Industry News of the Day for April 28, 2020

iDEA Growth Member News:

• Legal Sports Report, 4.27.20 – The Week In Sports Betting News: DraftKings Finally Goes Public
  • Last week included some of the biggest sports betting news the industry has seen since the coronavirus shut down sports in March.
• Online Poker Report, 4.27.20 – US Sports Gambling Giants Rely On Innovation To Survive Uncertain Times
  • In the recent weeks, daily fantasy sports leaders DraftKings and FanDuel have rolled out a number of new products and partnerships.
• PlayMichigan, 4.27.20 – As DraftKings Goes Public, No Sportsbook Deal In Michigan Yet
  • Michigan residents can now own a piece of DraftKings but can’t bet sports with the operator — yet.
• PlayNJ, 4.27.20 – NJ Online Poker Players Should ‘Keep An Eye Out’ For Play With Friends At 888Poker NJ
  • Due to the recent interest in playing private online poker games with friends, 888poker recently released Play With Friends for players outside of the US.

Industry News:

• Sports Handle, 4.27.20 – Business, Not As Usual: Is The Time For Legal Sports Betting Now?
  • Is now a good time for states to consider legalizing sports wagering? As major U.S. professional sports remain sidelined, lawmakers will again weigh the pros and cons of various proposals.
• Sports Handle, 4.28.20 – Sportsbooks Grapple With Bettors Withdrawing Funds As Sports Calendar Remains Frozen
  • Since the NBA temporarily suspended its season on March 11, a litany of major sportsbooks have dealt with elevated player account withdrawals from their sports wagering accounts, Sports Handle has learned through interviews with state regulators, Wall Street analysts, sportsbook executives and other industry experts in recent weeks.
• Gambling Compliance, 4.28.20 – Profit Pinched But Table Tennis Trendy In Coronavirus World (subscription paywall)
  • Sports-betting operators are reporting revenue declines of 60 percent or more since coronavirus lockdowns gathered steam in mid-March, with profit margins squeezed by lower-margin in-play betting and table tennis a surprise hot item.
• Penn Bets, 4.28.20 – Sports Betting Volume May Be Just A Third Of What It Was Around The World
  • The drop in sports betting activity around the world as a result of the COVID-19 pandemic could be in the range of 60-70%, based on accounts offered by a mix of global sportsbook executives.
• US Bets, 4.27.20 – Millennials A Potential Key For Growing eSports Betting Markets
  • By now, millennials have “killed” everything from rock ‘n’ roll to beer and a lot of things in between if you were to believe social media. However, they also have the chance to bring eSports to life — or at least more mainstream in terms of sports wagering.
• SBC Americas, 4.28.20 – Digital Summit: The US Is A Growth Area For Virtuals – Martin Wachter
  • Delivering a Virtual Sports Showcase on day one of the SBC Digital Summit, Martin Wachter – CEO of Golden Race – predicted that virtual sports in the US will grow in popularity.

Federal News:

• US Bets, 4.27.20 – AGA ‘Grateful’ After Fighting For New Paycheck Protection Program Rules For Casino Industry
  • On Friday, the American Gaming Association on Capitol Hill announced that the Small Business Administration revised its rules to allow for small casino gaming companies to participate in the much-needed Paycheck Protection Program (PPP), authorized under the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act passed by the House and Senate in late March.

Sports League News:

• PlayPennsylvania, 4.27.20 – Grab Your Julep Cup And Your Best Hat, The Derby Is Back! Well, Virtually
  • A Kentucky Derby like no other is set for May 2 featuring a face-off among the computer-generated images of 13 previous Triple Crown legends running for a virtual garland of roses.

Pennsylvania:

• PlayPennsylvania, 4.27.20 – PA Sportsbooks Post NFL Rookie Odds & Bet Boosts Following Record 2020 Draft
  • With most people staying at home, the NFL Draft reached record levels for betting and viewership.

Florida:

• Gambling Compliance, 4.28.20 – Sports-Betting Monopoly In Play For Seminoles In Florida (subscription paywall)
  • The Seminole Tribe has a better chance of gaining exclusive rights to offer sports betting in Florida than internet gambling after the state re-opens for business.

Colorado:

• Legal Sports Report, 4.27.20 – Analysis: Who Benefits From Colorado Sports Betting Starting Without Sports?
  • Colorado sports betting is pushing ahead with a May 1 launch date despite the absence of actual sports.
• KDVR, 4.27.20 – Colorado’s Struggling Casino Industry To Get Boost From Sports Betting, Fee Waivers During Shut Down
  • The small town famous for having more than a dozen casinos is waiving $1.4 million in device fees to help casinos through the shutdown.

Oklahoma:

• Gambling Compliance, 4.28.20 – Oklahoma Lawmakers Seek To Approve New Compacts With Two Tribes (subscription paywall)
  • After it was announced that two tribes had reached a deal with Oklahoma’s governor on new state-tribal gaming compacts, a judge dismissed them from a federal lawsuit filed last year against the governor’s office.