Industry News of the Day for May 2, 2024
Industry News
- Legal Sports Report: PENN Earnings Preview: Is EPSN Bet Gaining Share Without Promos?
- Thursday‘s Penn Entertainment earnings call will be the first time the company can break down a full quarter of data from ESPN Bet. While much will be said about those results following the 9 am call, ESPN Bet is far from what its final and competitive product should be, which executives intend to include a competitive parlay offering and integration with the main ESPN app.
- PlayUSA: Cordish Online Casino Opposition Rooted In Cannibalization, Adelson, Fear Of Amazon
- The Cordish Cos. emerged as the largest corporate opponent to online casino legalization in 2024. CEO David Cordish and Cordish Gaming Group President Rob Norton explained their opposition at the East Coast Gaming Congress in Atlantic City, New Jersey, in April. While much of the concern centers around cannibalization, Cordish admitted that he is afraid of competition. However, it’s not FanDuel Casino and DraftKings Casino, who tend to dominate revenue today in states with an open online casino market, he fears.
Michigan
- PlayMichigan: Caesars Confirms New Online Casino To Launch Before ‘End Of The Year’
- Caesars Entertainment confirmed during its Q1 2024 earnings call that it plans to launch its second online casino platform by the end of 2024 in Michigan. In February, Caesars announced it had purchased the Michigan license for WynnBet’s iGaming platform. Operating the WynnBet-branded platform — likely under a new name — would make Caesars the first operator to have two completely different online casinos in the Great Lakes State. The MGCB recently told PlayMichigan how Caesars is allowed to that. Currently, the operator has a sportsbook app with a casino. That platform is separate from its Caesars Palace Michigan app.
North Carolina
- SBC Americas: NC Governor Calls On Legislature To Help State Sports Bettors
- A particular element of the North Carolina tax code could cause headaches for bettors in the country’s newest market. A recent article from NC State University accounting professors Nathan Goldman and Christina Lewellen drew the attention of Gov. Roy Cooper because it pointed out a problematic flaw in the state’s gambling tax law.
Virginia
- SportsHandle: Virginia Sports Betting Handle Surges To $635 Million For March
- The Virginia Lottery reported sports betting handle of $635.6 million for the month of March on Wednesday, the commonwealth’s third-highest total. Wagering increased 24.2% compared to the $511.6 million worth of bets placed in March 2023 as Virginia became the 10th state to surpass $15 billion in handle in the post-PASPA era. All four instances of handle in the Old Dominion clearing $600 million have occurred in the last five months.
Massachusetts
- iGB: Massachusetts Gaming Considering Further Non-Gaming Related Promotional Bans
- The Massachusetts Gaming Commission (MGC) is considering further tightening their promotional and advertising prohibitions. At a meeting on Tuesday (30 April), the commission discussed banning promotions or bonuses that are not related to gaming. The first state to consider a non-gaming related promo ban was Ohio. In that state, Fanatics offered promotions that crossed between online sports betting and retail merchandise.