Industry News of the Day for August 2, 2023

By iDEA | August 2, 2023

Industry News

  • Legal Sports Report: PrizePicks, Underdog Fantasy Ordered To Stop ‘Sports Wagering’ In Wyoming
    • PrizePicks and Underdog Fantasy have been ordered to cease operations in Wyoming, according to documents obtained by Legal Sports Report. The Wyoming Gaming Commission earlier this month sent cease-and-desist letters to PrizePicks and Underdog, accusing both fantasy apps of offering illegal unlicensed sports betting, according to letters seen by LSR. It is the latest strong statement about prop-style, player vs. house fantasy games, which some industry critics argue are de facto sports betting.
  • SBC Americas: IGT Gaming And Digital Units Continue Double-Digit Growth In Q2
    • IGT’s global gaming and PlayDigital units have continued to show strong annual growth to mask a stagnant flagship lottery division throughout the second quarter of 2023. Publishing its Q2 report, IGT has recorded total corporate revenue of $1.06bn, up 3% year-over-year as the group’s digital and gaming wings show off double-digit growth. Overall it was a strong quarter for the global gaming technology group, which has raised its full-year guidance for both revenue and income.
  • CDC Gaming Report: Caesars Entertainment Touts High-End Customers For F1 And Super Bowl
    • The CEO of Caesars Entertainment told Wall Street analysts and journalists Tuesday that the customers coming to Las Vegas for Formula 1 race in November and the Super Bowl in February are higher-end players and will help the bottom line compared to those who’ve visited in previous years. Tom Reeg built on his first-quarter comments in which he said Las Vegas sporting events and entertainment are displacing lower-tier players, a trendline that will boost the financial performance of casino operators in the future.
  • US Bets: The Future Of Sports Betting Is Horse Racing
    • When the U.S. Supreme Court cleared the way for fixed-odds sports betting to sweep the nation in 2018, horse racing insiders may have felt as though the industry was the thoroughbred Sham, leading early in the 1973 Belmont Stakes with Secretariat breathing down his neck. We all know how that race turned out. But this race has taken an interesting turn — to the point where it’s not really a race anymore.

Georgia

  • PlayUSA: Georgia Sports Betting Passage Could Be Less Complicated In 2024
    • One Georgia lawmaker said he believes there’s support for passing sports betting legislation in 2024 if his colleagues can keep it simple. Efforts to pass Georgia sports betting this year became overly complicated. Legislators could have passed a bill if they all got on the same page. They just couldn’t agree on one vehicle. Speaking to PlayUSA at the National Council of Legislators from Gaming States conference in Denver last month, Georgia Sen. Bill Cowsert looked ahead to 2024 and the possibility that his colleagues could finally get behind his effort to legalize Georgia sports betting through a constitutional amendment.

Massachusetts

  • PlayMA: Raynham Park Sportsbook Application Hits Snag With MA Gaming Commission
    • In a twist that delays a decision on a proposed sportsbook at Raynham Park, the Massachusetts Gaming Commission debated a withdrawal motion from the applicants on Tuesday. Christopher J. Carney, the owner of Raynham Park, has asked to not be included in consideration for the license needed for a sportsbook. Previous plans for the proposed Caesars Sportsbook at Raynham Park would make the retail sportsbook the largest free-standing sportsbook in the US.

Mississippi

  • iGB North America: Mississippi Betting Handle Continues Decline In June
    • Player spending on sports betting in Mississippi fell for the third consecutive month in June, while the state also experienced year-on-year declines. Monthly handle in Mississippi reached $20.4m. This was 18.7% behind $25.1m in June 2022 and 23.9% less than $26.8m in May of this year. Revenue for June amounted to $1.8m, down 14.3% year-on-year and 43.8% behind $3.2m in May. Coastal casinos drew the most custom with a handle of $13.0m. These venues were also able to generate $832,238 in revenue during the month.

New Hampshire

  • iGB: New Hampshire Sports Betting Revenue Hits $81.0M In FY23
    • Sports wagering revenue in New Hampshire increased 57.0% year-on-year during the state’s 2023 financial year, while handle also edged up. Gross gaming revenue for the 12 months to the end of June 2023 amounted to $81.0m, up from $51.6m in the previous year. Of this total, $69.1m came from online betting, an increase of 57.1%. Retail betting revenue also jumped 56.6% year-on-year to $11.9m.

New Jersey

  • PlayNJ: High 5: Breaking Down NJ Sports Betting As The Industry Hits Milestone Anniversary
    • On Aug. 1, 2018, DraftKings Sportsbook became the first licensed online sportsbook in New Jersey. New Jersey, whose US Supreme Court victory is the reason every state not named Nevada can offer any form of legal sports gambling, is where the country’s online betting boom began. Between 2018 and 2022, NJ sports betting was the largest domestic legal sports gambling market, both in terms of real dollars and number of operators.

New York

  • The Leader-Herald: New State Lottery Site Launches, Tickets Can Be Bought Online
    • After the Mega Millions jackpot soared to nearly $1 billion, Jackpot.com officially launched on Tuesday in New York, to allow residents to buy their lottery tickets online in the comfort of their homes, rather than travel to a local gas station or convenience store. The online platform allows New Yorkers to order tickets for Powerball, Mega Millions, Cash4ife, New York Lotto and Pick 10. Residents can present their tickets to be scanned on their phones or tablets and, if they win, can transfer winnings up to $600 to their linked banking accounts.

North Carolina

  • NC Sharp: National Indian Gaming Commission 2022 Revenue Report
    • The National Indian Gaming Commission, which oversees eight tribal gaming regions in the U.S., reported a 10% increase in gross gaming revenue (GGR) in fiscal year 2022 for the D.C. region, which includes North Carolina’s three tribal casinos. The NIGC, saw a total national GGR of $40.9 billion, the highest revenue total ever recorded by the commission and a 5% increase over FY2021. Despite the revenue dip in FY2020, in which the country’s retail gaming industry was mostly shuttered due to COVID, the NIGC has seen steady revenue growth for tribal gaming over its 35-year existence.

Oklahoma

  • Gaming Today: Oklahoma Sports Betting Depends on Thaw in Tribal-State Relations, Says Legal Expert
    • Oklahomans may be looking east to Florida for clues on what could happen with tribal-led sports betting in their state after a Seminole Tribe of Florida win before the DC Circuit Court of Appeals in June. But one legal expert says Oklahoma Gov. Kevin Stitt is really the one to watch. Stitt’s strained relationship with Oklahoma tribes remains a major factor in any future Sooner State sports betting launch, Oklahoma State University Spears School of Business associate professor and attorney John T. Holden told Gaming Today in an exclusive interview last week.
Posted in Daily Clips