Matthew Waters

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Articles

Penn Points To ESPN Bet-Fantasy Football Synergy On Q1 Call

1 week ago | legalsportsreport.com | Matthew Waters

Penn Entertainment is banking on fantasy football to help it capture some sports betting market share for ESPN Bet. The company is launching new integration between a sports betting customer’s season-long fantasy team and ESPN Bet, Chief Technology Officer Aaron LaBerge said on Thursday‘s first-quarter earnings call.
Genius Likes BetVision Outlook, Checking 'Frogs' For M&A Fits

1 week ago | legalsportsreport.com | Matthew Waters

There is a “big focus” on finding acquisitions for Genius Sports, given its accelerating cash flow, but the company has not yet found the right fit. “I think M&A is obviously a big focus, but we have to be very careful about what we’re buying and, you kiss a lot of frogs, I think, is the phrase, and we’re doing a lot of kissing, but we expect some of them will turn into princesses at some point,” CEO Mark Locke said on Tuesday’s first-quarter earnings call.
FanDuel Casino Jackpots Now Online In Three States

1 week ago | legalsportsreport.com | Matthew Waters

Flutter has announced that its FanDuel Casino Jackpots progressive jackpot system is now live across three states. FanDuel online casino customers in Michigan, New Jersey and Pennsylvania can opt in to the jackpots on eligible games. The mechanic adds 10 cents to any bet for a chance to win any of four jackpots. The new feature is a product of Flutter’s acquisition of player engagement specialist BeyondPlay in February 2024 for $26 million.
BetRivers Parent Company RSI Reports Strong Q1 In US Markets

2 weeks ago | legalsportsreport.com | Matthew Waters

Rush Street Interactive hit revenue and EBITDA records in the first quarter as BetRivers grew revenue in 15 of its 16 North American markets. CEO Richard Schwartz lauded RSI’s sports betting and online casino success despite results heavily impacted by the Philadelphia Eagles winning the Super Bowl and bettor-friendly March Madness results.
Caesars Reports Q1 Growth, Cites Parlays Among Factors

2 weeks ago | legalsportsreport.com | Matthew Waters

Add Caesars to the growing list of sports betting companies that still had successful quarters despite a strong run by favorites in March Madness. Sports betting operators have focused on how to raise their structural hold to avoid poor quarters based on customer-friendly results. Caesars succeeded in the first quarter with an increased parlay mix that rose 2.6 percentage points compared to last year.
Penn: Sports Betting ‘Has Not Met Our Expectations’

2 weeks ago | legalsportsreport.com | Matthew Waters

Penn Entertainment told shareholders it is ready to improve its sports betting product, but made it clear it can pivot if necessary. Chairman David Handler and CEO Jay Snowden co-penned a letter to shareholders to open its proxy statement concerning its June 17 annual meeting, hitting on its ESPN Bet sports betting product as a main topic. “That said, our market share and financial performance in sports betting to date has not met our expectations,” the letter reads.
Could States Seeking More Betting Taxes Turn To Online Casino?

3 weeks ago | legalsportsreport.com | Matthew Waters

One of the more concerning topics for sportsbooks that has hit state legislatures recently is raising sports betting taxes. While sports betting has better margins than the industry originally sold to state governments in the early days post-PASPA, higher fixed costs in states than previously expected can throw a wrench into plans for even the biggest sportsbook operators. So far, only two states have successfully raised their sports betting tax rates: Illinois and Ohio.
Sports Betting Structural Hold Could Help Books' Q1 Results

3 weeks ago | legalsportsreport.com | Matthew Waters

In the post-PASPA sports betting legalization push across the US, there was a familiar refrain heard on legislature floors. “Sports betting operators hold around 5% on average.”That is certainly not the case any longer. Sports betting as a business has a much different look than sports betting as an amenity as it had been treated in Nevada, with the industry holding 9.15% in 2024.
Gaming Stocks Rebound On News Of Partial Tariff Delay

1 month ago | legalsportsreport.com | Matthew Waters

LegalSportsReport is a comprehensive online gambling resource that provides tested and verified promotions, unbiased reviews, expert guides, and industry-leading news. We also hold a strong commitment to Responsible Gaming, and we only cover legally-licensed companies to ensure the highest level of player safety and securityCall 1-800-GAMBLER or visit ncpgambling.org if you have a gambling problem. Legalsportsreport.com and all content herein is intended for audiences 21+.
Kalshi Sees More Than $500M In March Madness Predictions

1 month ago | legalsportsreport.com | Matthew Waters

Kalshi accepted more than half a billion dollars worth of action on its March Madness markets this year as gambling regulators around the country try to shut down operations in their states. Kalshi took $412.4 million in action on the men’s college basketball tournament and another $91.8 million on the women’s tournament. That $504.2 million is 16.3% of the American Gaming Association‘s $3.1 billion estimate for betting on March Madness this year.