Industry News of the Day for April 19, 2023

By iDEA | April 19, 2023

Industry News

  • Legal Sports Report: Fanatics Sportsbook Continues Prep For US Sports Betting Launch
    • While no date has been announced, Fanatics Sportsbook continues to gear up for its anticipated online US sports betting launch. Fanatics Sportsbook is currently doing online US sports betting beta-testing in Ohio and Tennessee, a spokesperson confirmed to LSR Monday. The Massachusetts Gaming Commission has also said that Fanatics plans to join its sports betting market at some point in May.
  • SBC Americas: BetMGM Making “Excellent Progress” As Revenue Up 76% YoY In Q1
    • BetMGM’s total net gaming revenue for Q1 has rocketed by 76% compared to the same period 12 months previous, according to the leadership of its joint parent company Entain. Providing investors a trading update for Q1, Entain noted that BetMGM’s growth far outstripped any other area of its business, largely driven by strong trading during both the Super Bowl and March Madness.
  • Front Office Sports: Sports Betting Giant PointsBet Selling Its U.S. Operations
    • PointsBet’s U.S. business is now on the market. The Australian-based betting company has reportedly hired investment bank Moelis & Company to facilitate a sale of its North American operations. “We believe further industry consolidation is inevitable,” PointsBet told The Australian Financial Review.
  • US Bets: Operators Starting To Grow Their In-House Casino Games
    • Right now, only six states allow legal online casino gambling: New Jersey, Pennsylvania, Michigan, West Virginia, Connecticut, and Delaware. Clearly, there is plenty of room for the industry to grow, and it’s not exactly a trade secret to note America’s sportsbooks and casino operators are looking to a future where more and more states legalize iGaming.

Massachusetts

  • PlayMA: DraftKings Beats FanDuel For No. 1 In Massachusetts Market In March
    • DraftKings has defeated FanDuel to be the No. 1 sportsbook in Massachusetts. For now, at least. The Massachusetts Gaming Commission released online sports betting handle and revenue totals for March 10-31 on Tuesday. As a whole, the six MA online sportsbooks reported $548.1 million in total betting handle. DraftKings took in the most handle — $257.6 million, or 47% of the market. FanDuel was close behind at $181.1 million, or 33% of the market.

Michigan

  • PlayMichigan: Michigan Online Casinos Set National Revenue Record, Top $171 Million In March
    • Michigan online casinos set a new national monthly revenue record Tuesday, reporting $171.8 million in revenue for March. It was short-lived, however, as Pennsylvania online casinos reported $181.5 million in revenue later in the day. Both totals bested the previous record of $166.9 million, set by Pennsylvania online casinos in December. Michigan’s previous high was $153.7 million in January. This year’s Michigan number was also a 30.4% increase over March 2022.

Ohio

  • PlayOhio: Ohio’s Sports Betting Kiosk Handle Jumps To Nearly $1.4 Million In March
    • Sports betting kiosks in Ohio have gradually been rolling out since Ohio sports betting launched on Jan. 1. Despite some delays getting the vast majority of kiosks up and running, the market has quickly climbed during its three-month existence. Ohio sports betting kiosks took in nearly $1.4 million in handle in March, a 42% increase over February.

Pennsylvania

  • PlayPennsylvania: PA Online Casino Revenue Shatters Previous Record With $181.5 Million In March
    • Figures released by the Pennsylvania Gaming Control Board suggest players in the Keystone State love playing on PA online casinos. Operators in PA recorded a massive $181.5 million in March revenue. The number represents an all-time record for any state that operates online casinos. The $181.5 million shatters the previous record Pennsylvania set back in December 2022, when it recorded $166.9 million in revenue.

Vermont

  • Sports Handle: Vermont Senate Committee Explores Financial Issues With Sports Betting
    • Vermont’s Senate Finance Committee got its first look Tuesday at what legal sports betting could look like in the state, and it will hear Wednesday from representatives from the Department of Liquor and Lottery and the law firm Orrick, Herrington & Sutcliffe before moving forward with a vote in the future.
Posted in Daily Clips