Akin is again changing its approach to the US sports betting market to reduce EBITDA losses.
Parent of Unibet is reducing its marketing costs in the US until its internal sports betting platform is ready to launch. It could be as early as the coming weeks, but it will still be a significant amount of time, CEO Henrik Tjärnström he said on Kindred’s interim trading call.
“We weren’t completely satisfied with the returns we were getting before launching the platform,” Tjärnström said.
The move follows the withdrawal of the Unibet brand by Kindred Iowa because it focuses on countries with iGaming.
The US cost Kindred $19 million in the fourth quarter
Kindred reported 47.6 million dollars in the fourth quarter EBITDA, although it would be approx 66 million dollars no losses from USA.
Jim “Mattress Mack” McIngvale factored into those losses, almost winning 5 million dollars from Unibet when it is Houston Astros won World Series. There was also an unfavorable combination “with a higher proportion of revenue coming from lower margin markets,” the company said in its trading update.
Quarterly EBITDA increased 41.3% from the fourth quarter of 2021, but the results were still inconclusive according to Kindred. The company announced that EBITDA should be at least high 244 million dollars as long as sports betting margins are around average.
UNLV, Gaming Society partner to advance the sports betting industry
An educational betting platform Society for games of chance and International Gaming Institute on UNLV are partnering to “help shape the future of sports betting and gamification through data and industry insights.”
The partnership has outlined some specific areas of focus:
- Do your research to better understand sports betting, the views of women’s sports fans and which betting companies are investing as sponsors in women’s sports.
- An extension of the Gaming Society’s module Betting Academy 101 and educational programs for responsible gambling.
- Develop a mentorship program that pairs UNLV students with industry professionals.
“We have aligned goals in exploring how betting can support the growth of women’s sport in a sustainable, responsible way,” he said Brett Abarbanel, CEO of IGI. “We look forward to working together in this area, which is under-discussed in our existing educational programs, including the IGI International Conference on Gambling and Risk Taking.”
Don’t call it BetFanatics
The BetFanatics the brand is dead before it’s even launched.
Fanatics will use Betting Fanatics brand instead of the name that Fanatics trademarked last May. A spokesperson for the company, who responded from the email domain @betfanatics.com, did not provide additional information about the change.
The first Fanatics sportsbook is set to open in FedExField in Landover, Maryland, on Friday. The second and last day of testing will last from noon to 8 p.m Tuesday.
RSI extends contract with sports betting provider Kambi
While most sportsbooks want to bring their sports betting technology in-house and reduce third-party costs, Rush Street extended his agreement with Cambi.
Kambi power BetRivers online sports betting in 15 states as well as Canada, Colombia and Mexico.
“RSI was the first US-based operator we partnered with post-PASPA and it’s been fantastic to witness RSI becoming one of the leading players in online gaming in America,” said Kambi CEO. Kristian Nylén.