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PlayIA.com: Sportsbooks set new highs for revenue, wagering in November

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Iowa sportsbooks set records for wagering and revenue, generating nearly $20 million in revenue on nearly $290 million in bets in November. After another high, Iowa is now a strong December away from reaching $2 billion in betting for the year, according to PlayIA, a leading source for news and analysis of the Iowa gaming market.

“The expansion in betting in Iowa over the last three months has set a new floor for the industry,” said Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayIA.com. “Operators have used the popularity of football to not only attract new customers, but also to expose existing bettors to more diverse forms of betting. The growth this fall will benefit state sportsbooks for the months and years to come.” 

Iowa’s online and retail sportsbooks generated $287.2 million in wagers in November, up 229.5% from $87.2 million in November 2020, according to official data released Friday afternoon. November’s handle was up 2.3% from the record $280.9 million wagered in October, a month boosted by five weekends of football. Bettors averaged $9.6 million per day during the 30 days of the month, topping October’s $9.1 million per day.

Revenue rose 142.5% to $19.7 million in November from $8.1 million in November 2020 and 201.2% from $6.6 million in October. The previous record was $13.5 million, set in March. November’s gains yielded a record $2.1 million in tax revenue for the state.

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The last three months represent the three highest monthly handles in state history. Through the first 11 months of this year, Iowa sportsbooks have generated:

  • $1.8 billion in wagering, including $778.6 million over the last three months.
  • $101.1 million in revenue, including $32.0 million over the last three months.
  • $7.8 million in taxes, including $3.1 million over the last three months.

“The removal of in-person registration requirements for online sportsbooks at the beginning of the year was obviously a watershed moment for the state,” said Russ Mitchell, lead analyst for PlayIA.com. “But the growth of the last three months has been on another level.”

$260.4 million, or 90.6%, of November’s bets were made online, producing $16.8 million in revenue. Meanwhile, retail betting generated $26.9 million in wagers, creating $2.9 million in net receipts.

Caesars once again topped the online market with $104.0 million in wagers, yielding $4.7 million in revenue. DraftKings was second with $75.1 million in online wagering, producing $4.2 million in net receipts. Barstool Sports, which launched on Nov. 2, generated $770,576 in revenue on $9.7 million in bets.

Diamond Jo Worth led the retail market with $6.7 in bets, yielding $2.3 million in revenue. Ameristar Council Bluffs was second with $5.6 million in wagers, which led to $1.8 million in net receipts.

Football has been the main driver of growth for the last three months. But the NBA continues to be a popular bet, and the opening of the college basketball season in November helped boost sportsbooks.

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“Football is driving record growth this fall, not just in Iowa but all over the country,” Mitchell said. “But with four Division I basketball programs, Iowa’s sportsbooks have an opportunity to grow some more this winter, especially if Iowa and Iowa State continue to play well.”

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AGCO Removes Cap on Seller Commission for Charitable Lottery Products

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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

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• 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.

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Alon Segev

Segev LLP Celebrates 10 Years of Business-Focused Legal Innovation

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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.

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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.

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“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.

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INCENTIVE GAMES SECURES ONTARIO GAMING LICENSE

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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.

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“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.

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