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Stake plots expansion into Canada

Stake is no longer the wild crypto betting site flaunting the rules. The Australian-based company, which generates ￡2 billion in annual revenue, has its eyes set on regulated markets. In 2021, Stake acquired a coveted UKGC licence, and now they want a slice of the Canadian market.?

Ontario is currently the only province with regulated iGaming in Canada and generates almost ￡400 million in quarterly revenue, no doubt Stake founders?Bijan Tehrani and Edward Craven want a piece of that.?

Stake recently hired regulator whisperer Kris Abbott to serve as country manager in Canada. He's already successfully helped Betano and Coolbet enter Ontario.?

Click here to find out more about Stake's latest global takeover plan and the Canadian iGaming market.?

What you need to know

Commercial

• William Hill has reported revenue of ￡1.2bn for 2023. Despite the far-from-ideal market conditions, revenue from their UK retail business increased 5% to ￡514.2 million. Online revenue was down 2%, but the famed bookmaker still generated over ￡501 million. More

• Betsson secures shirt sponsorship with Inter Milan worth ￡23.5 million annually. While shirt deals with gambling companies are on the way out in the EPL, Serie A teams are still inking big deals. Inter Milan has dumped Paramount+ and signed a four-year deal with the Swedish iGaming company. More

• Ontario sports betting operators, in their second year, take in C$2.4 billion (￡1.38 billion) in revenue. Canadian betting sites took in C$63 billion (￡36.2 billion) in wagers. With a population of just 15 million, there are over 1 million active betting accounts. More

Regulation

• GambleAware calls for a ban on sports betting advertising on TV after CEO Zo? Osmond points to a survey that revealed 40% of problem gamblers were influenced by adverts. The Betting & Gaming Council has hit back and said that betting operators provide vital funding for sports to the tune of ￡40 million annually. More

Technology

• Digitain unveils new features like Euro 2024 Predictor and Bet Race Tournament in an attempt to boost incentives and engagement. Users can now create custom bets, take on other players in interactive tournaments, and share the latest strategies via the chat function. More

People news

Werner Becher takes over top job at Kambi Group

Werner Becher has been appointed as Kambi Group's new CEO and will commence the role on 25 July.

Kambi is a Swedish company founded in 2010. The Stockholm Stock Exchange-listed group provides sports betting technology to online bookmakers across the globe. Becher is excited to lead Kambi through its next growth phase and identify new takeover targets.

Becher worked at Sportradar for four years, where he was CEO of Europe, the Middle East, Africa, and Latin America business.?

Click here to learn more about Becher's plans for Kambi Group.

This week's talking point

Paddy Power and Sky Bet perform U-turn on Bath races

Paddy Power and Sky Bet, reportedly fed up with ballooning media rights payments, decided to pull odds for Wednesday's six-race card at Bath. This was the first time a major bookie had refused to take action on a horse race in the UK.

The Flutter-owned bookmakers were hoping the effort would force Arena Racing Company (Arc) to renegotiate sponsorship and media payments. However, Arc chief executive Martin Cruddace came out swinging, accusing Flutter of breaking contracts and vowed to seek legal advice.

Paddy Power and Sky Bet decided to call a truce with Arc, and punters were once again able to bet on Wednesday's races at Bath. Flutter said they stand by their earlier decision to yank odds and that it was a commercial decision due to rising costs related to horseracing.?

Flutter remains a big supporter of UK horse racing and invested ￡140m into the industry last year - but they're demanding greater transparency on how their money is spent and want more bang for their buck.

Click here to read more about the spat that nearly turned into a full-blown war between Flutter and Arc.

This week's insight

Horseracing betting apps look for ways to keep influx of new customers after a successful Triple Crown

This year was the first time FanDuel offered betting markets for the Triple Crown within its sports betting app. Previously, customers had to download a separate app to bet on horse racing. This proved to be a smart move as 15% more customers placed bets compared to last year.

The New York Racing Association (NYRA) has been attracting a record number of sign-ups for its betting app, thanks in part to a broadcast deal with FOX Sports. Compared to 2022, NYRA's app has attracted a 238% increase in customer registrations.

FanDuel plans to ramp up live broadcasts leading up to the Breeders' Cup. Via FanDuel TV, you can catch races from Del Mar throughout the summer season.??

NYRA, in partnership with FOX Sports, will broadcast races each Saturday from across the nation. You can also tune into Saratoga Live to find out which horses are in form and get tips.?

Click here to learn more about the rise of horse racing betting apps in the United States.?