Industry News of the Day for December 12, 2022

iDEA Growth Member News

Industry News

  • Legal Sports Report: Is Fanatics Cash Raise For Sports Betting M&A?
    • It is not a secret that Fanatics is building a sports betting product. Just about every other aspect of that product, however, is being kept under lock and key for now. Multiple outlets reported Fanatics raised $700 million last week and now boasts a $31 billion valuation. That cash will reportedly be used for M&A. A Reuters source said the company should end the year with more than $2 billion in cash.


  • PlayIndiana: Indiana Online Casinos Could Generate Nearly $1 Billion In Yearly Revenue
    • Indiana lawmakers are about to introduce a new bill that would legalize online casinos in the Hoosier State. The stage is set for a major push for gambling expansion. The bill will start to pick up steam in the early days of 2023. Indiana online casinos would be a massive money maker for both gambling companies and the state.


  • iGB North America: ‘Mattress Mack’ Payouts Mean Iowa Betting Revenue Plummets In November
    • Sports betting revenue in Iowa fell 70.9% year-on-year in November as two operators posted extremely large losses following multi-million-dollar winning bet payouts to US businessman Jim ‘Mattress Mack’ McIngvale. Revenue for the month amounted to $5.8m, down from $19.9m in November 2021 and also 69.6% lower than $19.1m in October this year.


  • The Lines: Fanatics Aims To Launch Online Sportsbook In Maryland In January
    • A Fanatics sportsbook in Maryland could finally debut soon. The app called BetFanatics is aiming for a January 2023 launch. This target comes following the announcement that the sports merchandising company raised $700 million for its sports betting division. This raises the overall company’s valuation to $31 billion.


  • PlayUSA: Encore Boston Harbor Gets First Massachusetts Sports Betting License
    • The Massachusetts Gaming Commission(MGC) granted the first sports betting license to the Wynn Resorts-owned Encore Boston Harbor casino resort. A Massachusetts sports betting license approval means the casino can launch a retail sportsbook early in 2023. The MGC met three times this week to consider a license. On Thursday, the commission unanimously approved Encore Boston Harbor as the state’s first fully licensed casino operator.


South Carolina

  • Sports Handle: South Carolina Lawmaker Proposes Amendment To Legalize Sports Betting
    • A prominent South Carolina lawmaker this week proposed a constitutional amendment that could legalize sports betting, casino gaming, and parimutuel betting on horse racing. Sports betting isn’t legal in South Carolina, but Democratic Rep. J. Todd Rutherford, the House minority leader, wants legalized wagering to be voted on by the state’s residents.