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PlayVirginia.com: Virginia sportsbooks extend historic start with $265 million in February

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Virginia sportsbooks hauled in more than $265 million in wagers in what was the Commonwealth’s first full month of legal sports betting, extending one of the highest volume debuts in U.S. history, according to PlayVirginia, which provides news and analysis of the state’s gaming industry.

“Virginia’s debut has been overshadowed some by Michigan, but together the two states show just how far the U.S. has come,” said Dustin Gouker, analyst for PlayVirginia.com. “The nation’s major operators have the resources to engage bettors in new markets in ways that were impossible in the early days of legalization, which benefits later-comers like Virginia. Ultimately, that will mean a market that goes through fewer growing pains than some of the earlier adopters.”

Spurred by $19.6 million in Super Bowl betting, matching PlayUSA.com projections for the state, Virginia sportsbooks collected $265.8 million in wagers in February, according to official data released Thursday by The Virginia Lottery. That is up from $58.9 million in January. The per-day handle nearly doubled to $9.5 million per day through the 28 days of February from $5.4 million per day in January, easily the largest month-over-month per day gain in the U.S. during the month.

Launched on consecutive days in January, Virginia and Michigan have now combined to take in $741.7 million in online bets so far. And with Michigan’s $301.9 million in online bets in February, the two states represent No. 1 and No. 2 on the list of highest-volume first full months of legalized online sports betting in U.S. history.

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Virginia’s sportsbooks won $12.2 million on February’s bets, up from $3.6 million in January. Promotional credits again sapped much of the win, pushing combined adjusted gaming revenue to a $3.2 million loss in adjusted gross revenue. The collective win yielded $300,593 taxes for the state.

Even more, new operators continue to enter the market, joining national heavyweights FanDuel, DraftKings, BetMGM, and BetRivers, which all launched in January. That includes William Hill, which launched just before the Super Bowl in February, and WynnBet, which opened ahead of March Madness, giving Virginians a more robust selection to choose from.

“The enthusiasm from bettors will eventually settle down, and sportsbooks will pull back a bit from this heavy promotional period,” said Jessica Welman, analyst for PlayVirignia.com. “Ultimately, the goal in these early days for sportsbooks is to engage sports bettors, introduce them to their product, and begin building relationships that will act as the foundation. So far Virginia’s operators are doing just that.”

The growth in Virginia should continue in March, which includes the NCAA Men’s Basketball Tournament. But Virginia may not be in as good a position as other states to capitalize on March Madness.

The Commonwealth had five schools reach the NCAA Tournament, but a state ban on wagering on in-state college teams and in-game wagering on college games in general could mute the results of what is traditionally the nation’s single-biggest sports betting holiday in the U.S.

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“The NCAA tournament will bring significant interest in Virginia, but the restrictions will prevent a huge leap forward,” Welman said. “Removing those restrictions would really help get the most out of what still should be a big month next month. Regardless of what happens in March, Virginia is off to a great start by most any measure.”

For more information and analysis on regulated sports betting in Virginia, visit PlayVirginia.com/revenue.

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 two dozen states, PlayUSA.com and its state-focused branches, including PlayVirginia.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.

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Canada

IAGR announces Toronto as host city for 2025 conference

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Hot on the heels of its most attended conference in history, the International Association of Gaming Regulators (IAGR) is excited to announce that its 2025 conference will take place in Toronto, Canada, from October 20 to 23, 2025.

The event will be held in partnership with the Alcohol and Gaming Commission of Ontario (AGCO) at the Westin Harbour Castle, offering stunning waterfront views and a premier, downtown Toronto location.

‘Fresh off the success of our Rome conference, we’re thrilled to continue the momentum with next year’s event in Toronto,’ said Ben Haden, IAGR President.

‘The IAGR 2025 conference promises to be another unparalleled opportunity for our global community to come together, collaborate and shape the future of gaming regulation. We’re looking forward to working with AGCO to bring it all together.’

AGCO CEO and Registrar Dr. Karin Schnarr, added, ‘We’re excited to welcome IAGR and its members to Toronto. This partnership provides a great opportunity to share Ontario’s innovative regulatory practices and foster meaningful discussions that drive positive change in the industry.’

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Stay tuned for registration details early next year.

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Bombee Global Entertainment Ltd

ESE Entertainment Completes Acquisition of Gaming Production Company, Bombee Americas

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ESE Entertainment Inc., a gaming company that provides a range of services to leading video game developers and publishers, has announced that it has acquired Bombee Global Entertainment Ltd. (Bombee Americas), the North American arm of Bombee Event Production AB, (Bombee), a global production company specialized in live production, special effects, broadcast, and event management for the gaming sector.

Bombee has successfully collaborated with ESE to bring its premier event production services and world class customer service to North America and beyond. The North American arm of Bombee, Bombee Americas, will continue to grow and scale in this new organizational structure under ESE, while maintaining its entire team and global support.

Konrad Wasiela, CEO of ESE, said: “Today marks the next stage of ESE—a 2.0 version of our company. With the acquisition of Bombee Americas, we are not only solidifying our presence in North America but also paving the way for growth and innovation in the gaming industry. This is a major step, positioning us to deliver even greater value to our partners and elevate the gaming experience for our clients globally. We’re thrilled about the opportunities ahead and the exceptional talent joining our team.”

Transaction Terms

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The Acquisition was completed by way of a share purchase agreement (the SPA) among the Company, Bombee Americas, and the shareholders of Bombee Americas (the Vendors). Pursuant to the SPA, ESE acquired all of the outstanding shares of Bombee Americas in exchange for: (i) $750,000 in cash paid on closing, (ii) $375,000 in cash to be paid six (6) months following closing, subject to customary adjustments based on the working capital of Bombee Americas on closing, (iii) $375,000 in cash to be paid twelve (12) months following closing, and (iv) 30,000,000 common shares of ESE (the Consideration Shares), issued at a deemed issue price of $0.10 per share.

In connection with the Acquisition, the founders of Bombee Americas have signed three-year service agreements and will continue to run the business following the closing, along with the rest of the personnel of Bombee Americas who will remain in place, ensuring a smooth transition of operations. As part of the Acquisition, the Company has acquired the liabilities of Bombee Americas, mainly consisting of customary current obligations incurred in the ordinary course of business for Bombee Americas, which are not expected to have a material impact on the Company’s operations or financial position.

No finder’s fees were paid or payable in conjunction with the Acquisition.

The Acquisition was an arm’s length transaction within the meaning of the policies of the TSX Venture Exchange (the Exchange) and constituted an “Expedited Acquisition” in accordance with Exchange Policy 5.3 – Acquisitions and Dispositions of Non-Cash Assets. The Acquisition remains subject to the final approval of the Exchange.

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Suspected Digital Fraud Coming from Canada Up Nearly 11% Since H1 2023, Reveals New TransUnion Analysis

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In the first half (H1) of 2024, Canada saw a significant increase in suspected Digital Fraud attempts, with nearly 5.74% of all attempted digital transactions where the consumer was located in Canada involving suspected Digital Fraud, revealed a new TransUnion® (NYSE: TRU) analysis. This is nearly an 11% year-over-year (YoY) rate increase from H1 2023, and TransUnion also documented an 11% increase in the volume of suspected Digital Fraud from Canada during this period, despite a less than a one percent (0.7%) YoY increase in the volume of transactions.

According to a recent TransUnion survey,1 more than half (54%) of Canadians said they were recently targeted by email, phone call or text message fraud attempts. Phishing was the most common scheme type (45%), followed by smishing (42%) and vishing (39%).

The increasing use of digital transactions, combined with rising suspected Digital Fraud attempts are also impacting businesses as they potentially face revenue losses and increased operational costs due to fraud. According to a TransUnion business survey for the H2 2024 Update to the State of Omnichannel Fraud report, 200 Canadian business leaders said their companies lost approximately 6% of equivalent revenue – representing $78 billion – over the past year due to fraud. The most prominent causes of fraud loss cited by them were:

  • Scam/Authorized fraud (31%): Dishonest scheme intended to trick a person into giving up something of value (e.g., account access, money, information)
  • Account takeover (19%): Unauthorized individuals taking over someone’s online account (e.g., bank, social media, email) without their permission
  • Synthetic identity fraud (18%): Use of a combination of personal information to fabricate a person or entity to commit a dishonest act for financial or personal gain

TransUnion also found that suspected Digital Fraud attempts – where the consumer was transacting in Canada and targeted businesses globally – increased on average by 10.5% YoY in H1 2024 compared to H1 2023 and impacted all industries.

Top Three Industries Globally with Highest Rate of Suspected Digital Fraud Attempts Coming from Canada in H1 2024

  1. Gambling (online sports betting, poker, etc.) – 9.6%
  2. Retail – 9.2%
  3. Government – 7.7%

Top Three Industries Globally with Highest YoY Increase (H1 2024 vs H1 2023) in the Rate of Suspected Digital Fraud Attempts Coming from Canada

  1. Logistics – 172.9%
  2. Gambling – 79.3%
  3. Video gaming – 67.8%

“Protecting customers and their businesses from fraud is essential to enabling safe and tailored consumer experiences. These findings reveal that despite the good-faith efforts that are being undertaken by companies to identify and prevent fraud to date, fraudsters continue to evolve and it’s vital that fraud prevention methods keep up with the changing times,” said Patrick Boudreau, head of identity management and fraud solutions at TransUnion Canada.

“Businesses that aren’t already doing so should ensure that they are taking advantage of fraud prevention technologies such as identity verification, IP intelligence, device reputation and synthetic identity detection as critical components of their fraud prevention programs,” he added.

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