Industry News of the Day for February 23, 2023
iDEA Growth Member News
- Gambling News: Kambi Group Delivers Impressive 2022 Financial Results
- Kambi’s Q4 2022 report reveals growth across all key verticals after the hugely successful World Cup. Solid financials, many new partnerships, and expanding growth opportunities provide the company with a solid jump-off point to tackle 2023’s challenges and take the first steps towards its goal of €50 billion gross gaming revenue (GGR) by 2027.
- Legal Sports Report: Analysis: Diving Into Unsealed Letter From Commissioner Over MLB Sign Stealing Allegations
- If you follow the gambling and daily fantasy sports litigation world fairly closely, you may recall a lawsuit that was filed a few years ago by Kristopher Olson and others similarly situated about MLB sign stealing. The lawsuit stemmed from the Houston Astros and Boston Red Sox sign stealing and the alleged effect on daily fantasy sports players. While that lawsuit was dismissed in April 2020, the order dismissing the case referenced a letter from Major League Baseball commissioner Rob Manfred sent to New York Yankees general manager Brian Cashman.
- Sports Handle: Caesars Guides Toward 2023 Profitability In Sports Betting Division
- At this time last year, Caesars Entertainment CEO Tom Reeg sent a warning to the sports betting industry on the perils of a cutthroat ad-spending war that he viewed as spiraling out of control. A frenetic period of irrational spending on advertisements and promotions could not be sustained, Reeg emphasized, pointing to the outsized losses incurred by the company’s digital segment.
- PlayCA: Overwhelming Losses In 2022 Could Halt Efforts To Legalize California Sports Betting In 2024
- DraftKings and FanDuel funded a massive effort to legalize sports betting in California last year. Their efforts ultimately failed. But most in gaming believe that the online sports betting giants will make another push in 2024. However, tribes believe the push for California sports betting could be put on hold for an election cycle.
- SBC Americas: Connecticut Gambling Bill Aims To Limit Enticement Ads And Joint-Card Payments
- A bill coming out of Connecticut would seek to limit the advertising capabilities of operators by outlawing the advertisement of financial incentives such as bonuses and free bets. Raised Bill 971 also seeks to ban players from funding their online accounts using jointly-owned credit or debit cards.
- PlayFL: Local Sheriff’s Department Says It Will Help Florida Regulators Crack Down On Illegal Gambling
- A local Florida police department is taking steps to curb illegal gambling in its county. According to a post from the Charlotte County Sheriff’s Office, the county’s law enforcement will be helping regulators crack down on illegal Florida gambling. The post said the department is “working closely” with the Florida Gaming Control Commission and the Division of Gaming Enforcement. The goal is to crack down on illegal slot machines in the southwest Florida county.
- PlayGeorgia: SB 57: A Primer On The Constitutional Workaround
- Sports betting enthusiasts in Georgia have renewed hope courtesy of Senate Bill 57 – the Georgia Sports Betting Integrity Act – which would legalize online and retail sports betting (through kiosks) and forms of horse racing without amending the state Constitution. Legal machinations oft get bogged down in lawyerly language, so the mechanism by which SB 57 bypasses the Constitution requires a bit of clarity.
- PlayUSA: Streamlined Kentucky Sports Betting Bill Introduced At Deadline
- A Kentucky sports betting bill filed Wednesday more narrowly focuses the effort compared to previous years. The bill from Rep. Michael Meredith legalizes retail and online sports betting for Kentucky horse racetracks. Wednesday was the deadline to file legislation in the Kentucky House. Previously, House Democrats had refiled last year’s legislation. Meredith’s bill is the only possible vehicle in a Republican-controlled legislature.
- SBC Americas: Louisiana Online Sportsbooks Begin 2023 With Best-Ever Handle Month
- Surpassing one year of operations, Louisiana online sportsbooks have reported their best-ever handle month in January, as they posted wagers of over $245m. The Bayou State’s retail sports betting operators also recorded their third-best handle month and their second-best revenue month to begin 2023. ccording to data compiled by the Louisiana Gaming Control Board (LGCB), the state’s eight online sportsbooks reported a new total handle high of $245.2m, beating the previous best of $233.7m set in Nov. 2022 by 4.93%, as well as Dec. 2022’s $218.7m by 12.13%.
- PlayMaryland: Superbook Gains License Approval To Launch Maryland Online Sportsbook
- Now that major sportsbooks like FanDuel, DraftKings and BetMGM have online sports betting licenses in Maryland, it’s time for the smaller sportsbooks to gain approval. One of those is Superbook Sports. The sportsbook, which partnered with the Baltimore Orioles last August, must now pass a controlled demonstration to begin taking online bets in Maryland.
- PlayMichigan: With Its Michigan Online Casino Leading The Way, BetMGM Closing In On Profitability
- As we roll toward the end of the first quarter of 2023, BetMGM is getting closer to profitability. The online casino and sportsbook provider expects to be EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) positive in the second half of 2023. A big reason for that projection from BetMGM is the success of its online casino platform.
- PlayNJ: NJ Online Casinos Set Another Record With $152.9 Million January
- Records were made to be broken, and New Jersey online casinos wasted no time bringing in over $150 million for the second consecutive month. The New Jersey Division of Gaming Enforcement reported $152.9 million in online casino revenue in January, beating December’s previous record of $151.5 million. Revenue was up 10.9% year-over-year after last January’s $137.8 million set the table for a record $1.66 billion annual revenue.
- PlayNY: Pros & Cons Of New York Sports Betting Tax Rate Debate
- New York isn’t killing the goose that laid the golden egg with its 51% sportsbook tax rate. But if the idea is to keep the biggest market in the US lively and prosperous, the NY sports betting tax rate won’t cut it with the state’s biggest operators. And, the companies warn, the benefits will be fewer and further between if the tax rate doesn’t change.