Industry News of the Day for April 2, 2024
Industry News
- Bonus: Bragg Gaming The Latest Of Several Publicly-Traded Gambling Companies Looking For Buyers
- Bragg Gaming is one of several gambling companies seeking to change ownership, something that looks to be forming a trend for the industry in 2024. As it released its Q4 and annual results, the content and technology provider announced it had formed a special committee to consider the company’s future, including a potential sale.
Kentucky
- PlayUSA: Bill To Create New Kentucky Gaming Commission Awaits Gov. Beshear’s Signature
- Kentucky bill SB299 from Kentucky Sen. Damon Thayer aims to create an independent regulatory body to oversee the state’s horse racing, historic horse racing (HHR), charitable gaming, and sports betting operations. The new body, the “Kentucky Horse Racing and Gaming Commission” would replace the Kentucky Horse Racing Commission and Department of Charitable Gaming.
New York
- Gaming Today: March Madness Opening Week Surges New York Sports Betting Handle To $539M
- For the week ending March 24, wagers made at all nine of New York’s online sportsbooks reached a record $539.6 million owing to activities from the March Madness. This signified an impressive feat for the Empire State, as it is the first time since the week ending December 17, 2023 where New York has experienced over $500 million in betting activity within a single week.
Massachusetts
- SBC Americas: DraftKings MA Class Action Moved To Business Litigation Court
- Last week, the Massachusetts Superior Court of Middlesex County granted DraftKings’s request to transfer the case to the state’s Business Litigation Session of the Superior Court (BLS). The plaintiffs, working with the Public Health Advocacy Institute, filed the class action in December, alleging that the $1,000 sign-up offer from DraftKings was deceptive. The BLS is specifically designed to handle legal business disputes using two-judge teams from the Superior Court to weigh in on cases. This case has been delegated to the team of Judge Debra Squires-Lee and Judge Kenneth Salinger.
Ohio
- SportsHandle: Ohio Sports Betting Revenue Totals $67.7 Million For February
- The Ohio Casino Control Commission and Ohio Lottery reported a combined $67.7 million in adjusted gross sports betting revenue for February on Monday, narrowly eking out a double-digit hold for the month. The $13.5 million in state taxes was $5.2 million higher than February 2023, when the levy was just 10% on AGR. Ohio Gov. Mike DeWine doubled the tax rate to 20% at the start of the fiscal year last July, and coffers have seen an inflow of $115.5 million in the eight months since the new rate took effect.
Pennsylvania
- PlayPennsylvania: Economist Frank Gamrat Says Skill Games “May Threaten” PA Gambling Industry
- Frank Gamrat, PhD., Executive Director of the Allegheny Institute for Public Policy, believes that Pennsylvania skill games “may threaten” the gaming industry, he wrote in a brief published last week. Opposing skill games isn’t uncommon. Several lawmakers and entities are against skill games because of a lack of consumer protection and the business it takes away from land-based and PA online casinos. Yet, a select few are attempting to tax and regulate skill games, including Gov. Josh Shapiro.
Virginia
- iGB: Virginia Wagering Report: February Handle Up 26% Over Last Year
- Sportsbooks are taxed at 15% of adjust gross revenue (AGR). According to the Virginia Lottery wagering revenue report, 11 operators finished the month with “net positive AGR”. Mobile betting accounted for $540m of the total while bettors wagered a combined $4.9m at retail locations.