Industry News of the Day for April 9, 2024
Maine
- PlayUSA: Maine Online Casino Bill Appears Headed Toward Final Passage After Committee Advancement
- Maine Gambling Control Board Chair Steve Silver told PlayUSA he expects the legislature to pass the Maine online casino bill this month. “If I had to put money on it, I think it comes out of the legislature and then the question is what does the governor do,” Silver said. “That I don’t know.” The bill provides internet gaming exclusivity to Indian tribes in Maine. Gov. Janet Mills vetoed legislation in 2021 to allow casino gaming on tribal lands. Since then, the legislature has been looking for ways to support the tribes without giving them full sovereignty. In 2021, the legislature passed a bill giving tribes exclusivity over online sports betting. Maine online sports betting launched last November through Caesars and DraftKings.
New Jersey
- PlayNJ: Competitive World Of Legal Sports Betting Brings Oversaturation Concerns Into The Spotlight
- As regulated online sports betting continues to spread across the country, the market is producing some clear winners and losers. And, no, we’re not talking about the gamblers. While actual profitability is still a question for many online sportsbooks in the United States, the majority of the total amount bet and the revenue those wagers produce is almost exclusively being funneled to a handful of operators. FanDuel and DraftKings are in a class by themselves. The two daily fantasy sports sites have parlayed their existing appeal among younger sports fans into a massive market advantage. Behind them are notable brands, such as BetMGM, Caesars, ESPN/Penn and Fanatics, who are likely grateful to have other viable sources of business revenue to rely on.
Maryland
- SBC Americas: Maryland Online Casino Efforts Die For 2024
- Monday was technically the last chance for efforts to legalize and regulate online casinos in Maryland this year, but it was apparent once the bill advanced out of the House and into the Senate last month that there was little appetite for the measure in the higher chamber. In fact, the entire debate around online casinos was mired in controversy. From its introduction and throughout its journey through the House, opponents came out in full force against the efforts with a fervor the industry hasn’t seen in many years.
Ohio
- PlayOhio: Ohio Sports Betting Sees $82.5 Million In Voided Bets In 14 Months
- Ohio sports betting operators have grown the market into the fourth largest in the country and took a massive $9.1 billion of wagers across 14 months. While operators keep taking home massive profits, some bettors are finding sports betting success does not always lead to payouts. Ohio sportsbooks have voided over $82.5 million of sports wagers in those same 14 months, which has led to some bettors not receiving their winnings. The $82.5 million of voided bets represent less than 1% of all wagers placed, which may seem negligible to operators. But for Ohio sports betting customers who lost out on big winnings, that amount feels much larger.
Iowa
- iGB: Iowa Sports Betting Revenue Dips In March Despite Handle Increase
- Player spending on sports betting in March amounted to $272.4m. This was 17.1% ahead of $232.6m in Iowa last year and also 23.5% higher than $220.6m in February. Online handle in March reached $254.2m, while a further $20.4m was wagered at retail sportsbooks across the state. However, higher spending failed to halt a decline in revenue. The $18.2m generated during March was down from $19.9m last year but 52.8% ahead of February’s $11.9m haul.