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PlayColorado.com: Sportsbooks suffer first month-over-month decline in wagering

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PlayColorado.com: Sports betting back on the rise thanks to Nuggets, Avs playoff runs

 

Colorado’s sports betting industry suffered its first month-over-month decline in wagering to put the state in line with a nationwide trend of falling handles, a product of February’s 28 days and the conclusion of the NFL season, according to PlayColorado, which provides news and analysis of the state’s gaming industry.

“February is a reminder that with the seasonality of sports betting, growth is never assured even in a market like Colorado” said Jessica Welman, analyst for PlayColorado. “In nearly every legal betting market, a pullback from January was expected mainly because there is nowhere near the NFL inventory of games to bet on, even with the Super Bowl. Colorado is a unique market in many ways, but ultimately it is still subject to the same sports betting dynamics as any other state.”

Colorado’s online and retail sportsbooks combined to take in $266.5 million in bets in February, according to data released Monday by the Colorado Department of Revenue’s Division of Gaming. Overall handle was down 18.5% from $326.9 million in bets in January, and the lowest monthly handle since November’s $231.2 million. Bettors placed about $9.5 million bets per day in February, down from $10.5 million in January.

Sportsbooks generated $10.4 million in gross gaming revenue, down from the record $23.1 million in January, and yielding just $175,275 in net sports betting proceeds, down from $11.7 million in January. That produced just $332,227 in state taxes.

February marks the first time since Colorado launched sports betting in May that sportsbooks failed to set a new monthly handle record for the state. Retail in particular had a rough month, generating just $7.5 million in bets. 96.9% of all bets, or $258.2 million, were made online.

Colorado is the seventh-largest market in the U.S., falling just short of Indiana’s $273.9 million. Michigan, in its first full month of sports betting, topped both states with more than $325 million in online and retail betting.

“The month-over-month growth streak was bound to be snapped, but the underlying fundamentals of the market remain strong,” said Ian St. Clair, analyst for PlayColorado. “Retail sportsbooks continue to struggle amid the pandemic, but hopefully they will rebound as we move closer to normal.”

For the second-straight month, pro basketball betting eclipsed football with $95 million in wagers, by far the most-popular bet even with the Super Bowl being played in early February. With just one game to bet on, even if it was the Super Bowl, football betting fell to $39.6 million. And table tennis ($13 million) once again drew more action than more mainstream sports like ice hockey ($9.5 million).

College basketball took in $24.2 million, which wasn’t surprising. But sportsbooks lost $3.7 million on those bets.

“Colorado’s market continues to evolve in unforeseen ways, and it goes beyond the continued popularity of table tennis,” St. Clair said. “For February, Colorado bettors did extremely well on betting on college basketball, winning almost $4 million on the sport. That is unusual for what is typically the calm before March’s college basketball storm ”

For more information and analysis on regulated sports betting in Colorado, visit PlayColorado.com/revenue.

About the PlayUSA.com Network:

The PlayUSA.com Network is a leading source for news, analysis, and research related to the market for regulated online gaming in the United States. With a presence in over a dozen states, PlayUSA.com and its state-focused branches (including PlayColorado.com, PlayIndiana.com, and PlayNJ.com) produce daily original reporting, publish in-depth research, and offer player advocacy tools related to the advancement of safe, licensed, and legal online gaming options for consumers. Based in Las Vegas, the PlayUSA Network is independently owned and operated, with no affiliations to any casino — commercial, tribal, online, or otherwise.

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BitLine Enhances Onboarding Experience in Collaboration with Jumio: Simplified KYC for Casino Patrons

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This collaboration emphasizes convenience, security and regulatory compliance

Through the BitLine app, users can seamlessly transact with up to US$10 million in casino chips 24/7

BitLine, a pioneering provider in the integration of digital assets for direct access to casino chips, proudly announces a strategic alliance with Jumio, an industry leader renowned for its comprehensive know-your-customer (KYC) solutions.

This partnership marks a significant milestone as BitLine streamlines its onboarding process for casino patrons, ensuring a seamless and secure journey into the realm of digital asset-based payments for gaming.

The collaboration between BitLine and Jumio signifies a commitment to delivering unparalleled convenience while upholding the highest standards of security and regulatory compliance. By leveraging Jumio’s advanced technology, BitLine reinforces its dedication to building trust among users and offering a frictionless experience for individuals seeking access to casino chips via digital assets.

Richard Jones, the Chief Executive Officer for BitLine by Ibanera, expressed enthusiasm about the partnership, stating: “Trust and compliance are the cornerstones of every successful casino venture. At BitLine, our vision to innovate this industry through digital assets hinges on maintaining trust and adherence to regulations. Our collaboration with Jumio represents a monumental stride towards achieving this vision, ensuring that casino patrons transact securely and confidently through our platform.”

Echoing this sentiment, Robert E Prigge, the Chief Executive Officer for Jumio, commented: “The evolving landscape of digital assets presents endless possibilities and BitLine’s innovative approach has reshaped the casino industry. By eliminating withdrawal limitations and expanding accessibility, BitLine has ushered in a new era of gaming. We are thrilled to contribute to BitLine’s journey by providing essential elements of security and compliance.”

BitLine by Ibanera grants cryptocurrency owners unprecedented access to up to US$10 million in casino chips, 24/7/365, serving as a conduit for liquidity on the casino floor. Through the intuitive BitLine app, casino enthusiasts worldwide can initiate transactions within minutes, leveraging their digital assets to unlock funds effortlessly.

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Sportradar Names New CFO, Craig Felenstein

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Sportradar Names New CFO, Craig Felenstein

 

Sportradar Group AG today announced that Craig Felenstein has been named Chief Financial Officer of the Company, effective June 1, 2024. Felenstein joins the Company from Lindblad Expeditions where he most recently served as Chief Financial Officer. He will report directly to Sportradar Chief Executive Officer Carsten Koerl.

Felenstein brings nearly 30 years of senior finance and operating experience for US publicly listed companies across the media, entertainment, experiential and digital content industries to his new position at Sportradar. Most recently, Felenstein served as Chief Financial Officer at Lindblad Expeditions, a global leader in expedition cruises and adventure travel, where he oversaw the company’s global finance organization, as well their corporate development, information technology and human resources functions. In his role as Sportradar’s Chief Financial Officer, Felenstein will lead the company’s global finance, accounting and investor relations functions. Felenstein has a unique blend of financial rigor and operational insight and will partner with the rest of the executive leadership team to advance the company’s key strategic initiatives and grow the business while maintaining strong relationships with the investment community. He will be based in New York.

Carsten Koerl, CEO, Sportradar said: “With Craig’s deep international experience and successful track record building finance organizations as a CFO at US listed public companies, I am confident that he will be a strong addition to our team. His track record of helping drive financial strategy and building shareholder value will be instrumental to our continued success. We want to express our deep gratitude to Ger Griffin for his meaningful contributions to Sportradar during a transformational growth period for our Company.”

Prior to his tenure at Lindblad, Felenstein served as Senior Vice President of Investor Relations and Strategic Finance at Shutterstock where he oversaw all interaction with the investment community while leading the financial planning and analysis and corporate development functions. Prior to Shutterstock, he served in various management roles at Discovery Communications, LLC, including Executive Vice President of Investor Relations. At the same time, he was a member of the executive team for several of Discovery’s businesses including serving as the Chief Financial Officer of Digital, Chief Financial Officer of US Network Revenue and Chief Financial Officer of Animal Planet.  Prior to Discovery Communications, he held senior positions at News Corporation, Viacom Inc., and Arthur Andersen & Co.

Felenstein said: “Sportradar has built an impressive leadership position in the rapidly growing global sports technology market and the Company is ideally situated to deliver sustained growth given their strong content portfolio, unmatched product offerings and commitment to industry innovation.  I am excited to work with Carsten and the entire Sportradar team, as well as the Board of Directors, to capitalize on the significant growth opportunities ahead and deliver additional value to our clients, partners and shareholders.”

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Arturo Vidal is the new ambassador of the betting site Estelarbet

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Arturo Vidal is the new ambassador of the betting site Estelarbet

 

Estelarbet, Chile’s leading betting site, is proud to introduce Chilean soccer legend Arturo Vidal as its new brand ambassador. The alliance with Vidal, the Chilean with the most titles in history, marks an important milestone for Estelarbet, as he will exclusively promote its entertaining variety of online casino games, spread responsible gaming and provide an impactful gaming experience. Within the strategic agreement, it was established that the sports betting and online casino will include new branded content activations, face-to-face events and community outreach with the widely known “King”.

Sebastián Salazar, CEO of the brand commented: “It is an honor to welcome a true King of Soccer to the Estelarbet crew. We are excited to have Arturo Vidal associated with the brand. I’m sure his presence will help us generate greater awareness that soccer, sports betting, and online casino are all a form of entertainment, as long as they are done responsibly.”

Estelarbet celebrates the Chilean heritage and the genuine love for online gambling that unites them with the soccer player, both being a real case of success on the national and international playing field. His career, which includes truly stellar moments such as his time in the golden generation, being the two-time champion of America with the Chilean national team, being the Chilean soccer player who won the most consecutive First Division leagues, winning 1 title in all the teams he has played, makes him an inspiring figure and idol of the sport at a national and international level.

Jimena Agudelo, Marketing Manager of Estelarbet said: “Our goal will always be to create exceptional and legendary experiences and who better to represent us than a true star like Arturo. His passion for the game, his dedication and commitment are the perfect reflection of the values we defend at Estelarbet. Without a doubt, he is the best strategic partner we have chosen to represent and increase the visibility of the brand not only in Chile, but also in Latin America.”

This partnership will undoubtedly enhance the entertainment, betting and gaming experience for the brand’s customers and provide them with unparalleled content with the fastest payouts in the sector.

Karla Porto, Influencer Manager says: “Estelarbet’s partnership with Arturo Vidal, is a bet on the great visibility and recognition he has worldwide. With more than 20 million followers on his Instagram account, he has a broad base, which translates into a massive platform to promote the brand, reaching a diverse audience passionate about soccer and sports in general. This will undoubtedly boost Estelarbet’s visibility regionally and attract new users interested in sports betting.”

With Arturo Vidal as the brand’s star, Estelarbet continues to reaffirm its commitment to offer an extraordinary, exciting and safe gaming experience for all users of the platform in Latam.

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