Industry News of the Day for January 17, 2024

By iDEA | January 17, 2024

Industry News

  • Sports Handle: Post-PASPA Nationwide Handle Surpasses $300 Billion
    • Nationwide handle for state-by-state sports wagering, which began in June 2018 following the U.S. Supreme Court striking down PASPA, surpassed $300 billion Tuesday when the Illinois Gaming Board reported a record handle of $1.38 billion for the month of November. As more and more states have legalized sports betting to try and keep tax revenue within its borders, wagering has skyrocketed on a year-over-year basis. There were only seven states offering sports betting at the end of 2018, with a combined handle totaling $4.6 billion. Illinois’ handle pushed November’s wagering to an all-time monthly high of $13.5 billion from 29 of the 31 states taking action, while Arizona and Kentucky have yet to publish their respective reports to close out the month.
  • Gambling Insider: 888 Share Price Tumbles After FY23 Trading Update
    • Operator 888 Holdings has disclosed its trading update for the three and 12-month periods ending 31 December 2023, revealing strategic accomplishments and financial insights. In the fourth quarter of 2023, 888 Holdings achieved revenue of £424m ($537m), marking a 7% year-on-year decrease but a 5% increase from the previous quarter. Full-year revenue for FY23 amounted to £1.71bn, witnessing an 8% annual decline. This dip is attributed to a purposeful shift away from dot-com markets, adjustments in safer gambling measures and a strategic change in marketing focus. Although it must be pointed out these are reasons 888 has given for some time now; with other operators undergoing similar transitions and not necessarily performing as negatively.

Colorado

  • Gaming Today: Colorado, Tennessee Eclipse Billion-Dollar Sports Betting Revenue Mark
    • In the Renaissance era, Beyonce told us, “It should cost a billion to look this good.” And Colorado and Tennessee understood the assignment. Toward the end of 2023, both states eclipsed the $1 billion mark in sports betting revenue, joining the company of nine other states that reached this benchmark. In addition to Colorado and Tennessee, the “Elite 11” includes New York, Nevada, New Jersey, Illinois, Pennsylvania, Michigan, Arizona, Indiana, and Virginia. But what does hitting one billion dollars in revenue mean, and how did Colorado and Tennessee meet this milestone? Let’s dive into it.

Maine

  • Legal Sports Report: Maine Sports Betting, IGaming On Legislative Docket This Year
    • Maine sports betting has been live for less than three months, but gambling legislation is again a hot topic in the Pine Tree State. The Veterans and Legal Affairs Committee discussed multiple gaming bills Wednesday, including potential iGaming legalization. Later this month, the committee is slated to discuss legislation that would shorten the length of Maine sports betting licenses. Maine sports betting launched in November. Online sports betting is legal through the four tribes in the state. The committee discussed LD 1777, a bill that would legalize iGaming for tribes in Maine. Both House Speaker Rachel Talbot Ross and Senate President Troy Jackson support the bill, according to the Portland Press Herald.

Massachusetts

  • SBC Americas: DraftKings Finishes Out The Year On Top Of Massachusetts Betting Market
    • After a solid start in Massachusetts, DraftKings Sportsbook finished the first year of sports betting in Massachusetts as the overwhelming market leader in the Bay State. According to the Massachusetts Gaming Commission, in December, DraftKings took almost $316 million in wagers, accounting for 49.1% of the $643.1 million in wagers placed in December. DraftKings also crushed in the revenue race, taking in $30.7 million in handle for a hold percentage of 9.7%. The hold rate for DraftKings was slightly above the state average. Across all sportsbooks, operators posted $60.8 million revenue for an overall hold rate of nearly 9.5%. With that output, the state collected just under $12 million in tax revenue for the month.

New Jersey

  • PlayNJ: NJ Online Casinos Close Out Record-Setting Year With $180 Million, New Monthly Best
    • Online gambling in New Jersey closed out its best year ever by setting a new monthly revenue record in December, according to state gambling regulators. All told, online casinos in New Jersey generated more than $180.3 million in revenue last month, besting the previous all-time high of $171.6 million set in November. Online casino revenue increased more than 19% in December 2023 compared to the same month a year earlier, according to data released Tuesday by the NJ Division of Gaming Enforcement. Internet gambling in NJ generated over $1.9 billion in revenue in 2023, an increase of nearly 16% from 2022’s record-setting returns.
  • Bonus.com: New Jersey Bill Asks for More Scrutiny of Gambling Operators’ Advertising Practices
    • New Jersey state Sen. Joseph P. Cryan, D-Union, has introduced a bill aimed at increasing the regulatory enforcement of advertising rules for gaming operators. That includes retail and online casinos and sportsbooks. S2156, which was introduced on Jan. 9, aims to protect players by prohibiting operators from advertising to underage individuals and those who have self-excluded from gambling. The bill also adds additional language to ensure advertisements are not deceptive and misleading. Advertisements and messaging in the gambling industry have faced a lot of scrutiny over the past year. Ohio set the tone when it ordered operators to stop using words like “free” and “risk-free.”

New York

  • PlayNY: NY Online Casinos Face Uphill Battle As Governor Leaves Industry Out Of Executive Budget
    • As 2024 neared and then began, optimism abounded for the legalization of online casinos in New York this year. That outlook, however, took a hit on Tuesday when Gov. Kathy Hochul released the $233 billion Executive Budget, which did not include online casinos in NY. “This budget makes it clear that fiscal discipline can co-exist with progressive, people-driven policies,” Hochul said. “I am committed to fight the right fights on behalf of New Yorkers, and to pursue the common good with common sense – by seeking common ground.” Certainly, it won’t be the end of the fight for the likes of Sen. Joe Addabbo, whose recent bill proposal would authorize New York online casino gaming as well as internet lottery. That said, Hochul’s exclusion doesn’t bode well for the bill’s future.

Virginia

  • PlayVirginia: Virginia State Senator Files Bill To Lift Ban On In-State College Betting
    • Whether you’re a graduate or just a fan of the Virginia Cavaliers, Virginia Tech Hokies, Liberty Flames or James Madison Dukes, you can’t bet on them in the commonwealth. That stipulation was part of the legislation that paved the way for legal sports betting in Virginia. Now, a state senator wants to change that. Sen. Schuyler T. VanValkenburg, a Democrat representing District 16 in the Richmond metro area, has proposed Senate Bill 124, which would change existing state law to allow sports betting on in-state college games. Senate Bill 384, which legalized Virginia sports betting in 2020, prohibited both “betting on Virginia college sports and youth sports” and “proposition bets on all college sports.”
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