Industry News of the Day for August 8, 2023

By iDEA | August 8, 2023

iDEA Growth Member News

  • Legal Sports Report: Flutter Earnings Preview: Will FanDuel Market Share Continue To Grow?
    • The London-listed parent of FanDuel will report its first-half earnings early Wednesday morning on the East Coast. The FanDuel story is not about potential profitability like the US-listed sportsbooks. Flutter CEO Peter Jackson said on the first-quarter call that the company is confident in a profitable 2023 for the business and is more excited to see how that profitability can grow from adding new customers.

Industry News

  • PlayUSA: US Sports Betting Helps Genius Sports Post 22% Revenue Growth In Q2
    • Looking at a company’s bottom line is often the simplest way of ascertaining whether its business is sustainable. That isn’t always the case, though. Genius Sports Group’s second quarter of this year is a perfect example of how short-term losses can be deceiving. Genius shared its earnings for Q2 with investors, sharing that it collected almost $90 million in revenue. While that wasn’t sufficient to break even for the period, there are reasons to believe that revenue could surpass expenses soon.
  • The Center Square: Jeff Merkley And Colleagues Voice Opposition To Election Gambling Proposal
    • U.S. Sen. Jeff Merkley, D-Oregon, is leading a coalition of his Democratic colleagues who do not want to see gambling on American elections legalized. Along with U.S. Senators Sheldon Whitehouse, D-Rhode Island, Ed Markey, D-Massachusetts, Elizabeth Warren, D-Massachusetts, Chris Van Hollen, D-Maryland, and Dianne Feinstein, D-California, Merkley sent a letter to the Commodity Futures Trading Commission (CFTC) urging Chairman Rostin Behnam to reject a proposal from a private prediction market group that could allow for legal gambling on American elections.

Kentucky

  • SBC Americas: BetMGM KY Coming To Ashland Through Revolutionary Racing
    • The launch of Kentucky retail sports betting is a month away, so the announcements related to launch in the state are starting to roll in. On Monday, BetMGM announced it will be partnering with Revolutionary Racing for market access into the state. The partnership includes online sportsbook access as well as a brick-and-mortar sportsbook at the company’s forthcoming Sandy’s Racing & Gaming facility in Ashland. Sandy’s, which will be the only gaming destination in Eastern Kentucky, is slated to open this fall.

New Jersey

  • PlayNJ: With Five Years To Look Back On, Here Are The Biggest Takeaways From NJ Sports Betting
    • New Jersey was the driving force behind the widespread legalization of US online sports betting, thanks to the state’s 2018 victory in the US Supreme Court case about the federal sports gambling ban. Now, the Garden is celebrating five years of NJ online sportsbooks after DraftKings Sportsbook became the first NJ sports betting app to go fully live on August 6, 2018. We have seen a lot over five years.

New York

  • PlayNY: Rush Street CEO ‘Feeling Good’ About Progress Toward Potential Legalization Of NY Online Casinos
    • Several years of failed legislative efforts to legalize online casinos in New York has not scared of Rush Street Interactive from attempting to turn the tide. During the company’s latest earnings call, Richard Schwartz made it clear that he and Rush Street “continue to participate in discussions in states such as New York, Illinois and Indiana, where progress was made this past year, but for one reason or another, didn’t cross the finish line.

Ohio

  • PlayOhio: Ohio Wins Five Awards At National Problem Gambling Conference
    • Ohio’s efforts in problem gambling prevention and treatment were recently honored at the 2023 National Conference on Gambling Addiction and Responsible Gambling. Ohio earned five awards at the 37th annual conference hosted by the National Council on Problem Gambling, which was held in late July in Washington, D.C. Ohio responsible gambling initiatives and resources are often recognized by national organizations.

Pennsylvania

  • PlayPennsylvania: Bally’s Reports ‘Successful’ Pennsylvania Online Casino Launch
    • The newest Pennsylvania online casino has hit the ground running in the Keystone State. Bally Casino PA launched as the state’s 20th platform in June, and reported a stellar start in PA during the company’s Q2 2023 earnings call. With a strong brand name and retail presence, especially in nearby Atlantic City, Bally’s is expecting to contend for significant market share in Pennsylvania.

Virginia

  • Sports Handle: FanDuel Continues To Pace Mobile Sportsbooks In Virginia
    • FanDuel continues to be a mobile sports wagering juggernaut in Virginia, extending its streak of double-digit holds to 12 months after posting a 12.3% win rate for June. The Virginia Lottery fulfilled a Freedom of Information Act request to provide handle and revenue figures by operator to Sports Handle, showing a more detailed sports wagering picture in the top 10 national market. Beyond FanDuel’s dominance, the other big takeaways were bet365 incrementally decreasing promotional spend while trying to lessen its negative adjusted gross revenue (AGR), while Barstool Sportsbook and Caesars Sportsbook again failed to have a standout month against the public.
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