Gambling Industry News

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The Advantages of Using an Offshore Sportsbook

Details: Category: Gambling Industry; Created: Monday, 16 September 2024 07:54

Sports betting is one of the most popular hobbies in the world with millions of people placing bets every day. However, not everyone has access to a betting shop which is why many of bettors use an offshore sportsbook. In this article, we go over the Advantages of Using an Offshore Sportsbook and why they are so popular amongst gamblers.

Offshore sports betting refers to placing a bet on sport with a business that is outside of your country. In the Western world, Offshore betting has been available to gamblers since the mid-1980s and done by phone.

As the internet became more prominent, the first offshore online sportsbook came about in 1996 changing the gambling industry forever.

Offshore online sportsbook frequently assert that they are capitalizing on a gray area within other country's laws. Therefore, they are able to function from abroad, beyond the reach of national regulations.

Today, the offshore gambling industry is huge with no sign of stopping.

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Betsson is Leaving the US Sports Betting Market

Details: Category: Gambling Industry; Created: Tuesday, 03 September 2024 11:44

Betsson, is a leading online gambling company that is better known in the U.S. as the parent company of Betsafe. The Swedish gaming company first came to the U.S. sports betting market in 2022 by opening up shop in Colorado. However, 2 years later they are calling it quit as Betsson is Leaving the US Sports Betting Market.

According to a statement by the Betsson Group, they will be stopping their B2C operation in the U.S. at the end of September 2024.

The operator first introduced its mobile sportsbook application in the United States, specifically in Colorado, under the Betsafe brand in collaboration with Dostal Alley Casino. However, it is now preparing to withdraw from the market.

Upon its launch, Betsson described the sportsbook app as “a significant element of the company’s B2B strategy in the nation.” Although the Betsafe application was designed for consumers, a significant aspect of its launch was to demonstrate the company's capabilities as a B2B provider within the North American market.

"We recognized our strengths as a major operator and understood the requirements for entering this market. Initially, we considered entering as Betsson, but soon realized that approach would be prohibitively expensive. Consequently, we determined that our primary objective was to introduce our technology here for the benefit of other partners and providers," stated Lance Agostino, Betsson U.S. Account Director, during an interview with SBC Americas at the time of the launch.

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Paradise Co’s Casino Sales in July Reached $45 Million

Details: Category: Gambling Industry; Created: Saturday, 03 August 2024 08:00

Casino sales in July at casinos owned by Paradise Co Ltd improved by 7.3 percent to $45.17 million. The company operates foreigner-only casinos in South Korea. However, its year-over-year revenue decreased by 1.3 percent.

According to casino pay per head experts, revenues from table games in July totaled almost KRW57.58 billion, or over 93% of the casino's total monthly revenues. The remaining roughly 4.47 billion Korean won came from sales of machine games. The total amount wagered in July at casinos, in the form of chips for games, was about KRW542.18 billion, an increase of 1.9% from the previous month and 2.3% from the same month last year.

Separate data submitted to Paradise Co's website indicates that VIP gaming accounted for most of the July casino decline. The company's casino drop for VIP play was KRW420.82 billion in the month, while the mass play accounted for KRW121.35 billion.

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Atlantic City Gambling Earnings Dropped 1.3 Percent in 2nd Quarter

Details: Category: Gambling Industry; Created: Saturday, 24 August 2024 11:57

Atlantic City gambling earnings declined in the second quarter of 2024. According to the latest report, revenue from casinos and online gaming companies dropped 1.3 percent year over year.

According to data from the state's Division of Gaming Enforcement, the nine land-based establishments and two online gambling enterprises in New Jersey made $178.4 million in gross operating profit during the second quarter. Gross operating profit is a commonly used metric for profitability in Atlantic City's gambling sector, accounting for earnings before interest, taxes, depreciation, and other expenditures.

According to sportsbook pay per head reviews and news sites, the nine casinos were successful. However, compared to the same period last year, the profitability of two-thirds of them decreased.

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Legal Online Sports Betting in Nebraska Update

Details: Category: Gambling Industry; Created: Monday, 15 July 2024 11:31

Sports Betting in Nebraska has been legal since 2021. However, it is only available for in-person sports betting at retail sportsbooks. Thus, sports betting in the Husker state is very limited and gaming officials in Nebraska want to change that. According to the latest Legal Online Sports Betting in Nebraska Update, there might be a chance that it will happen in 2025.

A coalition of licensed operators in Nebraska has urged Gov. Jim Pillen and state legislators to engage in discussions regarding a proposed online sports betting bill. The bill has the potential to generate an extra $30 million in annual revenue, which could be allocated towards property tax relief.

Ho Chunk Inc., the parent company of WarHorse Gaming, is also calling on lawmakers to deliberate on legislation that would authorize a constitutional amendment during a special session scheduled for July 25th.

Furthermore, several lawmakers in Nebraska agree that online sports betting is worth considering. State Senator Terrell McKinney (D-North Omaha), among the mere 15 Democrats in the 49-seat Legislature, concurs with certain legislators in the Republican-controlled unicameral chamber agrees.

According to an interview with KETV, he said “We’re missing out because we want to be the ‘nanny state’.”

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Missourians will Vote on Legalizing Sports Betting in November

Details: Category: Gambling Industry; Created: Wednesday, 14 August 2024 06:09

It’s been a long time in the making and soon, Missouri might have legal sports betting within its borders. This is because Missourians will Vote on Legalizing Sports Betting after a campaign to put the issue on the ballot. For sports betting proponents, this is a great victory as legalizing sports gambling has been unsuccessful in the past.

According to Bookie News, the announcement on which issues would be in the November 5 ballot was made on Tuesday. This is when Secretary of State Jay Ashcroft’s office said a constitutional amendment to legalize sports wagering would be on the ballot. Furthermore, the vote for legal sports betting is one of 3 other issues Missourians will get to vote on in November 5. Other issues on the ballot will also include a minimum wage hike and abortion rights.

The proposal to legalize sports betting arises after the state legislature's repeated failures to pass such legislation in several sessions.

Despite interest from both Republican and Democratic lawmakers in endorsing sports betting, the initiative was consistently obstructed by Senator Denny Hoskins, who sought to link it with a bill aimed at legalizing video gaming machines.

The current proposal, designated as Amendment 2 on the ballot, is supported by various Missouri sports organizations, including the St. Louis Cardinals and the Kansas City Chiefs.

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Oklahoma Sports Betting Bill Stalls in the State Legislature

Details: Category: Gambling Industry; Created: Saturday, 13 July 2024 02:49

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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