Industry News of the Day for April 28, 2023
iDEA Growth Member News
- Legal Sports Report: Bet365 Could Lay Down US Roots With $40M Headquarters
- It looks like the days of international betting giant bet365 slow-rolling its US entry are coming to an end. According to a Denver Post report from last week, a UK-based sports betting and gaming company with more than 6,000 global employees is considering Denver, Nashville and Tucson, AZ, for its US headquarters. The details point to bet365 as that unspecified company.
- Sky News: FanDuel Parent Flutter Wins Investor Backing For U.S. Stock Listing: Sources
- Flutter Entertainment will disclose this week that it has won investors’ backing to pursue a US listing, reinforcing City concerns about a prospective exodus of London-listed companies across the Atlantic. Sky News understands that Flutter, which owns Paddy Power and Betfair, will announce at its annual meeting on Thursday that a requisite majority of shareholders have voted in favour of the move.
- SBC Americas: Kambi Q1 Profits Reduce By 40% Despite Major Contract Renewals
- Kambi CEO Kristian Nylén has celebrated the “great progress” the company has made in the first quarter as a naturally busy sporting calendar produced a “perfect performance”, whilst two key client renewals made up part of 20 contracts signed. Addressing investors as part of its Q1 financial report, Nylén said that a very busy sporting calendar, with the Super Bowl and March Madness popular sports betting events, helped drive revenues up 19% year-on-year up to $48.6m from $44.1m one year ago.
Industry News
- iGB North America: CDI Hails P2E Acquisition Impact As Revenue Hits Record $559.5m In Q1
- Churchill Downs Incorporated (CDI) said its acquisition of properties from Peninsula Pacific Entertainment (P2E) helped drive the operator to record net revenue in the first quarter. The operator completed the purchase of substantially all assets in P2E in November last year, having initially agreed a deal in February. The arrangement included all of P2E’s assets and operations in Virginia, New York and Sioux City, Iowa, with these now operating as part of the enlarged CDI network across the US.
- Legal Sports Report: Analysis: Long-Awaited UK White Paper On Gambling Reform Drops
- The day is finally here: the UK Department for Culture, Media & Sport has released its white paper with recommendations for reforming gambling legislation in the wake of the significant technological changes since the Gambling Act‘s passage in 2005. The origins of this project stretch back through several UK leadership changes.
Illinois
- PlayIllinois: Circa Sportsbook Approved In Illinois, Here’s When We Expect It To Launch
- Circa Sportsbook is one step closer to becoming the eighth legal Illinois online sportsbook. Today, the Illinois Gaming Board approved Circa’s license. Jeff Benson, Circa’s director of operations, told PlayIllinois via email: “We will be going live [both] brick and mortar and online later this year. Tentative August launch.”
New Hampshire
- PlayUSA: House Committee Stops New Hampshire Online Casino Bill
- New Hampshire joined the many states that will not legalize online casino this year. The New Hampshire House Ways and Means Committee voted 20-0 to inexpedient to legislate SB 104. The vote indicates that the committee opposes the bill, essentially ending its chances to pass. New Hampshire was the last realistic chance at a state legalizing iGaming in 2023. New York, Indiana, Iowa, Illinois, Maine and Maryland also considered online casino legislation.
North Carolina
- NCSharp: North Carolina’s Sports Betting Launch Timeline Still Up In Air
- North Carolina residents could be taking advantage of online sports betting by this time next year. The bill that would legalize online sports betting in North Carolina is making its way through the state Senate. If it becomes law, the plan is for internet wagering to make its debut in the state on Jan. 8, 2024. That should give operators plenty of time to get the new industry ready for launch.