Month: February 2024

This marked a dip of 8.8% from January 2023. In total, $93.9m came from table games and slots, while $500,221 was generated by retail sports betting.

The overall revenue also fell month-on-month, trickling down by 18.8% from Detroit’s December report.

In terms of market share, MGM held 48% in January. MotorCity held 30%, while Hollywood Casino at Greektown took up 22%.

Table games and slots revenue

Looking at revenue from table games and slots specifically, it fell by 9.1% compared to January 2023 and 15.7% from December 2023.

Detroit’s casinos also recorded drops in gaming revenue year-on-year. Revenue at MGM decreased by 11.3% compared to January 2023, while revenue at MotorCity dipped 10.4% to $27.1m. Hollywood Casino at Greektown recorded a dip of 2.0% to $22.2m.

Things were similar when looking at the month-on-month comparisons. MGM gaming revenue fell 11.8% and MotorCity gaming revenue declined 21.9% compared to December 2023. Revenue at Hollywood Casino at Greektown also fell by 14.9%.

During January 2024, the casinos paid $7.6m in taxes to Michigan state. In January 2023, this was $8.4m, representing a 9.5% decrease. To the City of Detroit, the casinos paid $11.2m in wagering taxes and development agreement payments.

Sports betting handle sinks in January

Total retail sports betting handle for the month totalled at $24.2m, marking another monthly decline – this time, of 20.4%. Gross receipts for January were $520,988.

And while retail sports betting qualified adjusted gross receipts (QAGR) increased by $389,197 year-on-year, it declined by $4.3m compared to December 2023.

Looking at QAGR by casino, MotorCity generated $1.1m of the total, with MGM bringing up the rear with $403,926. Hollywood Casino at Greektown managed a loss in this segment, totalling negative $1m.

For sports betting, the casinos paid $58,073 in gaming taxes to Michigan state – a staggering $53,876, higher than what was paid in January 2023. They also paid $70,978 in wagering taxes to the City of Detroit.

Detroit’s January report noted that fantasy contest operators reported total adjusted revenues of $484,140 in December 2023 and paid $40,668 in taxes.

Betsson saw revenue grow by 22% to €948.2m during the year to 31 December 2023. Revenue was up 40% organically.

Sportsbook revenue of €267.0m grew by 7% compared to €250.6m in 2022. Deposits of €5.01bn were up 37% over the 2022 figure.

Over the course of the year, EBITDA was up 52% to €262.7m from €172.4m in 2022. The EBITDA margin was 27.7%, compared to 22.2% in the prior year.

Betsson recorded operating income (EBIT) of €210.5m, which was up 60% year-on-year. The EBIT margin of 22.2% was an increase on 2022’s 16.9%.

Pontus Lindwall, Betsson’s chief executive, said: “I look forward to 2024 with confidence. Betsson is well positioned for continued value creation thanks to a strong financial position, proprietary technology, an attractive customer offering and, above all, our employees.”

Casino growth drives Betsson’s Q4

Betsson gave a detailed breakdown of its Q4 figures, with revenue and earnings both growing significantly.

For the three months to 31 December 2023, group revenue was up 14% to €251.9m. Revenue was up 36% organically.

Casino revenue was up 25.1% year-on-year to €182.8m, which represented 72% of group revenue. In Q4 2022 it contributed 66% of group revenue. Casino revenue from mobile devices was €157.8m and accounted for 86% of total casino revenue.

Sportsbook revenue in the fourth quarter was €67.0m, which was down 5.2% compared to Q4 2022 which featured the Fifa World Cup. This represented 27% of group revenue. Sportsbook revenue from mobile devices was €51.2m, accounting for 78% of total revenue compared to 82% in Q4 2022.

Revenue from other products (poker, bingo and other) amounted to €2.1m, and represented just 1% of total revenue.

Licence revenue for system delivery to B2B customers amounted to €65.1m, which was up on the €48.8m posted in Q4 2022. B2B corresponded to 26% of group revenue, compared to 22% last year. Betsson said the increase was mainly due to enhanced products within both casino and sportsbook. The company also acquired 80% of the shares in KickerTech Ltd at the beginning of Q4.

Betsson boosted by Greek gains

Looking to geographical regions, Central & Eastern Europe and Central Asia (CEECA) remains its largest market, accounting for 42% of total revenue. This region generated €106.8m, which was up 25.2%. Greece reported all-time high revenue in the fourth quarter, driven by a strong underlying activity with new records in turnover, number of active customers and in deposits. Betsson said Croatia continued to develop well in the fourth quarter, driven by the casino product.

Revenue from Western Europe was up 61.8% to €41.7m, thanks in part to strong growth in Italy and Belgium, which also saw the acquisition of BetFirst. Notably however, revenue was down in Germany.

Revenue from the Nordics was €46.4m, a decrease of 12.6%. Sweden reported decreased revenue compared to the corresponding period last year due to lower activity in both the sportsbook and casino product.

Local taxes drive up costs

Betsson posted Q4 gross profit of €165.2m, which was in line with revenue by growing 14% year-on-year. EBITDA of €71.9m was up 40%, with operating income (EBIT) of €57.0m up 42%.

Betsson said profitability in Q4 was constrained by increased cost of services to €86.7m. The increase was mainly due to higher gaming taxes, driven by an increased share of locally regulated revenue. This amounted to 45.9% of total revenue in Q4 compared to 34.2% of total revenue in the corresponding period in 2022.

Marketing expenses (excluding affiliate and partner commissions) were €32.4m and corresponded to 17% of B2C revenue. This was down compared to 22% in Q4 2022. The reduced marketing costs compared with the corresponding period last year were mainly driven by a step up in marketing activities during and ahead of the 2022 Fifa World Cup.

Lindwall added: “The high customer activity continued during the fourth quarter with new record levels in customer deposits and gaming turnover in both casino and sports betting. Once again, the group reports the highest levels ever for revenue and operating profit, marking the eighth consecutive quarter of sequential growth.”

A busy year for Betsson saw it secure a new online casino licence in Serbia as well as an online sports betting licence in France. However, there will be no return to the Netherlands for the time being after the business withdrew its igaming licence applications following multiple delays to the certification process.

The Australian Communications and Media Authority’s (ACMA) request came after investigations found the services to be operating in breach of the Interactive Gambling Act 2001.

Playzilla, Wazamba, Zet Casino and Slots Palace were among those identified by ACMA. The authority can request that sites are blocked if they are providing prohibited or unlicensed interactive gambling services to customers in Australia.

The other sites which are to be blocked are Nomini, Casinia, SG Casino, Fez Bet, Buran Casino, Spin Better, Golden Bet and Clash.gg.

Since the ACMA made its first blocking request in November 2019, some 926 illegal gambling and affiliate websites have been blocked. ACMA said that more than 220 illegal services have pulled out of the Australian market since it started enforcing illegal offshore gambling rules.

“The ACMA is reminding consumers that even if a service looks legitimate, it is unlikely to have important consumer protections. This means our laws can’t help if something goes wrong, like if the service provider withholds winnings,” said ACMA in a statement.

ACMA acted over in-play betting

In December, ACMA took aim at four leading online gambling brands, including Ladbrokes and Bet365, as it accused them of breaching in-play betting rules. In a statement published in December 2023, ACMA conceded that the four brands had eventually complied with rules so it would not be taking further enforcement action.

The authority said the operators had breached interactive gambling rules through the use of “Fast/Quick codes” to facilitate in-play betting on sports. Entain-owned Ladbrokes and Neds, as well as Hillside’s Bet365 and Sportsbet, were the four guilty parties named by ACMA.

Australia’s Interactive Gambling Act 2001 prohibits in-play betting on sports matches, with only limited exceptions. These include placing the bet over the phone, whereby the player must make an actual phone call to make the wager.

In a statement on the agency’s website, Alejandro H Tengco, chairman of PAGCOR addressed a social media post made by PAGCOR employee Gian Samson. Samson had said that PAGCOR would spend the money to improve the casino for potential buyers, who may want to purchase it after it has been privatised.

The plan to privatise PAGCOR’s casinos will be implemented in late 2025. This is so PAGCOR will have enough time to address the needs of those affected by the move, according to the statement.

Tengco denied the rumour, stating that PAGCOR would not spend any money on the renovation.

“There is no truth in Mr Samson’s allegations because the said renovation will be borne by the lessor,” said Tengco. “Pagcor will not spend a single cent on the renovation.”

The chairman added that the renovation forms part of PAGCOR’s plan to improve facilities for customers at the Casino Filipino.

“We do not own the building where CF Angeles stands, so we had an agreement with the lessor to cover the renovation costs because they are the owner of the place and PAGCOR is only renting,” Tengco continued.

“This is also the agreement we will make with the Bacolod branch as part of our effort to make our casinos more attractive for the benefit of not only PAGCOR but also the government.”

Currently there are eight Casino Filipino facilities active across the Philippines. PAGCOR is set to launch into online gambling with Casinofilipino.com during Q1 2024.

Further criticism

Tengco went one step further to criticise an allegation made by PAGCEA Group, which intimated that a total of 10,000 employees will be made redundant due to the privatisation plans.

Tengco once again denied the rumour, adding that 10,000 employees represents the entire PAGCOR workforce.

“We are not disbanding PAGCOR; and many workers will still remain in the regulatory, enforcement, monitoring, electronic gaming licensing and other units,” he continued.

“That’s why I call on our employees not to believe the lies spread by some individuals. We are here to promote your welfare, but let us do our duty.”

PAGCOR instigated the process of switching to a “purely regulatory” role in September last year, a move that formed part of the privatisation plans. At the time, Tengco said this would help “level the playing field” and allow growth for other operators.

Philippines leading the way

Speaking to iGB at ICE London, Tengco revealed that PAGCOR has big plans for the Philippines market in 2024.

“We are regulating quite a few integrated resorts in Manila,” he explained. “We did some changes and made some adjustments in the previous structure because we want to encourage not only our existing integrated resorts and our existing licensees, but we wanted to encourage new players to come.”

Tengco added that PAGCOR will continue to make the Philippines stand out as a major gambling hub.

“We are the only regulator of online gaming in South East Asia,” he continued. “That gives us an undue advantage, an advantage that can be overcome just overnight.

“That advantage itself, we should take advantage of so that we are able to attract more to invest in the Philippines when it comes to the online gaming arena.”

As part of iGB’s Road to ICE series, we delved into the ins and outs of the Philippine gaming market, chronicling the popularity of the casino sector in the country.

Tiffany Sadler, director of marketing at SUZOHAPP, discusses how 2023 played a pivotal role in the growth of the hardware provider. From announcing its partnership with Fanatic Sportsbook to helping partners capture the attention of the next generation of players, SUZOHAPP is heading for further growth across the igaming industry in 2024.

FDJ attributed the “solid” growth in revenue to momentum in its sports betting and online gaming sectors. This was evidenced by an 18.8% increase in its net gaming revenue (NGR), becoming almost 13% of the group’s NGR.

FDJ’s 2023 report came in the wake of the group submitting an offer worth SEK27.96bn (£2.10bn/€2.45bn/$2.67bn) to acquire the entire outstanding share capital of Kindred Group in January.

During 2023, FDJ’s net profit rocketed by 38% to €425m, from 2022’s figure of €307.9m. Recurring operating income shot up from €459m to €532m, again a sizeable rise of 15.8%.

Despite the rise in revenue, the 6.5% revenue hike fell behind the 9.1% increase to $2.46bn reported last year. The previous year’s success was largely powered by an 11% jump in lottery. Interestingly, this was while the lottery sector only grew by 4.9% in 2023.

FDJ recorded an increase in EBITDA of 11.3% to €657m at a margin of 25.1%. The group attributed its net profit hike to the high level of recurring EBITDA and the rise in financial profit.

Dividend growth was also described as “strong”, rising by 30% to €1.78 per share with a payout ratio of 80%. The group says it now has a significant available cash amount of €855m.

FDJ: A commitment to “responsibility”

Stéphane Pallez, chair and CEO of FDJ, said the company had reached milestones in 2023 in regards to its M&A activity.

“FDJ delivered solid growth and results this year,” she said. “The group reached in 2023 a major milestone in the implementation of its strategy with the completion of the acquisition of Premier Lotteries Ireland and ZEturf.

“The proposed acquisition of Kindred, announced at the end of January, will enable the creation of a European champion and significant value creation for the benefit of all stakeholders, in line with our model combining performance and responsibility.”

A large feature in FDJ’s 2023 financial year report was the theme of responsible growth. The group emphasised a three-pronged plan to help with that strategy.

The first is an extensive model on recreational gaming. FDJ revealed that less than 2% of its online lottery gross gaming revenue comes from high-risk players. Meanwhile, over 10% of the group’s advertising budget is also allocated to responsible gambling.

The company also plans to recognise its societal commitments. This means particular attention is attributed to maintaining the highest level of extra-financial ratings. Notably, this includes a 72/100 score from Moody’s ESG Solutions for financial sustainability.

FDJ is also keen for its performance to benefit all stakeholders. The company has contributed €4.3bn to public finances as well as created 56,000 jobs. Some 21,800 of these are in local retail trade.

FDJ’s proposed acquisition of Kindred

In a statement following the bid, FDJ stated the deal to acquire Kindred would create the second largest operator in Europe’s gaming sector. It added the combination would result in a “European gaming champion” with stronger revenue and earnings growth.

Both the Kindred and FDJ boards are supporting the proposed acquisition. This would be the latest in a string of purchases for the French lottery and gaming giant.

FDJ completed a €175m acquisition of ZEturf in October, while the group also finalised the purchase of Premier Lotteries Ireland the following month in a deal worth €350m. In the 2023 report, FDJ stated the integration of those two companies had been “in line with expectations”.

Looking ahead to 2024

In terms of 2024, FDJ is targeting an 8% revenue growth across the group with a recurring EBITDA margin of approximately 24.5%.

The group is looking for 5% revenue growth in terms of its lottery and sports betting and online gaming open to competition sectors over the next financial year. This will be powered by the large number of sporting events in 2024, including the Paris Olympics and the UEFA European Championships.

FDJ is also expecting additional growth to come from the contribution of other activities such as international, payment and services.

The deal with Kindred opens up FDJ to future growth, too. In an interview with iGB, Ed Birkin, a senior analyst at H2 Gambling Capital, called the move a “meaningful step-change” in FDJ strategy towards becoming a “multi-product top-tier European operator”.

The German Sports Betting Association (DSWV) said its data for 2023 showed a 5.4% decrease in stakes compared to the previous year. A survey it recently commissioned showed that the black market accounts for around 50% of German online gambling activity.

DSWV said the drop in total staked to €7.7bn (€8.3bn/€6.6bn) was due to restrictions on marketing activities imposed by the State Treaty on Gambling, which came into force in 2021. Restrictions, such as a ban on live betting, mean unlicensed operators can offer a more attractive proposition to players.

With sports betting set to surge ahead of Germany staging this year’s UEFA European Championships, DSWV is concerned that restrictions on licensed operators will simply mean more players migrating to the black market. It is therefore calling for action from the from the Joint Gaming Authority of the States (GGL) to realign current regulatory policy. It also opposes calls for a gambling advertising ban.

“An important reason for the decline is the migration of many players to illegal offers. For example, since the State Treaty on Gambling came into force in 2021, regulated providers have been unable to keep up with the extensive betting offers on the black market due to a limited betting programme,” the DSWV said in a statement.

“The association is therefore calling for attractive framework conditions for regulated providers so that they remain competitive.”

Advertising restrictions: a boost for the black market?

The State Treaty on Gambling bans live betting and also wagering on anything other than prescribed sports and horse racing. Bets on esports and non-sports events, such as financial betting or secondary lotteries, are not permitted. Pool betting is reserved for the state monopoly.

Regarding advertising, DSWV believes an all-out ban backed by some will prevent consumers from differentiating between licensed and illicit operators. Draconian rules already imposed include a blackout on online and TV advertising at certain times of the day. Restrictions on displaying sports clips in advertising are also in place.

“Advertising helps to give legal providers appeal so that they stand out from the illegal offers,” the group said. “Players are only protected at companies permitted by the GGL. In the debate about sports betting advertising, the DSWV therefore expressly positions itself against an advertising ban.”

Late last year, a DSWV-commissioned survey revealed “alarming developments” in the German online gambling market. Despite gambling law being designed to boost channelisation, the study found that just 50.7% of play was with licensed operators. The study showed that some 28.9% of play was with unlicensed EU providers and 19.9% with unlicensed offshore providers.

The report was authored by gaming consultancy Eilers and Krejcik Gaming (EKG). It analysed data from casinos, regulators and state governments over a period of 16 years, with the aim of discovering whether online gaming cannibalises revenue from land-based casino.

To determine what, if any, effect the introduction of online casino has on land-based gross gaming revenue (GGR), EKG studied this scenario in regards to six states. These were Connecticut, Delaware, Michigan, New Jersey, Pennsylvania and West Virginia.

The consultancy compared the compound quarterly growth rates (CQGR) of land-based casino GGR before and after online casino was introduced. It noted that each state experienced a positive change in quarterly growth after online casino came into play.

West Virginia’s land-based sector experienced the highest positive change in CQGR post-online casino, at 6.0%. Before online casino, the CQGR was -3.0%, while after, it was a positive of 3.02%.

West Virginia saved by online casino

Although West Virginia’s land-based market hit a peak in 2012, it had been steadily declining before online casino was introduced in July 2020. Despite the online casino launch occurring in the early months of the Covid-19 pandemic, the land-based market returned to its pre-Covid success.

The report also noted that 2023 could be the best year yet for West Virginia’s land-based casinos.

The report states that Connecticut’s land-based market was experiencing a year-on-year decline before online casino launched. Its GGR improved 0.34% after online casino launched in 2021. The smallest jump came in Pennsylvania, which was experiencing fairly steady growth before online casino was introduced. Nonetheless, post-launch, it it saw a 0.14% rise in land-based GGR.

Delaware, New Jersey and Michigan’s land-based markets experienced a 1.94%, 1.28% and 4.89% GGR jump respectively.

As part of its research, EKG carried out a survey of casino operators from both land-based and online businesses. It noted that “the response from participants has been unanimous: cannibalisation has not been occurring”.

When asked about what impact online casino had had on land-based revenue, 20% of participants said it had “moderately increased”, while 80% said it had “stayed roughly the same”.

To the question “How would you describe the impact the introduction of online casino has on land-based casino revenue?”, 100% of respondents said they did not believe cannibalisation fears are valid.

Differing customer types between land-based and online

EKG also provided information on how land-based and online casinos appeal to different types of customers. This was sourced from Golden Nugget Online Gaming’s June 2020 investor presentation.

For online casino, 55% of users are men, compared to 45% of women. The average age of an online casino player is 40-45 years old. However, for land-based casinos, women make up 51% of players. The age range is also slightly older, in the 50-55 years-old group.

In addition, the report noted that the time investment for online casino is typically lower, compared to higher with land-based casino. Online stake levels are also considered broader compared to land-based.

“Land-based and online casino draw different kinds of customers because each product provides a fundamentally different experience,” reads the report. “An online casino visit, for example, is typically measured in minutes, while a land-based casino visit is more likely to be measured in hours.”

The legislative year began at the start of this week, and a first reading of Senate Bill 3803 has already taken place. The Minnesota Sports Betting Act 2.0, proposed by Representative Jeremy Miller, would allow Native American tribes, racetracks and teams to offer in-person wagering at their facilities.

According to the bill, which has been referred to the State and Local Government and Veterans Committee, a state commissioner would oversee betting in Minnesota. The commissioner would issue up to 11 sports betting operator licences, up to 11 platform provider licences and sports betting supplier licences.

Licence holders would also have the option to operate retail betting on the premises of horse racing tracks or professional sports stadiums in Minnesota, pursuant to a partnership agreement with the track operator or sports team.

Bill 3803 would impose a tax of 15% on sports betting net revenue received on wagers placed.

“We are the only state in the region where it remains fully illegal to bet on sports,” Miller said in a statement. “This proposal is good for the tribes, it’s good for the tracks, it’s good for the professional sports teams. Most importantly, it’s good for the folks who would like to bet on sports here in Minnesota.”

2023 betting bills fell short

In 2023, there were multiple bills which aimed to legalise sports betting but each fell by the wayside. The bills differed on key points, including the level to which the state’s tribes would have exclusive access to licences.

Miller said changes made to electronic pull tabs during the last session raised significant concerns from charities across the state.

“Restoring some of the functions that were eliminated in last year’s omnibus tax bill would address some of their concerns,” he added.

Speaking to the public and media ahead of the session, leading lawmakers indicated they expect a sports betting bill to pass in 2024. House Speaker Melissa Hortman put the chances as high as 60-40.

Governor Walz said he would give ascent to legislation. However, he wants to be assured that an agreement can be reached with state tribes and other interested parties.

“I think the issue still is if they can get a bill through the house and senate that meets all those constituency needs,” Walz told reporters on Monday. “If they do, I’ve said I will sign it.”

Minnesota has teams in each of North America’s major sports leagues, including the National Football League’s Minnesota Vikings.

Early progress in Alabama

Meanwhile, a plan to allow lottery, casinos and legal betting in Alabama has advanced in the state’s house of representatives.

The House Economic Development and Tourism Committee approved the two-bill package on voice votes on Wednesday.

HB152 is an enabling bill that spells out how lottery, casinos, and sports betting would operate. HB151 is a constitutional amendment that would regulate, license and tax certain limited forms of gaming activity. The latter would require voter approval in November.

HB152 would create an Alabama Gaming Commission that would license the casinos and include a law enforcement division. The Legislative Services Agency estimated the state could receive as much as $900m from the lottery, casinos and sports betting. That includes revenue that would come from a compact with the Poarch Band of Creek Indians.

ESPN Bet, the product of Penn’s $1.5bn deal with Disney-owned ESPN, launched across 17 states on 15 November.

Penn’s Interactive segment recorded revenues of $31.5m in Q4, though its adjusted EBITDA loss stood at $333.8m.

Revenue across the whole company dropped 12.5% in Q4 year-on-year from $1.6bn to $1.4bn. Overall adjusted EBITDAR for Q4, meanwhile, plummeted from $468.3m to $112.5m year-on-year.

Penn’s northeast segment, which includes 17 properties including Ameristar East Chicago and Hollywood Casino Lawrenceburg, accounted for $662.9m of the $1.4bn in revenue.

Diluted earnings per share also went from $0.13 to a loss of $2.37. Meanwhile, total liquidity dropped to $2.1bn from 2022’s figure of $2.6bn. Net debt at the end of Q4 stands at $1.6bn.

Penn’s full year results

The $1.4bn in Q4 revenue took Penn to $6.36bn for the year. This fell just $3.9m behind 2022’s figure of $6.4bn.

For adjusted EBITDAR, 2023’s $1.51bn fell significantly short of the $1.94bn accumulated in Penn’s 2022 financial year. Adjusted EBITDAR margin also fell from 30.3% to 23.8%.

Overall, Penn lost $491.4m throughout 2023. When compared to last year’s net income of $221.7m, there is a disparity of $713.1m between those two figures.

However, a key reason for the poor full year results for Penn is the company’s $1 sale of Barstool’s brand back to founder Dave Portnoy in August. According to Penn, the divesture incurred a $923.2m loss for the 2023 financial year.

ESPN Bet goes live in Q4

Despite the significant adjusted EBITDA loss for the company’s Interactive segment in Q4, Penn president and chief executive Jay Snowden lauded ESPN Bet’s record handle and its conversion to over a million first-time depositors.

Snowden noted ESPN Bet’s download volumes, smashing the record for sportsbook downloads with over a million in the first six days following its introduction. Snowden highlighted ESPN Bet’s strong key performance indicators (KPIs), including monthly active users (MAUs) and handle.

However, ESPN Bet’s launch into a highly competitive US market means it could prove tricky to challenge the likes of giants DraftKings and FanDuel for market share.

In Snowden’s view, though, further product enhancements and deeper integrations should help ESPN Bet to grow and therefore make more of a dent in the market.

Difficult quarter for Penn

Significant drops in key financial statistics such as revenue and adjusted EBITDAR combined with a net loss for the quarter suggest it was a negative period for Penn.

However, ESPN Bet’s encouraging early signs could lead to a turnaround in the near future having largely been in the initial heavily promotional phase in order to boost player acquisition.

Penn also retains a positive liquidity status with $2.1bn available at the end of the year. This includes $1.1bn in cash and cash equivalents.

Penn’s future plans

ESPN Bet’s promotional expense has “started to normalise” after the early phase, and Penn believes partnering with the US’ largest media brand has allowed for attractive cost-per-acquisition (CPA) over the initial stages.

Looking forwards, Penn is expecting to launch ESPN Bet in North Carolina this year, as well as New York, which is by far the most lucrative state for sports betting in North America. Those two launches alone will take ESPN Bet’s addressable online sports betting population in the United States from 37% to 46%.

Penn took another step closer to launching ESPN Bet in New York this week by acquiring Wynn Interactive Holdings’ sports betting licences in the state. Upon relevant approvals, Penn will launch ESPN Bet in the state later this year.

Snowden said this acquisition will expose ESPN Bet to the most prominent sports betting market in the US. It remains a highly competitive market, though, with current brands active on the market including FanDuel, DraftKings, Bally Bet, BetMGM, Caesars Sportsbook, Fanatics Sportsbook, Resorts World Bet and BetRivers.