Sportsbooks

Gambling Revenue Sees Record Growth in Illinois

February 22, 2024 William Mcmaster

While there’s been an increase in gambling revenue in the United States, Illinois hit a record $581.5 million in January 2021.

Gambling operators managed to bag $49.4 million in revenue for an approximate 8.5 percent hold. Illinois was able to collect up to $7.2 million in taxes, according to a report.

The state has been fairing on we’ll, recording $481.7 in stakes up from December and $23.9 million in proceeds.

Illinois is now the fourth state to pass the $500 million in bets in the same month. The state is now holding the fourth spot in state handle after Pennsylvania, Nevada, and New Jersey.

Pennsylvania finished with $615.3 in bets, securing the third spot. Nevada came second with $4.3 billion, while New Jersey was the new king with a whopping $6 billion in their handle.

Betting operators in Illinois reported an 8.24 percent win rate, generating nearly $48 million in proceeds more than December’s $23.9 million. Illinois’ state coffers managed to collect up to $7.2 million while Cook county only managed $480,000.

Illinois was the last state to avail its revenue, breaking a record in the national sports betting industry. Among the other 18 states, more than $4.36 billion stakes in January.

Betting operators bagged up to $361 million in returns to start things in 2021. The Illinois state government managed to gather more than $54.3 million in levies from the proceeds.

DraftKings is the Better Mobile Option for Punters in Illinois

Sure, Barstool will be launching its first mobile sportsbook in Illinois since last September, but Draftkings is still preferred by the majority of punters who use their smartphones to bet.

DraftKings came top with $244.2 million in bets – which is equivalent to 42 percent. FanDuel and BetRivers came close with 30 and 19 percent in state handle.

And while DraftKings is still the most preferred for mobile betting, Fanuel generated more revenue – $16.9 million against $16.4 million for DraftKings.

William Hill and PointsBet didn’t do badly either – William Hill with two percent in-state handle while PointsBet with seven percent. This was a 26 percent increase in handle compared to December. On the other hand, William Hill was happy to maintain a double-digit percentage, recording $8.8 in accepted stakes.

FanDuel Secure the Monthly Revenue Top Honors

The largest mobile operators contributed most of the revenues collected. FanDuel overtook DraftKings to clinch the top spot with $16.7, DraftKings managing to secure $16.4.

This time around, BetRivers hit eight figures, generating more than $10.1 million. PointsBet also had a good month, generating approximately $4.2 million in proceeds. William might not have done poorly either – with $500,000 in earnings; football and basketball contributing the largest portion of that revenue – 97 percent.

Parlays managed to secure about $19 million in revenue from the $110 million staked by punters. This translates to a 17.29 percent win rate for the company and twice the all-inclusive percentage. Fanuel collected $9.2 million of the total in $50.3 wagered.

Basketball and football are the most popular sports punters are staking heavily, with basketball generating $14.3 million and $11.2 million in revenue, respectively. Besides, the two categories – basketball and football emerged top for handle – basketball generating $230 while football $158.3 million.

Betting Software Firm, Flutter Entertainment Sees Impressive 2020 Growth

February 22, 2024 William Mcmaster

Flutter Entertainment, owners of Paddy Power, Betfair, and PokerStars, is the world’s largest online betting group. In 2020, they reported an increase in total group revenue of 23% to $6.27 billion. This represents an increase in earnings before interest, tax, depreciation, and amortization (EBITDA) of $1.68 billion.

This is higher than the $1.54 billion – $1.62 billion predicted in November. The figures reported do not include an EBITDA loss of $205 million in the USA. This is a growing market for sports betting expected to double its previously estimated size. In May, the company merged with The Stars Group (TSG) and increased its holding in its US FanDuel brand in November.

Gaming Market Leaders

Flutter Entertainment continued to lead the US market with 40% sports betting and 20% market shares in the 4th quarter (Q4). The US market is expected to be worth more than $17 billion by 2025, resulting from an increase in estimated sportsbook value. The number of states with legalized gambling is expected to increase too.

The company reported a 106% increase in revenue in 2020. This strong financial performance is impressive considering the problems caused by the COVID-19 pandemic. Flutter Entertainment’s revenue in Australia grew by 59% to about $1.2 billion; there was an adjusted EBITDA growth of 98%. Australia was the market least affected by the COVID-19 pandemic. In Britain, the market grew by 8%.

According to the company CEO, Peter Jackson, the US market experienced the most growth in 2020. In his words, “Nowhere has our growth been more evident than in the US, where we have consolidated our number one position in this crucial market, with customer economics that continues to exceed our expectations. “

He went on to say, that “We finished the year as the first US online operator to reach over $1.1 billion in gross gaming revenue. While the global outlook remains uncertain, our momentum remains strong, and we look forward to the future with confidence”.

That is certainly something to look forward to for their customers.

Revenue in 2020

In the United States, revenue increased by a whopping 81% to $839 million. This increase resulted from the TSG merger and the increase in the number of states where online betting is legal over the last year. In 2020, Flutter Entertainment launched the FanDual online sportsbook in an additional four (4) states.

These states are Colorado, Illinois, Iowa, and Tennessee. Online gaming was also launched in Pennsylvania. Sports revenue increased by 42%, resulting from the sportsbook growth of 101% and combined daily fantasy sports and racing growth of 15%. According to Flutter Entertainment, adjusted EBITDA in its PPB Retail division decreased to $2.4 million from $91.7 million in 2019. This decrease came after the disruptions in its retail estates as a result of COVID-19 restrictions.

It is reported that the division’s shops were closed for about 38% of 2020, leading to a 36% decline in revenue. The PPB Retail division includes Paddy Power Shops. According to the company, they kept on paying staff even when the shops were closed, and they have promised to continue that for as long as the shops remain closed.

At Flutter entertainment’s PPB online division, revenue increased by about 8% to $1.32 billion. This increase resulted from a 6% monthly growth in average monthly players to 1.4 million; this increase was more evident in the second half of the year. The increase is most likely due to the closure of PPB retail shops resulting from the COVID-19 pandemic. In the United Kingdom and Ireland, the company expects an EBITDA loss of £9 million each month that retail estates in these countries remain closed.

The year 2021 has seen Flutter entertainment experience a strong start. The company’s group revenue in the first seven (7) weeks of 2021 increased by 36% year on year, and the increase has been listed as being due to a growth in player volume in all the company’s divisions. During the recent Super Bowl, the company gained 350,000 new sportsbook and gaming customers.

Contextually, the record-breaking number is greater than the operator’s entire 2019 customer acquisition numbers. Apart from that, sports betting operations experienced a 25% year-on-year constant currency rise. There was also a gaming revenue rise of 32% year on year to $2.8 billion. All in all, it’s looking pretty rosy for Flutter Entertainment and their gaming customers.

BetMGM & Topgolf Now in Partnership for 2021

February 22, 2024 William Mcmaster

BetMGM remains one of the biggest names in sports betting in the United States. On the 19th of February, 2021, they announced a partnership with Topgolf entertainment group. The multi-year agreement between both companies is expected to improve their respective customer bases. More importantly, it would also allow both of the partner companies to interact with customers outside of their individual customer bases.

About The Partners

BetMGM was formed from a partnership between MGM resorts international and Entain Plc. in 2018. The company has exclusive sports betting rights to MGM Resorts across the United States, both online and in MGM’s physical casinos. They are also a leader in online casino gaming and poker, along with sister brands Borgata Online, Party Casino, and Party Poker. BetMGM is one of the biggest online sportsbooks in the US, and its headquarters is in New Jersey.

Topgolf Entertainment Group is a global sports and entertainment company which is headquartered in Dallas. The company has grown to become one of the most popular in the sports entertainment industry. According to their official website, “What started as a simple idea to enhance the game of golf has grown into a movement where people from all walks of life connect at the intersection of technology and sports entertainment.” The company has multiple platforms which include Topgolf Media, Topgolf Venues, Topgolf Swing Suite, and Toptracer.

What Will the Partnership Entail?

The deal between these companies focuses on marketing and promotional offers in both digital and physical properties. This includes Topgolf’s physical properties and the World Golf Tour (WGT) game which has been part of the Topgolf group since 2016. With this partnership, you should expect to see BetMGM branding in Topgolf venues in locations where BetMGM is licensed to operate. These include:

Las Vegas, Nevada
Indianapolis, Indiana
Nashville, Tennessee
Detroit, Michigan
Virginia Beach, Virginia
Denver, Colorado

This branding is expected to extend to Topgolf’s WGT game which has over 15 million users around the world. As sports betting becomes legal in other states across the US with Topgolf locations, BetMGM will activate branding and promotional integrations in these locations. Topgolf will also begin to offer BetMGM promotions.

Speaking on the deal, Matt Prevost, the Chief Revenue Officer of MGM, said “We look forward to introducing Topgolf guests to the immersive sports betting experience that only BetMGM can provide. Topgolf is known for offering unique and interactive entertainment options, which our loyal BetMGM users can now access through a variety of exclusive and customized packages.”

Topgolf’s Chief operating officer, JF Prata also had this to say, “We are thrilled to partner with BetMGM as we continue to energize and grow our entertainment communities. Topgolf has always been committed to providing new and exciting experiences to our guests, and this partnership delivers on that while providing our longtime fans, as well as those less familiar with Topgolf, an introduction to a complementary experience with BetMGM.”

The financial details of the partnership were not included in the statement put out by the companies.

How Do Both Companies Benefit From the Deal

The BetMGM branding in Topgolf locations across the country and during the WGT game will help to advertise the company to the community of sports fans that Topgolf has. This focused advertisement is likely to be more effective than advertising to the general population because the majority of Topgolf customers are sports fans. It makes sense, seeing as sports fans are the group of people most likely to take on sports betting.

Also, in states where sports betting is currently illegal and Topgolf entertainment is already present, BetMGM now has a system in place to begin advertising as soon as it is made legal. This is expected to be important going forward as the US gambling market is expected to grow massively in the next few years as a result of the landmark 2018 court ruling in favor of New Jersey’s law permitting betting on sports that now allows states to legalize online betting whenever they choose to.

For Topgolf entertainment, the partnership lets them into BetMGM’s large customer base. And the BetMGM themed promos could help to attract betting fans to their locations around the country. This partnership is one that sports fans and bettors across the country can look forward to with excitement. It will most certainly allow fans and customers to experience the best of what sports betting and sports entertainment have to offer.

Your Guide to Texas Sports Betting

February 22, 2024 William Mcmaster

Online sports betting in the USA is becoming increasingly popular. The once illegal act has recently been legalized in several states this year including; Connecticut, Massachusetts, Missouri, Maine, Arizona, and Kansas.

As it stands Texas is not set to legalize online gambling within its state. Sources suggest that legalization may be sped up due to pressure from other states, however, it’s unlikely to occur until 2023.

When it does happen Texas will see a massive increase in revenue, this will be the driving factor to getting legalization put through. The sheer volumes of cash flowing into the industry.

The Current Gambling Situation

There are no plans to allow online gambling within the state of Texas. The government officials didn’t join states this year in allowing the legalization of online gambling. This was quite the despair for players and several companies waiting on the state – all of which want a slice of the action.

There are still exceptions for players to place bets, with the option to do so only on specific sports. Currently, punters can bet on horse racing at specific establishments. This usually occurs at the racetrack, where the races are being held. Online and mobile app gambling is not permitted for horse racing, only in-person betting.

DraftKings and FanDuel are also restricted but can still operate in the state. These companies can offer players the chance to play fantasy sports games. This isn’t regulated just yet, but regulations may come into place over time. However, it seems that users are still able to gamble with offshore sportsbooks and place bets such as prop bets, in line bets, and in-play betting.

Recently, regulators from Texas have spoken to their respective counterparts in New Jersey, about what’s the best to go about bringing sports betting to the state. These discussions are hoped to lay the parameters for legislation in the state.

The Future Layout for SportsBetting in Texas

Online sports betting is inevitable in almost every state across the USA. Without a doubt, Texas will eventually join the other states in legalizing online sports betting. There’s simply too much money within the sports betting industry. So what may happen on day 1 when legislation happens?

There will be a select few online sportsbooks that will be selected and allowed to operate in the state. Typically, big companies may come in like Draft Kings, and MGM. Alternatively, the state may allow smaller companies to create sites and provide services to try and keep money within the state rather than having several giants coming in. Once these companies have the green light from the state they’ll be able to onboard players on a specified date.

One proposed plan is the idea that 14 – 20 licenses will be available for an online sportsbook. With this awarded to selected sportsbooks.

Users will all receive awesome bonuses and promotions for signing up to these sportsbooks. Sports such as soccer, football, horse racing, baseball, basketball, boxing, MMA, and many more will be available for users to bet on.

Final Thoughts

The pressure to legalize online sports betting in Texas is beginning to grow. The government will eventually cave in and allow players to begin sports betting. As we mentioned, they’ve been reported to be speaking to officials and regulators in NJ for advice on legalization. This could mean it will come sometimes within the new few years and 2023 at the latest.

Most players are going to offshore websites to place bets. So it only makes sense for Texas to legalize gambling and take a portion of the revenue. Before that happens we recommend brushing up on your sports and learning some new betting strategies so you can make money when legalization occurs.

References

https://sportsbetting.legal/states/texas/
https://www.legalsportsreport.com/47079/texas-sports-betting-push/
https://www.lineups.com/betting/texas-sports-betting/#:~:text=Currently%2C%20sports%20betting%20is%20not,go%20to%20and%20place%20wagers.
https://www.actionnetwork.com/legal-online-sports-betting/texas-2021

BetMGM Sports Promotions 2021

February 22, 2024 William Mcmaster

Online sports betting here in the US has been approved in many new states in 2021, and new special bonus offers and promotions have come to the forefront. Users are now able to obtain some of the best promotions available in states including NJ, CO, IN, TN, IN, MI, IA, PA, VA, and WV. Here we’ll go through the 2 promotions currently available to players at BetMGM. So let’s start off with the welcome bonus.

BetMGM Sports Welcome Bonus

The welcome bonus available at BetMGM sports is as follows:

Risk-free up to $600 on the first bet

The offer will be available from your February 1, 2021, to December 31, 2021. This promotion is currently available for new players, so ensure to sign up to BetMGM if you want to take advantage of the bonus. The current promotion is set so if you lose money on your first bet it will be awarded cashback in the form of a bet.

CLAIM THIS NOW AT BETMGM SPORTS!

How to get the BetMGM Sports Bonus

Here’s a quick step-by-step guide on what you can do to get the current bonus.

Download the BetMGM sports app on either iOS, Android or visit the BetMGM website.
Sign up to BetMGM and make your first deposit.
Place your first bet on any sports to opt-in and receive up to $600 in free bets.
If the bet you placed loses then you’ll receive up to $600 when the bet is settled.

To opt-in for this promotion, you’ll need to make a minimum bet of $10. Only the first $600 you bet will be eligible for the promotions. This means if you place a bet of 700, and you lose, only 600 will be given as a cashback in the form of a bet. The remaining 100 will not be given back. Once awarded the free cashback, it must be used within a 7-day period before the money is removed from the account.

CLAIM THIS NOW AT BETMGM SPORTS!

Here at CompareCasino, we recommend checking out our top listed online casinos, and top listed bonus list to find the best online casinos and bonuses available in your state. BetMGM also has online casino promotions, which can be found here on the bonus and promotions page on our website.

Draftkings to Advertise on Super Bowl for the First Time While Big Brands Sit Out

February 22, 2024 William Mcmaster

Sunday’s Super Bowl LV game in Tampa will see DraftKings join several first-time advertisers as some other top brands miss out. The Super Bowl is the most wagered-on sporting game across all US sports, so it is perhaps fitting that the daily fantasy sports giant and internet sportsbook operator are throwing their hat into the advertising mix.

The past few years have seen an indication that the NFL is becoming increasingly inclined towards regulated sports betting. Several marketing deals have been signed between teams across the league and sports wagering companies and, with the Las Vegas Raiders, we now even have an NFL franchise in the betting capital of the country. But despite all that, DraftKings’s advertising spots will not exactly publicize the operator’s sportsbook wagers.

Instead, the idea is to help accustom users to the DraftKings platform and then, in the long run, keep them as customers. Building a customer base via daily fantasy sport and free games, and then eventually converting those clients into sports bettors is a move that the company is not unfamiliar with. According to Jeannine Poggi, reporting for AdAge, “DraftKings will air two 15-second commercials in the second and third quarters of Super Bowl LV, offering viewers a chance to enter a free pool to make predictions on fourth-quarter action.”

Sporting Backstory

The Super Bowl will take place for the 55th time come Sunday, February 7th, 2021, at the Raymond James Stadium in Tampa, Florida. From an entirely sporting perspective, the biggest subplot surrounding Super Bowl LV is the fascinating matchup between the quarterbacks on both football teams. The Tampa Bay Buccaneers will be able to call on legendary NFL quarterback Tom Brady.

Widely regarded as the greatest quarterback of all time, the 43-year-old will be making an appearance in the 10th Super Bowl of his astonishing career. He will be looking to pick up a record seventh ring, two years from winning his sixth. That one was a record, by the way.

As for Brady’s opponents on Sunday, the Kansas City Chiefs will be lining up with ‘youngster’ superstar quarterback Patrick Mahomes, a combo that is already being regarded widely as the league’s next dynasty in waiting. Mahomes won the NFL Most Valuable Player award, picking up the NFL Offensive Player of the Year gong and getting named to the Pro Bowl and the First-Team All-Pro in his first season.

The following year saw him lead the Chiefs to Super Bowl LIV, their first Super Bowl appearance in five decades. In doing that, Mahomes became the reigning Super Bowl MVP and the first quarterback to make two Super Bowl appearances before turning 26. If he leads the Chiefs to victory in Sunday’s matchup, it’ll be the first time since 2003-2004 that an NFL team claims two consecutive titles. And the team which achieved that particular feat? You guessed it; Brady’s New England Patriots.

The two quarterbacks have already faced off four times, sharing the spoils a couple of times apiece. So, the game sees the player with the most remarkable NFL legacy of all time facing off against the new kid who has already begun racking up the records. It is no wonder Super Bowl LV is being tagged as ‘the GOAT’ V.s ‘the kid’. And it is no wonder that DraftKings is looking to tap into the vast customer base that this backstory is set to attract.

Big Game, Big Bucks

Initially, DraftKings was planning one ad for the Super Bowl scheduled for Feb 5. But, like the President and Co-founder of the gaming company, Matthew Kalish, told AdAge, ‘when it became obvious that the big game would feature the Kansas City Chiefs, the Tampa Bay Buccaneers, and the compelling Patrick Mahomes/Tom Brady quarterback battle, the firm opted for two spots and a bigger presence.

Kalish said another primary purpose of the ads would be to give bettors a taste of the DraftKings experience. Despite live sports getting shut down earlier on in the pandemic, DraftKings still saw its users come to the platform to engage around different content, such as e-sports. He said that once live sports returned, they noticed a spike in pent-up demand.

“There’s tremendous momentum in not just fantasy sports, but also sports betting, which is open in 12 states and rapidly expanding throughout the country,” Kalish said to AdAge. The ads are being created by the company and focused on urging viewers to participate in a free predictive game based on the fourth quarter. Betting situations might look something like predicting the scorer of the final touchdown and the length of the longest play in the final stanza of the game.

Matt Kalish revealed that all participants will get a prize and that payouts will range from $3 to $25,000. If it isn’t already evident that DraftKings is going all out with their ad slots for Super Bowl LV, then perhaps a look at their Super Bowl ad budget will convince you, with it being reported that a 30-second Super Bowl ad costs over 5 million dollars.

Debuts

However, the gaming company is not the only firm set to make its Super Bowl advertising debut in Sunday’s event. In total, 11 companies are having their first foray into the world of Super Bowl advertising, including Chipotle, DoorDash, Huggies, and WeatherTech.

On the reverse side, some big brands that have come to be known staples of Super Bowl advertising will be sitting out this year. Coca-Cola will be taking a one year break, while Hyundai’s absence will see it snap an 11-year stretch of ad slots. For the first time in a long time, we would also not be seeing a run out for the Budweiser brand.