

Welcome to the Weekend Report, where iGB looks at the news that you may have missed across Friday, Saturday and Sunday. This week: Entain confident on FY24 EBITDA guidance, Betfred exits Nevada and Concacaf seeks first betting partner.

Entain reiterates EBITDA guidance for FY24

Entain said it remains confident of EBITDA guidance for FY24 despite taking a hit in the latter part of the year from customer-friendly sports results in the US.

Entain set out full-year targets during its Q3 trading update in October. Here, it said group EBITDA would be at the upper end of a range between £1.04 billion (€1.24 billion/$1.26 billion) and £1.09 billion.

Now, Entain has repeated this guidance despite its BetMGM joint venture in the US being impacted in Q4. Unfavourable sports results meant players won more during the period, which in turn impacted performance.

Entain said BetMGM still expects to post EBITDA of negative $250 million for the full year. This is in line with earlier guidance issue..

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Tag: Strategy