Industry News of the Day for February 22, 2024

By iDEA | February 22, 2024

Industry News

  • Legal Sports Report: Kambi Stock Pounded As Outgoing CEO ‘Not Very Pleased’ With Results
    • Kambi saw its market cap tumble more than 20% Wednesday after announcing what its CEO called out as disappointing results. Revenue was down 23% for the quarter with EBITDA down 38%, according to the fourth quarter earnings report. The platform provider to multiple operators including BetRivers faced a tough comparison period in the fourth quarter, as 2022 included Penn‘s $12.5 million early termination fee as well as the World Cup. “We are not very pleased with the revenue numbers, as I said,” outgoing CEO Kristian Nylén said. “But now I think we are in a very good spot to move forward. And after 2024, I think we will be in a much, much better spot.”
  • Bonus.com: Evolution and Caesars Digital Sign Agreement to Expand North American Partnership
    • Evolution and Caesars Digital have expanded their partnership, announcing a strategic agreement to strengthen ties and grow North American reach. According to Wednesday’s release, the “groundbreaking partnership” will see the companies work together to establish dedicated live gaming studios in multiple US states. First up will be a new live-dealer studio inside Caesars’ “world-renowned” Tropicana Casino in New Jersey. The new Tropicana live casino studio will be Evolution’s third in Atlantic City, which it said further establishes its commitment to New Jersey’s rapid growth.
  • iGaming Business: Digital Success Tempered By Q4 Stagnation In Caesars’ 2023
    • The 12 months to 31 December 2023 proved to be a solid year for Caesars. Revenue was higher across all divisions, with group revenue hitting $11.53bn (£9.12bn/€10.66bn). This growth also helped the group return to a net profit. Despite the group’s optimism, though, Caesars only managed 0.1% revenue growth in Q4, with that stagnation to end the year perhaps marking an indicator of what is to come. While down from the $0.66 loss per share in Q4 2022, Caesars still recorded a GAAP loss of $0.34 per share in the final quarter of 2023. Gross margin was also down 2.8% from Q4 FY2022.
  • Sports Handle: Apple Sports Features DraftKings Betting Odds, But Minimal Betting Integration
    • Apple launched a new betting app, Apple Sports, on Wednesday that’s designed to give users a simple place to view scores, stats, standings, and sports betting odds. The launch of the app comes shortly before the start of the MLS and MLB seasons, as Apple offers viewing options for both leagues via Apple TV. “We created Apple Sports to give sports fans what they want — an app that delivers incredibly fast access to scores and stats,” Eddy Cue, Apple’s senior vice president of services, said in a press release. “Apple Sports is available for free in the App Store, and makes it easy for users to stay up to date with their favorite teams and leagues.”

California

  • PlayUSA: FanDuel Admits Mistakes, Works To Build Trust At California Indian Gaming Conference
    • Two years ago, FanDuel was public enemy No. 1 among California Indian tribes. Along with DraftKings and other national companies, FanDuel was trying to bring online sports betting to California. And while the commercial operators were trying to partner with Indian tribes, tribal leaders did not appreciate the effort. FanDuel served as a sponsor of this week’s Western Indian Gaming Conference. FanDuel President Christian Genetski sat on a panel Wednesday before tribal leaders and good-naturedly took his lumps. California Nations Indian Gaming Association Chairman James Siva opened the panel by calling Genetski the elephant in the room.

Illinois

  • AP News: Governor’s Proposed Budget Includes Sports Betting 20% Tax Hike
    • Late last year, Pritzker’s budget office had predicted a nearly $900 million shortfall, but his budget office said Wednesday that the deficit is smaller than anticipated and outlined new revenues to help close the gap. That includes more than doubling the sports wagering tax — paid by casino sportsbooks — to 35% from 15%, generating an estimated $200 million. Pritzker also wants to cap a deduction that allows corporations to reduce their taxable income for $526 million in savings.

Kentucky

  • SBC Americas: Kentucky Accepted $855M In Wagers In 2023, Generating $106M In Revenue
    • The Kentucky Horse Racing Commission released betting information for November and December of 2023, giving a picture of how the year ended for the new sports betting state. Through slightly more than three months of online and retail sports wagering, the state’s sportsbooks accepted $855 million in wagers, generated $106 million in adjusted gross revenue and more than $15 million in tax revenue for the state. While the three months captured the peak football months, the tax revenue is already more than two-thirds of the $23 million projected for the first year, suggesting the interest in sports betting in the Bluegrass State exceeded expectations.

Michigan

  • PlayMichigan: Sports Betting Surpasses $600 Million Again In Michigan
    • Michigan sports betting had another strong month in January. While it came up short of a new record for handle, it crossed the $600 million mark for the second consecutive month with $601.6 million. That is down about 2% from December’s record of $613.4 million, but up 22.6% from last January’s $490.4 million in handle. Michigan online sports betting recorded its fourth consecutive month with at least $500 million in handle. In January, Michigan online sportsbook tallied $577.4 million in wagers. That ranks second in the state’s history in terms of sports betting handle.

North Carolina 

  • NC Sharp: NC Regulators Approve Nine More Sports Betting Suppliers
    • GeoComply Solutions, a leading geolocation firm for the sports betting industry, and SBTech Malta Limited, a firm that develops online sportsbooks and provides a range of gaming solutions, both received sports betting supplier licenses from the NC Lottery Commission on Wednesday. Regulators approved seven more suppliers for provisional licenses in North Carolina as well. GeoComply and SBTech represent the two fully-licensed sports betting suppliers in the state while the number of provisionally-approved suppliers now sits at 14.
  • Gaming Today: DraftKings Director Looks Ahead to North Carolina Online Sports Betting Launch
    • Crank up the countdown. A March like no other approaches the Tar Heel state. February’s final week sparks a peek around the corner at North Carolina’s expanding sports betting world. Gamblers eying the treasure trove of mobile betting options may soon discover a bonus: the scheduling Gods have dangled additional betting carrots. And it’s mere days away. Sportsbooks and gamblers circle March 1 and March 11, two dates propelling North Carolina into a new betting age.

Pennsylvania

  • PlayPennsylvania: Pennsylvania Eclipses $6 Billion In Lifetime Online Casino Revenue
    • Pennsylvania online casinos crossed another major milestone in the month of January. After the Pennsylvania Gaming Control Board (PGCB) released last month’s totals, online casino operators have generated $6 billion in lifetime revenue. The PA online casino market launched in 2019 and has been soaring ever since. After January’s solid total, the state could be reaching plenty of milestones in 2024. Compared to the months prior, January was a slow showing for Pennsylvania online casinos. Operators produced $189.3 million in revenue last month. Despite being the fifth straight month of earnings north of $180 million, it didn’t quite make $190 million for the third straight month.
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