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 

Brazil’s regulatory framework for fixed-odds sports betting should be ready for July

A four-stage process to implement Brazil’s regulatory framework for fixed-odds sports betting is in place. Brazil’s ministry of finance published its latest ordinance, stating that the framework should be ready to go from the end of July.

The order requires a new Regulatory Policy of the Prizes and Betting Secretariat (SPA), a body which will define and publish the upcoming regulations as per the latest guidelines.

Stage one will conclude by the end of this month, spanning payment and security requirements for operators. Stage two will be finalised by the end of May, with the SPA defining its anti-money laundering and anti-terrorist financing policies. Stage three will conclude by the end of June, which is essentially the same work as stage one but for iGaming rather than fixed-odds sports betting.

The fourth and final stage will close by the end of July, focusing on the necessary procedures for ensuring industry operators contribute financially to socially responsible causes.

Click here to learn more about the movement to define and implement online gambling in Brazil.

What you need to know

Commercial

• 🇺🇸  The US state of Maryland saw its sports handle spike by 21.3% in the month of March, hitting £428.05m. Total sports betting handle for its fiscal year to date has hit the £3.24bn mark. Sports betting handle in March was also up 39% year-on-year. More
• 🇺🇸  MGM Resorts International has raised £598m of capital through an issuance of senior notes. The notes were issued at a rate of 6.5%, payable to holders in 2032. The firm plans to use the capital to repay some of its existing debts, including some of its outstanding senior notes payable next year. More
• 🇦🇺  BlueBet Holdings is set to acquire Betr's wagering division, aiming to boost its presence in the Australian market. The deal, expected to close by July 1, will see BlueBet issuing around 265.4 million shares to Betr shareholders, enhancing operational synergies and expanding their customer base. More
• 🇺🇸  Golden Matrix has confirmed the acquisition of the MeridianBet Group in a deal worth a shade over £350m. The deal, which has been over 12 months in the making, is expected to give the MeridianBet brand direct access to a greater choice of regulated markets. More

Regulation

Spain's Supreme Court has overturned several restrictions from Royal Decree 958/2020 on gambling advertising, following an appeal by the Spanish Digital Gaming Association. The court's decision annuls bans on advertising to new customers, celebrity endorsements, and restrictions on advertising on video sharing platforms and social media for users over 18. The ruling maintains some limitations, such as prohibitions on sports sponsorships and advertising targeting minors. More

Technology

Genius Sports has joined forces with Premier League outfit Brentford FC to offer augmented reality (AR)-led in-game highlights. The technology overlays real-time data such as shot speeds, shot trails and pitch maps within its highlight package. All of which will be powered by Genius Sports’ Dragon solution, which can capture 10,000 surface mesh data points on a player more than 200 times per second. More

People news

Grainne Hurst set to be named the new CEO of the Betting and Gaming Council

Entain’s group corporate affairs director, Grainne Hurst, has been named the new CEO of the UK’s Betting and Gaming Council (BGC).

Following a broader restructuring of BGC’s senior leadership team, Hurst replaces interim CEO Michael Dugher, who served since January. Dugher will replace Brigid Simmonds as BGC’s new chair, she leaves having been the chair since BGC’s inception in 2019.

Click here to get the thoughts of Dugher on Hurst’s appointment, as well as the views of Hurst herself, who joins at a critical moment for the BGC’s members and the millions of customers they serve.

This week's talking point

Why has the US gambling sector reached a critical crossroads?

Racing Post’s industry editor, Bill Barber, has noted rising tensions in the relationship between professional sports and gambling in the US.

There has been unease about the relationship between sport and gambling in the United States since Chicago White Sox players were accused of fixing the World Series in 1919 and that unease has reared its head again in recent weeks.

Star baseball player Shohei Ohtani has been embroiled in a scandal where his interpreter allegedly took millions of dollars from Ohtani’s account to pay off a black-market bookie.

Despite Ohtani’s fierce denials, the story has raised question marks over the profile of legal sports betting stateside. Issues over gambling advertisements have also reared their head, with many of the leading operators urged to prevent the targeting of problem gamblers with promotional material.

Charlie Baker, President of the National Collegiate Athletic Association, also wants a blanket ban on prop bets across all college sports betting markets.

Click here to see why David Brohan, gaming and leisure analyst, believes the US gambling industry must learn the lessons of what’s happened in the UK gambling industry during the past decade to maintain a positive growth trajectory.

This week's insight

What’s left for expansion in the US gambling market in 2024?

With the prospect of legalised iGaming in Maryland now dead in the water this year, attention has turned to which other potential states could launch or expand their iGaming services in 2024.

The state of Minnesota looked to be heading in the right direction but its racing commission passed regulations to permit historical horse racing betting. With the state previously promising exclusivity of its new gambling market to regional tribes, the commission’s move is said to be at odds with the state’s wishes.

In Georgia, its general assembly ceased its term without legalising iGaming and online sports betting.

Click here to learn more about the prospects of gambling expansion bills in Alabama, Maine, Mississippi and Missouri.

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