Canada
PlayTenn.com: Sports betting hits low in July
Tennessee’s sportsbooks recorded their lightest volume month since the first month of operation in November 2020, as bettors found a dearth of games to bet on in July even during a month with the NBA Finals and the opening week of the Olympics. But the dip in wagers to less than $145 million comes in what will likely be the lowest volume month of the year in the U.S., and will ultimately be short-lived as the football season grows closer, according to PlayTenn, which tracks the Tennessee gaming market.
“Even with the NBA Finals and the Olympics this July, there wasn’t nearly as much to engage casual bettors as most any other month of the year,” said Jessica Welman, analyst for the PlayUSA.com network, which includes PlayTenn.com. “But sportsbooks should quickly erase any declines as those casual bettors return home from summer vacations in August and then begin to turn their attention to football.”
Sportsbooks took in $144.6 million in wagers in July, down 17.2% from $174.5 million in June, according to official data released Tuesday by the Tennessee Education Lottery and Sports Wagering Advisory Council. The pace of betting fell to $4.7 million per day over the 31 days in July from $5.8 million per day over the 30 days of June.
The dip in betting volume is in line with trends across the U.S. Every major market in the U.S. that has reported July data so far has reported a significant month-over-month decline in wagering. And removing the pandemic-altered numbers produced in 2020, July was the lowest-volume month across the U.S. in both 2018 and 2019 and appears likely to be the low again in 2021.
The good news for operators is that revenue remained high relative to the month’s slumping volume, leading to $15.2 million in gross gaming revenue, down a proportional 17.1% from $18.3 million in June. This yielded $13.4 million in taxable revenue, producing $2.6 million in tax revenue.
“All in all, the summer has gone well for Tennessee’s sportsbooks,” said Nicole Russo, analyst for PlayTenn.com. “An increased win percentage for sportsbooks has helped make up for the loss of volume. In the slower months that’s exactly what operators are hoping to see.”
This is the second-consecutive month that the combined hold — the share of wagers that sportsbooks keep on events that are completed — has been relatively high.
The hold percentage has taken even more importance for operators after last week’s recommendation by the Rulemaking Committee of the Sports Wagering Advisory Council to increase the fine for operators who do not meet that threshold over the course of a year. Currently, operators can’t be fined any more than $25,000 per year for failing to meet the 10% minimum hold. The committee wants to make assessments on a quarterly basis, holding operators liable for up to $100,000 in penalties each year for not meeting the 10% threshold.
Tennessee’s hold penalty is one-of-a-kind among U.S. markets, and so far this year operators are not on track to meet the requirement.
“It will continue to be difficult for operators to meet that hold requirement, but with a heftier fine, sportsbooks will likely be more engaged in trying to meet the threshold,” Russo said. “It was a burdensome requirement already, and the change will make it even more so.”
For operator data and more information on regulated sports betting in Tennessee, visit PlayTenn.com/revenue.
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The award-winning game studio will deliver titles to players in the UK, Canada and Latin America
Playson, the accomplished digital entertainment supplier, has forged a major global content deal with Light & Wonder to significantly enhance the reach of its extensive games portfolio.
This landmark agreement will enable Light & Wonder’s expansive operator network across the UK, Canada, and Latin America to gain access to Playson’s engaging offering.
UK-based operator Dazzletag Entertainment Ltd was the first to go live with the studio’s creative releases last month, with SUPERCHARGED CLOVERS: HOLD AND WIN and 3 POTS RICHES: HOLD AND WIN launched across its online casino brands.
Light & Wonder’s content marketplace is utilised by some of the biggest operator brands from across the globe, providing them with access to more than 3,500 games from a host of third-party studios to allow them to build personalised, mobile-ready player experiences and stay ahead of regulatory changes.
The partnership signifies the strength of Playson’s reputation as a respected and highly sought-after provider to operators globally, as the rising demand for its games looks set to take the studio to new heights for 2025.
Blanka Homor, Sales Director at Playson, said: “Our deal with Light & Wonder is a major milestone in our strategic roadmap, as we embark on the next chapter of our global growth. This agreement expands our reach and allows us to deliver our appealing titles to new operators and players.
“The launch of our titles across Dazzletag’s two brands is a great start, and we are confident this relationship will further elevate our presence in the ever-evolving online casino space.”
Steve Mayes, Senior Director of Partnerships at Light & Wonder, said: “We are delighted to be working with such a highly respected digital entertainment provider and deliver their portfolio to our network. This strengthens our commitment to offering operators the best game releases available.
“We look forward to other successful launches in 2025, as we continue to support our operators with diverse content.”
The post Playson signs agreement with Light & Wonder in global distribution deal appeared first on European Gaming Industry News.
NorthStar Gaming Holdings Inc. announced that the company has, subject to final approval of the TSX Venture Exchange, entered into a credit agreement (the “Credit Agreement”) in respect of a senior secured first lien term loan facility providing for loans in an aggregate principal amount of up to $43.4 million CAD (being the approximate equivalent of $30,000,000 USD) (the “Credit Facility”) to be made available by Beach Point Capital Management LP (“Beach Point”). Playtech plc (“Playtech”) and certain Playtech subsidiaries have agreed to provide credit support for certain obligations under the Credit Facility. The Credit Facility represents a significant milestone for NorthStar, strengthening its balance sheet and enabling the Company to continue to accelerate its growth initiatives.
“This is a pivotal moment for NorthStar, marking the largest financing in our history. This Credit Facility strengthens our balance sheet and directly supports our ability to scale operations and drive the business towards profitability with a single-minded focus. We are grateful to Beach Point Capital Management for their trust in our strategy and vision. We are also thankful for Playtech’s steadfast partnership which was instrumental in securing this funding, reinforcing their value both strategically and as a technology provider,” said Michael Moskowitz, Chair and CEO of NorthStar.
“Beach Point has deep experience investing across the gaming sector and is excited to partner with NorthStar to support their strategic initiatives. The online gaming sector has been growing rapidly, and this investment reflects our confidence in the Company’s leadership, market potential, and ability to deliver long-term sustainable growth. Likewise, we value the partnership with Playtech, who are contributing their leading technology, global reach, and strategic vision towards NorthStar’s continued success,” said Gabriel Fineberg, Managing Director at Beach Point.
The purpose of the Credit Facility is to support NorthStar’s continued growth by significantly strengthening the Company’s balance sheet. The Company will use the proceeds of loans made pursuant to the Credit Facility: (i) to repay the aggregate $9.5 million CAD principal amount (plus accrued interest) loaned to the Company by Playtech pursuant to unsecured, interest-bearing promissory notes dated April 25, 2024, September 13, 2024 and December 16, 2024; (ii) to fund an interest reserve account in respect of the Credit Facility in an amount equal to $7,000,000 CAD; (iii) for working capital and general corporate purposes; and (iv) to pay transaction costs in connection with the Credit Facility.
The post NorthStar Gaming Announces $43.4 Million Long-Term Debt Financing appeared first on Gaming and Gambling Industry in the Americas.
Blanka Homor Sales Director at Playson
Playson strengthens Canadian footprint with Titanplay partnership
Playson, the established digital entertainment supplier, has secured its latest partnership in Canada after launching its games portfolio with rising iGaming operator Titanplay.
After obtaining its Ontario licence and going live in June earlier last year, Titanplay has made impressive strides in a short space of time with its online casino offering resonating with players across the province.
The agreement sees Playson support Titanplay’s ongoing expansion across Ontario with the supplier’s industry-renowned Hold and Win portfolio now available on the operator’s website, integrated via Relax Gaming’s aggregation platform.
Titles including Coin Strike: Hold and Win, Diamonds Power: Hold and Win and Pink Joker: Hold and Win will enable players to enjoy a feature-led, captivating gameplay experience and expand Titanplay’s rapidly expanding portfolio.
Playson’s latest tie-up underlines its intent of further establishing its brand within Ontario after successfully entering the Canadian province back in 2022. The provider’s industry-renowned portfolio continues to drive long-term value for operators worldwide.
Blanka Homor, Sales Director at Playson, said: “We are proud of the footprint we have established in Ontario with local players truly appreciating the Playson experience. Partnering with an exciting name in the region like Titanplay allows us to accelerate our progress and bring our premium offering to an increased pool of players.
“We look forward to gauging the response from Titanplay enthusiasts and watching this partnership grow from strength to strength.”
Titanplay management commented: “At Titanplay, we pride ourselves with working with industry-renowned names and partnering with Playson seamlessly fits into our plans of becoming a household name in Ontario and across Canada.
“Our portfolio will undoubtedly be elevated by Playson’s Hold and Win collection, offering players a dynamic offering of feature-filled, graphically advanced titles.”
The post Playson strengthens Canadian footprint with Titanplay partnership appeared first on Gaming and Gambling Industry in the Americas.
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