Connect with us

Canada

PlayIA.com: Iowa sportsbooks hit $150 million in January

Published

on

 

Iowa’s sportsbooks flourished in their first full month without in-person registration, easily surpassing the state record with nearly $150 million in bets. And with many of the biggest sports betting brands, including DraftKings and FanDuel, now gaining a foothold in the Hawkeye State, Iowa is poised for far more growth, according to analysts for PlayIA, which tracks regulated online and retail gaming in the state.

“January was the just first test of an unshackled market, but it didn’t take long to realize just how much Iowa’s sportsbooks have been held back by the state’s in-person registration requirements,” said Dustin Gouker, lead analyst for PlayIA.com. “These will be an exciting next few months in the market, with some of the biggest sports-betting holidays — namely the Super Bowl and March Madness — buoying what should be rapid expansion. This is a whole new era in Iowa sports betting.”

Online and retail sportsbooks combined to take in $149.5 million in wagers, according to official data released Friday. That is up 42.7% from the record $104.8 million handle in December. Those bets increased net receipts to $11.3 million, up 50.5% from $7.5 million in December, which yielded $765,673 in state taxes.

Iowa is the first major U.S. market to report January data, but only seven states drew more in bets in December. Tennessee was seventh with $180.9 million in December wagering.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Online betting was the clear winner for Iowa. 80.8% of all bets, or $120.8 million, were made online. In December, online betting accounted for 74.5%, or $78.1 million, of all bets. In the U.S., about 82% of all legal sports bets are made online, with most of the states without in-person registration requirements, such as New Jersey and Pennsylvania, taking in closer to 90%.

“Iowa’s market already showed a strong preference for online sportsbooks, but the change in the requirements should bring the state more in line to what we see in states such as New Jersey and Pennsylvania,” said Jessica Welman, analyst for PlayIA.com “In the pre-pandemic environment, online growth actually grew the pie rather than siphoning off significant action from the retail market. Once the market normalizes, that pattern should hold in Iowa, too.”

The end of the state’s in-person registration requirement altered the landscape for operators, too. DraftKings, the dominant brand on the Wild Rose license, helped wrestle the market lead away from William Hill/Prairie Meadows, but only slightly. The Wild Rose license, which includes DraftKings and newly launched BetRivers, accounted for 33% of the state’s online handle in January with $40.1 million in bets. William Hill, though, still attracted $39.8 million and led the market with $2.9 million revenue, making it the state’s single-largest brand. FanDuel, the nation’s largest sportsbook brand, fueled Diamond Jo’s $26.9 million in online bets. The Diamond Jo license, which also includes newly launched BetMGM, was second in revenue ($2.2 million), topping No. 3 Wild Rose ($2 million).

Diamond Jo Worth topped the retail market with $7.2 million in wagers.

“FanDuel and DraftKings own the market lead in nearly every legal U.S. market, so it’s no surprise that they capitalized on the rules change to increase their market share,” Gouker said. “But William Hill is proving to be a tough competitor. The battles over market share are now just beginning to heat up, though. That is good for consumers, who will benefit from fierce competition among operators.”

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

For more information and analysis on regulated sports betting in Iowa, visit PlayIA.com/news.

About the PlayUSA.com Network:
The PlayUSA.com Network is a leading source for news, analysis, and research related to the market for regulated online gaming in the United States. With a presence in over a dozen states, PlayUSA and its state-focused branches (including PlayIA.com, PlayNJ.com and PlayPennsylvania.com) produce daily original reporting, publish in-depth research, and offer player advocacy tools related to the advancement of safe, licensed, and legal online gaming options for consumers. Based in Las Vegas, the PlayUSA Network is independently owned and operated, with no affiliations to any casino — commercial, tribal, online, or otherwise.

Powered by WPeMatico

Continue Reading
Advertisement

AGCO

AGCO Removes Cap on Seller Commission for Charitable Lottery Products

Published

on

agco-removes-cap-on-seller-commission-for-charitable-lottery-products

 

The Alcohol and Gaming Commission of Ontario (AGCO) has updated several lottery policies to remove the cap on seller commission for Paper Raffles and Media Bingo, along with removing the prohibition on Catch the Ace paper lotteries, to align with other charitable lottery products.

Licensed charities may now negotiate commissions directly with sellers and determine commissions, provided they are reasonable and tied to the cost of service provided by the seller.

These updates further the AGCO’s commitment to adopt an outcomes-based regulatory approach and reduce burden for the charitable gaming sector. Local charitable organizations will have greater flexibility to make decisions that best serve their fundraising objectives.

Important Reminders

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

• Charities must still receive approval for other expenses incurred under their licence and retain receipts for seller commission paid.

• Licensing authorities will not require documentation to be submitted as part of the application process, however, charities are still subject to audit to determine compliance.

• Charities are reminded of their legal requirement to meet their obligations under the Criminal Code and with respect to conducting and managing a charitable gaming scheme.

• As with all licensed charitable lottery events, charities must take the necessary steps to ensure that they are conducting and managing the lottery event within Ontario.

For charitable gaming-related inquiries, email an AGCO Eligibility Officer at [email protected] or call AGCO Customer Service at 1-800-522-2876, Monday to Friday from 8:30 a.m. to 5 p.m.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

The post AGCO Removes Cap on Seller Commission for Charitable Lottery Products appeared first on Gaming and Gambling Industry in the Americas.

Continue Reading

Alon Segev

Segev LLP Celebrates 10 Years of Business-Focused Legal Innovation

Published

on

segev-llp-celebrates-10-years-of-business-focused-legal-innovation

 

Leading business, technology, finance, and gaming law firm, Segev LLP, is proud to announce its 10th anniversary. Over the past decade, Segev has evolved from a bold idea into a multi-jurisdictional firm serving clients across Canada, the U.S., and beyond.

Built for innovation-driven industries, the firm is widely recognized for its work with companies at the forefront of gaming, crypto, technology, and emerging sectors. “Our 10-year anniversary is a defining moment,” said Founding Partner, Ron Segev. “It’s a testament to the strength of our team and our culture of teamwork, self-improvement, and growthall of which is directed at scoring wins for our great clients.”

As industries like fintech, crypto, iGaming, and AI have matured, so has the firm, often in parallel with its clients. “We’ve all grown together with our clients from one success to the next, whether it be helping clients complete financings or helping them close business,” said Managing Partner Alon Segev. “I look forward to continued growth for us and our clients in the next 10 years!”

The firm’s client-first approach has consistently earned recognition from top legal ranking guides. Segev LLP is ranked by Chambers and Partners as a “Leading Firm” and “Band-1” in Canada for Gaming Law and are also recommended by The Legal 500 and Lexology. These rankings reflect the team’s ability to deliver strategic, high-quality legal solutions that align with their clients’ business goals.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Recognized for their unique ability to exceed expectations and deliver out-of-the-box solutions, Segev LLP’s clients have affirmed: “The firm demonstrates its capability not only to understand complex matters, but also to offer solutions that are practical, pragmatic, and value-adding.”

“Segev possesses outstanding resources and maintains global partnerships, enabling it to deliver precise and informed responses to any queries related to the iGaming industry.”

“Epic service, very good, I won the case!”

“Great service, friendly atmosphere, and support.”

Several Segev team members also reflected on the milestone: “There was a moment early in my time here when I realized I wasn’t just being brought in to help; I was expected to contribute, take initiative, and run with big ideas. That stuck with me,” said Negin Alavi.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

“Together with our clients, [Segev] has experienced remarkable growth over the past decade. I’m honored to have contributed to this journey and to celebrate these shared successes,” said David McHugh.

Segev has cultivated a thriving law practice on the principle that challenges are to be embraced as opportunities. The approach has enabled us to grow as lawyers, but more importantly, it has enabled us to ensure the success of our clients,” said Mark Balestra.

“Since joining through Segev’s Ontario expansion, I’ve had the chance to work alongside some of the sharpest and most collaborative lawyers in the gaming space,” added Manav Bhargava. “As a full-service firm and industry leader, Segev stands out for its ability to support innovative businesses with practical, forward-thinking legal advice.”

Segev LLP will commemorate the anniversary with a series of internal and external initiatives throughout the remainder of the year.

The post Segev LLP Celebrates 10 Years of Business-Focused Legal Innovation appeared first on Gaming and Gambling Industry in the Americas.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)
Continue Reading

AGCO

INCENTIVE GAMES SECURES ONTARIO GAMING LICENSE

Published

on

incentive-games-secures-ontario-gaming-license

 

Incentive Games, a leading B2B games provider, is proud to announce that it has been awarded an Ontario Gaming License by the Alcohol and Gaming Commission of Ontario (AGCO), effective today. This achievement enables the company to offer its portfolio of real-money games to licensed operators and players across the province.

The license underscores the Incentive Games’ commitment to meeting the highest standards of compliance, security, and operational excellence. The rigorous application process demands robust security protocols and comprehensive responsible gaming measures and affirms the company’s readiness to enter one of Canada’s most dynamic iGaming markets.

The North American market is a strategic focus for Incentive Games, and this milestone follows closely on the heels of the company receiving its Provisional Michigan gaming licence from the Michigan Gaming Control Board earlier this month.

Incentive Games will distribute its real-money gaming content in Ontario through Incentive Studios, the company’s dedicated Real-Money Gaming division, ensuring a focused and tailored approach to the market.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

“Ontario represents a huge opportunity for us, and securing this license is a proud moment for the whole team,” said John Gordon, Chief Executive Officer at Incentive Games. “It reinforces our dedication to meeting the highest standards while delivering compelling real-money content. We’re looking forward to building strong relationships in the region and continuing our momentum across regulated markets worldwide.”

The post INCENTIVE GAMES SECURES ONTARIO GAMING LICENSE appeared first on Gaming and Gambling Industry in the Americas.

Continue Reading

Trending

Get it on Google Play

Fresh slot games releases by the top brands of the industry. We provide you with the latest news straight from the entertainment industries.

The platform also hosts industry-relevant webinars, and provides detailed reports, making it a one-stop resource for anyone seeking information about operators, suppliers, regulators, and professional services in the European gaming market. The portal's primary goal is to keep its extensive reader base updated on the latest happenings, trends, and developments within the gaming and gambling sector, with an emphasis on the European market while also covering pertinent global news. It's an indispensable resource for gaming professionals, operators, and enthusiasts alike.

Contact us: [email protected]

Editorial / PR Submissions: [email protected]

Copyright © 2015 - 2024 - Recent Slot Releases is part of HIPTHER Agency. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania