Industry News of the Day for December 6, 2023

Industry News

• Legal Sports Report: Business By The Books: BlueBet Confident In US Sports Betting Strategy
  • Recent trends in US sports betting show that BlueBet was right in its approach to the market, its chairman said at its annual meeting Wednesday. “Recent trends in the US have reinforced our confidence that our capital-lite strategy will deliver the most value for shareholders, and we remain focused on delivering our two-stage strategy to take our share of this significant and attractive market opportunity,” Michael Sullivan said. Indeed, smaller US operators that have taken even moderately sized marketing swings have begun to shutter or sell their operations, as profitability remains out of reach. Kindred revealed the closing of the Unibet brand in the US last week, and PointsBet announced the sale of its US assets to Fanatics a few months before that.

• PlayUSA: More People Are Self-Excluding From Gambling, Here’s A Look At The Numbers
  • Because of the US online gambling industry’s rapid expansion, problem gambling has become a matter of increasing concern. In the US, there are currently 29 states that offer legal online sports betting and six states where online casinos are legal. Before we disclose self-exclusion numbers from various US states, let us first answer what self-exclusion programs are about. A self-exclusion program uses a common problem gambling tool that works voluntarily. The program is designed to offer an option for those who have gambling problems to avoid further risks. It is the foundation for most responsible gambling initiatives.

• CDC Gaming Reports: BetMGM Eyes Big Profits In 2026
  • Entain, the co-owner of BetMGM, Monday announced that it anticipates turning a $500 million profit at BetMGM in 2026. Entain also forecast that 2024 would be an “investment year,” which would earn a negative return on the product. This reverses an anticipated positive return on investment in the second half of this year. J.P. Morgan analyst Joseph Greff reported that the expected 2024 loss would be a “subset” of money already put into BetMGM, meaning that joint-venture partners Entain and MGM Resorts International wouldn’t have to put in any additional capital to cover losses, barring unexpected mergers or acquisitions.

Michigan

• PlayMichigan: Half Of Michigan Sportsbooks Increased Handle This Football Season
  • Online sports betting in Michigan has certainly seen a big jump with football season kicking off. September and October saw Michigan online sportsbooks collect just under $1 billion in handle over the two months. That included a record handle of $533 million in October. Which of the sportsbooks are seeing the biggest increase compared to football season from a year ago?Coming into 2023, it appeared that online sports betting had plateaued in the state. That held true for most of the year, with year-over-year declines in online handle each month. However, come September that changed.

North Carolina

• NC Sharp: North Carolina Opens Application Portal For Sports Betting Licensees
  • The North Carolina legal gaming website ncgaming.gov is now accepting applications for sports betting licensees in three categories. Prospective North Carolina sports betting operators, service providers, and suppliers can all submit an application online now. Last month, the North Carolina Lottery Commission announced that a 60-day window for application vetting would be in place for license applications. The review and approval process would begin when an application was submitted. According to the state’s website, “After submitting a request, interested parties will get a unique ‘live’ link by email.

• SBC Americas: ESPN BET Gains North Carolina Market Access With Quail Hollow Club Deal
  • ESPN BET will be entering the North Carolina sports betting market when it opens in the first half of 2024 after agreeing a deal with the Quail Hollow Club. Subject to regulatory approval, the new PENN Entertainment sportsbook app will enter its 18th state as it seeks to be a top player in the US sports betting space. Under the provisions of the long-term agreement, ESPN BET will become the exclusive official betting operator of the Wells Fargo Championship, a PGA Tour event that takes place at Quail Hollow Club in Charlotte.

Ohio

• PlayOhio: FanDuel Nears Top Spot, October Sports Betting Revenue Stays In Uptrend
  • Ohio sports betting remained brisk in October. Bettors wagered $724.1 million with online operators in October. It was a significant increase from September’s $668 million, an 8.4% rise. The $724.1 million handle resulted in online operators winning $78.1 million in taxable sports wagering revenue. Retail sportsbooks also had a strong month, handling $22.1 million in wagers while generating $2.4 million in taxable revenue. Ohio’s online and retail sportsbooks combined for a $746.2 million handle while reeling in $80.5 in taxable revenue. The combined numbers make October the fifth-most profitable month since the launch of legal Ohio sports betting in January.

Pennsylvania

• PlayPennsylvania: What Legal Pennsylvania Skill Games Mean For Regulated Gambling Industry
  • The legality of Pennsylvania skill games, which has been dragged on for years, finally has some clarity. The Pennsylvania Commonwealth Court unanimously ruled that unregulated skill games within the state are legal games of skill. Despite the Commonwealth Court siding in favor of skill games, it doesn’t mean the saga is over. The case could end up in the Pennsylvania Supreme Court, or these games could become regulated at some point soon. Members of the legal gaming industry, which many, if not all oppose skill games, must accept the fact that they will not be banned in any capacity right now. Remaining unregulated could continue to impact retail and PA online casinos.