DraftKings Gets Market Access, Plans DC Launch
The pool of sports betting operators in Washington, DC got a little bit bigger July 23 when DraftKings announced plans to launch in the newly opened competitive market, according to iGB. The market will be the 29th where DraftKings is available.
DraftKings will join FanDuel, BetMGM and Caesars Sportsbook in offering mobile sports betting throughout the District. The latter two operators went live in the nation’s capital July 17.
A few hours to the south, bet365 went live in Pennsylvania Monday. The company is now live in 11 U.S. states The British-based company has gained attention in Ohio, where it has risen to third in market share behind FanDuel and DraftKings.
Two More Wagering Apps Shutter
On the heels of SuperBook shuttering in eight states, BetFred this week announced that it will close up shop in Ohio. The company shut down its Maryland sports betting platform last month, and will cease operations in Ohio August 31. Patrons can make deposits in Ohio until July 31 and place wagers until August 14. The deadline for Ohio patrons to initiate an online withdrawal is noon ET, August 31. In Maryland, the company stopped taking bets in the middle of July, and withdrawal requests must be initiated by July 31.
BetFred remains live online in eight states.
SuperBook last Friday announced it had shut down in Arizona, Colorado, Iowa, Maryland, New Jersey, Ohio, Tennessee and Virginia, according to iGB. The platform and retail sportsbook will remain open in Nevada.
Jaguars Sue Ex-Employee Who Embezzled for Sports Betting
The NFL’s Jacksonville Jaguars have lodged a $66.6 million (£51.5 million/€61.2 million) lawsuit against a former employee who stole $22 million from the team, in large part because of losses from a gambling addiction.
As reported by The Athletic, Amit Patel worked for the Jags in the franchise’s financial planning and analysis team but was found to have stolen money over a period of four years. The theft was revealed when Patel tried to place a sports bet in Kansas, breaching state and NFL rules as a result.
Aside from the lawsuit, Patel had already pleaded guilty to a number of charges in December 2023 and was handed a six-and-a-half-year prison sentence in March.
Lower-Income Gamblers Riskier When it Comes to Betting
A study of more than 700,000 North American online gamblers released Tuesday reveals that 96 percent of respondents lose money and that lower-income gamblers are more “irresponsible” with their gambling spending than higher-income gamblers.
Researchers at UC-San Diego’s Rand School of Management took a comprehensive look into gambling habits and how legal online betting affects jurisdictions and individuals. States with legal online gambling get increased revenue and more money to funnel to problem gambling initiatives, per the study. And a legal market helps to limit illegal wagering.
But for consumers, gambling is a money-losing proposition with potentially life-changing consequences. And online gambling, researchers wrote, caused more “irresponsible” behavior than online sports betting.
DraftKings Sells VSiN Back to Original Owner
Musburger Media on July 22 bought back its wagering media company from DraftKings, which bought the company for $70 million in 2021, per iGB. The terms of the deal were not disclosed.
The network features 18 hours of daily original betting-focused content and streams 24/7.
In other news …
Bet365 went live in Pennsylvania Monday, its 11th U.S. market. The company is partnered with Presque Isle Downs for market access. Based in the U.K., bet365 is live across the country, from Arizona to Virginia.
The WNBA announced late last week that it is partnering with DraftKings, which will be the league’s wagering and daily fantasy partner. According to Bleacher Report, DraftKings will get additional media exposure across WNBA platforms as well as rights to marketing, activation and hospitality opportunities, including at the WNBA All-Star Game.
Ontario Lottery and Gaming (OLG), which regulates sports betting in the province, late last week announced a partnership with the Canadian Olympic Committee. The message of a new “Sponsored by You” OLG ad campaign focuses on how their players have indirectly helped support amateur athletes in Ontario by playing with OLG.
Arizona sportsbooks took more bets and kept more profit in May than during the same month in 2023. FanDuel remained the runaway leader in both categories.
BetMGM wrote off $48.2 million in promo deductions in June, turning what would have been a profitable month for wagering in the state of Michigan to a loss. FanDuel and DraftKings remained the market leaders, taking more than $80 million in bets each.
Gamblers in Deadwood, S.D., laid down $748 million in the first six months of the year, including betting on sports. Wagering handle was up 9 percent over the same period in 2023. In June, Deadwood bettors laid down $557,594 in bets, and more than half of the bets were on baseball.
June was a mixed bag in terms of revenue to two southern states from sports betting. Louisiana operators had increased handle and revenue while Mississippi handle dropped, though revenue increased 5.6 percent.
