Industry News of the Day for February 15, 2024

Industry News

• Legal Sports Report: DraftKings Earnings Preview: Will Stock Surge Continue After Barstool Deal?
  • DraftKings is sticking to its approach of releasing its earnings report the night before its call, giving investors time to digest the earnings and see how the stock reacts. That earnings report comes out Thursday afternoon after the stock market closes at 4 pm. DraftKings will then hold its 2023 full year earnings call at 8:30 am Friday. One thing investors do not want is to see the share price slide on short-term hiccups. DKNG closed Monday at $43.61, the same day it confirmed its long-rumored deal with Barstool.

• AP News: Betting On The Super Bowl Was Brisk At Sportsbooks In Big U.S. Markets
  • With this year’s Super Bowl being played in Las Vegas, the nation’s gambling capital, there was little doubt that betting on the big game would be huge. Statistics from several states where sports betting is legal are proving that prediction was true. Nevada’s sportsbooks set a record by taking $185.6 million in wagers on the game, in which the Kansas City Chiefs won their second consecutive championship by defeating the San Francisco 49ers 25-22 in overtime. The books kept $6.8 million as winnings, up from $4.3 million a year ago, the Nevada Gaming Control Board said.

District of Columbia

• SportsHandle: Intralot Extension Likely As D.C. Council Mulls Sports Betting Fix
  • Barring an unexpected change, Intralot will likely continue running Washington, D.C.’s sports betting platform, GambetDC, through the summer. Intralot signed a five-year contract to operate sports betting in the District in July of 2019, and the D.C. Lottery is making plans under the belief that the deal will be extended. The length of an extension is to be determined, and the Washington D.C. Council needs to approve any extension. If an extension isn’t granted, however, GambetDC would shut down in July with no immediate replacement for bettors in the area.

Georgia

• SBC Americas: Senate Committee Passes Georgia Sports Betting Amendment
  • Senate leaders in Georgia have approved a constitutional amendment that proposes to authorize sports betting in the Peach State. The Georgia Senate Regulated Industries Committee has unanimously passed a constitutional amendment that would allow voters to decide the fate of sports betting in Georgia this November. Senate Resolution 579, which is sponsored by Sen. Bill Cowsert and Brandon Beach, proposes to establish a gaming commission to regulate wagering with oversight from the Georgia Lottery Corporation. SR 579, which has received backlash from religious leaders, will now head to the Senate Rules Committee for further consideration.

Minnesota

• PlayUSA: New Stakeholder Complicates Minnesota Sports Betting Legalization Effort
  • Minnesota sports betting negotiations have taken a step back entering the new legislative session, putting doubt on what seemed like the most likely state to legalize sports betting in 2024. For the past two years, Minnesota sports betting has come down to whether Indian tribes and horse racetracks could strike a deal to get both on board. At the end of last session, the Minnesota Indian Gaming Association (MIGA) offered racetracks a revenue-sharing arrangement for exclusivity over sports betting.

North Carolina

• The News & Observer: Once A Champion Of NC Casino Legalization, Senate Leader ‘Not Intent’ On It For 2024
  • Senate leader Phil Berger took a step back from pushing to usher more casinos into North Carolina on Wednesday, saying that he was not “intent on moving anything in particular” related to casinos during the state’s short legislative session that starts in April. During last year’s legislative long session, whether additional casinos should be legalized in the state was one of the primary causes of a standoff between the legislative chambers over the months-delayed $30 billion state budget, which was supposed to be passed by July 1 but instead passed into law in early October.

• NC Sharp: Casino Expansion Is A Hot Topic For NC Voters—Gubernatorial Candidates Weigh In
  • Casino expansion has emerged as one of the focal issues of the upcoming general elections in North Carolina. Recently, The News & Observor questioned NC Gubernatorial candidates who shared their perspectives on North Carolina casinos. Many elaborated on possible legislative paths for 2024 and beyond. Attorney General Josh Stein and Lieutenant Governor Mark Robinson, the top two candidates on the ballot, expressed caution towards casino expansion.