Industry News of the Day for April 11, 2024
Industry News
- Legal Sports Report: DraftKings ‘Clear Winner’ In Truist Survey, ESPN Bet Feedback Positive
- A recent online gaming survey conducted by Truist Securities places DraftKings as a “clear winner” in today’s US sportsbook market. DraftKings took the top spot in both online sports betting and iGaming, analyst Barry Jonas said. The Boston-based sportsbook took 29% of share compared to FanDuel‘s 22%. More than half of all respondents, 54%, participated in both online sports betting and iGaming while 23% only bet on sports and 24% only played online casino. While Jonas says he remains convicted that DraftKings is a long-term winner, he also noted responses concerning ESPN Bet show there is a path to material upside for the brand.
New Jersey
- SBC Americas: Bill To Double New Jersey Online Gaming Tax Rate Introduced
- A bill to hike the tax rates for New Jersey online sports betting and online casino operators has officially been introduced to the Senate. Bill S3064, sponsored by Sen. John Mckeon, proposes to increase tax rates for sports betting and online casino to 30%. Currently online sports betting operators are taxed at 14.25% while iGaming operators currently pay 15% in tax, plus another 2.5% to the Casino Reinvestment Development Authority.
Alabama
- PlayUSA: Alabama Legislators Will Try To Hash Out Differences On Gambling Legislation
- Both of the chambers of the Alabama legislature have approved gambling expansion bills recently. However, those proposals look very different depending on which version you consider. As they have to present a unified vision to Gov. Kay Ivey and voters in the state, there are many details to iron out. A group of Alabama representatives and senators are taking on that very task soon. Whether their efforts will actually produce a single proposition or merely set the stage for more deliberation in 2025 is uncertain, though.
Ohio
- PlayOhio: Ohio Gambling Addiction Hotline Calls Up 55% Following Jan. 2023 Sports Betting Launch
- In Ohio’s first year of legalized sports betting, the state’s gambling addiction helpline saw a 55% increase in calls. According to the Ohio for Responsible Gambling Organization, 10,637 calls came into the hotline in 2023, compared to 6,835 in 2022. This increase aligns with nationwide trends following other state sports betting launches. Still, Michael Buzzelli, the associate director of the Problem Gambling Network of Ohio, says there is some concern regarding the surge.
New York
- PlayNY: Two Full Fiscal Years In, NY Sports Betting Still Growing And Opening Avenues To New Operators
- With the completion of the state fiscal year in March, Albany now has two years’ worth of economic data to gauge the impact of legal online sports betting in New York. Given the market’s across-the-board growth, it is a safe bet to assume elected officials in the state capital are more than happy with the financial returns. And, considering that New York is now the largest regulated sports betting market in the US, it is probably fair to say that most online operators doing business in the Empire State are also pleased – even with high tax rates. As the state explores the possibility of legalizing NY online casinos (which are far more lucrative and decidedly less volatile than sports), examining internet sports wagering is a valuable exercise for lawmakers to undertake.
Maryland
- iGB: Maryland Sports Handle Jumps By 21.3% In March To $536.7M
- Maryland has reported a 21.3% increase in sports betting handle for March, reaching $536.7m (£427.7m/€499.6m) for the month. Sports betting handle for Maryland in March was also up 39% year-on-year from the $386m in bets taken in the same month in 2023. March’s handle total took Maryland to $4.07bn for the fiscal year to date. This was up 104.8% on the figure of $1.99bn from the same period last year.