Industry News of the Day for December 20, 2022
- Gaming Today: Once Considered Inevitable, Sports Betting Industry Consolidation Now Seems Optimistic
- The online sports betting industry has long felt overstocked with similar products competing for the same core demographic. Companies with capital to deploy have quickly seized the opportunity to expand to as many regulated markets as possible, driving up rates for new customer acquisition. The concept of M&A in online sports betting is not a taboo topic — many industry professionals and investors have signaled they see it as an inevitability.
- Wall Street Journal: Problem Gambling Is on the Rise Among Young Men
- Gaming and gambling problems are surfacing among young men, and increasingly, teen boys, say counselors, therapists and addiction experts. They cite the rise in time spent online during the pandemic, the legalization of sports betting in a growing number of states, and the increasing presence of gambling-like elements in videogames.
- PlayMaryland: November Analysis: Maryland Casino Revenue Holds Steady Amid Online Sports Betting Launch
- Maryland’s latest casino revenue report revealed a relatively strong November for retail gambling locations. These healthy numbers come despite the recent launch of online sports betting in the state, suggesting that in-person wagering will hold its own within Maryland’s ever-expanding gambling landscape.
- Legal Sports Report: MGM Springfield Approved For Retail Massachusetts Sports Betting
- MGM Springfield, the eventual host site for BetMGM‘s online Massachusetts sports betting operation, received approval Monday for in-person wagers by late January. After several hours of suitability review the Massachusetts Gaming Commission voted 5-0 to approve the casino’s retail application. It joins Encore Boston Harbor as the only two casinos with licenses for retail sports betting.
- PlayMichigan: Michigan Online Casinos Bring In $145 Million In November For Second Straight Record Month
- Online casinos in Michigan had their second straight record month in November, bringing in more than $145.4 million in revenue. Michigan sportsbooks handled $498.1 million in bets during the month, with just under $480 million coming from online sportsbooks. The overall number is incrementally lower than November 2021, continuing the trend of a plateauing market in the state.
- PlayOhio: BetMGM Sportsbook To Open New Year’s Eve At MGM Northfield Park
- Sports bettors in northern Ohio will have a chance to celebrate the new year and place their very first legal, in-person sports bet in Ohio at MGM Northfield Park. The Northfield, Ohio racino, located 20 miles south of Cleveland and 20 miles north of Akron, will start taking sports bets at its BetMGM Sportsbook right at midnight on Dec. 31, as Ohio sports betting goes live across the entire state.
- PlayPennsylvania: PA Online Casinos Top US Revenue Record Again; Sportsbooks Stay Strong in November
- PA online casinos once again had a record-setting performance in November. According to the figures released by the Pennsylvania Gaming Control Board on Monday, PA online platforms reached $155.9 million in gross revenue last month. This incredible showing beat out October’s previous mark of $151.7 million and sets a new all-time record again for any online casino market in the US.