Industry News of the Day for February 21, 2024

By iDEA | February 21, 2024

Industry News

  • Legal Sports Report: Analysts Remain Bullish On DraftKings Stock Following Q4 Earnings
    • DraftKings proved its structural hold is strong enough to shake off a few bad weeks ofNFL results, which kept analysts bullish on the stock. Multiple analysts raised their DraftKings price targets and maintained their positive rating following Friday’s fourth quarter earnings call. The positive commentary should continue the run DKNG has seen since the beginning of 2023. Friday’s close of $44.57 was nearly 4 times higher than the $11.39 it closed at on Dec. 30, 2022. Kansas.
  • SBC Americas: FanDuel Acquires Igaming Software Provider BeyondPlay
    • Igaming software provider BeyondPlay has announced it has been acquired by FanDuel. BeyondPlay will now become part of FanDuel Casino, FanDuel’s igaming brand, and will have a focus on product development and innovation. The company’s flagship products are a Jackpot Management System and Multiplayer Software which allows multiple users to participate in the same casino game sessions and pool their stakes. According to FanDuel, the addition of BeyondPlay’s jackpot technology and multiplayer software capabilities will further enhance its igaming offering as it seeks to become the number one operator in the vertical.
  • AP News: U.S. Casinos Won $66.5B In 2023, Their Best Year Ever As Gamblers Showed No Economic Fear
    • America’s commercial casinos won $66.5 billion from gamblers in 2023, the industry’s best year ever, according to figures released by its national trade association Tuesday. The American Gaming Association said that total was 10% higher than in 2022, which itself was a record-setting year. When revenue figures from tribal-owned casinos are released separately later this year, they are expected to show that overall casino gambling brought in close to $110 billion to U.S. casino operators in 2023.

Illinois

  • PlayUSA: No Plans Looming For Illinois Online Casino Legislation In 2024
    • Despite a recent committee quirk, Illinois online casino legislation won’t get a hearing anytime soon. On Monday, the House Gaming Committee posted a hearing scheduled for Wednesday with online casino legislation as a topic. The committee hearing quickly was marked as canceled. House Gaming Committee Chairman Dan Didech told PlayUSA that the hearing was never really scheduled. “[A hearing] is unlikely in the immediate future,” Didech said. “I wouldn’t read too much into what gets posted for hearing. The default is that every bill in the committee gets posted every week.”

Louisiana

  • iGaming Business: Louisiana Sports Betting Growth Curve Flattens In January
    • Players in Louisiana wagered $346.3m (£275.1m/€321.4m) in January, an increase on the same month last year but less than December’s total, ending three months of consecutive growth in the Pelican State. The monthly total was 22.7% higher than $282.3m in January 2023. However, it was 8.1% behind December’s record figure of $377.0m. Incidentally, December was the third straight month that Louisiana reported a record handle. Of all bets placed in January, $317.8m were online and $28.5m at retail sportsbooks.

Michigan

  • PlayMichigan: Michigan Online Casinos Set Record In January With $181.9 Million In Revenue
    • Michigan online casinos started off 2024 with another record. In January, the 15 online casinos in the state combined for $181.9 million in revenue through slots, poker and table games. The mark just narrowly edges the previous monthly record of $181.4 million — set in December, 2023 — by 0.3%. However, the January figure is an 18.3% jump from January 2023’s $153.7 million in revenue, which was a new record at that time. Online casinos in Michigan continue to make record monthly gains, setting a new monthly record for the third consecutive month.

Mississippi

New Hampshire

  • New Hampshire Bulletin: New Hampshire: Sports Betting Raised $100 Million For Education In First Four Years
    • In the four years since New Hampshire legalized sports betting and teamed up with DraftKings, the partnership has contributed $100 million to public education, according to the New Hampshire Lottery. It’s one of several games run by the Lottery that contributes to the Education Trust Fund. “We are extremely proud of the work we have done to establish New Hampshire as the premier destination for sports betting in the Northeast,” said Charlie McIntyre, executive director of New Hampshire Lottery, in a statement. “We encourage our New Hampshire players to continue placing responsible bets and we are excited for many more years of winning big!”

New York

  • Sports Handle: New Census Survey: New York Generated 37% Of All U.S. Sports Betting Tax Revenue
    • According to a new section added to the U.S. Census’ Quarterly Survey of State and Local Tax Revenue (QTAX), New York sports betting operators accounted for 37% of total sports betting tax revenue in the U.S. for the Q3 2023. Total sports betting taxes — which include taxes on parimutuel wagering — nationwide for the third quarter were $505.96 million, a 20.5% increase against the same quarter in 2022, but about $65 million decrease against the the second quarter of 2023.

Pennsylvania

  • PlayPennsylvania: Pennsylvania Slows Down With $189 Million In January Online Casino Revenue
    • Pennsylvania online casino operators started the new year out a little slower than they ended 2023. The Pennsylvania Gaming Control Board (PGCB) reported operators generated $189.3 million in January revenue. PA online casinos have been hitting on all cylinders as of late, but that trend seemed to fall off last month. Still, this was the fifth consecutive month with earnings topping $186 million for the state.
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