Industry News of the Day for May 3, 2024
Industry News
- Legal Sports Report: Could NBA Try To Limit Betting On Player Props After Porter Ban?
- Limiting player prop markets for lesser-salaried players could be a way for the NBA and its partners to attempt to prevent another sports betting incident similar to Jontay Porter from occurring in the future. Porter was on a two-way contract with the Toronto Raptors when he received a lifetime ban for violating the league’s sports betting policy. Sources familiar with the situation told LSR this week they believe that conversations on the matter will take place prior to next season.
- PlayUSA: MGM Resorts International Reports Record First-Quarter Earnings In 2024
- MGM Resorts International reported record earnings for the first quarter of the year. Strength in Las Vegas and Macau helped boost earnings to $4.4 billion during the first three months of the year. This was a 13% increase from revenue during the same period last year. The company sees BetMGM online casino and sportsbook as a revenue generator in the future.
- iGB: US TV Sports Betting Ads Down By A Third From 2021
- A Nielsen study on sports betting advertising commissioned by the American Gaming Association (AGA) has found that the volume of TV sports betting ads has declined by 33.3% since 2021. The study looked at sports betting advertising trends from 2013 to 2023. The AGA noted that TV represents the largest category for sport betting advertisers. Explaining the decrease in sports betting ad volume, the report posited that a change in localised marketing – as more states legalise sports betting – may be the culprit.
Virginia
- Bonus: Controversial Selection of Cordish for Petersburg Casino Is Bad News For Virginia’s iGaming Potential
- Petersburg’s pick of Cordish Companies to build Virginia’s fifth retail casino has raised concerns among lawmakers and stakeholders. After the city selected the $1.4 billion project over four others, questions arose regarding the integrity of the selection process and the speed with which the decision was made. Cordish gaining market access to Virginia may also be worrisome to anyone who’d like to see online casinos legalized eventually. It is perhaps the most vociferous opponent of iGaming expansion among retail casino companies.
Pennsylvania
- PlayPennsylvania: Bally’s Reports First Profitable Online Casino Month
- Bally’s is relatively new to the Pennsylvania online casino market. However, the company is starting to find its footing. During its Q1 2024 earnings report, the operator announced the first gross profit-positive month in the Keystone State. Bally’s does not attract the attention that FanDuel, DraftKings and BetMGM get. However, Pennsylvania has shown it has room for smaller operators to thrive within the state. Bally Casino PA has seen revenue increase in each month during Q1 2024, which appears likely to become an ongoing trend as the year continues.
New Jersey
- PlayNJ: Major Upgrades Come To Caesars Palace Online Casino As It Battles For New Jersey Supremacy
- One of the top online casinos in New Jersey is building upon its established success as it looks to climb the industry charts. Caesars Entertainment is, once again, making tweaks to its online gambling product in New Jersey. Caesars Palace Online Casino is getting a major upgrade on both the iOS and Android platforms, according to a press release. The revamped app boasts a groundbreaking multi-lobby navigation layout, promising to revolutionize the digital gaming experience for users in the Garden State.
Iowa
- Gambling Insider: Sporttrade Launches In Iowa In Collaboration With Wild Rose Casino & Hotel
- Sporttrade, a sports betting operator based in Philadelphia, has announced its expansion into Iowa in collaboration with its partner, Wild Rose Casino & Hotel. This marks the third state that the betting app has launched in, with Iowa residents becoming the newest group to gain access to the platform.