Only 6% of tribal online sports bettors let their winning funds sit idle beyond 24 hours, a new report on tribal sports betting from Kambi showed.
Kambi powers tribal betting in nine states and the province of Ontario with online betting available in Arizona, Indiana, Michigan and Ontario.
More than half of online tribal sports betting customers, 62%, reinvest their winnings within 10 minutes, according to the 2024 Tribal Sports Betting Report. That number jumps to 79% within an hour, 89% within 12 hours and 94% within 24 hours.
Retail sports betting reinvestment rates are lower, though still high. Just under half, 48%, of winning bettors bet those winnings within an hour while 77% will bet those winnings within 24 hours.
Tribal sports betting handle up
Handle for Kambi’s tribal partners grew 128% in 2023 compared to the previous year.
Major events also saw a bump in both handle and slips compared to 2022:
- Super Bowl: handle +112%, bets +84%.
- NBA Playoffs: handle +99%, bets +145%.
- March Madness: handle +159%, bets +63%.
Hard Rock buys 888 US B2C assets
Hard Rock is buying the US B2C assets of 888, the London-listed company announced in March. A purchase price was not disclosed.
The disposal should be done in the fourth quarter. This was the latest step in winding down US operations after 888 ended its branding deal with Sports Illustrated.
Net cash costs of £40 million relating to the exit will be paid out until 2029.
The company should save about £25 million in annual adjusted EBITDA with the exit. About £10 million of that will be invested into growth and value creation initiatives.
FanDuel launching mobile sports betting in DC this month
GambetDC emailed customers Friday to let them know FanDuel will be replacing the platform by the end of April.
The last day to deposit and bet with GambetDC is tentatively scheduled as April 14. Any open bets after June 30 will be canceled and refunded.
FanDuel is replacing Intralot’s platform as the DC Lottery sportsbook, but it is likely too little, too late as Intralot’s contract ends in July. One DC councilman already introduced a competitive betting bill.
BetRivers sponsors NASCAR race in Delaware
BetRivers will be the title sponsor of the NASCAR Xfinity Series Dash 4 Cash on April 27.
The BetRivers 200 will draw attention to the company’s new platform in the state, which launched in December.
So far, the new partnership for the Delaware Lottery seems to be working out well. iGaming revenue over the first two full months is $7.3 million, more than triple the $2.3 million from the same two months last year.
UK fine for bet365
Anti-money laundering and social responsibility failures led to a £582,000 fine for bet365, the UK Gambling Commission announced Thursday.
Failures included:
- Early risk detection system was “not demonstrably effective.”
- Untailored interactions with customers making interactions “not meaningful.”
- Failed to undertake financial sanctions checks on new customers.
- Over relied on annual self-verification from customers or know your customer information.
Nebraska online sports betting not hitting ballot
The Sports Betting AllIance, a coalition of major US sportsbook operators, is not funding a petition to get online sports betting in Nebraska on the November ballot, according to the Nebraska Journal Star.
That is according to Lance Morgan, the CEO of the economic arm of the Ho-Chunk Nation.
The drive would have cost between $5 million to $7 million, which was risk with just 57% support, Morgan said. The state allows in-person betting.
“If you’re at 57 (percent support), it creates some possibility that you could lose unless you really were to put substantial resources into it,” Morgan told the Journal-Star. “It doesn’t make any sense to go to war unless you have a war chest lined up.”
Fanatics launches sports betting in Arizona
Fanatics launched online sports betting through a partnership with the Tonto Apache Tribe.
The launch follows the completion of Fanatics’ $225 million acquisition of PointsBet‘s US assets.
Fanatics will have its sportsbook in 20 states and itonline casino in four states by the end of the month.
DraftKings signs NYRA sponsorships
DraftKings is now an official betting partner of both Saratoga Race Course and Belmont Stakes Racing Festival as well as a presenting sponsor of the Travers.
“Having our branding present throughout the summer at one of the most beautiful and well attended race tracks in all of the world and being named the presenting sponsor of this year’s Travers and Acorn further cements our commitment to the sport of horse racing,” DraftKings GM of Horse Racing Christopher Cipolla said.
BetMGM upgrades sports betting sign-up
BetMGM is now partnered with Prove Identity, which says it will enhance security and the user experience through its Prove Pre-Fill identity solution.
Nine out of the top 10 banks and more than 1,000 global businesses use Prove Pre-Fill, which “accelerates digital customer onboarding by up to 79%.”
Genius director resigns
Genius Sports announced director Gabriele Cipparrone will resign from the board Monday.
Cipparrone is a partner with Apax, which lowered its stake in Genius through a secondary sale on April 1.
Genius is undergoing a “comprehensive search” to replace him.
GAN removes interim title from CFO
GAN dropped the interim qualifier from Brian Chang, who has been the company’s CFO since November 2022.
Chang “will be focused on guiding the company towards a timely closing with Sega Sammy Creation,” the release said.
Sega Sammy is buying GAN for $88 million.
Kindred leaving US sports betting key to FDJ buy
French gaming operator La Française des Jeux may not have bought Kindred had it not announced it was pulling out of the US sports betting market.
“I think the fact that Kindred announced its withdrawal from the US market did contribute to the alignment and to our capacity to make the deal,” CEO Stéphane Pallez told Gambling Insider. “I think it was quite a rational conclusion. At this point, there was no real visible perspective of the benefits of their investment in the US.”
FDJ “probably” would have left the US if it had bought Kindred without it pulling the Unibet brand out, she added.
MGM pushing out debt
MGM priced a public offering of $750 million in 6.5% senior notes due 2023 at par.
The proceeds will be used to repay existing debt, including its 6.75% senior notes due 2025.
MGM can also “invest the net proceeds in short-term interest-bearing accounts, securities or similar investments.”
Bally’s retains Macquarie
The special committee formed by Bally’s concerning the Standard General takeover offer retained Macquarie as its financial advisor and Potter Anderson & Corroon as well as Sullivan & Cromwell as its legal counsel.
The parent of Bally Bet received an offer of $15 per share from Standard General, the hedge fund of Chairman Soo Kim, to take Bally’s private.
That values the company at $684 million, which is nearly $1.5 billion less than the original proposal from Standard General in 2022 at $38 a share.
One Bally’s shareholder urged the company to reject the “woeful” takeover bid.
Sportradar boosts eSports content
Sportradar will now offer streaming of Oddin.gg‘s exclusive eSports content to its betting clients worldwide.
Oddin.gg holds the rights to multiple top eSports competitions.
“Sportradar’s ultra-low latency audiovisual outputs, as well as our comprehensive Live Odds and real-time trading solutions, provide betting operators with the critical materials they need to commercialize the global, highly engaged esports fan base,” said Sportradar Senior VP of Fan Engagement Patrick Mostboeck.
