Industry News of the Day for February 2, 2023
iDEA Growth Member News
- Reuters: Entain Lifts Profit Outlook, Sees BetMGM Funding Ending
- British gambling firm Entain raised its annual profit outlook on Wednesday and said it would end its financial support for BetMGM, the joint venture with MGM Resorts once that business turns profitable. BetMGM, the U.S. sports-betting platform, last week said it expects to turn profitable in the second half of 2023, aided by strong gaming margins.
- Gambling News: Sportradar Powers In-House Operators Via Insight Tech Services
- Sportradar has launched Artificial Intelligence-based Insight Tech Services to help in-house operators optimize their performance. The new standalone Artificial Intelligence (AI) solutions are aimed at sportsbook operators looking to enhance their risk management, marketing, and trading abilities. The fresh tools will help Sportradar’s in-house operators optimize their commercial performance.
Industry News
- SBC Americas: Despite Mattress Mack’s Best Efforts, Penn Interactive Profitable In Q4
- Despite a $10 million payout to Jim “Mattress Mack” McIngvale, Penn Interactive managed to eke into profitability during Q4 of last year. Penn Entertainment credited the strong performance of TheScore in Canada as well as solid launches in Kansas and Maryland for Barstool Sportsbook.
Massachusetts
- PlayMA: Sportradar, Genius Sports Get Sports Betting Vendor Licenses In MA
- With a successful launch of retail sports betting on Jan. 31, Massachusetts looks forward to the debut of online sports betting in late February or early March. That process includes the licensure of sports betting vendors, and two of the leading companies achieved that status this week. Both Sportradar and Genius Sports were granted temporary sports betting vendor licenses by the Massachusetts Gaming Commission on Tuesday.
Michigan
- PlayMichigan: Internet Gaming Fund To Become Funding Source For Charitable Millionaire Parties In Michigan
- Beginning at the end of March, Michigan’s Millionaire Parties will be funded through the Internet Gaming Fund. In a bill signed by Gov. Gretchen Whitmer on Dec. 22, the funding changed from charitable gaming license fees and ticket sales to the IG Fund. TIt will also allow for charities to continue to raise funds without event reductions or paying higher license fees to the Michigan Gaming Control Board.
Minnesota
- WCCO-TV: Minnesota Lawmakers Once Again Taking Up proposal For Legal Sports Betting
- After previous attempts failed, Minnesota lawmakers are once again taking a look at legalizing sports betting. Minnesota State Sen. Jeremy Miller (R-Winona) on Tuesday announced plans to introduce the Minnesota Sports Betting Act. Miller argued that Minnesota is the only state in the region that does not have a legal sports betting option, forcing residents to cross state lines or resort to illegal workarounds.
New York
- Legal Sports Report: Wait, How Much NY Sports Betting Revenue Is State Projecting Next Year?
- Gov. Kathy Hochul’s state executive budget for fiscal year 2024 projects online NY sports betting to produce $896 million in tax revenues for educational funding. That staggering projection equates to about $75 million per month, and comes a day after DraftKings and FanDuel asked state legislators for an online New York sports betting tax reduction from 51% to 35%.
Pennsylvania
- PlayPennsylvania: PA Online Casinos Lead The Way For Responsible Gambling Measures
- The National Council on Problem Gambling (NCPG) gave Pennsylvania top marks for its responsible online gambling standards. The NCPG graded out the Keystone State and six others where online casino apps are available. Pennsylvania tied for first place with New Jersey and Connecticut by meeting the majority of standards through its PA online casinos, with room for improvement.
Texas
- PlayTexas: Sen. Carol Alvarado Warns Texans Not To Trust Gambling Bogeyman Arguments
- Senator Carol Alvarado has steadfastly filed casino legislation since 2009, including this year’s joint resolution, SJR-17, which would legalize resort casinos and retail sports betting. At the moment, it represents the only piece of gambling legislation on file though at least one online sports betting bill is forthcoming. In a recent interview with PlayTexas, Alvarado took aim at the opponents of legal casino gambling and reminded Texas voters that they have the power to choose.
Virginia
- PlayVirginia: Virginia Sportsbooks End 2022 With A $503 Million Month
- For the second consecutive month, Virginia sportsbooks reported a lower betting volume when compared to the previous month. The Virginia Lottery released December 2022 sports betting numbers on Wednesday. Sportbooks took in a combined $503 million in bets for the month. By comparison, Virginia sportsbooks collected $518.8 million in November when a full college football slate and NFL Thanksgiving games goosed the numbers.
- SBC Americas: Betfred Continues US Charge As Virginia Entry Confirmed
- Betfred has entered its ninth US state after launching its online sportsbook capabilities in Virginia. It marks another milestone in the US for Betfred, after it has executed a period of expansion in the country this year. Last week, it secured regulatory approval to enter the Nevada sports betting market, operating the Virgin Casino retail sportsbook in Las Vegas after a dormant two years.