Business By The Books: Sports Betting Companies Shifting Gears?

US sports betting operators are starting to focus on profitability.

Fitch analyst Colin Mansfield was on a panel at the East Coast Gaming Congress held Thursday and Friday at Hard Rock AC.

The company's strategy is starting to focus on how to get to the path of profitability.

Sports betting operators know they have to rationalize spending. They need to start getting more rational on customer acquisition costs, marketing spending and promotional activity. Mansfield expects sportsbook operators to break even from next year into 2024.

Caesars' new parent company, William Hill, is on the hook for $100,000 in fines for duplicate bets. The company's mobile betting platform accepted duplicate bettakes when the system was under heavy load. About 55,00 erroneous bets were made. 42,500 of them were lost, 13,200 were won.

PointsBet has launched sports betting in Louisiana. It is the fourth state launch under an agreement with PENN Entertainment signed in August 2019.

Elys Game Technology is expanding its sports betting business with US Bookmaking despite an ongoing lawsuit. Elys will power the retail sports gambling in Maryland and Ohio. US bookmakers employees are still seeking an emergency injunction in Nevada.

Six companies launch industry-led RG principles. BetMGMG, Entain and MGM, along with DraftKings, FanDuel and Bally’s, announced a 12-point pledge for responsible gambling.