iGaming Round Up – William Hill, Evolution Gaming and Iowa Sportsbook Low
William Hill Expects to Beat Profit Expectations for 2019
British sportsbook William Hill expects strong overall results for 2019 beating the original forecast and possibly reaching as much as $190 million. According to a Bloomberg estimate issued in January 2019, the profit was expected to hit $170 million over the period, a number that may now seem a little short of the mark.
More interestingly, William Hill has reported high hopes for its domestic market. Despite a ban on fixed-odd betting terminals (FOBTs), the sportsbook’s results were reinforced by higher sporting gross margin.
Meanwhile, international operations have been somewhat lackluster, although Mr Green, a company acquired in 2019, successfully drove gaming revenue. Yet, the company hasn’t released its full financial results just yet.
The full 2019 financial overview is expected on February 26, 2020, and in the meantime, William Hill continues to bet big on America.
Evolution Gaming’s Live Dealer Games Coming to Parx Casino
In expanding its global footprint, Swedish live dealer game maker NetEnt is launching across Parx Casino-owned iGaming websites in New Jersey and Pennsylvania. The Parx Casino brand is owned by Greenwood Gaming & Entertainment which has agreed to the deal and the company is now anticipating the official launch of Evolution Gaming products.
Presently, Evolution Gaming has a live studio in New Jersey, but the company has secured a licensing approval from the Pennsylvania Gaming Control Board (PGCB) to launch games in the Keystone State and to also introduce a studio within the state’s borders.
Iowa Hits an All-time Sportsbook Low in December, 2019
It was a bad December, 2019 for Iowa, with the state’s sportsbooks picking meagre $2.9 million in total sports betting handle, or 19.3% down compared to results from a month before in November 2019.
While the overall results were poor, online betting revenue soared up by 20.5% and reached $1.8 million, signaling that mobile sports betting is the way to go when it comes to betting activities across the United States.
Retail naturally declined steadily, posting 48.9% smaller numbers or a $1.1 million drop over the period. Players did, however, wager more, up to $25.8 million or 0.1% more compared to November, 2019.
Vermont Senators Propose Mobile Sports Betting Again
Vermont is joining the race for securing a mobile sports betting bill after senators Dick Sears and Michael Sirotkin filed a new bill last week with the state’s senate. Senate Bill 213 will seek to establish a system for licensing and regulating what would be a mobile betting industry in the state.
The bill would also establish basic regulatory rules for suppliers and operators, as well as outline the tax sports operators would be levied with. As per the current draft, businesses will have to pay 10% on their gross sports receipts.
That number is far lower than the rates negotiated in places like New Hampshire where DraftKings has an exclusive partnership with the state under which it has to pay 50% of its revenue back to the local government.
Sen Addabbo Back at the Helm of NY Mobile Betting Efforts
Senator Joseph Addabbo must be one of the longest-standing proponents of online poker, sports betting and gambling in New York. After years of trying to push for what he believes to be a positive development for the state, the senator and chairman of the Senate Standing Committee on Racing, Gaming and Wagering, is back with another attempt to spearhead mobile betting in the Empire State.
With the state’s deficit catching up, and Gov. Andrew Cuomo not entirely certain about the upsides of mobile betting, Sen. Addabbo is adamant to se mobile betting through in the 2020 legislative session. Commenting on the issue, the senator had this to say:
“First and foremost, to address these issues, I will continue to advocate for the implementation of mobile sports betting in New York State, which will curb the flow of dollars to nearby states, that could be used – now and in the future – to balance the state budget and provide needed funding support for education and create jobs.”
West Virginia’s Sports Handle Hits $13.8m in Six Months
West Virginia sports betting handle has generated decent results in the first six months of operation, with players wagering a total of $144.5 million and winning back $128.7 million. Retail betting accounted for $9.1 million of the total sports handle during the period with all participants spending as much as $87.8 million at retail sportsbook and earning back $76.8 million.
Mobile betting wasn’t as high as original forecasts but still posted the impressive $5 million in the first six months of the month. The state also saw a number of positive developments with regards to its sports betting industry, adding both FanDuel and DraftKings as important partners.
Nevada Hits $614m in Total Handle for November 2019
Nevada’s sports betting handle did well in November with casinos clocking $614.1 million off betting contests. Furthermore, operators managed to clock in $31.0 million in terms of revenue, or 14.3% increase year-over-year (YOY).
The most popular sport was of course football followed by basketball. The sports generated a total handle of $384.6 million and $399.3 million respectively. Baseball led to an interesting development – casinos claimed $6.2 million in revenue from the sport, even though there was only $240,284 of wagers.