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PlayIllinois.com: Sports betting slows, but Illinois quickest ever to $5 billion in wagering

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Illinois sportsbooks

 

Wagering at Illinois sportsbooks slowed in June to below $500 million for the first time since December 2020 while revenue once again surged, as the effects of summer’s sports calendar and in-person registration requirements continued to be felt. Even as the Prairie State remains in line with trends seen in most major U.S. markets, Illinois managed to reach $5 billion in lifetime handle quicker than any market in U.S. history, according to analysts from PlayIllinois, which tracks the state’s regulated online gaming and sports betting market.

“Illinois sportsbooks is very much continuing down the same path as most major U.S. markets in June, with revenue surging despite the seasonal headwinds working to keep handle down,” said Eric Ramsey, analyst for the PlayUSA.com Network, which includes PlayIllinois.com. “Fortunately for them, sportsbooks only have to endure one more month of sluggish action before the fall sports season reignites the industry.”

Illinois’ retail and online sportsbooks took in $476.5 million in wagers in June, down 6.1% from $507.3 million in May, according to official data released Thursday. That is the lowest handle in the state since sportsbooks collected $449.2 million in November 2020. The day-by-day pace of betting slowed to $15.9 million over the 30 days of June, which was down from $16.9 million per day in May.

The month’s handle placed Illinois No. 3 in the U.S. in June, behind New Jersey ($766.9 million) and Nevada ($545.5 million), but ahead of Pennsylvania ($420.2 million). More impressive, though, June’s handle pushed the lifetime total for the state to $5.1 billion. Illinois is just the fourth state to reach $5 billion, and the state’s sportsbooks did it in 16 months, breaking New Jersey’s record of 18 months.

“Even with all the twists and turns over the last year, namely the back-and-forth with in-person registration requirements and pandemic restrictions, Illinois continues to break new ground,” said Joe Boozell, analyst for PlayIllinois.com. “Illinois bettors remain highly engaged, keeping the state entrenched among the nation’s sports betting heavyweights like Nevada and New Jersey.”

As June’s handle fell, gross gaming revenue rose 31.8% to $48.2 million from $36.6 million in May. That is the third highest revenue total in state history, only surpassed by the record $49.9 million set in March and $49.4 million in January. July’s gross revenue produced $47.5 million in adjusted gross revenue, yielding $7.7 million in state and local taxes.

The revenue jump is a product of the way bettors tend to engage with summer sports.

Basketball remained the top sport, attracting $126.9 million in bets, which was down from $154.3 million in wagering in May. Baseball betting remained relatively flat, producing $126.7 million in bets, up from $126.1 million in May.

Meanwhile, parlay bets swelled to $101.1 million in bets, generating a whopping $22.8 million in revenue for sportsbooks. Tennis jumped to $40.3 million in wagers from $32.6 million in May.

“Bettors interact with individual sports like golf and tennis differently than major U.S. team sports like football, placing more futures bets and single-game parlay bets that carry lower odds to win,” Ramsey said. “For sportsbooks those bets are particularly important during the summer when volume drops. And it puts sportsbooks in an excellent position as football season approaches.”

$451.7 million, or 94.8%, of June’s bets were made online. DraftKings/Casino Queen remained in the market lead with $160.2 million in combined online and retail handle, down from $170.1 million in May. June’s handle included $157.1 million of online bets and $14.0 million in gross gaming revenue.

FanDuel’s online and retail sportsbooks attracted $156.3 million in bets in June, which was flat from May. The month’s bets, $155.3 million of which came online, generated a market-leading $20.3 million in gross gaming revenue.

BetRivers/Rivers Casino rose to $83.2 million in combined handle, including $71.2 million in online wagering. That led to $7.5 million in gross gaming revenue.

The leaders were followed by:

  • PointsBet/Hawthorne Race Course ($35.6 million in wagers, including $33.6 million online; $3.4 million in revenue)
  • Barstool/Hollywood Aurora ($30.4 million in wagers, including $28.7 million online; $2.1 million in revenue)
  • William Hill/Grand Victoria ($6.6 million in wagers, including $5.9 million online; $504,006 in revenue)
  • Argosy ($2.7 million in retail wagers; $359,010 in revenue)
  • Hollywood Joliet ($1.2 million in wagers; $95,949 in revenue)
  • Par-A-Dice ($360,804 in wagers; -$69,131 in revenue)

The fight for market share was largely static in June. This as lawmakers continue to grapple with in-person registration requirements and a $20 million licensing fee for online-only operators.

“Without a legislative fix, in-person registration will continue to be an issue that alters the market,” Boozell said. “Worse, if no operator pays the hefty online-only fee when those licenses become available in December it could make in-person registration permanent. We will see if legislators are able to either lower the price of the online-only licenses to make them more attractive or make it so that the online-only licenses aren’t the trigger for remote registration.”

Cryptocurrency

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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