Industry

The huge spike came as the state generated $25.3 million in revenue in July, a massive increase on the $9.5 million in June. That’s despite major sports leagues such as the NFL, NBA and NHL enjoying their respective offseasons and leaving sports bettors with few choices for mainstream events.

The company’s model is unique in that it makes live betting as smooth as possible. There aren’t delays or market locks for odds updates as there are at other online sportsbooks. Instead, it relies on the exchange market that connects users in real-time.

The Pennsylvania Control Gaming Board (PGCB) already approved the transfer in ownership between the two companies, which agreed on a $225 million sale that saw Fanatics acquire the rights to PointsBet’s North American assets. The transfer happened without any additional discussion.

The repeal of PAPSA opened the floodgates for states to legalize their local wagering markets. Despite hesitation and speculation (which still continue in different states), legal sports betting has been a resounding hit and is now becoming interwoven with the fabric of sports themselves.

61% of respondents that indicated they bet on sports said that they did so daily or weekly. On top of that, four in five said that they spend up to six hours per day on various online sportsbooks or sports betting mobile apps.

Users have the opportunity to win up to 5% of their wagers back with Fancash, which is a currency that can be used at the Fanatics sportsbook or on Fanatics merchandise. In the same way bet slips show combined/parlay odds for multiple wagers, Fanatics will show the Fancash total for a bet slip with at least one selected wager.

Underdog believes that the development and growth in the Fantasy Sports community is coming to the detriment of FanDuel and DraftKings, which is why they are using “their deep pockets and political muscle to try to influence government officials, and exerting their market power to influence [Underdog’s] business partners.”

ESPN, the American leader in worldwide sports coverage, will now be in charge of creating betting lines for a variety of sports events. Other top online sportsbooks will still have the opportunity to advertise their platforms on ESPN despite the new deal.

Betr Picks was described in the company’s press release as “pick ’em style fantasy games,” making it akin to the popular betting platform Prize Picks. Betr’s new vertical is already available in 24 states despite Betr’s sportsbook being restricted to Ohio, Massachusetts, and soon, Virginia.

“A phased closure of FOX Bet’s operations will take place between 31 July and 31 August 2023,” a press release confirmed. The decision comes after the sportsbook struggled to compete with other top powers in the American sports betting landscape such as FanDuel, DraftKings, and BetMGM.