Connect with us

Press Releases

PlayTenn.com: Tennessee’s handle drops in February, continuing national trend

Published

on

PlayVirginia.com: Virginia sportsbooks extend historic start with $265 million in February

 

Tennessee sportsbooks continued a national trend with its first month-over-month decline in betting volume, a product of February’s 28 days and the conclusion of the NFL season, according to analysts from PlayTenn.com, which offers news and analysis of the fledgling Tennessee gaming market.

“Even as quickly as Tennessee has grown, this is a reminder that the state is still very much a part of the same sports betting ecosystem that dictates the rest of the U.S. markets,” said Nicole Russo, analyst for PlayTenn.com. “Sportsbooks have really done a great job of engaging a sports-crazy population, though. Tennessee’s market has some challenges, but an enthusiastic customer base has a way of overcoming most anything.”

The Tennessee Education Lottery announced on Friday that bettors placed $176.3 million in wagers, the smallest handle since the market’s first month in November. That is down 16.6% from $211.3 million in January. Those wagers produced $13 million in adjusted gross income, down 40.4% from the record $21.8 million set in January.  February’s revenue injected $2.6 million in state taxes.

The state’s profitable February was due in large part to the Super Bowl, which produced a win of nearly $3 million on more than $15 million in wagering, according to TEL data released last month.

The Volunteer State set a record in November for the highest handle for a market in its first full month of online sports betting, but Michigan broke that record in February with $301.9 million. But February’s results still represent an extension of Tennessee’s historic start, pushing the state’s lifetime handle to $699.9 million since launching in November, more than any other U.S. market through its first four months.

“Even with increased competition from neighboring Virginia, Tennessee still could close the gap with far more mature markets like Indiana,” said Jessica Welman, analyst for PlayTenn.com. “Considering how quickly bettors have embraced online sports betting, there is plenty of reason to believe that the state’s operators will be able to sustain growth even as their early advantages begin to dissipate.”

The positive news was welcome after the TEL announced last week that the license for Action 24/7, the state’s lone local operator, was suspended amid allegations of money laundering and proxy betting. That left some bettors in limbo, too.

Even without Action 24/7 for at least the time being, the market continues to expand with new operators. The TEL does not release results from individual operators, but DraftKings, BetMGM, and FanDuel, have fiercely competed for market share since launch. And those leaders were joined in March by William Hill and TwinSpires.

“One of the hallmarks of a maturing market is the addition of innovative upstarts that have the potential to shake up the market, which we are finally seeing in Tennessee,” Welman said. “It’s too early to know for certain if news of a suspended license will shake bettor confidence in the state, and Action 24/7’s suspension is a reminder that regulated sportsbooks need to be vigilant in fostering trust. But with the three most established brands in U.S. sports betting thriving, and the addition of smaller, but familiar competitors, Tennessee should be able to learn from this and continue to grow.”

Press Releases

YouGov unveils US bettor research report, which highlights that 43% of sports bettors use three or more sportsbook apps

Published

on

 

YouGov has released its US bettor research report, which provides detailed insights into the preferences of US sports bettors.

Utilizing YouGov Custom Research, the report uncovers the impact that ESPN BET has had on the market, which in-app sportsbook features drive bettor engagement, and much more.

The report finds that:

  • 71% of 25-44 year-old bettors find the ability to live stream sporting events that they bet on in their sportsbook app important (vs 65% all ages)
  • bet365 is the most used sportsbook by 21-34 year-olds and DraftKings is used most by all other ages
  • 67% of 21-24 year-old current and prospective bettors are likely to create a sportsbook account with a sportsbook that is associated with a streaming service (vs 57% of all ages)
  • 51% of sports bettors are using ESPN BET more than they used to (vs 15% using it less)

“The US sports betting industry is a very competitive marketplace and maintaining loyalty from customers has proven to be difficult for sportsbooks, especially when new sportsbooks enter the market,” said Jeff Morris, VP at YouGov.

“Our research shows that the sportsbooks that incorporate key in-app features like live streaming sporting events can provide an advantage for driving interaction from current sports bettors and attracting prospective sports bettors.”

The report highlights key factors that would influence prospective sports bettors to create their first sportsbook account and provides an in-depth look at how sports bettor preferences vary across age groups.

 

Continue Reading

Compliance Updates

Arkansas Casino Seeks iGaming Approval

Published

on

 

An Arkansas casino is seeking approval to operate an iGaming app, allowing people within the state to go online to play casino games such as slots, blackjack, craps and more.

On March 13, Carlton Saffa, Chief Market Officer for the Saracen Casino Resort in Pine Bluff, wrote to Arkansas Racing Commission Chairman Alex Lieblong asking for a change in the rules to allow Internet casino gambling, which is often referred to as iGaming or iCasino platforms.

On Monday, Saffa told Gambling.com he hopes to appear before the Arkansas Racing Commission on May 6 seeking approval to offer iGaming. The Arkansas Racing Commission regulates all gambling matters in the state including horse racing and casino games.

iGaming Doesn’t Hurt Bricks-And-Mortar Casinos: Saffa

Nationwide, only a half dozen states from Michigan to Connecticut offer Internet casino gambling. Arkansas would be the first in its region with iGaming, permitting users who want to log onto a computer or download an app to play traditional casino games for money. Other states in the region already offer sports betting.

In his March 13 letter to state regulators, Saffa said estimates indicate Internet casino gambling from the Saracen Casino Resort alone would generate an additional $12 million in taxes annually for the state. Internet casino gambling, or iGaming, generally raises more tax revenue than sports betting in states that have both.

However, in some states without iGaming, casino operators have fought legalization, contending customers won’t visit a bricks-and-mortar casinos and spend money at restaurants and on other amenities including entertainment and lodging if they can log onto cellphones or computers and gamble from anywhere. In his letter to state regulators, Saffa pointed to research showing iGaming doesn’t cannibalize bricks-and-mortar casinos but instead gives them ‘a lift’.

State Rule Change Required

Arkansas already allows online poker, though that has not been made available to consumers, Saffa said. He said the ability to allow iGaming would require the Arkansas Racing Commission to amend a rule to include Internet casino games in addition to the currently legal online card games such as poker.

“A solution exists by amending ARC Rule 5, which already authorizes online poker, to include other types of table games and slots,” Saffa told Gambling.com on Monday. “Doing so would provide significant tax revenues to government and, just as important, ensure that operators be held accountable by the government. Given that we have seen online operators in the fantasy sports space ignore cease and desist demands from the state, merely attempting to police the matter is not a workable solution.”

Saffa recently made a similar argument on the topic of unregulated gambling, telling Gambling.com on The Edge he opposes a ban on college player props bets, saying, “Sunlight is the best disinfectant.”

“People in Arkansas are already gambling in online casinos and those companies are not regulated or taxed by the Arkansas Racing Commission,” Saffa said Monday. “Those companies are not held to the standards the people of Arkansas set forth for operators to include that a customer must be 21.”

Continue Reading

Latest News

Internet Vikings and Casinogate Partner in Latin America

Published

on

Internet Vikings and Casinogate Partner in Latin America

 

Innovative game studios aggregator Casinogate has chosen to partner with Internet Vikings, a leading supplier of cloud hosting solutions for sports betting and iGaming. Internet Vikings provides its private VMware cloud hosting services to Casinogate, supporting their move into the Latin American market.

At the core of its business model, Internet Vikings assist companies expanding into new territories to start small and scale their infrastructure as their business grows. This perfectly aligns with Casinogate’s vision for a measured and successful launch in Latin America.

“Our tailored approach enables clients to invest in what they need now while providing the assurance of scalability as their operations widen into Latin America or elsewhere. This partnership allows Casinogate to focus on what they do best – creating exceptional games – while we handle the critical infrastructure,” shares Rickard Vikström, CEO and Founder of Internet Vikings.

One of Internet Vikings’ most distinguishing features is its commitment to personalized service. André Castro, Co-Founder and CEO of Casinogate, adds: “Their key account manager worked closely with us to understand our specific needs for the Latin American market. They developed a solution that scales perfectly with our anticipated goals, ensuring a smooth transition.”

​From a technical standpoint, Internet Vikings leverages VMware, renowned for its user-friendly interface and reliability. This has translated into enhanced performance for Casinogate, with minimal latency experienced on their platform.

“Internet Vikings’ expertise in hosting and focus on strong partnerships make them an essential asset. We’re assured in delivering premium gaming experiences to our Latin American audience. Their professionalism, particularly during the initial VMware setup, instilled great confidence in us,” André Castro concludes.

The partnership between Casinogate and Internet Vikings exemplifies how industry leaders can leverage innovation and collaboration to achieve mutual success. By combining Casinogate’s thrill-seeking games with Internet Vikings’ cloud solutions, both companies are laying the foundation for a promising future in Latin American online gaming.

Continue Reading

Trending

GamingAmericas.com (part of HIPTHER) is your one-stop portal for the latest news, insights, and analyses in the gaming industry across the Americas. From legislative updates and market trends to interviews with industry leaders, we provide a comprehensive look at the dynamic landscape of both online and land-based gaming. Whether you're a stakeholder looking to stay ahead of the curve or a gaming enthusiast eager for reliable updates, GamingAmericas.com has got you covered. Follow us on social media and subscribe to our newsletter for real-time updates and exclusive content. Make informed decisions and stay ahead in the game with GamingAmericas.com.

Disclaimer: All the information provided is for educational and entertainment purposes only. Always check your local laws before participating in any gaming activities.

Copyright © 2018 – 2024, HIPTHER. All Rights Reserved.