Industry News of the Day for December 15, 2023
Industry News
- SBC Americas: DraftKings Sportsbook Debuts Progressive Parlay Product
- Exactly one month after announcing the product during an investor day, DraftKings Sportsbook has officially rolled out its new Progressive Parlay product. For now, the Progressive Parlay option is only available in Connecticut, Iowa, Illinois, Oregon, Tennessee, and Wyoming. The product will roll out in additional states in the coming weeks. As DraftKings explained previously, the Progressive Parlay product allows bettors to still cash on a multi-leg parlay even if every leg does not hit. In order for bettors to access the new feature, they will need to download the latest version of the app.
Colorado
- Connecticut: Fanatics Sportsbook Soft Launches In Connecticut
- On Tuesday, Fanatics Betting & Gaming, a subsidiary of Fanatics Holdings Inc., announced a soft launch encompassing both online and retail sports betting in Connecticut via a press release. Having secured a partnership with the Connecticut Lottery Commission for mobile and retail betting channels two weeks ago, Fanatics is set to accommodate up to 2,000 online bettors during this initial week. The operator revealed plans for a full-scale launch scheduled for Monday, Dec. 18, marking its formal entry into the Connecticut market. Initially, customers are restricted to specific periods for placing wagers. The schedule begins with limited availability from 3 p.m. to 11 p.m. on Tuesdays, extending to a full 12-hour window from noon to midnight on Wednesdays and Thursdays.
Maryland
- Legal Sports Report: ESPN Bet Bursts Into Maryland Sports Betting With Big Promo Spend
- ESPN Bet, the Maryland sports betting newcomer in November, dished out plenty of promos during its first two weeks of operations in the Old Line State. The latest state report released Monday shows $13 million in free bets for the app, nearly twice as much as any other Maryland sportsbook. The big promotional spend helped boost handle to $33.3 million, the fourth-most of any Maryland sports betting app in November. It made up 6.2% of November’s $533.3 million record-setting statewide online handle.
Massachusetts
- Mass Live: Gaming Panel Cites Results, Extends Study Into Changing Gambling Habits Of Springfield’s Young Adults
- The Massachusetts Gaming Commission, impressed with the work so far, extended funding for a Springfield study into the gambling habits of young adults ages 18 to 24. The new grant, an additional $34,772 from the commission’s Community Mitigation Fund, follows $20,000 the state panel granted earlier this year. The new money ensures funding won’t run out with the state fiscal year at the end of June. The study is a partnership between Springfield Department of Health and Human Services, New North Citizens’ Council, and the University of Massachusetts Amherst School of Public Health and Health Sciences, said Joe Delaney, chief of community affairs, at the Gaming Commission meeting Thursday.
New Jersey
- PlayNJ: Mojo Lays Off 20% Of Workforce, Potentially Winding Down NJ Sportsbook Service
- Mojo – a sports betting startup that raised $100 million and included Alex Rodriguez in its financial backers – announced that it is cutting 20% of its staff. People close to the company said the Mojo layoffs reflect a strategic restructuring from a consumer-facing sports betting exchange to a B2B trading technology platform for daily fantasy sports (DFS), according to a Business Insider report. Mojo sports betting exchange, which featured a stock market-like approach to betting on sports, was only licensed in the New Jersey sports betting industry and has reportedly failed to generate significant customer growth since launching in 2022. According to people close to the matter, its pivot to fantasy sports comes as an attempt to find a more lucrative market.
North Carolina
- NC Sharp: NC Regulators Approve Affiliate Marketing Structure And Other Guidelines for Sports Betting Operators
- The NC Lottery Commission approved a series of recommendations from its sports betting committee to Wednesday’s second round of proposed sports wagering and parimutuel rules. The list of topics on the agenda included affiliate marketing revenue and the submission of proof that operators are in good standing in other jurisdictions. With the end of the year rapidly approaching and a Dec. 27 recommended submission date for sports betting operators to submit applications, the commission is on an expedited schedule. After several meetings and a public comment period, the agency approved the first set of rules, Rulemaking One, in mid-November.
West Virginia
- PlayWV: West Virginia Online Casinos Generate $14.4 Million In November Revenue
- On the heels of a record-breaking month in October, West Virginia online casino operators had another strong November. They generated $14.4 million in revenue, which is the second-highest total of all time. The end of the year has been kind to WV online casinos. Players are showing that the fall months are when revenue pours in. Despite it being hard to follow up a record month of revenue, the Mountain State did just that in November. After posting $14.4 million in monthly earnings, November is the third time operators exceeded $14 million in a single month this year. West Virginia produced $14.2 million in March.