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PlayNJ.com: Retail, online sportsbooks gain with NCAA Tournament while online casinos enjoy March Madness of their own

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New Jersey sportsbooks surged on the strength of March Madness, including the largest retail handle in more than two years, but fell well short of the first $1 billion wagering month in U.S. sports betting history, perhaps delaying the milestone at least until football season, according to PlayNJ, which analyzes and researches the state’s regulated online gaming and sports betting market. This while online casino gaming continued shatter records in March, setting a fresh high with more than $113 million in revenue.

“March represents a much-needed bounce back after a somewhat disappointing February,” said Dustin Gouker lead analyst for PlayNJ.com. “It will probably be until football season before the state gets that first $1 billion month, but New Jersey’s online market has made a habit of outperforming expectations. Longer term, though, New Jersey’s market faces serious challenges, most notably New York’s expected launch of online sports betting later this year.”

New Jersey’s sportsbooks accepted $859.6 million in wagers in March, according to official data released Friday. That is the state’s highest monthly handle in a month without football, and a sharp difference from the $181.9 million handle in March 2020, a month marred by pandemic-related shutdowns. It is also up 15.7% from the $743 million handle in February.

Including March’s handle, New Jersey has posted the eight highest-volume months in U.S. sports betting history.

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March’s wagers produced $60.8 million in revenue. That is up 360.9% from $13.2 million in March 2020, and up 31.5% from $46.2 million February. March’s win resulted in $7.7 million in taxes for the state.

The leap forward in March was expected with the return of the NCAA Tournament, which was immensely popular in 2019 in New Jersey but was canceled in 2020. To that end, basketball accounted for $441.7 million of the state’s handle in March, up from $320.3 million in January and $325.8 million in February. With 51.4%, basketball accounted for the largest share of March’s handle of any sport by far.

Retail sportsbooks generated $79.5 million in bets, the highest volume for retail books since January 2019.

“The popularity of college basketball is what led to the resurgence of retail sportsbooks, good news for a segment that hasn’t seen much over the last year,” said Eric Ramsey, analyst for PlayNJ.com. “If New Jersey allowed betting on in-state college teams, the run by Rutgers could have given them an additional boost. Regardless, it was an excellent month for sportsbooks.”

Online betting accounts for 90.8%, or $780.1 million, of the state’s total handle in March. FanDuel Sportsbook/PointsBet topped the online market with $28.5 million in gross revenue, up from $24.9 million in February.

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FanDuel was followed in revenue by:

Resorts Digital/DraftKings/Fox Bet ($14.1 million, up from $7.7 million in February)
BetMGM/Borgata ($6.5 million, up from $4.4 million)
Ocean Casino/William Hill ($2.8 million, up from $2 million)
Monmouth/William Hill/SugarHouse/TheScore ($2.2 million, down from $2.5 million)
Hard Rock/Bet365/Unibet ($1.4 million, up from $1 million)
Caesars Sportsbook/888sport ($721,776, up from $317,766)
Tropicana/William Hill ($142,633, up from $71,758)
Golden Nugget/BetAmerica ($111,453, up from -$37,143)

Meadowlands/FanDuel led all retail books with $2.8 million in revenue.

“New York’s decision to create a closed market was good news for operators who are heavily vested in New Jersey,” Gouker said. “By closing the market, the select few operators that will operate in New York will have to focus on profitability just to meet the state’s high revenue split. That will leave a window open for some operators to offer more competitive products and promote more aggressively than any operator in New York.”

Online casinos and poker

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For all the attention paid to New Jersey’s sportsbooks, online casinos and poker remain the biggest winner in the state. Online casino games and poker generated a U.S. record $113.7 million in revenue, up 75.4% from $64.8 million in March 2020, which was the first month of a year-long expansion. March’s revenue topped the previous record of $103.8 million set in January.

Online casinos and poker generated a record $3.7 million per day over the 31 days in March, up from $3.4 million per day over 28 days in February. The result for the state was $17.1 million in taxes.

Revenue from online casinos was $111 million, up from $61.2 million in March 2020. Online poker produced $2.7 million, down from $3.6 million in March 2020.

For the first time in years Golden Nugget was not the market leader in March. Borgata generated a market record $36.2 million in revenue on online casino games and poker, up from $25.7 million in February. Golden Nugget generated $31.8 million in March revenue, up from $27.9 million in February.

“Borgata’s increasing focus on and success in the online market shows how the pandemic changed the dynamic for online casinos,” Ramsey said. “Even when we get past this pandemic, I don’t think gamblers will log into online casinos any less. Instead, this year-long surge points to a long-lasting market shift.

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For more information and analysis on regulated sports betting and online gaming in New Jersey, visit PlayNJ.com/news.

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Fennica Gaming Granted Supplier License for Ontario Market

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Fennica Gaming has announced that it has been granted a gaming supplier license in Ontario, Canada. This milestone marks a significant step in the company’s expansion strategy, allowing it to offer its cutting-edge gaming experiences to gaming operators in one of North America’s most dynamic regulated markets.

The supplier license, granted by the Alcohol and Gaming Commission of Ontario (AGCO), enables Fennica Gaming to introduce its portfolio of entertaining and high-quality games to gaming operators across the province. This registration empowers Ontarian operators, whether online or land-based, to access the omnichannel offerings developed in the Nordics.

“We are thrilled to receive our B2B supplier license in Ontario and to offer our advanced gaming solutions to operators in the region. After a thorough application process, we can now proudly and prominently display our registration and achievement. We have followed the market in North America for a long time and Ontario is an excellent example of market that is well organized. It represents an exciting market with immense potential, and we are committed to delivering secure, entertaining, and trustworthy gaming experiences tailored to local preferences,” Timo Kiiskinen, Managing Director of Fennica Gaming, said.

Fennica Gaming’s Nordic gaming experience and heritage as an omni-channel gaming operator through its parent company Veikkaus offers a broad range of entertainment for Ontarian operators with a player-first attitude. This registration supports Fennica Gaming’s commitment to a sustainable industry, enabling operation in compliance with Ontario’s local regulatory framework.

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GeoComply welcomes Kip Levin as CEO, driving customer-focused innovation and growth

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GeoComply, the global leader in geolocation security and fraud prevention, today announced the appointment of Kip Levin as its new Chief Executive Officer, effective Tuesday, March 4th. This strategic move reinforces GeoComply’s commitment to delivering cutting-edge solutions and driving success for its customers.

Kip Levin brings a wealth of experience to GeoComply, having served in various senior leadership roles at Flutter Entertainment over the past decade including CEO of the US business and President of FanDuel. Prior to that he spent 12 years at Ticketmaster where he led the product and ecommerce teams and oversaw the company’s expansion into mobile and resale. His proven track record in driving growth and innovation within dynamic, technology-driven markets positions him to enhance GeoComply’s ability to serve its customers.

This transition allows co-founder Anna Sainsbury to step into the role of Executive Chairman, where she will focus on strategic vision and governance, ensuring GeoComply continues to anticipate and meet the evolving needs of its customers. Co-founder David Briggs will shift his focus to Product and Innovation, leveraging his expertise to drive cutting-edge solutions as he moves from his previous role as CPTO.

“We are thrilled to welcome Kip Levin to GeoComply,” said Anna Sainsbury, Executive Chairman. “His extensive experience and strategic vision are perfectly aligned with our commitment to delivering exceptional value to our customers. I am confident that under his leadership, GeoComply will continue to innovate and expand its global footprint, ensuring we remain at the forefront of geolocation security and fraud prevention. This transition enables me to dedicate more time to our long-term strategic direction, focusing on how we can better serve our partners.”

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Kip Levin expressed his enthusiasm for joining GeoComply, stating, “I am incredibly excited to join GeoComply, a company with a strong reputation for innovation and a commitment to customer success. The opportunities in this space are immense, and I look forward to working with Anna, David, and the entire GeoComply team to build on the company’s success and drive further growth for our clients. My experience in scaling businesses and driving product innovation will be instrumental as we navigate the evolving landscape of geolocation technology, ensuring we provide our customers with the most reliable and effective solutions.”

David Briggs, focusing on Product and Innovation, added, “With Kip joining us, I am eager to dedicate my full attention to driving innovation and developing groundbreaking solutions that directly address our customers’ challenges. This is an exciting time for GeoComply, and I am confident that our combined expertise will enable us to deliver even greater value to our clients, strengthening our partnerships.”

GeoComply is poised for continued success as it leverages Kip Levin’s leadership and the founders’ renewed focus on strategic vision and innovation. The company remains committed to providing its clients with the most reliable and advanced geolocation security and fraud prevention solutions, acting as a trusted partner in their success.

The post GeoComply welcomes Kip Levin as CEO, driving customer-focused innovation and growth appeared first on Gaming and Gambling Industry in the Americas.

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BCLC

BCLC Reminds Public to be Cautious of Illegal Online Casino Scams

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BCLC has reminded the public to be cautious of a series of social media scams that imitate B.C. casinos and trick individuals into providing their financial details on illegitimate websites.

Highly deceptive, these scams share fraudulent posts and advertisements exploiting the logos, names, and exterior images of local B.C. casinos, and may claim to offer players exclusive bonuses and promotions if they register with their website or mobile application. BCLC warns that none of these sites are associated with casinos in B.C. or BCLC.

PlayNow.com is the only online gambling website permitted to operate in B.C. BCLC’s official apps are BCLC Lotto!, PlayNow Poker BC, and PlayNow BC Sportsbook. All BCLC-operated social media accounts, such as BCLC, PlayNow BC, PlayNow Sports, Lotto BC and Casinos BC, are verified with a checkmark.

While BCLC and its casino partners continue to work on having the posts removed, British Columbians should stay vigilant when it comes to these predatory and sophisticated scams.

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To protect themselves, individuals are encouraged to:

• Be on alert when a website or app asks for personal or financial information. BCLC’s verified websites and apps will never ask for your social insurance number (SIN), banking information or credit card details online to claim a prize from a B.C. casino.

• Carefully check the URL and domain of the website to verify its legitimacy. Often, scammers will use a similar URL and domain to legitimate websites with a minor spelling difference.

• Always verify the company and its services are real before providing any personal information.

• Look out for other red flags, such as the suggestion of fees or taxes to be paid on a prize. There are no fees or taxes on prizes won in Canada.

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If individuals feel unsure about an account, post or advertisement claiming to represent a B.C. casino, they can contact BCLC directly by calling the Customer Support Centre at 1-866-815-0222, or using the live chat resource on corporate.bclc.com or PlayNow.com.

The post BCLC Reminds Public to be Cautious of Illegal Online Casino Scams appeared first on Gaming and Gambling Industry in the Americas.

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