SBC Summit North America 2024: Sports Betting and iGaming Professional Insights

networking_learning_and_celebrating_success_inside_sbc_summit_north_america_2024Amidst a rapidly evolving industry, the SBC Summit North America, held from May 7th to 9th, emerged as an essential event for professionals in sports betting and iGaming. Attendees gathered to explore emerging trends, share best practices, and prepare for an exciting future in the industry.

Rasmus Sojmark, CEO and Founder of SBC, expressed his enthusiasm, stating, “We had nearly 5,000 of you join us this year, a substantial increase from the 3,500 delegates we gathered at the Meadowlands last year. I am always happy to feel your support, and it seems that every year, more and more of you realize how much work the entire SBC team puts into the event. Thank you for making this edition special. It was a blast.”

Engaging Conference Program and Notable Speakers

The summit featured an extensive conference program spread across four stages, with contributions from 300 industry leaders, offering attendees abundant learning opportunities. The event provided a platform to identify challenges, discuss solutions, and explore the potential of North American markets for both regional and global companies.

Among the notable speakers were BetMGM CEO Adam Greenblatt, seasoned professionals like Jan Jones Blackhurst, and former football legend Dan Marino. Insightful perspectives were shared by Nevada Congresswoman Dina Titus on taxation and Shawn Fluharty, President of the National Council of Legislators from Gaming States (NCLGS), who advocated for model iGaming legislation. Donna Orender, former President of the Women’s National Basketball Association (WNBA), added to the diversity of topics covered, ensuring a comprehensive discussion.

Stephanie Maxwell, Deputy Director and General Counsel of the Tennessee Sports Wagering Council, highlighted the event’s value, stating, “Being here and having the opportunity to listen to panellists and learn how they’ve addressed specific issues and pain points, it’s been really helpful.”

Kenneth Fuchs, COO of Caesars Digital, added, “The conference is organized in a way that makes it easy to find what interests you and the topics are generally useful regardless of your role in the industry. Everybody can come here and learn something.”

Networking and Inclusivity

Sarah Brennan, Senior Director of Compliance at BetMGM, shared her perspective as a speaker, noting, “One of the unique aspects of SBC is the very personal interaction prior to participating in this event, which allows you to speak on a panel that’s truly relevant to your personal experience in your professional capacity right now.”

The post-event survey for exhibitors and sponsors revealed a very strong Net Promoter Score (NPS), reaffirming SBC’s dedication to providing unique experiences and value to its customers. With 100 brands showcasing as exhibitors and sponsors, there was a notably diverse representation of companies.

Brennan emphasized, “There’s a big focus on inviting different groups; I saw a lot of vendors this year that hadn’t been at SBC previously, and many regulators are here. SBC does a great job of being very inclusive about who is represented, both from the US and across the globe.”

Sam (Shmulik) Segal, Co-Founder and CEO of MediaTroopers, a long-time sponsor but first-time exhibitor, remarked, “We decided to exhibit as this is our most important market and SBC Summit North America is the most important conference of the year. We always conduct a lot of business here; all of our partners are present. This year, we thought it was time to have a stand of our own so that people who don’t know the company can get to know it.”

Diverse Networking Events and Industry Insights

The show floor buzzed with various networking events, from gatherings for women in gaming to those for the tribal community, as well as meet-ups dedicated to responsible gambling. SBC’s objective of fostering diverse representation at the event was evident through the array of attendees.

Maxwell pointed out, “I’m a regulator in Tennessee, and our motivation (for attending this event) is the opportunity to connect with all the different kinds of people we work with – other regulators, vendors, operators.”

“The event has definitely evolved. There are way more people here. A lot more people, new entries, and new faces, and it’s exciting to see that every year honestly,” added Brett Hoffman, Founder of Gator Wagers.

Fuchs agreed, “Everybody that I generally want to catch up with is here, whether it’s across payments, data, innovation, or other operator peers, or people I know from the media, so it’s a nice mix of the industry.”

Segal added, “It seems that this time it’s even more packed than in previous years – we’ve seen everyone we’re working with in North America, everyone. It was amazing for us.”

In typical SBC fashion, the evenings concluded with networking events held at NY hotspots such as Slate NYC, Magic Hour Rooftop Bar & Lounge at Moxy Times Square, and the iconic Red Bull Arena.

Shawn Fluharty, who apart from his function as President of NCLGS, is also the Head of Government Affairs at Play’n GO, a headline sponsor of the party at Slate, commented, “You have companies from all over the world convening here because they know they’re going to shake hands with the people who are important in the industry and make those connections.”

Slot influencer Kelly Koffler was brief but expressive: “My biggest takeaway from the event is that you guys throw one hell of a party!” The Casino Kelly streamer, summarized the essence of the event well. “There’s a lot of value for anyone doing what I’m doing, because iGaming is only becoming more prevalent, so the more we learn, the more we can give to our viewers. They look up to us to be educated, so this is perfect for that.”

Mark Hicks, Managing Director of the NCAA, remarked, “This is the best event to attend throughout the year. Everybody we need to see is here, and the educational sessions are phenomenal.”

Source: “Networking, Learning, and Celebrating Success: Inside SBC Summit North America 2024”. May 14, 2024.

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Caesars Q1 Results Miss Estimates as Regional Casinos, Sports Betting Lag

Shares of Caesars Entertainment (NASDAQ: CZR) slumped during Tuesday’s after-hours session, extending declines following a 4.66% drop during normal trading hours after the casino operator posted first-quarter results that badly missed Wall Street forecasts.

Caesars Digital
Caesars Palace Las Vegas. The operator said first-quarter earnings and revenue at its Las Vegas and regional casinos declined. (Image: YouTube)

The Harrah’s operator said it lost 73 cents a share on revenue of $2.74 billion in the first three months of the year. Analysts expected a loss of eight cents on sales of $2.83 billion. While the gaming company mentioned unfavorable outcomes on the Super Bowl and the NCAA Tournament as among the reasons the first-quarter numbers missed forecasts, analysts and investors might apply scrutiny to Caesars’ Las Vegas and regional casino results.

On the Strip where it’s the second-largest operator, Caesars revenue declined to $1.03 billion in the March quarter from $1.11 billion a year earlier. The gaming company said adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) at its Sin City venues declined to $440 million from $533 million a year earlier.

That could heighten concerns that activity is slowing down on the Strip following a multi-year run of pent-up demand sparked by coronavirus shutdowns.

Caesars Regional Woes Not Surprising

Caesars said its regional casinos posted first-quarter adjusted EBITDA of $443 million on revenue of $1.37 billion, down from $448 million and $1.39 billion a year earlier.

The tepid results from the regional side of Caesars aren’t surprising because multiple operators have flagged softness at such venues due to bad weather in January that hampered visitation to gaming venues in Reno/Tahoe and the Midwest. Additionally, there are mounting signs of lower-tier bettors reducing spending at gaming venues in the South.

There have been signs that high interest, sticky inflation, and other macroeconomic headwinds are weighing on some gaming venues in the Midwest and the South. Likewise, six of the nine casinos in Atlantic City, NJ experienced profit declines last year as more locals embraced iGaming.

“Moving past the first quarter headwinds, we remain optimistic toward improved operating results throughout the balance of the year,” said CEO Tom Reeg in a statement.

Modest Progress on Debt Reduction

Entering this year, analysts and investors wanted to see more evidence of Caesars trimming its debt burden — one of the industry’s largest. There were incremental signs of that progress in the first quarter. As of March 31, the Horseshoe operator had $12.436 billion in outstanding liabilities compared to $12.439 billion at the end of 2023.

At the end of the March quarter, Caesars had cash and cash equivalents of $726 million, a figure that does not include $139 million in restricted cash.

“Excluding joint venture capex, we estimate 2024 cash capex spend of $800 million. We anticipate using free cash flows to continue to reduce debt in 2024,” said CFO Bret Yunker in the press release.

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Altenar Launches Three Sports Betting Features to Boost Player Experience

Altenar continues to launch customized solutions for sports betting platforms to maintain its leading position in the iGaming and sports betting market. The latest development of three sport betting features offering a range of bet-specific options provides a comprehensive solution for sports betting operators to expand their offerings and take player experience at another level.

Enhanced Sports Betting Options

Indeed, the Bet Boost, Betting Insights, and Bet Mentor features are set to become an integral component of iGaming platform’s user interface through an enhanced monitoring and cross-sales opportunities offered to worldwide platforms and players. Players traditionally engaged with online casinos may get an expanded overview of sports betting options and benefit from their enhanced accessibility using Altenar’s new release of customized developments.

Betting Insight and Suggestions

Therefore the Betting Insights tool includes historical data for specific markets to enable players to avail of the trend pending to the subject market to structure and place their bets. The Bet Mentor component serves as a customer’s vehicle to set the bet amount and specify the amount sought to be won. Players can also take advantage of the respective suggestions based on the statistical data to set the bet.

Bet Boost

The Bet Boost tool is designed to help operators to manage their promotions and betting campaigns in a highly efficient way. The tool will enable operators to particularly enhance the competiveness of their campaigns run ahead of specific events or popular championships. The feature’s visibility is ensured through a variety of front-end options and design solutions, including carousels, event view or overview tools.

Comprehensive Tool Kit

altenar_releases_trio_of_betting_widgets_to_enhance_customer_engagementUsing the Altenar’s trilling of winning software developments, players can take advantage of the historical data and statistics-based suggestions to tailor their bets or swiftly and easily access betting promotions and campaigns. The operators may benefit from a comprehensive set of tools to drive player engagement provided by the company having been building the reputation of a leading B2B software provider since 2011.

Antonis Karakousis, Director of Operations at Altenar, said“We are pleased to bring all three of our new add-on widgets to market, offering our operator partners more ways than ever to engage bettors and empower them to make data-driven decisions.

“Data is becoming increasingly important for customers, not just operators, and the insights these tools offer will serve to make Altenar’s partners the most competitive on the market.”

Source: “Altenar releases trio of betting widgets to enhance customer engagement’’. European Gaming. April 18, 2024.

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Ontario Regulator Stops Betting on World Boxing Association Events

ontario_halts_world_boxing_association_betting_over_integrity_concernsThe Alcohol and Gaming Commission of Ontario, the government body in charge of regulating sports betting and gambling in Canada’s most populous province, has ordered all licensed operators in the region to stop offering bets on events organized by the World Boxing Association (WBA).

The measure was due to concerns over the integrity of those events after the Alcohol and Gaming Commission of Ontario ruled that boxing matches organized by the WBA do not have adequate safeguards in place when it comes to preventing match fixing and insider betting. This all started after the regulator conducted a thorough review of the wagering activity of a title fight organized by the World Boxing Association.

The respective bout was the one between Yoenis Tellez and Livan Navarro, when the Ontario regulator observed suspicious betting patterns in live bets being placed over five and a half rounds during the match. The bout was observed by two registered independent monitors while the betting activity took place at a registered iGaming operator in the Canadian province.

There were also reports in the media claiming that the manager of Yoenis Tellez placed bets worth 110,000 dollars at a casino in Florida on the match going on for over five and a half rounds. The bet was a winning one as the match went on until the tenth round, when Tellez managed to knock out Navarro.

All Eyes on Insider Betting

The match took place in December 2023 in Florida and that is also when the Alcohol and Gaming Commission of Ontario started its review of the matter. One of the conclusions of the respective review was that bets related to boxing matches organized by the WBA don’t meet the current version of the Registrar’s Standards for Internet Gaming. This led to the indefinite suspension of betting on WBA events in Ontario.

The Alcohol and Gaming Commission of Ontario also underlined that its licensed operators were asked to demonstrate that the WBA prohibits betting from insiders and the respective operators were unable to do that. This means that coaches, managers, handlers or medical staff involved with one of the fighters could place bets on the respective matches while having the benefit of knowing non-public information. Moreover, the review found no proof that the World Boxing Association took any action to investigate past allegations of match fixing and insider wagering.

This is not the first time the Alcohol and Gaming Commission of Ontario takes such a measure. In December 2022 the regulator ordered licensed operators to stop offering bets on UFC (Ultimate Fighting Championship) matches following similar concerns over insider betting. That ban lasted just for a few weeks because the UFC then implemented new protocols to prevent insider betting.

Source: “Ontario halts World Boxing Association betting over integrity concerns“. iGaming Business. April 19, 2024.

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Supreme Court Grants DOJ Additional Time to Submit Seminole Sports Betting Response

The United States Supreme Court has extended a deadline that was set for today, Friday, April 12, for the U.S. government to submit testimony on a pending case challenging Florida’s Class III gaming compact with the Seminole Tribe.

Supreme Court Florida Seminole sports betting
The U.S. Supreme Court has granted the federal government extra time to submit testimony on why it is of the opinion that Florida’s 2021 gaming compact with the Seminole Tribe does not violate federal law. The law in question is the Indian Gaming Regulatory Act. (Image: AP)

The Supreme Court granted the extension request from the U.S. Department of Justice, which is representing the U.S. Department of the Interior in the case West Flagler Associates, Ltd., et al v. Debra Haaland, Secretary of the Interior, et al. The new deadline is May 12 for the DOJ to submit its opinion on why Florida’s revised gaming compact with the Seminole Tribe struck in 2021 does not violate the federal Indian Gaming Regulatory Act (IGRA).

Justice Department officials said more time was needed because its attorneys have been working on “other matters before the Court.” The delay means the Seminoles’ Hard Rock Bet online sportsbook can continue to operate inside the Sunshine State until at least May 12 but presumably much longer, as the federal tribal gaming lawsuit likely won’t be resolved for at least several months.

Lawsuit Backstory

Florida Gov. Ron DeSantis (R) and the Seminole Tribe in May 2021 agreed to new revenue-sharing terms for the tribe’s Seminole and Hard Rock casinos.

The tribe pledged to direct the state a minimum of $6 billion through 2030 to retain its monopoly on slot machines outside of Miami-Dade and Broward counties and house-banked table game exclusivity statewide. In exchange for what DeSantis hailed as a “historic” and “mutually-beneficial agreement,” the tribe gained roulette and craps privileges at its six brick-and-mortar casinos, plus both retail and online sports betting.

The online sports betting component was quickly pushed back on by two pari-mutuel licensees — West Flagler Associates and Bonita-Fort Myers Corporation. Attorneys representing the entities that respectively run the Magic City Casino in Miami and Bonita Springs Poker Room alleged that the state’s decision to allow the tribe to conduct online sports wagering violates IGRA, which requires tribal gaming to be conducted only on sovereign lands owned by federally recognized tribes.

State attorneys argued since the Hard Rock Bet online sportsbook servers remain on Seminole property, the expansion to the internet remains in compliance with IGRA. The DOI and Secretary Haaland agreed while approving the 2021 compact.

Lower federal courts have also sided with Florida, which led to the case being appealed to the U.S. Supreme Court. Once the DOJ submits its testimony, SCOTUS will at some point issue a statement on whether it will accept the case.

State Challenge Remains

If West Flagler and Bonita Springs are dealt another federal loss, their last resort would be to continue with a state case. That litigation deals with whether DeSantis had the authority to expand gaming in Florida after state residents in 2018 passed a ballot that provides the public — not the state — with the “exclusive right to decide whether to authorize casino gambling.”

The Seminoles helped bankroll the 2018 constitutional amendment because their attorneys say it has to do only with new forms of commercial gambling — not tribal. The amendment was designed to block commercial casinos from coming to Miami where a Malaysia-based casino giant, Genting Group, was lobbying state lawmakers to allow an integrated resort.

The Florida Supreme Court last month reprimanded West Flagler and Bonita Springs attorneys for petitioning the case to the state high court without first going through lower courts.

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