This Week's Sports Betting Update

Hello, we’ve taken a look at what’s news, 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.

One big story 

Caesars Sportsbook becomes the first tribal partner in North Carolina’s new online sports betting market

Caesars Sportsbook is the first operator to unveil legal online sports betting services in the US state of North Carolina. With legalised sports betting set to go live from 11 March, Caesars has stolen a march on the competition to seal a deal with the Eastern Band of Cherokee Indians.

The Indian Gaming Regulatory Act within the Tar Heel State has enabled Caesars to launch its services to residents ahead of the formal launch date.

They can currently place sports wagers at two retail sportsbooks at the Cherokee Casino Resort and the Cherokee Valley River Casino & Hotel, both of which are Harrah’s-branded properties.

Its online sportsbook will be fully operational next week, with FanDuel, DraftKings, Fanatics, bet365, BetMGM, ESPN Bet and Underdog also granted formal licences by the North Carolina State Lottery Commission.

Click here to learn more about the partnerships between the newly licensed operators and the sports teams, leagues or venues within North Carolina.

What you need to know

Commercial

• 🌐  Full-year revenues in 2023 surpassed expectations at Genius Sports, rising to £324.5m, beating its previous guidance of £306.74m. However, despite its EBITDA rising almost three-fold, its net loss still caused concern to shareholders, with its share price falling almost 5% between 2 – 7 March. More
• 🌐 Entain has admitted that the affordability checks they introduced in anticipation of the Government’s own much delayed "financial risk checks" have complicated customer betting experiences. These checks, along with other regulatory challenges both in the UK and internationally, are expected to negatively impact the company's earnings by approximately £40 million in 2024. More
• 🇺🇸  Gross gaming revenues from Colorado’s sports betting market soared 50.7% year-on-year in January, that’s despite only a modest rise in monthly handle. The most important growth market for sports betting in Colorado was basketball. Some £106.1m was wagered on NBA basketball markets, compared with £67.52m on American football, while college basketball weighed in with a further £19.29m in wagers. More
• 🌐  Super Group saw FY23 profits decline despite experiencing record-high revenues last year. Its £14.4m pre-tax profit for 2023 was £170.67m down year-on-year. They cited non-cash charges, including the purchase of Digital Gaming Corporation (DGC), as well as alterations in fair value of option liability and an impairment of goodwill. More
• 🇺🇸 888 is considering selling its US consumer business as part of a strategic review to improve shareholder value in a competitive and investment-heavy market. This decision coincides with the ending of a partnership with Authentic Brands Group, aiming to reduce operational costs and refine their market strategy. More
• 🇦🇺  Austrac is investigating Bet365 for possible breaches of anti-money laundering and counter-terrorism financing laws, based on a 2022 audit. Brendan Thomas, the head of Austrac, emphasized that betting companies need to have strong systems to handle and lessen the risks of money laundering and terrorism funding. Bet365 faces the risk of substantial penalties if found in violation, similar to past incidents involving other firms in the sector. More 

Regulation

Artificial intelligence (AI) was used to reveal almost three-quarters of sports events involved in suspicious betting activity in 2023. That’s according to Sportradar’s annual Integrity Report for the year, which revealed 1,329 suspicious events were detected in total. Football and basketball were the most prevalent sports, with 880 and 205 suspicious matches respectively. More

Technology

Betsson has joined forces with Abelson Info to utilise its Goalscorer Pricing & Settlement Service to improve the accuracy of the in-play football betting markets offered across its portfolio. As Betsson looks to target underserved Latin American sports betting markets, it believes Abelson’s price feed can be a key differentiator in engaging local bettors. More

People news

Anne Tucker appointed company secretary of Aristocrat Leisure

Australian gaming content and tech powerhouse, Aristocrat Leisure, has hired Anne Tucker as the firm’s new company secretary, following in the footsteps of Kristy Jo, who recently resigned from her post.

Tucker has been with the Sydney-based firm since October 2021, having held the role of group deputy chief legal officer.

As company secretary, Tucker will be directly accountable to the Aristocrat Leisure board, covering all governance issues linked to the board’s overall function.

Click here to learn more on Ms Jo’s departure, as well as Aristocrat’s FY23 figures.

This week's talking point

Prospective Gambling Minister sets out Labour’s stall regarding affordability checks

Stephanie Peacock, the Shadow Minister for Sport, Gambling and Media, set out her stall surrounding the issue of affordability checks at last week’s Westminster Hall debate.

With Peacock looking increasingly likely to displace current incumbent, Stuart Andrew, at the next General Election, it was interesting to hear from Peacock on Labour’s view on the proposals.

Peacock said her party acknowledges that almost 50% of all adults partake in some form of gambling, with most doing so in a safe, moderated way.

Peacock also alluded to concerns surrounding the likelihood that affordability checks could be truly frictionless, calling for clarification on pilot schemes before the process is rolled out in its entirety.

Click here to learn more about Peacock’s stance towards safer gambling, as well as the new statutory levy planned for the UK’s horseracing industry.

This week's insight

What are the most popular betting pursuits in the UK so far this year?

The results are in from the UK Gambling Commission’s (UKGC) latest Gambling Survey for Great Britain. Almost half (48%) of survey respondents said they had gambled in some shape or form during the last four weeks. However, this figure fell to just over a quarter (27%) when excluding those who played only lottery games.

In fact, the National Lottery remained the most popular form of gambling. Draw tickets were purchased at least once by 31% of respondents. In addition, 12% of respondents said they purchased National Lottery scratchcards either online or in person.

Just one in ten respondents had placed bets on sports betting markets in the last four weeks, with only 3% placing in-person bets with a high-street betting shop.

Interestingly, just 3% of respondents had played online casino games in the last four weeks, even lower than the number who played bingo either in-person or online (5%).

Click here to discover the core motivations for people to gamble, as well as their general attitudes to the industry.

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