Press Releases
PlayIA.com: Sportsbooks slow in April, but state hits significant milestone
Wagering at Iowa’s online and retail sportsbooks slowed in April to less than $120 million, the lowest handle since December though an expected pullback in what is the beginning of the slower summer period in sports betting. But on the two-year anniversary of Gov. Kim Reynolds signing sports betting into law, Iowa sportsbooks have generated $101.1 million in operator revenue since the industry launched in 2019, giving the state’s sports betting industry a historic milestone on its second birthday, according to PlayIA, which tracks regulated online and retail gaming in the state.
“Seeing $100 million in lifetime revenue is an attention-getting milestone that crystallizes just how much growth Iowa has enjoyed this year,” said Jessica Welman, analyst for PlayIA.com. “The removal of in-person registration at the beginning of the year has been the catalyst for the industry’s expectation-busting start to the year. But other factors have helped, too, including a fierce competition among some of the country’s best-known operators, which have been aggressive and creative in reaching new bettors.”
Iowa sportsbooks accepted $ 118.4 million in bets in April, according to official data released Friday. That is down 26.7% from the record $161.4 million in wagers in March and the lowest volume since sportsbooks collected $104.8 million in bets in December. The state’s per-day betting average over the 30 days in April fell to $3.9 million from $5.2 million over the 31 days of March.
Net operator revenue was relatively strong though, hitting $7.7 million in April. That was down 42.6% from April’s record $13.5 million in net receipts. April’s revenue produced $521,455 in state taxes. Since January, when in-person registration rules were lifted, Iowa sportsbooks have produced $40.2 million in net receipts, or 39.8% of the state’s lifetime handle.
Without the NFL or the NCAA Tournament, sports betting has historically lightened from April through August in legal U.S. markets. In April, sportsbooks relied on the NBA’s regular season and the first full month of baseball as the main engines to attract bets.
“Nothing can quite replace the interest that the NFL and the NCAA Tournament drives, so a pullback in April is no surprise,” said Dustin Gouker, analyst for PlayIA.com. “But with a full month of regular season NBA and Major League Baseball, Iowa still put together a decent showing in April. That is an excellent sign as we head into the slower summer months, which could be busier than in an ordinary year because of the Olympics and later-than-usual NBA playoffs.”
Online betting generated $104.5 million in bets or 88.3% of the state’s overall handle. That rose from 86.3% of the state’s handle in March. Meanwhile, retail betting fell to $13.8 million from $22.1 million in March.
Longstanding Iowa leader William Hill, which is partners with six Iowa casinos — Prairie Meadows, Horseshoe Casino Council Bluffs, Isle Casino Hotel Waterloo, Isle of Capri Bettendorf, Lakeside, and Harrah’s Council Bluffs — topped the market with $39.1 million in handle, including $35.7 million in online wagers. The combined handle was down from $49.5 million in March. April produced $1.8 million in net receipts.
William Hill is also undergoing a branding change as part of the acquisition by Caesars Entertainment. It will likely take on the recognizable “Caesars Sports” name for its U.S. sportsbooks, adding a wrinkle in William Hills’ effort to hold off DraftKings and BetRivers at Wild Rose casinos.
Wild Rose, which includes DraftKings and BetRivers, took in $34.6 million in online and retail bets in April — down from $44.3 million in March. That included $34.3 million in online wagers. Still, Wild Rose led the market with $2.6 million in net receipts.
FanDuel and BetMGM helped put Diamond Jo in third place with $29.2 million in April bets, which included $26.1 million in online wagering. April’s betting was down from $42.8 million in March. Diamond Jo’s April handle netted $2.2 million in receipts.
Emerging sportsbooks operators are planning on launching in Iowa soon, too. Circa Sports, USBookmaking, and PlayUp all had sports betting contracts approved in April, joining a growing list of operators planning an Iowa launch, including WynnBet, Vigtory, MaximBet, and 888 Sports.
“The Iowa market is still a long way from maturity,” Welman said. “The largest sportsbooks are in a fight for market share while competitors turn their eyes to Iowa, an increasingly attractive market for emerging operators. The next few months should bring a flurry of activity, as operators jockey for position ahead of football season.”
For more information and analysis on regulated sports betting in Iowa, visit PlayIA.com/news.
eSports
CAPCOM’S STREET FIGHTERTM 6 GOING TO COLLEGE THIS FALL
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Press Releases
Genome and Chilli Partners join forces to revolutionize iGaming affiliate payouts
Leading the charge in the convergence of financial technology and iGaming, Genome, a cutting-edge electronic money institution, is thrilled to announce its strategic partnership with Chilli Partners, a prominent iGaming affiliate program specializing in casino games.
The collaboration marks a pivotal moment in the iGaming industry, bringing together Genome’s expertise in online financial services and Chilli Partners’ prowess in affiliate marketing. The partnership is set to redefine the landscape of affiliate payouts, offering an array of benefits to both affiliates and the iGaming community at large.
“We are excited to embark on this journey with Chilli Partners. By combining our financial expertise with their influential position in the iGaming affiliate space, we aim to set new standards for efficiency and innovation in affiliate payouts,” – noted Genome’s CEO Daumantas Barauskas.
For one, the partnership offers efficient payouts. Affiliates can now enjoy expedited and secure payouts through Genome’s state-of-the-art financial infrastructure, enhancing their overall experience and satisfaction.
It also provides global reach for Chilli Partners, as it can extend its reach to affiliates worldwide with Genome’s international payment capabilities. This allows Chilli Partners to foster a more diverse and expansive network.
The partnership streamlines financial workflows, ensuring seamless transactions and reducing administrative overhead for Chilli Partners, allowing them to focus on delivering top-notch affiliate services.
Genome is all about innovation in payments and online financial services. This approach brings new possibilities for payment options, providing flexibility and convenience for affiliates participating in the Chilli Partners program.
Lastly, the collaboration prioritizes compliance and risk management, assuring affiliates of secure and compliant transactions in accordance with industry regulations.
“This partnership aligns perfectly with our commitment to providing the best possible experience for our affiliates. Genome’s advanced financial services will play a crucial role in elevating our affiliate program to new heights”, – added Clayton Zammit Cesare, Head of Affiliates at Chilli Partners.
As the iGaming industry continues to evolve, Genome and Chilli Partners stand united in their dedication to driving positive change, innovation, and reliability. The partnership is poised to create a ripple effect, positively impacting the entire iGaming ecosystem.
About Genome
Genome is a leading EMI that provides innovative financial services, including batch payouts, SWIFT, and SEPA transfers. With a focus on efficiency and compliance, Genome empowers businesses across various industries, including iGaming, to streamline financial operations and enhance user experiences.
For more information, please visit https://genome.eu/
About Chilli Partners
Chilli Partners is a prominent iGaming affiliate program specializing in casino games. With a commitment to excellence, Chilli Partners connects affiliates with top-tier iGaming brands, offering a lucrative partnership that includes competitive commission structures and tailored support.
For more information, please visit https://chillipartners.com/
Latest News
Rivalry Announces 2023 Annual Letter to Shareholders and Filing of 2023 Annual Financial Statements
Rivalry Corp. (the “Company” or “Rivalry”) (TSXV: RVLY) (OTCQX: RVLCF) (FSE: 9VK), the leading sportsbook and iGaming operator for Gen Z, is pleased to announce its 2023 annual letter to shareholders and the filing of its financial results for the three (3) and 12-month period ended December 31, 2023. All dollar figures are quoted in Canadian dollars.
2023 Annual Letter to Shareholders
To our Shareholders,
This time last year I spoke about Rivalry’s evolution from a market leader in esports to a diversified Company setting the standard for Gen Z betting entertainment broadly.
Today, we have a business with revenue distribution across casino, sports, and esports betting, growing market share in new geographies, with increased velocity in core regions, and the strongest customer KPIs in Rivalry’s history.
In 2023, Rivalry recorded $423.2 million in betting handle1, up 82% from the previous year. Similarly, gross gaming revenue2 and net revenue both saw 34% and 66% respective increases, while the introduction of higher margin products released in H2 such as Same Game Combos and Quick Combos are continuing to improve overall sportsbook hold and guide Rivalry closer to profitability.
Our deepened product suite now includes fantasy, additional sports coverage, and new proprietary casino games. All of which are uniquely driving growth among a targeted customer segment and widening our opportunity set in 2024 and beyond – from a 60% increase in traditional sports betting to a burgeoning B2B game vertical. The potential for how far our brand can go is just beginning to unfold.
The year ahead is rife with new, innovative product releases arriving in Q2 and continuing throughout 2024. We are doubling down on core growth opportunities in sports that resonate with our audience, such as basketball and soccer. Further, we are building on a successful casino segment which already represents 50% of our business, enhancing variety, depth, and accessibility, as well as developing new original games which blur the lines between betting and entertainment. We are in the process of additional geographic expansion, and pursuing new licenses to broaden our total addressable market, positioning Rivalry to own the Gen Z gambling opportunity globally.
While Rivalry’s operations have expanded into new high-growth verticals, our north star has remained the same: to define the future of online gambling for a generation born on the internet.
Online gambling in 2024 is radically different than it was just six years ago when Rivalry launched. In that time we’ve seen gaming and internet culture reshape how consumers engage with technology. That shift is broadening the definition of gambling, where product design is influenced by video games, or it exists fully embedded within social apps like Telegram, where content creators are the new affiliates, and much more.
Over the same period, the rise of cryptocurrency and blockchain technology has introduced a new level of speed, access, and security to web-based consumer experiences. Industry estimates now put crypto wagers at up to one quarter of global betting handle3, with 30% year-over-year growth in 20244, and showing no signs of slowing down.
The development of this ecosystem has commercially unlocked online gambling unlike anything since its first transition from land to online many years ago. It has brought in a new global audience, and enriched the customer experience from end-to-end.
Alongside the growth of this technology has emerged new methods of gambling, taking wallet share from more traditional forms at an accelerated rate. The shift in consumer behavior and the signal from our users is clear – interactive, volatile, and crypto-infused product experiences will set the precedent for how the next generation gambles online.
Rivalry, with a brand steeped in internet culture and living at the intersection of this digital economic renaissance, is well-positioned to access this growth opportunity. There is high overlap between Gen Z, gamers, gamblers, and a fast-growing audience of over 420 million crypto users worldwide5 organically aligned with our audience and brand. And we believe that more than half of this audience globally is already wagering with crypto.
It will be Rivalry’s ability to understand, implement, and adapt to this shift more rapidly than our peers that we expect to create first-mover advantages for us. It is for that reason that our vision is now bolder than ever for what’s possible in the online gambling category.
Soon, we will reveal plans for a crypto-enabled product set to enhance alignment between Rivalry and its users, increase network effects, and generally deliver a consumer experience that lives on the internet of 2024.
To that effect, the success of our first-party games and their ability to acquire and engage a captive audience of Gen Z bettors online has validated our original game development strategy amongst industry peers. This has unlocked a new commercial opportunity for Rivalry to license its IP, opening up another line of revenue for the business that has great potential for global scale.
The year ahead is poised to be one of our most ground-breaking, with a myriad of innovative product releases across all of Rivalry’s verticals, adding more dimension to our business, operations, and addressable audience, and building on our competitive moat as the market leader in Gen Z betting entertainment.
We look forward to sharing more details about these upcoming initiatives, the opportunities they will unlock for our Company, and delivering on our promise to create long-term shareholder value and reach profitability. Thank you all for your continued support.
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