Latest News
Fanatics Sportsbook Launches in Michigan
Fanatics Betting and Gaming, a subsidiary of Fanatics Holdings Inc, a global digital sports platform, launched the Fanatics Sportsbook & Casino in Michigan. Sports fans living in and visiting Michigan will be able to download the Fanatics Sportsbook on iOS and Android and begin their Fanatics Sportsbook and Casino experience. Michigan marks the thirteenth state for the Fanatics Sportsbook and third state for Fanatics Casino.
In August 2023, Fanatics Betting and Gaming began acquiring the U.S. businesses of PointsBet and planning the migration of PointsBet customers to the Fanatics Sportsbook app. Today in Michigan only, each PointsBet customer’s username, password, account balance, rewards points, and responsible gaming settings will be automatically migrated to the Fanatics Sportsbook.
The Fanatics Sportsbook makes being a fan easy with fast signup, easy betting, transparent withdrawals and is disrupting the sports betting industry with the following new features:
- Building a better sportsbook: The Fanatics Sportsbook app was built natively on iOS and Android. The design, speed, and quality of the navigation experience rival the sports betting apps in the market today that were not built specifically for iOS and Android.
- FanCash: The Fanatics Sportsbook is the only sportsbook that gives customers up to 5% of their wager back in FanCash. Every dollar of FanCash is a dollar to spend on bonus bets or at Fanatics.com.
- Discover: Everything a customer cares about, including marquee games, key stats, trending bets, delivered straight to one location – the Discover feed.
- Search: The Fanatics Sportsbook offers industry-leading search functionality, including a search bar, recent searches, autocomplete, synonym/alias, and deep linking. Customers can search easily for the bet they want and bet directly right from the search results.
As part of the launch in Michigan, Fanatics Betting and Gaming will also launch its new online casino, embedded in the Fanatics Sportsbook app. The newly designed Fanatics Casino will feature a range of classic and popular casino favorites like roulette, slots, and blackjack along with offering customers the following exciting new features:
- Play with IGT PlayDigital: Fanatics Casino players can enjoy a range of highly engaging IGT PlayDigital games including many of the classic titles that iGaming players love including Cash Eruption, Fortune Coin, and Cleopatra, as well as a suite of MegaJackpots titles, proprietary table games, and video poker content.
- Evolved Live Casino Games: Fanatics Casino has partnered with Evolution to provide customers with world-leading live casino games including Blackjack, Roulette, Craps, Baccarat, and Poker variants. In addition, Evolution will provide Fanatics Casino with an exciting lineup of online slots, the award-winning Lightning Roulette, and many more games to come.
- Wonderful New Games: Light & Wonder will provide Fanatics Casino with a wide range of the company’s first party titles, including top-performing games 88 FORTUNES, JIN JI BAO ENDLESS TREASURES, DANCING DRUMS EXPLOSION, and ULTIMATE FIRE LINK CHINA STREET. In addition, Light & Wonder will offer Fanatics Casino customers access to third party aggregated content from some of the world’s biggest studios such as Big Time Gaming, Reel Play, Gaming Realms, and Hacksaw.
- Rewards: Casino customers can earn FanCash back on bets, spins, and hands and convert FanCash to bonus bets on Fanatics Sportsbook or to purchase team merchandise at Fanatics.com.
- Fanatics Game Studios: Fanatics Betting and Gaming has produced exclusive content including the new Fanatics Blackjack game developed in partnership with Boom Entertainment. More games are scheduled for later this year.
Fanatics Betting and Gaming believes that responsible gaming is a core tenet and a part of the organization’s DNA. Online customers will have access to Responsible Gaming tools to manage their time and money alongside a best-in-class Help Center, chat experience, and knowledgeable agents with 24/7 coverage.
Canada
ComeOn Group adds sportsbook to its offering in Ontario
ComeOn Group announced a significant milestone in its sportsbook expansion journey with the addition of sportsbook to their offering in Ontario following the successful acquisition of the required permits. This addition represents a strategic advancement in the Groups sportsbook growth trajectory where they are set to double its sportsbook business in the coming years.
ComeOn Group is one of 51 active operators in Ontario. The Ontario market has experienced robust growth since its launch, reaching C$6.7 billion in revenue in 2023.* By 2029, the market is forecasted to grow by a total of 29%, with 2024 expected to close with a 20% increase.
ComeOn keeps investing in its sportsbook business acceleration that is powered by its proprietary sportsbook platform and in-house risk management and trading team. As a multi product vertical operator, ComeOn is striving to give its customer base a safe and exciting entertainment destination and this approach is now expanded to their Ontario audience.
Juergen Reutter, Chief Executive Officer at ComeOn Group, said: “We are very excited about the opportunities this new milestone opens up for us. As a casino-led operator it represents a key part of our sportsbook strategy to double our business in the coming years. Like in any of our other markets, we are striving for a differentiated sportsbook entertainment experience that is powered by our in-house technology. Our goal is to deliver top-tier entertainment to our players while fostering safe and innovative gaming experiences.â€
*Source – H2GC H2 Ontario Data 25.10.2024 (excl. Lottery)
Latest News
Super Group Reports Financial Results for Third Quarter of 2024
Super Group (SGHC) Limited, the parent company of Betway, a leading online sports betting and gaming business, and Spin, the multi-brand online casino, announced third quarter 2024 unaudited consolidated financial results.
Neal Menashe, Chief Executive Officer of Super Group, said: “We achieved our strongest third quarter ever, highlighting the phenomenal progress we are making as a business. There is still tremendous potential as we experience super growth across our global casino brands, and particularly in Africa which we have scaled to be our largest region for the second quarter running. Given our continued strong performance and robust balance sheet, we are exploring ways to return excess cash to shareholders, and intend to discuss with the board a possible further special dividend before the end of the year.â€
Alinda van Wyk, Chief Financial Officer of Super Group, said: “This quarter was our best ex-US third quarter ever, achieving total revenue of €395 million and Adjusted EBITDA of €95 million. We are focusing on consistent growth in our key markets, while striving to maximize operational and marketing cost efficiencies across the group, which resulted in a margin of 24% for the second quarter in a row – well ahead of our long-term target of 20%. Following the strong performance of the business over the first three quarters and an early look at a strong October, we are increasing our ex-US Adjusted EBITDA full-year 2024 guidance to be greater than €345 million.â€
Financial Highlights:
Revenue increased by 13% to €402.9 million for the third quarter of 2024 (constant currency: 15% to €410.9 million) from €356.9 million in the same period of the prior year, driven by growth from the Africa, Europe and North America (predominantly Canada) markets partially offset by declines from the Middle East and Asia-Pacific markets.
Profit for the period was €8.5 million for the third quarter of 2024. Profit for the period of €10.6 million for the third quarter of 2023 included a non-cash charge of €14.2 million related to the change in fair value of option liability.
Adjusted EBITDA, a non-GAAP measure, increased by 60% to €83.9 million for the third quarter of 2024 compared to €52.5 million in the third quarter of 2023.
Monthly Active Customers increased by 17% to 4.7 million during the third quarter of 2024 from 4.0 million in the third quarter of 2023.
Cash and cash equivalents was €296.6 million at September 30, 2024, up from €241.9 million at December 31, 2023. This net increase during the nine months ended September 30, 2024 was the result of:
Inflows from operating activities amounting to €159.1 million;
Outflows from investing activities of €59.2 million. This was mainly as a result of further investment in tangible and intangible assets of €63.6 million, predominantly due to the capitalization of expenditure on software, issuance of a loan to Apricot Investments Limited of €10.0 million, deferred consideration paid of €2.5 million relating to the 15 Marketing Limited acquisition and cash paid of €2.0 million for an investment in associate. These outflows were offset in part by €9.2 million of consideration received from the sale of the B2B division of DGC, as well as €9.2 million resulting from receipts of interest and repayment of loans receivable;
Outflows from financing activities of €51.9 million, mainly due to dividends paid of €46.1 million and lease payments of €5.7 million; and
A gain of €6.7 million as a result of foreign currency fluctuations on foreign cash balances held over this period.
Latest News
BetMGM Offers Interstate Online Poker, Merges New Jersey and Michigan Markets
BetMGM Poker has become the third US operator to offer multi-state online poker. The company has merged its player pools in Michigan and New Jersey. Both states are a part of the Multi-State Internet Gaming Agreement (MSIGA), which allows online poker networks to share liquidity and players in participating markets. The two-state network went live Wednesday afternoon after morning maintenance.
BetMGM VP of Gaming, Angust Nisbet, said: “This is a landmark day for our poker product as we combine player pools in select markets. With the introduction of shared liquidity, we’ve listened to players’ desire for more games and larger prize pools. By showcasing our best-in-class omnichannel experience – spanning property, sports betting and online casino – we’re committed to providing an unparalleled poker experience for our players.â€
Michigan is the newest operational online poker market, passing legislation in 2020 and launching in early 2021. This was more than seven years after New Jersey online poker went live in November 2013.
New Jersey joined MSIGA in 2017, two years after Nevada and Delaware entered into the agreement. Michigan joined in 2022, a relatively short timeframe compared to the states preceding it.
Michigan’s entrance has fast-tracked interstate online poker compared to the slow progress made before.
Its first multi-state venture came on Jan. 1, 2023, when PokerStars Michigan combined its New Jersey and Michigan markets. WSOP Michigan became part of a three-state agreement with New Jersey and Nevada in May 2024, and BetMGM marks the state’s third major operator joining forces across state lines.
BetMGM Poker will create a more prominent player pool for New Jersey and Michigan online poker players. By nature, this will result in larger tournament prize pools for both states. It will also add extra competition for the other two multi-state sites in the two markets.
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