Zona de Azar U.K – bet365 Outspends Rivals in Ohio
U.K.- May 29, 2023 www.zonadeazar.com In March, bet365 used promotional sports betting credits worth $16.9 million in Ohio and outspent DraftKings and FanDuel combined.
bet365 has adopted a different strategy in its use of promotional bets compared with its rivals in Ohio. Most brands had their highest promotional spending in the opening month of January before reducing it in February and March.
But March was bet365’s biggest spending month and it had a 38 per cent share of all promotional credits.
It’s the early stages of Ohio’s sports betting sector, but bet365’s strategy is having success. bet365 took a 13 per cent share of online sports betting revenue in March and overtook BetMGM to move into third place behind FanDuel and DraftKings.
bet365 share of handle, revenue and promotional credits in Ohio
Markets
West Virginia’s five licensed sports betting and online gaming operators saw wagering climb by 48 per cent to $365.3 million in the four weeks to 29 April 2023, driven by a 55 per cent increase in iGaming wagers and a 7 per cent increase in sports wagers. Total gross win for the period was $14.9 million, comprised of iGaming gross win of $12.1 million (+51 per cent) and sports betting gross win of $2.8 million (-8 per cent).
South Dakota’s gambling turnover grew by 8 per cent to $109.3 million in April, with both sports betting and gaming increasing year-on-year. Sports handle of $493,044 marked a 34 per cent improvement on the same month last year but the state’s lowest total for eight months. Slots turnover improved by 7.9 per cent to $102.2 million and table gaming turnover was 5.3 per cent higher than a year ago at $6.6 million. After deductions, South Dakota’s monthly adjusted gross revenue was $9.5 million.
Arkansas’s three casinos posted total gambling revenue of $59.9 million in April, an increase of 9 per cent year-on-year, with slots and table games accounting for 96 per cent of the total. Sports wagers increased to $25.5 million during the month, as lower wagering in retail was offset by a more than six-fold increase in online bets. Southland Casino was the market leader in gaming and Saracen Casino in sports betting.
New Hampshire is one of three states in this week’s edition of GINA to report lower sports handle for the month of April. Hand fell by 11 per cent year-on-year to $65.1 million, with online betting down 6 per cent and retail betting down 83 per cent. However, an improved margin of 10.2 per cent meant that gross win was 94 per cent higher than a year ago at $6.7 million.
Mississippi’s sports handle was 10 per cent lower in April at $31.8 million, the lowest monthly total since August 2022, but adjusted gross win was 3 per cent higher than a year ago at $4.3 million at a margin of 13.7 per cent.
Washington DC recorded the sharpest drop as handle in April fell by 24 per cent to $14.1 million. The DC Lottery’s GambetDC brand continued to take market share from its competitors during the month, claiming a 42 per cent share at the expense of rivals such as Caesars William Hill and BetMGM. An improved overall margin of 10.1 per cent meant that gross win in April fell by just 1 per cent to $1.4 million.
The two casinos in Virginia posted land-based gaming revenue of $35.4 million in April, with $25.1 million coming from slot machines and $10.3 million from table games. Rivers Casino Portsmouth led in both with slots revenue of $13.8 million and table games revenue of $7.5 million. Virginia’s gaming tax in April was $6.4 million.
Companies
Canadian operator NorthStar Gaming has reported revenue of CAD$3.6 million for the first quarter of 2023. The newly listed company saw total wagers in the first quarter of 2023 climb 24 per cent sequentially to $139.5 million, generating gross gaming revenue of $4.4 million (+8 per cent). Net of bonuses, promotional costs and free bets of $0.8 million, gaming revenue for the three-month period amounted to $3.6 million, with net loss for the period widening to $8.7 million from $1.9 million a year ago.
Toronto-listed esports betting operator Rivalry Corp achieved record results in the first quarter as revenue soared 151 per cent to CAD$12 million. The company had 1.5 million users during the period, with Millennials and Gen Z representing 97 per cent of active users. The record quarter was driven by a 199 per cent year-on-year increase in betting handle to $120.2 million, helping net loss for the period to halve to $3.3 million.
New York-listed Super Group (SGHC) posted a 1 per cent increase in first quarter revenue to €338.5 million, with lower revenue in the Americas and Asia Pacific regions offset by growth in Europe, Middle East and Africa. North America revenue was down 13 per cent at €130.2 million, predominantly due to the regulatory changes in Ontario, Canada, while revenue in South/Latin America fell by 4 per cent to €6.6 million.
Edito @_fonta www.zonadeazar.com
