Industry News of the Day for August 25, 2023

By iDEA | August 25, 2023

iDEA Growth Member News

  • Gambling News: FanDuel Inaugurates PPA Tour Betting In North America
    • The Professional Pickleball Association (PPA) Tour has now become the first pickleball organization to join the sports betting hype and launch wagering markets. The FanDuel Sportsbook, one of the biggest operators in North America, has inaugurated the markets, becoming the first company to offer official data-powered markets and live video feeds on pickleball. According to the announcement, FanDuel’s PPA Tour offerings will be available in 10 US states and one Canadian province.

Industry News

  • Sportico: Betting Exchange Draws Joe Montana, Y Combinator To Harvard Startup In Funding Round
    • Sports betting startup Novig has raised $6.4 million in seed funding, with the aim of bringing exchange-style wagering to everyday fans. Lux Capital led the round, which included participation from Joe Montana and Y Combinator, among others. The New York-based company plans to launch its app in Colorado this October. Most bets originate with lines set by “the house,” a sportsbook that takes action on both sides of a given wager and makes money from the “vig,” or additional take it adds to the odds it offers, often ranging from 5% to 15%.
  • Sports Handle: Sporttrade Gets Second Operator License, This One In Colorado
    • Sporttrade, the exchange-wagering platform that brings a stock market-style approach to sports betting, got its second license Thursday when the Colorado Limited Gaming Control Commission approved the company for a First Temporary Sports Betting Internet Operator License. The company will launch an offering similar to its innovative platform, but bettors won’t be able to place limit orders or choose their price.

Kentucky

  • Gaming Today: Is Kentucky Underestimating Its Potential Sports Betting Revenue?
    • Kentucky state officials expect a $23 million annual tax payout from legal sports betting “at full implementation”, according to Gov. Andy Beshear’s office. But industry experts say that projection is a bit conservative. Revenue projections by industry analysts Eilers & Krejcik Gaming sent to Gaming Today estimate that Kentucky will see annual tax revenues of $34.2 million from sports betting in 2027.
  • SBC Americas: Meet the Kentucky Sports Betting Advisory Committee
    • Gov. Andy Beshear announced on Tuesday who the seven members of the Kentucky Sports Wagering Advisory Council (SWAC) would be. The group covers a wide range of experience and expertise but none come from the world of regulated sports betting nor does anyone have experience with casinos, just historical horse racing and parimutuel wagering. That is not uncommon for boards like these.

New Jersey

  • PlayNJ: The Cold, Hard Truth: Atlantic City Casino Industry Is Not Healthy
    • For the better part of the last two years, PlayNJ has been trying to bring balance to the faulty narrative that Atlantic City casinos are doing well financially. Here’s the truth: The Atlantic City casino market is not healthy. The industry’s most recent quarterly profit reports reinforce this fact and confirm what PlayNJ has been saying since 2021. While it’s true that inflation plays a part in the less-than-favorable 2023 numbers, the casinos’ financial woes go back further and are much deeper.

North Carolina

  • Barrett Sports Media: VSiN, Dick Broadcasting Launch Sports Betting Radio Format In North Carolina
    • North Carolina is getting in the game when it comes to sports betting talk on radio. Dick Broadcasting is partnering with VSiN to launch Bet on the Bull 960. The station is transitioning from traditional sports talk. It will carry VSiN’s national lineup as well as the local Bryan Hanks Show in morning drive. The station will also carry a high school football game of the week and Carolina Panthers play-by-play.

Ontario

  • PlayCanada: Rivalry Becomes First Operator To Offer Same Game Parlays On Esports
    • Toronto-based esports operator Rivalry announced today the arrival of same-game parlays to its proprietary online wagering platform. In doing so, it became the first betting site of its kind to offer users a same-game esports parlay feature. According to the company’s news release, the ground-breaking addition will officially be known as ‘Same Game Combos.’ Similar to traditional Ontario sportsbooks, Rivalry customers can now build bet slips that include multiple wagers from a single match for a shot at a higher potential payout.
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