Latest News
ESPN Bet App Takes in More Money Since Dropping Barstool Brand
Penn Entertainment Inc. is taking in more wagers from its new ESPN Bet sports-betting app than it did under the jettisoned Barstool brand, according to analysts and data from several states.
In Maryland, mobile wagers on ESPN Bet jumped to $42.4 million in December from $16.4 million under the Barstool name a year ago, according to state results reported last week. That placed Penn third behind industry leaders FanDuel and DraftKings Inc., and ahead of rivals BetMGM and Caesars Entertainment Inc.
In Iowa, Penn generated mobile sports wagers of $18.8 million in December, more than double the $7.2 million in the year-ago period, according to data released by the state last week.
âPreliminary data suggest the book improved on its predecessorâs small market share â and did so during a key seasonal period,â Brian Egger, a senior analyst with Bloomberg Intelligence, said.
While the ESPN Bet app is off to a fast start, Penn is confronting high costs and entrenched rivals in its quest for a bigger foothold in online gaming.
The casino operator based in Wyomissing, Pennsylvania, originally launched its sports-betting business under the Barstool name, after acquiring the online video and podcast company from sports commentator David Portnoy. After challenges associated with the controversial founder, Penn gave Barstool back to Portnoy and signed a $2 billion deal last year to license Walt Disney Co.âs ESPN brand.
The December numbers follow the strong launch for ESPN Bet on Nov. 14. Pennâs share of sports-betting revenue in November in six states was about 12%, according to Macquarie Group analyst Chad Beynon. Thatâs up from about 2% for Penn when it used the Barstool name.
âThough still early,â the reports for ESPN Bet are âpositive,â Beynon wrote in a Jan. 3 research note. The brand will likely increase betting revenue because it appeals to a wider range of potential customers, including women, he said.
ESPN has been promoting the app on its TV shows, website and other outlets, using the siteâs betting odds in stories, for example, rather than other brands.
Latest News
Paysafe strengthens US iGaming solution with Pay by Bank launch
New product allows American bettors to log-in directly to their bank accounts at online sportsbooksâ cashiers to fund real-time wagersÂ
Paysafe, a leading payments platform, today launched Pay by Bank for iGaming, a new solution allowing U.S. online bettors to instantly and securely fund deposits at operatorsâ cashiers directly from their online bank account as well as cash-out winnings seamlessly. This product expands the capabilities of Paysafeâs Gateway, the iGaming payments solution that connects U.S. operators to the marketâs most comprehensive range of traditional and alternative payment methods via a single integration.
Building on Paysafeâs 25+ yearsâ history streamlining iGaming payments, the company added Pay by Bank to respond to the growing demand from U.S. players for payment choice. The Gateway already connects operatorsâ cashiers to Paysafe-processed card payments, the Skrill digital wallet, the Paysafecash online cash solution, and third-party payment products. Strengthening operatorsâ player acquisition, Pay by Bank provides their customers with yet another payment option that is particularly appealing to the 27% of bettors who prefer transacting via direct bank transfer, according to Paysafe research.
Leveraging Paysafeâs single-integration Gateway, U.S. online gaming operators can now offer Pay by Bank to their customers, giving first-time users the ability to sync their checking or savings account in just seconds, then fund their player account securely in real-time. For returning bettors, the process is even easier, with Pay by Bank supporting one-click payments from linked accounts.
Winnings can be withdrawn from playersâ sportsbook accounts just as seamlessly, with Pay by Bank enabling rapid payouts directly to linked bank accounts, again initiated through a single click.
For operators, all Pay by Bank transactions are indemnified, reducing liability if a playerâs deposit from their bank account defaults. Along with helping to drive player acquisition by providing more payment choice, Pay by Bankâs other benefits for operators include strengthening customer retention by improving the overall payment experience. According to Paysafe research, transactional speed and financial security are playersâ top-two priorities when it comes to the payment experience.
Zak Cutler, President of Global Gaming at Paysafe, said: âWeâre delighted to unveil our new Pay by Bank product for our iGaming solution, which will almost certainly prove very effective in both converting and retaining players for U.S. operators, with the productâs impressive transactional speed and robust security. Through Pay by Bank, we continue to grow the Paysafe Gateway by providing American operators and their customers with unparalleled payment choices, all through a single integration.â
Paysafe will be showcasing Pay by Bank and the Paysafe Gateway while exhibiting (Booth A270) at the SBC Summit North America in New Jersey from May 7th to 9th, 2024.
Latest News
Fanatics Betting and Gaming Partners with Continent 8 Technologies for Digital Infrastructure
Sports betting and online casino operator leverages companyâs hosting and connectivity solutions across regulated United States states
Fanatics Betting and Gaming utilizes Continent 8 Technologies to deploy a trusted digital infrastructure as it continues its rapid growth across the regulated United States online sports betting and online casino market.
Fanatics Betting and Gaming uses Continent 8 Technologiesâ innovative and reliable digital infrastructure solutions to deliver a seamless player experience in the United States. This includes hosting all of its in-state data centers through AWS Outposts. Continent 8 Technologies is supporting Fanatics Betting and Gaming by managing on-premises infrastructure and services in 20 states across the United States including Michigan, New York, Vermont and West Virginia, to name a few.
Continent 8 Technologies has one of the largest connected networks in the world, spanning over 100 locations across four continents including 30 United States states and counting.
The operator has also signed up for Continent 8 Technologiesâ Gaming Exchange. This is a powerful, private Internet that allows Continent 8 Technologiesâ customers to connect securely via a virtual private network (VPN) across its backbone network. This enables customers to share traffic at the lowest latency, securely and privately.
âWe have worked with Fanatics Betting and Gaming – a top-tier United States operator – from day one of its launch, supporting it as it has grown state-by-state,â the founder and Chief Executive Officer for Continent 8 Technologies, Michael Tobin, said. âFanatics Betting and Gaming is a high-caliber operator that understands the importance of infrastructure in delivering the top-quality player experience it is building its reputation on. Our leading digital infrastructure solutions provide the reliable connectivity operators need to deploy their online sportsbooks and casinos in regulated United States states quickly and compliantly.â
âInfrastructure is the foundation upon which we build our sports betting and casino experience,â the Vice-President of Technology for Fanatics Betting and Gaming, Bob Pascucci, said. âIn Continent 8 Technologies, we have a partner with an unrivaled reputation for supporting its customers, enabling us to continue to drive growth at pace.â
Learn more about Continent 8 Technologiesâ United States connectivity and infrastructure solutions at SBC Summit North America, May 7 to 9 at the Meadowlands Exposition Center, New Jersey, stand A290.
Industry News
Navajo Gaming Honors 186 Team Members for Employee Milestones
This month The Navajo Nation Gaming Enterprise (Navajo Gaming) honored 186 of its total 1200 team members for reaching significant employment milestones including 15, 10, and 5 years of service for the enterprise. The event at Twin Arrows Navajo Casino Resort in Flagstaff, Ariz. showcased the impact and journey of each hard-working team member, with a special highlight for 29 employees who have served for 15 years.
Less than 10 years after Navajo Gaming was created by the Navajo Nation and charged with the mission of creating jobs, increasing revenues, and stimulating incremental economic development within the Navajo Nation, the gaming enterprise created over 7425 direct, indirect and induced jobs with an overall economic output of over a billion dollars.
âNavajo Gaming employs 1200 people, 85 percent of whom are Navajo citizens. The award-winning AAAâs coveted Four Diamond Twin Arrows Casino Resort shares Navajo Culture through architectural nuances and local artists. Each of the property dining eateries feature âNavajo Beef,â and traditional cuisine of the Navajo people, and our invitation to stay, play and relax at one of our four properties or Travel Center is an open welcome to the Navajo Nationâs beautiful scenic transformation,â Matthew Shunkamolah, Interim Chief Executive Officer of Navajo Gaming, said.
Team members recognized for 15 years of services have worked their way up to a wide variety of position within the enterprise from General Manager and Executive Director of Slots, to Director of Security, Food and Beverage Supervisor and Executive Director of Government Affairs.
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