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PlayIllinois.com: Sports betting drops again, but Illinois remains nation’s No. 2
Betting volume at Illinois sportsbooks hit $507 million in May, overcoming in-person registration requirements to fall only slightly from April, according to analysts from PlayIllinois, which tracks the state’s regulated online gaming and sports betting market. May’s handle was the second-largest of any state in the U.S., joining New Jersey as the only two states in the U.S. to take in more than $500 million in sports wagers in both April and May.
“It’s been a mild surprise that Illinois has managed to fare as well as it has through the first two months of what is typically the offseason for sports betting,” said Jessica Welman, analyst for the PlayUSA.com Network, which includes PlayIllinois.com. “In-person registration requirements will cap future growth. But the results in April and May do show just how active and engaged Illinois bettors have been.”
Betting at Illinois’ retail and online sportsbooks dropped 5.6% to $507.3 million in May from the $537.2 million in April, according to official data released Tuesday. The pace of betting slowed modestly, too, to $16.9 million per day over the 31 days of May from $17.9 million per day in April.
Gross gaming revenue fell 12.9% to $36.6 million in May from $42 million in April. That produced $36.2 million in adjusted gross revenue, yielding $5.9 million in state and local taxes. Sportsbooks have now generated $53.8 million in taxes since sports betting launched in 2020.
The handle in nearly every state has fallen since March, even as combined U.S. wagering climbed slightly in May from April. Of the Top 10 U.S. markets, Illinois’ month-over-month decrease in May wagering was behind the pace of New Jersey (up 8.9%), Indiana (up 7.6%), Nevada (up 4.3%), Colorado (up 1.8%), Iowa (down 2.9%), and Virginia (down 4.0%), but outperformed Michigan (down 6.0%), Tennessee (down 6.7%), and Pennsylvania (down 6.7%). Illinois’ handle dropped 15.2% in April, but that was better than most of the nation’s 10 largest markets, which all saw at least a 13% decline in betting from March to April.
Basketball has been the favorite over the last two months, generating $154.3 million in wagering in May, down from $171.4 million in April. Bettors have found local reasons to place a bet, too, particularly with a good run of play in May by the Chicago White Sox and Cubs. Bettors placed $126.1 million on baseball, up from $121.2 million in April.
Tennis ($32.6 million), soccer ($29.3 million), and hockey ($21.1 million) all drew significant action, too.
“Successful local teams are particularly important in months without football or a major betting holiday like March Madness,” said Joe Boozell, analyst for PlayIllinois.com. “Both the White Sox and Cubs won big in May, and that entices fans to place a bet on their favorite team. That helped make up for the Bulls and Blackhawks missing the postseason, lowering interest in both the NBA and NHL playoffs.”
$482.5 million, or 95.1%, of May’s bets were made online. DraftKings/Casino Queen rocketed back into the market lead with $170.1 million in combined online and retail handle, up from $169.6 million. May’s handle included $166.2 million in online bets and led to $7.2 million in gross gaming revenue.
FanDuel/Fairmont’s online and retail sportsbooks attracted $156.3 million in bets in May, down from $177.8 million in April. But the month’s bets, $155.6 million of which came online, generated a whopping $20.2 million in gross gaming revenue.
BetRivers/Rivers Casino rose to $89 million in combined handle, including $76.7 million in online wagering. That led to $5.2 million in gross gaming revenue.
The leaders were followed by:
- Barstool/Hollywood Casinos ($39.6 million in wagers, including $38.2 million online; $1.5 million in revenue)
- PointsBet/Hawthorne Race Course ($39 million in wagers, including $37.4 million online; $2.3 million in revenue)
- William Hill/Grand Victoria ($9.1 million in wagers, including $8.4 million online; -$128,245 in revenue)
- Argosy ($2.7 million in wagers; $338,081 in revenue)
- Hollywood Joliet ($1.2 million in wagers; $167,282 in revenue)
- Par-A-Dice ($327,350 in wagers; -$236,850 in revenue)
The market could get more competition in the coming months, too. That includes the Illinois arrival of BetMGM, the nation’s third-largest online sportsbook operator, as well as Unibet, Golden Nugget, theScore, and Bally’s.
“A fresh infusion of operators has the potential to eventually lift the ceiling for the market,” Boozell said. “But until online registration returns to the state, new operators will remain at a permanent disadvantage. And that will blunt any boost the market would ordinarily get from new sportsbooks.”
For more detailed revenue information, visit PlayIllinois.com/revenue.
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Xpoint Launches Groundbreaking New Product to Reduce Geolocation Costs for Operators
Trust Mode feature reduces unnecessary location checks by over 20%
Xpoint, a leader in geolocation security solutions, has unveiled its proprietary Trust Mode feature, a patent-pending product that allows online gaming operators to realize previously unattainable efficiencies while remaining compliant with all state regulations and enhancing player satisfaction.
Trust Mode is a product feature that decreases geolocation checks while complying with state-mandated check frequencies by minimizing location checks when a player is connected to a residential or office WiFi, even if they are near the border. Results have shown that Trust Mode reduces geolocation service checks by over 20%, allowing Xpoint customers to realize significant cost savings compared to legacy industry technologies.
“Trust Mode is a clear example of how competition fosters innovation,” the Chief Executive Officer for Xpoint, Manu Gambhir, said. “There is no need to frequently re-check the location of a bettor connected to Wi-Fi at their home despite being located near a state border.
“As well as benefiting operators, end users also benefit from Trust Mode as their battery usage will decrease due to the operator’s ability to reduce the number of location checks for players without accuracy being sacrificed. This technology will serve as a game-changer for operators looking to get the most out of their geolocation service provider.”
Xpoint is licensed and authorized in 20 states and the District of Columbia across its current customer portfolio including names such as Bet365 and PrizePicks. Trust Mode delivers efficiencies to an industry that has remained largely static due to previously low levels of competition. Trust Mode saves iGaming operators money while enhancing user experience. Roll-out for the service is expected later this year.
The company’s flagship geolocation platform for iGaming, Xpoint Verify, is an advanced toolset for geo-compliance. The service is focused on being the most accurate, allowing players in permitted locations and denying all others including those attempting to spoof their location. Xpoint Verify detects and prevents fraud while providing valuable marketing insights to operator customers.
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SBC Summit North America: Stages, Sessions, and Speakers Highlights
The 2024 SBC Summit North America is set to bring a diverse array of stages, sessions, and esteemed speakers, in an event that promises to deliver numerous opportunities for learning, networking, and collaboration. Let’s delve into the highlights from each day of this groundbreaking summit:
Day 1: The Prelude to Insight
As the curtains rise on the inaugural day of the summit, attendees are greeted with a plethora of engaging sessions spanning regulatory compliance, responsible gambling initiatives, and the latest technological innovations. The stage is set for dynamic discussions and thought-provoking insights as industry leaders converge to explore the intersection of regulation and commercial growth.
Day 2: Navigating the Regulatory Maze
Against the backdrop of New York’s iconic Tribeca 360, day two of the summit takes center stage with a focus on regulatory compliance and responsible gaming practices. Attendees can anticipate deep dives into the complexities of mergers and acquisitions, the role of AI and big data in betting, and the imperative of responsible gambling technology. With expert speakers offering guidance and expertise, participants are empowered to navigate the regulatory maze with confidence and clarity.
Day 3: Charting the Course for Growth
As the summit enters its penultimate day, the spotlight shines on strategies for sustainable growth and innovation in the gaming industry. From exploring the symbiotic relationship between responsible gambling initiatives and long-term profitability to harnessing the power of emerging technologies, attendees are treated to a wealth of insights designed to drive commercial success while upholding the highest standards of integrity and compliance.
Day 4: The Grand Finale
As the final day dawns, anticipation mounts for the grand finale of the SBC Summit North America. Attendees can look forward to a culmination of key insights, actionable strategies, and memorable moments as the industry’s brightest minds come together for one last day of inspiration and collaboration. From live editions of the Safe Bet Show to dedicated conference tracks covering sports betting, iGaming, and leadership, the summit concludes on a high note, leaving attendees energized and empowered to chart the course for the future of gaming.
In summary, the SBC Summit North America emerges as a transformative event, offering a platform for dialogue, innovation, and progress in the gaming industry. With stages brimming with thought-provoking sessions and speakers at the forefront of their fields, the summit sets the stage for a future defined by compliance, responsibility, and sustainable growth.
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Kiron Interactive expands Brazilian presence with EstrelaBet partnership
Kiron Interactive, a leading provider of virtual sports and numbers games, has announced a new partnership with EstrelaBet, one of Brazil’s most prominent online gaming operators, to deliver its innovative virtual sports portfolio to the operator’s extensive player base.
The agreement sees EstrelaBet, the sponsor for nine football teams in Brazil, integrate Kiron’s popular virtual sports games into its online offering. Players will now have access to an exciting range of virtual sports, including football, horse racing, and motorsports, enabling 24/7 betting opportunities across a wide variety of fixtures and markets.
Kiron’s virtual sports games are designed to replicate the excitement of real sports betting, with a staggered schedule of events providing opportunities for in-play betting every two minutes. The games are fully customisable, allowing EstrelaBet to tailor the content, odds, and frequency of events to meet the preferences of its local audience.
EstrelaBet is a leading online gaming operator in Brazil, offering a wide range of sports betting and casino products to players across the country. Founded in 2019, the company has quickly established itself as one of the top three operators in the market.
The integration of Kiron’s virtual sports content is expected to significantly enhance EstrelaBet’s online offering, providing its players with engaging new betting options and driving revenue.
Steven Spartinos, Kiron Co-CEO, said: “We are delighted to partner with EstrelaBet, one of the biggest names in the rapidly growing Brazilian market. This agreement underlines the appeal of our virtual sports offering and its ability to drive player engagement and growth for operators in markets worldwide.
“We look forward to working with the EstrelaBet team to deliver an exceptional virtual sports betting experience to their players and to supporting the continued expansion of their business in Brazil.”
Fellipe Fraga, Chief Business Officer at EstrelaBet, said: “It is a pleasure to have this partnership with Kiron, allowing us to offer our clients more options for entertainment in iGaming, using new technology and an advanced product.
“We are always looking for ways to enhance our offering and provide our players with the best possible betting experience, and we are confident that Kiron’s virtual sports games will be a valuable addition to our portfolio.”
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