This Week's Sports Betting Update

Hello, we’ve taken a look at what’s new, trending and being talked about in the sports betting world this week. Grab a coffee, take five minutes and we’ll fill you in on everything you need to know.

The BetTech Ecosystem 2023

Investigating the global landscape of sports betting and iGaming suppliers

The BetTech Ecosystem Report provides key insight into the global market of suppliers for sports betting and iGaming operators. While the visual offers an overarching view of the key suppliers across the 42 subsections that make up the BetTech Ecosystem.

Click here to receive the BetTech Ecosystem Report once it is released next week! In the meantime, watch the below to learn about this year's content section in the updated visual.

One big story 

Entain posts 11% year-on-year rise in net gaming revenue through Q1 2023

Entain’s latest trading update for Q1 2023 revealed that net gaming revenue (NGR) was up 11% year-on-year in constant currency. This strong performance was led by strong showings in both online and retail. The NGR growth, when including the performance of BetMGM, was up 17% year-on-year.

Entain holds a 50% stake in BetMGM, with the remaining half owned by MGM Resorts International. NGR for BetMGM in Q1 2023 was up 76% year-on-year to $470 million.

This means it’s in line to reach its full-year 2023 revenue guidance of between $1.8 billion and $2bn. The company also reported that BetMGM has a combined 17% market share in iGaming and sports betting and expects to be profitable in the second half of 2023.

Click here to see the thoughts of Entain’s chief executive on the company’s start to the year.

What you need to know

Commercial

• 🇺🇸 Catena Media has teamed up with US-based newspaper publisher Lee Enterprises to supply iGaming and sports betting content for its channels during the next three years. Lee Enterprises is active in 77 markets across 26 US states, with a distinct focus on localised content. More
• 🇺🇸 Kindred Group has been given the green light to launch its proprietary iGaming platform in the state of New Jersey. Approval from the state’s Division of Gaming Enforcement (DGE) will give NJ-based customers an enhanced gaming experience, powered by tailored content and gaming options. More
• 🌎 Sportech has heralded operational stability and growing revenues within its FY22 results. Executive chairman Richard McGuire described 2022 as a period of consolidation and progress as it embraces its new operating model. Sportech sold off parts of its business in 2021, including Global Tote and Bump 50:50. More
• 🇺🇸 PointsBet has refused to deny rumours that it will place its US-based assets up for sale after failing in a sell-off of its Australia-based assets. PointsBet was originally in talks with NTD Limited to sell its Australian arm, but the fixed AU$250m purchase price is said to have deterred the News Corp-led firm from closing a deal. More

Regulation

The Dutch iGaming regulator de Kansspelautoriteit (KSA) has issued another fine to an iGaming firm for non-compliance. The latest £352,000 penalty has been awarded to BetCity for targeting young adults with its latest advertising campaigns. Advertising messages were directed at prospective customers aged between 18 and 24 from October 2021 through to March 2022. KSA slated this approach due to this demographic being “susceptible to gambling addiction”. More

Technology

Sportradar has joined forces with Indian Premier League (IPL) franchise Delhi Capitals to become the official technology partner of the Capitals’ academy. The initial three-year arrangement will see Sportradar’s Frogbox live streaming solution utilised, as well as its scoring apps and fully responsive match centre, suitable for generating real-time in-game data. More

People news

Better Collective opts for internal promotion for Simon Hovmand-Stilling as its new LATAM CEO

Better Collective has appointed Dane Simon Hovmand-Stilling as its new CEO for South America, leading the company’s charge into the Latin American market.

Hovmand-Stilling, who boasts almost two decades in digital media, joined Better Collective as group media sites director in 2018.

Since then, he has moved into various roles, including vice-president of group media and commercial sites, handling strategic partnerships with the likes of The Daily Telegraph, Goal.com and the New York Post.

Hovmand-Stilling has relocated to Rio de Janeiro, where Better Collective hopes to launch its South American base, with a further satellite office in the offing in São Paulo.

Click here to get the thoughts of Hovmand-Stilling on his new role and his approach to tapping into local resources to underpin its early-stage growth.

This week's talking point

Is 888 over the worst after filing its FY22 accounts?

Racing Post industry editor Bill Barber has written that William Hill's parent company 888 Holdings has experienced a turbulent few months.

Its CEO Itai Pazner resigned in January while at the same time the company suspended its VIP activities in the Middle East over failures in its anti-money laundering (AML) processes.

That was followed by a record-high £19.2m penalty for William Hill from the UK Gambling Commission for more AML and social responsibility failings.

Nevertheless, following the publication of its FY22 results and a first quarter trading update, 888’s share price rose by around 20%, indicating it may have turned a corner.

Despite investors’ concerns over the level of debt taken on by 888 to acquire William Hill’s non-US assets last year, there is some light at the end of the tunnel with the company forecasting its adjusted EBITDA this year is likely to be significantly up on the £219.7m posted in 2022.

Click here to learn more about 888’s latest full-year results and its growth strategy for 2023 and beyond.

This week's insight

How sports betting has remained a beacon of hope for an uncertain crypto industry

Sports betting has bucked the trend as one of the bright spots in a highly volatile cryptocurrency industry at present. That’s the view of Varun Sudhakar, founder and CEO of blockchain-based sports betting exchange BetDEX.

Sudhakar described crypto sports betting as one of the few verticals to have gained significant traction in spite of downside risks like the fall of FTX and the heightened volatility in the crypto markets.

Bringing blockchain-based betting to the mainstream market has been BetDEX’s biggest challenge. It identified Asia and Oceania as two regions where it has been gaining the most interest. Sudhakar described its inclusion of Indian Premier League (IPL) betting markets as being a key milestone for the exchange.

Click here to discover more about BetDEX’s ambition to unlock in-play betting to augment its current pre-match markets.

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