Gambling Industry News

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Oklahoma Sports Betting Bill Stalls in the State Legislature

Details: Category: Gambling Industry; Created: Saturday, 13 July 2024 09:49

The Oklahoma sports betting bill has hit a roadblock in the State Legislature, primarily due to Governor Kevin Stitt and the state’s tribes' inability to compromise. Matthew Morgan, chairman of the Oklahoma Indian Gaming Association, noted that despite the governor's backing, there is a distinct lack of enthusiasm for legalizing sports wagering in the state.

Morgan further highlighted that the 25 member tribes in his association have not seen any sincere efforts from state authorities to engage them in this matter. He also pointed out that sports betting offers poor profit margins. According to bookie pay per head experts, the tribal chiefs would be open to negotiating a contract within the boundaries of their current compacts. However, they are not interested in signing additional compacts or taking on more financial risk.

The US sports betting landscape changed significantly in 2018 when the U.S. Supreme Court overturned the Professional and Amateur Sports Protection Act. This act had long prohibited state-sponsored sports gambling, with a few exceptions. The court's decision came after years of unsuccessful attempts by Republican politicians to legalize sports betting. In November, Governor Stitt surprised legislators and tribes with his proposal to make it legal.

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Wolves are Partnering with BetMGM

Details: Category: Gambling Industry; Created: Wednesday, 26 June 2024 17:04

Wolverhampton Wanderers (Wolves) have recently revealed a fresh long-term collaboration with LeoVegas Group. Thus, the Wolves are Partnering with BetMGM as the official European betting partner for the upcoming two seasons.

This alliance further strengthens the already established bond between the Wolves and LeoVegas. The partnership began during the 2023/24 season with the inclusion of the LeoVegas brand on Wolves' training kits. Since then, the chose to take their relationship to an even higher level.

As part of this new partnership, BetMGM branding will be prominently showcased across diverse marketing platforms at Wolves' home ground, Molineux Stadium.

According to the press release, this includes the double-row pitch-side LED advertising system, static branding sites and media interview backdrops. The agreement further strengthens the bond between Wolves and LeoVegas, which originated in the 2023/24 season with LeoVegas branding on Wolves' training kits.

As part of the new collaboration, BetMGM branding will have a prominent presence on various marketing platforms at Wolves' home stadium, Molineux Stadium.

This will include the double-row pitch-side LED advertising system, static branding locations, and media interview backdrops.

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Shin Hwa World Wants to Raise $39 Million to Improve the Jeju Integrated Resort

Details: Category: Gambling Industry; Created: Friday, 19 April 2024 14:06

Shin Hwa World Ltd has unveiled a strategic plan to reorganize its capital, which is expected to enhance its financial structure. Additionally, the company aims to raise approximately $39 million to bolster the staffing and facilities of its Jeju Shinhwa World. This initiative includes a share consolidation, where every ten shares of HK$0.01 will merge into a HK$0.10 share, a step that will streamline the company's share structure and potentially increase shareholder value.

There will be a capital reduction where the shareholders’ issued share capital will be rounded to the nearest whole number. As a result, fractions within consolidated shares are canceled. The surplus will be part of the firm’s account.

According to PPH sportsbook reports, Shin Hwa World predicted a surplus of about $5.8 million due to this move.

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Bloomberry Denies Reports on Thailand Casino Expansion

Details: Category: Gambling Industry; Created: Saturday, 01 June 2024 20:59

Bloomberry Resorts Corporation rejected rumors that it would construct a new casino in Thailand. Thus, the company has no current Thailand casino expansion plan. This came as the country moved to open a legal gambling market.

This week, rumors began circulating that Bloomberry chair and Filipino billionaire Enrique "Ricky" Razon may be considering entering the Thai market. According to a story on Bilionaryo.com, Razon reportedly expressed interest in establishing a resort casino in Thailand.

Now Bloomberry has fired back, formally removing itself from the reports by notifying the Philippine Stock Exchange. Legal gambling in Thailand, according to Bloomberry, is a commercial attraction.

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World Poker Tour Goes to China for the First Time

Details: Category: Gambling Industry; Created: Saturday, 16 March 2024 03:49

world poker tour china The World Poker Tour took twenty-two seasons before it could hold a series in China. According to the WPT, at least two tournaments will be held in Wynn Macau from June 18 to 24. Also, it partners with Wynn Macau and Allied Gaming and Entertainment for the event. It showed the growth of iGaming.

The HyperX Arena at the Luxor is well-known to WPT fans because it is where the WPT taped and broadcasted the final tables of various tournaments. According to pay per head sportsbook reports, it was here that Bin Weng began his quest to become the 2024 Global Poker Index Player of the Year.

The HK$40,000 buy-in Championship event will be held from June 20-24. It will be the highlight of the WPT Macau festival, which runs from June 18-24. Held from June 19th to the 20th, the WPT High Roller tournament has a buy-in of HK$200,000. That is all there is to the timetable now.

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Several US States are Considering More Sports Betting Restrictions

Details: Category: Gambling Industry; Created: Monday, 29 April 2024 14:08

Several US States are Considering More Sports Betting Restrictions When it comes to legal sports betting, the U.S. is a fairly new player in the sports wagering industry. This is because sports gambling has only been legal for 6 years since the repeal of the PASPA Act. Today, 38 States have legal sports betting with more to come. However, it has also brought a number of new problems to the table. Thus, several States are Considering More Sports Betting Restrictions to combat these gambling-related issues.

As the sports betting market matures in the U.S., we will see more sports betting regulation as more problems arise. At the moment, the sports betting restrictions that have been trending are the use of credit card for gambling and college prop bets. Thus, a few states, concerned citizens, and lawmakers have been bringing up these issues and want something done about it.

According to gambling analysts, this is a normal course of event for any country that has made gambling legal. In fact, the UK and other countries that have had legal sports wagering for years have already gone thru these changes in gambling regulations. However, they are by no means perfect. For example. The UK have had a regulatory body for only 24 years despite sports betting being legal since 1960. Thus, they are still in the learning process.

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Massachusetts Sports Betting Revenue Record Broken in January

Details: Category: Gambling Industry; Created: Saturday, 17 February 2024 17:37

Massachusetts sports betting revenue increased 17 percent in January compared to the previous month. Also, it broke the record set in May 2023. However, the betting handle dropped 1.1 percent from December’s $658.7 million. Sports betting operators paid $5.8 million in taxes, down from 9.4 percent in December.

Since the launch of sports betting on the final day of January 2023, Massachusetts has seen quite encouraging development. According to bookie pay per head reports, bets placed online accounted for 99.4 percent of January's handle, demonstrating the continued high performance of online.

For January, Massachusetts's casinos brought in $93.5 million in GGR, down 10.1% from December's total of $103 million. The leader, Encore Boston Harbor, has amassed $60.9 million in gross gaming revenue (GGR) from tables and slots.

Even though DraftKings' $315.9 million handle was $4.5 million lower than the $311.4 million it earned in December. According to pay per head sources, it is still clearly Massachusetts's leading sports betting market.

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