Industry News of the Day for December 28, 2023
Industry News
- Legal Sports Report: Analysis: FanDuel Fends Off Latest DraftKings Challenge, But For How Long?
- FanDuel seemingly survived another summertime showdown with its longtime rival and closest threat, DraftKings. The US sports betting leader briefly fell back into second place this summer but retook the top spot as the fall betting calendar continued to thicken. Following some encouraging developments in the first part of the year, DraftKings again returns to the second step after another impressive summer. Stripping away competing brands and charting head-to-head volume across common states helps visualize how the battle between DraftKings and FanDuel is playing out over time.
- AP News: The Odds For More Sports Betting Expansion Could Fade After Rapid Growth To 38 States
- At his suburban St. Louis home, Brett Koenig can pull out his smartphone and open a sports betting app. But he can’t place a bet. He is blocked by a pop-up message noting he is not in a legal location. Missouri is one of a dozen states where sports wagering remains illegal more than five years after the U.S. Supreme Court cleared the way for states to adopt it. “It just seems silly that everyone else can do it and we can’t,” said Koenig, who has launched a social media campaign called “Let MO Play” to rally support for legal sports betting in his home state.
Connecticut
- TheLines: Connecticut November Sports Betting Handle Surpasses $200 Million
- Connecticut sportsbooks saw $205.7 million in wagers for November 2023. This marks a 7.9% increase in wagers month over month compared to October’s $189.4 million. Connecticut’s market was dominated by local sportsbooks, which were responsible for 93.6% of the total betting market. Let’s take a look at the revenue breakdown for Connecticut sports betting. The report released by the Department of Consumer Protection revealed that $192.6 million of the total wagers came from online operators in Connecticut. The remaining $13.2 million came from retail locals. Sportsbooks in Connecticut reported 12.9 million in revenue off of a 6.27% hold rate.
Delaware
- PlayUSA: Delaware Online Casinos Report Double-Digit Revenue Growth In November
- One of the most often uttered statements from people researching anything is that correlation does not equate to causation. That’s an important consideration when observing gaming revenue in Delaware for November 2023. Online casino win saw a double-digit increase compared to the same sum in November 2022 at the same time that segment of Delaware’s gambling industry saw an important change. That doesn’t necessarily mean that change was a crucial factor in the financial uptick, though.
Maryland
- PlayMaryland: New Maryland Online Casino Bill Has 46% Tax Rate, $1M License Fee
- One Maryland lawmaker is intent on bringing a vote on online casinos in the state in 2024. Maryland State Sen. Ron Watson, a Democrat representing District 23, has written a draft bill he says he will introduce in the 2024 legislative session regarding online gambling, per reporting from Vixio. Last session, the state failed to vote on a bill that would have legalized online casinos in Maryland. This new bill from Watson would reportedly tax operators at 46%, a hefty increase over the proposed 15% in the previous bill. The next Maryland state legislative session commences Jan. 10, 2024.
North Carolina
- NC Sharp: Sportsbooks Rush To Meet North Carolina Sports Betting Early Bird Deadline
- The recommended submission deadline for North Carolina sports betting operator applications is today. Meeting this deadline gives those applicants the opportunity to launch online sports betting when the market goes live. The North Carolina Lottery Commission recommended late last month that operators, suppliers and service providers meet that deadline to give regulators enough time to evaluate lengthy application packets. The expected turnaround time for vetting a North Carolina online sports betting operator license is 60 to 90 days, a process that includes a background investigation.