Industry News of the Day for August 4, 2023

Industry News

• SBC Americas: MGM CEO Hornbuckle Criticizes BetMGM Product
  • MGM Resorts CEO Bill Hornbuckle has conceded that parts of the BetMGM product “is not where we want it to be” but hopes that Entain’s acquisition of Angstrom can help to improve the standards. Addressing investors at the company’s Q2 earnings conference, Hornbuckle explained that BetMGM’s declining online casino share is down to the platform not being as strong as it should be and that fewer sports betting customers are migrating to online casino.

• Sports Handle: MGM Resorts Pleased With BetMGM’s Path To Profitability
  • Nearly a week after BetMGM reported a profitable quarter — the first in the mobile operator’s history — MGM Resorts CEO Bill Hornbuckle was tight-lipped about the possibility of a renewed bid to buy BetMGM co-owner Entain or a plan to acquire Entain’s 50% stake in BetMGM. BetMGM is a 50-50 joint venture between MGM Resorts and Entain, one of the largest gambling conglomerates in Europe.

Florida

• PlayUSA: Florida Sports Betting Likely Coming Soon As Appeals Options Doubtful
  • After a federal court ruling to reaffirm the Seminole Tribe of Florida’s gaming compact with the state, it seems likely that sports betting will be back up and running in the Sunshine State within the next month. PlayUSA spoke with several gaming attorneys to get their thoughts on the prospects for continuing the case against the Seminole compact. The DC Circuit Court of Appeals ruled June 30 that the District Court erred in invalidating the Seminole compact, which was the first tribal-state compact to include statewide online sports betting under the Indian Gaming Regulatory Act (IGRA).

Kentucky

• TheLines: Which Sportsbooks Are Already Confirmed For Kentucky Sports Betting?
  • Kentucky residents are just weeks away from the launch of online sports betting apps. So far, only two sportsbooks have partnered with local racetracks for market access. These operators are FanDuel and Caesars. Up to 30 Kentucky sports betting sites are allowed to go live once the market launches on Sept. 28. Retail locations for Kentucky sportsbooks can open Sept. 7. Let’s take a look at the potential operators that could curate deals and launch operations in time for the mobile betting launch in Kentucky.

Maryland

• PlayMaryland: Senator: Minority Inclusion Key To Passing Online Casino Legislation In Maryland
  • The Maryland legislature is approaching the idea of legalizing online casinos. State Senator Ron Watson’s Maryland online casino legislation known as Senate Bill 267 will carry over into 2024 where he hopes it will be passed, but there is a major issue to contend with first. Before expanding gambling again, a plan for minority inclusion must be hammered out.

Michigan

• PlayMichigan: Caesars Palace Online Casino Launches In Michigan As Focus On iGaming Intensifies
  • On Monday, Caesars Casino Michigan quietly made a transition to Caesars Palace Casino Michigan. The name change is part of Caesars Entertainment’s effort to ramp up their online casino product and separate it from the Caesars Sportsbook app, which features a watered down casino. Along with the name change, the new Michigan online casino features an expanded gaming library and a direct connection to its Caesars Rewards program.

New York

• Niagara Gazette: Casinos ‘No Sure Bet,’ State Comptroller Says
  • New York’s four licensed, non-Native American casinos haven’t produced the level of financial benefits state lawmakers anticipated when they authorized them years ago. That’s the findings of a report issued Thursday by state Comptroller Thomas DiNapoli, whose office reviewed operations at del Lago Resort and Casino, Rivers Casino and Resort, Resorts World Catskills, and Tioga Downs Casino from 2017 to 2022.

• Legal Sports Report: New York Regulator: Prop-Style Fantasy Markets ‘Essentially Sports Betting’
  • New York gaming regulators say daily fantasy sports contests mimicking player prop bets are “essentially sports betting.” In an Aug. 2 Register update, the New York State Gaming Commission rejected a commenter’s request to change proposed DFS rules to allow the pick ’em-style player games popularized by PrizePicks and Underdog Fantasy. It is the fourth state regulator since May to crack down on player vs. house fantasy games resembling prop bets offered by sportsbooks.

North Carolina

• CBS17: Nearly Half Of NC Residents Support Casino Expansion, Poll Says
  • Nearly half of North Carolinians would support an expansion of casinos in the state, according to a poll released Wednesday as state lawmakers weigh a plan that would authorize four more casinos. Republican legislative leaders are holding private discussions about a significant expansion of legalized gaming just a few months after approving mobile sports betting. While no finalized bill has been released, lawmakers are considering creating four “entertainment districts” that would include casinos and other amenities such as hotels, dining and housing.