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BetMGM is profitable, but its market share drops
Plus: Fox Bet is shutting down, Betr rolls out DFS and Kambi's bet on Bally's.
Welcome to your weekly roundup. BetMGM is profitable and Kambi is betting onBally’s, while Fox Bet is shutting down. As always: if you liked reading this, please subscribe or share it with a friend. Have a great weekend!
BetMGM reached profitability. BetMGM reported positive EBITDA in the second quarter and also expects to be profitable in the second half of 2023. FanDuel is the only other operator to reach that mark. BetMGM saw same state player acquisition costs drop 8%—a good sign. However, its market share for online sports betting in North America dropped to 11% in Q2 from 13%.
Fox Bet, which is operated by Flutter, is shutting down. Fox Corp’s Fox Sports originally launched Fox Bet with The Stars Group in 2019. Flutter later acquired The Stars Group in 2020.
Kambi looks to Bally’s in transition to AI. Kambi saw revenue increase 24% in the second quarter, though earnings dropped 23%. Kambi is also now breaking out its AI trading services into its own division. Read more on Kambi’s AI ambitions from our recent interview with COO Erik Lögdberg. Meanwhile, Kambi is betting on its Bally’s deal, which it signed in May.
Betr is rolling out daily fantasy sports in 24 states with its BETR Picks. The DFS product will be accessible to existing Betr sportsbook app users and both will be available through a single API. Betr plans to launch the DFS service in 30 states this year.
PointsBet sees profit coming. After selling US operations to Fanatics, CEO Sam Swanell says PointsBet is on the way to profitability, citing a net win rise of 10% to A$61 million.
What we’re reading
Fanatics is launching a sportsbook in Columbus, Ohio, part of a broader nationwide rollout. It is also operating invite-only digital sportsbooks in Maryland, Massachusetts and Tennessee.
MGM, Penn and Wynn were fined by Massachusetts regulators for taking illegal bets on Massachusetts-based college sports.
The restarting of student loan repayments this year may impact operators’ handle, according to TransUnion.
Hard Rock gets a mobile and retail sports betting licenses in Illinois.
PlayUp’s Colorado sportsbook was taken down — after the New Jersey site previously lost is sports betting license.
PrizePicks is growing but critics say its DFS offerings are a form of gambling, according to the Wall Street Journal.
“This counterfeit version of sports gaming masquerading as a fantasy concept is going to become a problem.” — Matt Schuler, executive director, Ohio Casino Control Commission, talking about DFS operators.
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