Great news for the online gambling business as the Ontario regulated iGaming market has processed $63 billion in bets in its second year, leaving Canadian platforms like the ones found on Zamsino thriving. To shed more light on this development and what it means in the industry we talked to Erik King, an iGaming specialist and a writer.

Interviewer: Erik, it is great to have you with us today. It is interesting to know that within its second year of operation, Ontario’s iGaming market processed wagers worth $63 billion. What do you think about this accomplishment at the beginning?

Erik King: I am grateful to be here. It is positive news for Ontario’s iGaming industry for sure. This achievement marks that the popularity of regulated web-based gambling is increasing. It reveals the possibility of a significant economic effect and serves as a reference point for other regions that are planning to implement the same legal mechanisms.

Interviewer: The iGaming market in Ontario that is regulated has expanded at a fast pace. In your opinion what are the causes of this tremendous growth you have experienced?

Erik King: Ontario has created a stable and reliable environment in the sphere of regulation which benefits both operators and players. This has boosted confidence in the market.

Interviewer: How has the regulation affected the market?

Erik King: Ontario has the best regulatory approach since the operators are required to follow certain guidelines that make sure that the player is protected, the gambling is not reckless and the gameplay is fair. This has in turn reduced the risks involved in online gambling and has gone a long way in protecting the players. In addition, the framework has brought order and predictability that is crucial in the market development. It has also been able to attract other companies, especially the international ones, which have come with better skills and products that have continued to enhance the competition.

Interviewer: This is a huge amount of money, the $63bn in wagers. This implies what for local economy and the iGaming sector as a whole?

Erik King: This figure generates a lot of revenue for the local economy in terms of taxes and fees. It also implies employment in different fields like tech support, software development, and sales and marketing. For the iGaming industry, it shows that the market is healthy and growing, which could encourage other areas to consider regulation. It is proof that regulated online gambling markets are viable and profitable.

Interviewer: Owing to such growth, what do you think could be the potential problems with Ontario’s iGaming industry?

Erik King: The biggest issue will be the control of growth while at the same time ensuring the aspect of responsible gambling. In the future when the market grows, it will focus on how operators address issues associated with problem gambling. Other issues that will likely persist include managing changes in technology and the threats posed by criminals to the company’s systems.

Interviewer: What do you suppose the other regions will do when they see the positive results in Ontario? Are you expecting other regions to follow the same approach in regulation?

Erik King: It will be expected that the experience of Ontario will be followed by other areas.

Interviewer: What do you think are the major strategies that operators should consider to survive the competition in such a market?

Erik King: Thus, to be successful, operators should concentrate on the following strategies. First and foremost, they should focus on customer satisfaction by providing quality, entertaining, and diverse game selections. Through the integration of technologies such as artificial intelligence and machine learning customer experience in gaming can be improved and enhanced.

Interviewer: Last but not least, what do you think will be the future tendencies in the iGaming industry, especially in the regulated ones like Ontario?

Erik King: I expect the following to be quite promising and interesting. First of all, the use of advanced technologies like the blockchain and virtual reality will change the face of the gaming industry and make the gaming experience even better and more secure. Mobile gaming will continue to expand as a result of improvements in mobile devices and their accessibility.

Interviewer: It was an interesting time here today, Erik, thank you for the input. I hope that you enjoyed our conversation on the subject of the iGaming market development and trends.

Erik King: It was nice of you to have me. It is great to be here during the growth of the iGaming sector and I am eager to find out what the future has in store.

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A recent market report by Betsson, in collaboration with GambleID and Sports Handle, has unveiled intriguing insights into US sports betting habits. Released on June 12, the report found that 59% of bettors place daily bets, with 33% betting weekly. The study, which surveyed operators and known sports bettors, showed that the majority of participants are male, primarily aged between 25-34 and 35-44.

Interestingly, 43% of bettors have downloaded more than five betting apps, and only 5% remain loyal to a single product. The most popular betting type is the point spread, favored by 81% of respondents, followed by moneyline bets at 69% and over/under bets at 63%. Proposition bets were chosen by 54%, with recent scrutiny on college prop bets in the US due to calls for a ban in several states.

Betting Preferences and Popular Sports

When it comes to monthly deposits, 37% of participants reported spending less than $100, while 10% spent between $1,000 and $4,999. Only 1% reported spending $10,000 or more. Football emerged as the top sport for betting, with 92% of respondents placing it in their top three, followed by basketball at 66% and golf at 27%.

The least popular sports included esports and boxing, each selected by only 1% of respondents. Most bettors prefer using mobile apps for their bets (52%), with 22% opting for online platforms and a mere 2% using retail sportsbooks. DraftKings leads in app awareness, recognized by 93% of respondents, followed by FanDuel at 92% and Caesars Sportsbook at 89%.

Preferences for Betting Platforms and App Features

DraftKings also topped the list of preferred betting platforms, with FanDuel trailing closely. Bettors desired improved app latency (54%) and personalized bet suggestions (24%). A significant number also rated better integration with social media platforms (19%) as a desirable feature.

The survey revealed that 20%-30% of first-time bettors become repeat customers, with odds, user experience, and promotions being key factors in selecting a betting site. The report highlighted an increased demand for more betting options and better odds, particularly via mobile devices.

Related Findings and Industry Insights

The report noted that the sample size for operators was small, with only seven respondents licensed in states such as Arkansas, Colorado, Maryland, Nevada, and New Jersey. These findings provide valuable insights for the industry, indicating a strong preference for diverse betting options and the importance of user experience in retaining customers.

Source: “Sports Handle report: 59% of sports bettors wager daily, novelty markets enticing new customers”. June 14, 2024.

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While nearly 40 US states currently offer legal sports wagering, not all of them permit all types of wagers. For example, some states allow betting on collegiate teams when it’s out of state, effectively restricting wagering on in-state collegiate sports. One such state is Massachusetts.

Currently, the state restricts in-state college sports betting with the exception of teams that participate in tournaments of four or more teams. Not unexpectedly, prop betting on in-state collegiate teams is also not allowed. Despite the established rules, breaches are not impossible, which is precisely what happened during the 2023 football season.

One of the major operators in the sports betting vertical in Massachusetts, BetMGM, is in hot water after allegedly accepting prohibited prop bets on individual college athletes. The alleged violation of the established rules was discussed during a meeting of the state’s gambling regulator, the Massachusetts Gaming Commission (MGC) last week. At the time, the Commission claimed that the sports betting operator accepted more than $200,000 worth of improper wagers. This translates to more than 15,000 bets allegedly accepted by BetMGM during the 2023 college football season.

It is not uncommon for breaches of the gambling regulations to be self-reported by the operators. Yet, Cathy Judd-Stein, the MGC’s chair, who was quoted by PlayMA, revealed that the alleged violation of BetMGM was uncovered as a part of an audit. She explained that prop wagers on collegiate athletes are a violation in Massachusetts, adding that the state has established clear rules that prohibit such wagers. Finally, Judd-Stein explained: “I know I’m personally interested in resolving this matter as quickly as possible for the protection of student-athletes.”

“Prop bets on students is a statutory violation here in Massachusetts.“

Cathy Judd-Stein, chair of the MGC

Adjudicatory Hearing Is Expected

Besides the alleged violations of BetMGM, the Investigations and Enforcement Bureau (IEB) uncovered details regarding two other minor breaches. The MGC heard that BetMGM’s retail sportsbook and Fanatics Sportsbook allegedly accepted two separate prohibited wagers for college games. Each of the bets was less than $10. The aforementioned breaches were sent back to the IEB.

On the other hand, considering the scale of BetMGM’s alleged breaches, the Commission decided to refer the matter to the IEB which will subsequently seek an adjudicatory hearing. This otherwise means that a court would hear the facts and determine if a penalty needs to be applied. Once this happens, the MGC will be able to either greenlight or reject a penalty that can vary depending on the severity of the breach.

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Amid the buzz surrounding the upcoming Super Bowl, speculation has been rife regarding whether pop sensation Taylor Swift will grace the event to support her boyfriend, Travis Kelce, and the Kansas City Chiefs. However, despite the anticipation among fans, US sportsbooks are refraining from taking bets on the possibility of Swift’s appearance, reported the Associated Press.

Why US Sportsbooks Avoid Non-Game Betting Unlike Offshore Operators

While offshore sportsbooks like BetUS in Costa Rica and potentially those in Ontario, Canada, might entertain such wagers, the situation is different within the United States. Betting laws in the US vary from state to state, and the prevailing norm restricts wagering to on-field events. 

Although some states permit unconventional bets like predicting the color of the Gatorade showered on the winning coach, even these options are off-limits in Las Vegas, renowned for its stringent regulations on sports betting.

The reluctance to accept bets on non-game occurrences is grounded in a desire for objectivity. According to John Ewing, a public relations manager at BetMGM, the preference is for bets to have clear outcomes without room for interpretation. 

This sentiment is also echoed by Adam Pullen, assistant trading director at Caesars Sportsbook, who acknowledges the industry’s progress but suggests that certain types of bets, including those related to celebrity appearances like Swift’s, might still face regulatory hurdles.

Taylor Swift’s Impact on NFL Betting Trends

Swift’s relationship with Kelce has been a notable subplot throughout the NFL season, with the singer attending several Chiefs games, including their triumph in the AFC championship game. 

However, conflicting schedules due to Swift’s performance commitments in Japan during Super Bowl weekend have fueled speculation about her attendance in Las Vegas.

Back in October when Taylor Swift’s relationship with NFL star Travis Kelce was still only a rumor it sparked a surge in betting activity, particularly on Kelce’s performance, with bets doubling since the dating rumors emerged. Kelce became the most wagered-on NFL player for anytime touchdown bets during a recent game, reflecting Swift’s significant influence on the market. 

Despite the natural inclination for fans to wager on such high-profile appearances, the consensus among industry insiders is to prioritize bets linked directly to on-field action. This approach aligns with regulators’ concerns about maintaining the integrity and clarity of betting outcomes.

While the absence of betting options on Swift’s potential Super Bowl appearance may disappoint some enthusiasts, it underscores the ongoing evolution and regulation of the sports betting landscape in the United States. 

As anticipation builds for the showdown between the Chiefs and the San Francisco 49ers, fans will have to content themselves with traditional betting options centered on the game itself.

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Penn Entertainment saw the company’s share rise by as much as 7% last week, as news transpired that HG Vora Capital Management, a hedge fund, had bought enough shares to push its total stake in the gaming and entertainment company to 18.5% of the total stock.

HG Vora Capital Management Determined to Appoint Right Candidates

The news was originally reported by Wall Street Journals, and this development comes at a time when investors are seeing heightened interest in gaming stocks which have been improving over the last several months and promising to remain resilient in the new year.

HG Vora Capital Management is also looking to assume board seats as it hopes to tighten control over the company and ensure that it steers it towards profitability. With Penn Entertainment now serving as the technological provider for the recently launched ESPN Bet, optimism is riding high.

HG Vora Capital is also run by a former Goldman Sachs banker, Parag Vora, who has long been keeping his hand on the gaming industry’s pulse and looking to further his presence in it. Yet, the bigger news here is that Vora is not going to relent until the fund has assumed board seats and is willing to challenge any refusal during Penn’s annual meetings that will begin on January 8, 2024, and run through February 7, 2024, according to reporting done by Wall Street Journal.

Essentially, HG Vora says that it has the means to handpick highly qualified directors who can help sort out what has been described as the “underperformance” of Penn’s Common Stock in a filing to the US Securities and Exchange Commission. As a reminder, Penn formerly used to be on the S&P 500’s index.

Bullish on the Outlook of Penn’s Stock in 2024

Analysts in the meantime remain bullish on Penn Entertainment’s stock and other gaming giants for that matter. A note sent to investors by Brandt Montour, an analyst at Barclays, claims that PENN Entertainment remains his favorite stock for the entire year, citing the successful launch of ESPN Bet.

Of course, this prediction, although reassuring, needs to be taken with a grain of salt as challenges may yet present themselves when looking into making good on any investment in the sector. Whether Montour’s prognostication is correct will probably depend on how Penn handles its internal affairs over the coming weeks. A boost to the common stock is already on the way – will it hold?

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In a provocative take during SI Golf’s Bad Takes Week, journalist Alex Miceli has suggested that PGA Tour players should be allowed to make casual wagers on golf events. Miceli proposed a limit of $100 for players, noting that the sum represented a psychological threshold. Although his proposal is hypothetical, it draws attention to golf’s sometimes contentious relationship with gambling.

Golf and Betting Have a Long-Shared History

The issue of sports wagering by athletes came to the forefront as Miceli argued for a pragmatic approach, setting a monetary threshold to ensure that bets remain small and for entertainment. He noted that gambling has been intertwined with the fabric of golf since its inception, and the PGA Tour should adapt its policies to reflect this reality.

Betting less than a C-note on golf is just plain fun, and no one is trying to get rich, just entertained.

Alex Miceli

Referencing research by Stanford University and the Journal of Gambling Studies, Miceli contended that gambling was predominantly a form of entertainment. He suggested that rather than restricting this aspect, the PGA Tour should acknowledge and accommodate it within reasonable limits, allowing athletes to enjoy its social side. Miceli argued that small bets would cause harm or compromise match integrity.

The journalist invoked the historical presence of gambling in golf, citing Old Tom Morris, widely regarded as one of the sport’s most famous historical figures, as an example. Miceli noted that Morris often placed wagers on golf challenge matches, advocating that present-day players should be allowed the same privilege. 

The PGA Regularly Engages with Operators

Recent suspensions of Korn Ferry Tour players Jake Staiano and Vince India sparked controversy as many fans noted that their harsh punishments did not reflect the severity of their transgressions. India will have to skip the game for six months, while Staiano’s penalty is milder and will only extend for three months.

Miceli questioned the irony of a Tour with an Integrity Program banning player gambling while maintaining official relationships with multiple betting operators. Staiano and India’s relatively minor bets on golf events led Miceli to advocate for a more lenient stance, accusing the PGA Tour of acting as a “fun police.” 

The PGA Tour needs to lighten up and allow a fundamental tenet of the game to proceed for everyone- including its own players.

Alex Miceli

By proposing a $100 limit, Miceli aims to strike a balance between allowing players to engage in a tradition of the game while ensuring that the integrity of golf remains intact. Despite his good intentions, his intentions are unlikely to gather momentum as wagering scandals in other sports have caused a shift in public sentiment, condemning all gambling from professional athletes.

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The gambling regulator in Victoria, Australia, the Victorian Gambling and Casino Control Commission (VGCCC), announced it implemented a major change affecting betting on sports with the participation of minors. On Thursday, the gambling watchdog unveiled that it will prohibit the offering of betting on all under 19 sports competitions. Additionally, the VGCCC said that it will impose a ban on bets involving the performance of athletes who are under the age of 18, regardless if they participate in open events along with seniors.

The new regulations are set to come into effect in 60 days. Licensed operators in Victoria, as well as bodies controlling major sports, will be able to use this period to change their policies and implement the new restrictions. According to the VGCCC, after the period, it will be considered an offense if an operator offers betting on events involving minors.

But what does the ban exactly encompass? Judging by details released by the gambling watchdog, the betting ban applies to all sporting events for under 19s, as well as sporting events where all participants are minors.

Effectively, the change will restrict betting companies from offering wagers such as “first player to take a wicket,” “most disposals,” or “first goal of the game,” for events with players that are minors. An exception to the general ban would be for open events where those under 18 may be playing along with seniors. In such cases, betting on minors will still be prohibited but wagers would be allowed for the team outcome.

The Gambling Watchdog Will Monitor the Betting Sector

VGCCC’s chair, Fran Thorn, commented on the ban saying that it is not acceptable for wagers to be placed on sports with minors. She acknowledged the need to protect minors, explaining that gambling “raises integrity issues, with the prospect of people attempting to influence how minors might behave playing sport.”

“The VGCCC is of the view that betting on contingencies in sporting events relating to the performance of an individual minor in that sporting event is contrary to the public interest,“

explains the Victorian Gambling and Casino Control Commission

Thorn said that the operator will remain vigilant and in the event of non-compliance, it will take definitive actions. Such can include prosecution of the betting providers and even license revocation, warned the regulator’s chair. She reiterated the set of rules that prohibit wagers on individual actions for minor athletes, explaining that bets would be allowed on the open team performance.

Last month, lawmakers in Victoria confirmed plans for the implementation of restrictions for electronic gaming machines (EGMs). The latest changes focus on restrictions such as mandatory pre-commitment limits, carded play and a significant decrease in load-up limits.

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The Massachusetts Gaming Commission (MGC) has taken decisive action against three commercial casinos in the state for engaging in unauthorized sports betting activities. Encore Boston Harbor, MGM Springfield, and Plainridge Park Casino have been slapped with penalties amounting to $50,000 for accepting wagers on college games, which is strictly prohibited under state law.

The swift intervention by the MGC came after it was discovered that each of the casinos allowed bets on regular season games involving Massachusetts college sports teams, a clear violation of the state’s regulations. These bets managed to slip through the cracks due to various backend errors and system glitches, leading to the imposition of fines to maintain the integrity of the sports betting market.

One such incident occurred at Encore Boston Harbor, where a single sports bet was accepted on a women’s regular season basketball game between Boston College and Notre Dame. This wager was inadvertently allowed as the team was listed under two different names, with only one name appearing on the prohibited list. To prevent future occurrences, Encore’s vendor, WynnBet, has undertaken to conduct two daily audits, ensuring that no regular season games involving Massachusetts college teams are available for betting.

Similarly, MGM Springfield faced penalties for accepting wagers on two Harvard men’s basketball games. The casino‘s sports betting vendor, BetMGM, had erroneously designated the location of Harvard as Connecticut instead of Massachusetts, leading to the unauthorized bets. To rectify the situation, BetMGM swiftly corrected the error and committed to thoroughly reviewing all past sports wagers to ensure compliance with the rules.

Plainridge Park Casino also faced compliance issues, allowing 33 bets across 27 tickets on a men’s regular season basketball game between Merrimack College and Long Island University. A backend data entry error was responsible for this discrepancy, and the casino’s sports wagering vendor, Kambi, promptly rectified the mistake by correcting Merrimack College’s location listing from Florida to Massachusetts.

While the fines may seem relatively small considering the robust legal sports betting market in Massachusetts, the MGC is sending a clear message to all operators that adherence to betting rules is non-negotiable. As the state’s sports betting industry continues to thrive, the importance of stringent oversight and enforcement cannot be understated.

The MGC’s actions demonstrate its commitment to upholding the integrity of sports betting in Massachusetts, regardless of the scale of the violations. As the market continues to evolve, it is vital for all stakeholders to work together to maintain the highest standards of legality and transparency.

As operators adapt to the MGC’s strict compliance measures, the fines serve as a reminder that the regulator will leave no stone unturned to ensure the continued integrity and success of the state’s legal sports betting landscape. Cooperation from all parties involved will be crucial in shaping the future of sports betting in Massachusetts.
More casino & gambling news

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Gizmodo, a popular media outlet, reported that blockchain betting site Polymarket had seen at least $220,000 wagered on the outcome of the Titan tragedy before the news of the vessel’s destruction and crew members’ demise was known.

There Is a Time and Place for Everything

The prediction website basically asked whether bettors believed that the Titan submarine and its crew had survived, with the majority of consumers responding in the negative. Polymarket said that it would honor “positive” bets providing that the vessel was physically recovered

Twitter was quick to pick up on the betting market and criticize running what many called a gamble on people’s lives. Gizmodo did reach out to Polymarket which engaged with the publication and simply stated that the betting markets can be of “actual value to those worried for their family members.” Polymarket simply stated:

That is a far more valuable service to them than sensationalist media coverage: with our markets, at least they understand the true probabilities.

Running a death pool is rare though and it mostly doesn’t happen in the world’s biggest markets where operators understand the ethical and moral implications of making such a move. Even those bookmakers that tried to dance around the rules a little, such as Paddy Power’s suggestion in 2009 that President-elect Barack Obama might be assassinated have been forced to deal with, the fallout of creating “death pool” markets.

Do Not Turn Tragedy into “Infotainment”

The tragedy with Titan remains, with the US Coast Guard confirming on Thursday that the vessel had suffered a “catastrophic implosion” shortly after descending, killing all crew members on board. Markets outside of sports have generally been very popular with bookmakers that are not based in a heavily regulated jurisdiction. Presently, there are efforts to legalize politics and entertainment bets in some countries, including the United States, but there is serious opposition for fear of undermining the legitimacy of some contests. When it comes to human tragedy

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The Louisiana Illuminator reported that Louisiana’s casinos may soon be allowed to offer fixed-odds bets on horse racing, according to a proposal that advanced on April 17. 

Louisiana Horse Racing Association Shows Support for Fixed-Odds Betting Proposal

Fixed-odds betting would bring horse racing wagers in line with most other bets at sportsbooks, such as basketball or football games. Under fixed-odds betting, a bet placed with 5-to-1 odds would pay off at that rate no matter what subsequent bets are made on a race. Pari-mutuel bettors compete against each other, which can impact odds as more money is a bet on a horse.

The proposal has received support from the Louisiana Horsemen’s Benevolent and Protective Association, with executive director Ed Fenasci stating in an interview that it would attract a growing segment of gamblers to horse racing. 

The legislation also seeks to lower the share of fixed-odds profits that casinos forward to the state’s licensed racing association from 25% to 15% to encourage sportsbooks to participate.

The House Commerce Committee did not receive any opposition to the bill, and it was advanced without issue. If passed, it would mark a significant change for Louisiana’s horse racing industry and could potentially increase revenue for casinos and the racing association.

Louisiana Sportsbooks Profit $37M in December 2022

The Louisiana sports betting industry broke its record revenue in December 2022, bringing in $37 million, with the majority of the revenue generated by mobile sports betting, accounting for $30.5 million, while retail sports betting generated $6.4 million. 

This was the fourth time Louisiana sportsbooks had surpassed $30 million in a month, making it the highest-grossing month for the sports betting industry in Louisiana. Despite a decline in total handle, operators still managed to bring in a profit of $37 million due to a hold of 14% in mobile wagers and 18% in retail tickets, which marked a total win rate of 14.5%. 

Football was a significant contributor to the revenue generated by both mobile and retail sportsbooks in Louisiana, with mobile operators profiting $7.2 million, and retail operators profiting $2.9 million as a result of football-related bets. Even though the state’s revenue was lower in December than in both November and October, it still brought in over $4.3 million in taxes. The revenue loss reported in November was due to a massive payout of $75 million to Texas furniture mogul Jim “Mattress Mack” McIngvale after placing multiple high-stake bets on the Houston Astros winning the World Series. McIngvale’s major winnings resulted in a revenue decline of 206% in November.

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