Industry News of the Day for April 25, 2024
Industry News
- Legal Sports Report: Truist Upgrades PENN To Buy, Expectations For ESPN Bet ‘Too Low’
- Barry Jonas of Truist this week upgraded Penn Entertainment to buy from hold after downgrading the stock in August following the ESPN Bet announcement. Jonas previously recommended holding on Penn after the announcement until timelines and expectations for ESPN Bet were fully understood. His target is unchanged at $23. Since announcing its transition to the ESPN brand for sports betting from Barstool Sportsbook on Aug. 8, though, PENN was down 41.6% at Monday‘s close of $16.93. Monday’s close included the beginning of a rally that continued Tuesday after Penn announced it was hiring Walt Disney Company chief technology officer Aaron LaBerge to the same role effective July 1.
- PlayUSA: Newly Formed IC360 Is A Complete Approach To iGaming Integrity And Compliance
- An unlikely alliance has hit the US iGaming industry, as U.S. Integrity and Odds On Compliance announced a merger on Tuesday, April 23. With both companies becoming one, the rebranded name is now Integrity Compliance 360 (IC360). The newly formed company aims to provide a complete solutions approach across the entire regulatory landscape. IC360 now boasts a broad suite of solutions, including integrity monitoring, compliance advisory, educational resources, and tools like the Integrity Monitoring Dashboard, PlayBookAI, and ProhiBet.
New York
- Bonus: Addabbo Believes Legal New York iGaming, iLottery Inevitable, Despite Continued Union Opposition
- State Sen. Joseph P. Addabbo Jr. told Bonus he’ll continue to advocate for legal New York online casinos, poker, and iLottery in 2024. The sponsor of SB8185 said so on April 24, despite Bonus mentioning that the iGaming and iLottery bill’s primary opponent — the retail casino workers union — remained against the proposed legislation. Addabbo, D-Woodhaven, told Bonus on April 24: “You cannot stop technology.”
- PlayNY: Two Casino Execs Offer Differing Views On iGaming’s Impact, NY Pols Should Take Heed
- Besides all of the other pressing matters requiring their attention, New York lawmakers are weighing the merits of legalizing online gambling in NY. Record-setting returns from the first two years of mobile sports betting in New York jump-started real conversations in Albany about the potential billions of dollars in additional tax revenue from the objectively more lucrative online casino market. Whenever the topic of legalizing internet gambling is brought up, an inevitable question soon follows: Do online casinos hurt brick-and-mortar casinos?
Pennsylvania
- SBC Americas: Pennsylvania Legislators Introduce Bill To Ban Credit Card Use For Online Gaming
- A bill has been introduced that would prevent players in Pennsylvania from using credit cards to fund their online gambling activities. Senate Bill 1159, introduced by Sen. Wayne Fontana, proposes amendments to Title 4 of the Pennsylvania Consolidated Statutes, which concerns gaming in the state. The bill states that operators “may not accept a credit card as a form of payment” for sports betting, daily fantasy contests, iLottery, and online casino activities.
Ohio
- PlayOhio: Ohio Gaming Commission Could Offer Regulatory Solution For Ohio Gambling
- Now that the Ohio sports betting industry exists, in addition to sports betting kiosks, racinos, and casinos, responsible gambling has never been more important. Many Ohio gambling industry stakeholders reminded the state of such importance last week as Ohio began receiving testimonies and requests pertaining to Ohio’s current gambling landscape and its future. One particular request, put forward in testimony from the Problem Gambling Network of Ohio, wants the state to create a single entity with regulatory control over the entire Ohio gaming industry.