Sun Bets has ceased trading after operator Tabcorp lamented its poor performance and said it could not see the situation improving. The Australian firm will pay News UK, owner of The Sun, £39.5 million to exit the agreement. Tabcorp chief executive David Attenborough said: “The performance of Sun Bets has been below expectations and we do not expect a material improvement over the next 18 months. As such, we have reached an agreement with News UK to exit the agreement. While we didn’t get it right, we have taken valuable learnings from the Sun Bets start-up process and operations which will inform our approach across our portfolio.” Read the press release at Tabcorp’s website.
Italian football fans wagered a record €466m on the World Cup, despite the national team’s failure to qualify for the tournament. It was the first time the team missed the tournament in 60 years, but Italian punters still bet twice as much as they did at the previous World Cup, held in Brazil in 2014. French punters wagered €690 million on the tournament as Les Bleus cruised to victory. In the UK, a YouGov survey of 2,061 adults suggested that 12% of Brits bet on the World Cup, and that Sky Bet was the most popular bookmaker. Sky Bet, which has just been purchased by Canada’s Stars Group, was the betting site of choice for 30% of the bettors surveyed. Paddy Power was next, followed by Bet365, Betfair, William Hill and Ladbrokes. In Russia, the tournament host, bookmakers here are estimating a handle of €3 billion.
GambleAware plans to double its annual spending to £16 million as it bids to help more vulnerable bettors. The charity will spend £32 million over the next two years and divide the funding between research and evaluation (£9.8 million), education (£5.6 million) and treatment (£14.3 million). It previously spent £16 million over the last two years. “With only 2% of problem gamblers receiving treatment, it is clear more needs to be done to make sure people are able to receive the help and support they need,” said chief executive Mark Etches. “We all have a responsibility to try and help those who may be struggling with a gambling addiction. We look forward to seeing the industry, broadcasters, advertisers and sports groups do their part to help prevent gambling related harm and work to raise awareness of the help and advice that is available at BeGambleAware.org.” Check out the charity’s website for more.
Ladbrokes Coral owner GVC reported 8% revenue growth in the first half of 2018 and praised the World Cup’s positive impact. It said it was helped by “a better than expected gross win margin” amid various shock results, but also through “volumes and value of new customer deposits”. The bookmaker was running several eye-catching offers to drum up new business during the tournament. Chief executive Kenneth Alexander said: “I am pleased to report this positive trading update whilst at the same time undertaking the integration of the Ladbrokes Coral business. The strong momentum across the online business has continued and means we are well placed to deliver against our full year expectations.” City AM has the full story.
New market research suggests the global online gambling industry will grow 11.8% to $128.2 billion in the next eight years. The paper, titled Online Gabling titled “Online Gambling & Betting Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 - 2026”, said that Europe is currently the biggest market for online betting. It expects Asia Pacific to grow 14% and North America to grow 12% by 2026. Download the full report for in-depth analysis: https://www.transparencymarketresearch.com/report-toc/2662