Industry News of the Day for January 22, 2024

By iDEA | January 22, 2024

Industry News

  • CDC Gaming Reports: The United States Igaming Revenue Report – December 2023
    • An overview of igaming revenue in Michigan, New Jersey, Pennsylvania, Connecticut, West Virginia, and Delaware, the six states where online gambling is legal in the U.S. Total igaming revenue for December 2023 in Michigan, New Jersey, Pennsylvania, Connecticut, West Virginia, and Delaware added up to $582.2 million, an increase of 26.6%, spread across all states, over December 2022’s $459.9 million.
  • Gambling Insider: Kindred Reports 45.3% Q4 EBITDA Increase; Responds To FDJ Offer
    • Kindred Group has released its Q4 results for 2023. Total revenue came to £312.9m ($397.7m), reflecting year-on-year growth of 2.4%, with particular praise given to the growth of Relax Gaming and development in Romania, the UK and the Netherlands. The results come following an announcement earlier today of La Française des Jeux’s (FDJ) intention to acquire Kindred Group. The buyout, with Kindred shares at SEK 130 ($12.43) per share, reflects a 24% premium over the share price reported at the end of trade on 19 January 2024.
  • Gambling News: Action Network CEO To Step Down At The End Of January
    • In November 2018, sports betting-oriented Action Network appointed Patrick Keane as chief executive officer. Now, the company considered “the most trusted source for sports betting insights & analytics” is getting ready to bid farewell to Keane at the end of his five-year tenure in the leading position. This is because Keane has announced his resignation from the position he was granted following Better Collective’s acquisition of the firm in 2021 for $240 million.

Arizona

  • Legal Sports Report: Arizona Set To Reopen Sports Betting License Application Process
    • For the second time since Arizona sports betting launched in 2021, operators will be able to apply for available licenses next month. The Arizona Department of Gaming announced Tuesday it will open multiple licenses to hopeful applicants February 16. The Arizona sports betting license application period will close March 4. Arizona sports betting went live in September 2021, with 18 of the 20 license slots occupied. Multiple operators have shuttered Arizona sportsbooks since launch, and a previous license application period opened in August 2023.

Massachusetts

  • Gaming Today: Massachusetts Sports Betting Breaks Records With Massive December
    • Records are meant to be broken, and that’s exactly what Massachusetts did to close out 2023. The Massachusetts Gaming Commission released its December financial report earlier this week, and it summarized its extraordinary end-of-year numbers. A record-setting $658.7 million is how much the state racked up last month in Massachusetts sports betting handle. But it wasn’t just the handle that saw a boost; revenue also increased. How did MA exceed half a billion in betting, a jump in revenue, and how will the cash flow impact the state?

Maryland

  • Bonus.com: Maryland Online Casino Bill Gets Pushback From Lawmakers, A Chamber Of Commerce
    • A Maryland online casino bill received pushback from the House Ways and Means Committee and a county chamber of commerce even before it was published. Bill sponsor Ron L. Watson responded to Bonus about the criticisms, including those in research commissioned by the Anne Arundel County Chamber of Commerce. Watson, D-Prince George’s County, will propose iGaming legislation. However, as of Jan. 19, his Maryland online casino and poker legalization measure hadn’t been published. Therefore, it doesn’t yet have a bill number. Once the bill is officially introduced in the Senate, it must have approval from that body first. Then, it will move to the House before a vote there may allow Marylanders to see a statewide ballot measure in November.

Michigan

  • SBC Americas: Michigan Regulators Send Cease And Desist Letters To Sweepstakes Operators
    • Michigan is proving to be a state that is increasingly looking at sweepstakes operators and other alternative games that mimic the experience of a casino. This week, the Michigan Gaming Control Board (MGCB) announced it has sent cease and desist letters to Stake.US, PredictionStrike, and VGW Luckyland at various points last fall asking them to cease doing business in the state. “Gambling regulations are in place for a reason, and illegal gambling operations are not welcome in Michigan,” MGCB Executive Director Henry Williams said. All three operators no longer serve Michigan customers. VGW announced its departure from the state last November.
  • PlayMichigan: Which Michigan Online Casino Operators Had Most Revenue Growth In 2023
    • The year 2023 was a huge one for Michigan online casinos. Revenue grew drastically over the year, reaching $1.92 billion amongst all 15 online operators combined. Collectively, all Michigan online casinos grew by 21.6% in revenue over the year. However, some operators definitely carried more of the weight in that growth than others. Michigan online casinos collectively added over $341 million in revenue in 2023. Here’s a look at how each online operator grew, or in some cases declined, over the last year.

New Jersey

  • PlayNJ: Why Other NJ Online Casinos Continue To Chase FanDuel And How They Can Keep Pace
    • Online casinos are a large part of the gaming industry in New Jersey. Is one online casino app outpacing the others to the point of domination of the market? If so, and if you also believe it is FanDuel, how can competitors catch up? According to market research into usage tendencies from mobile application users, FanDuel Casino is engendering more loyalty than other online casinos. Is there any chance for the likes of DraftKings, Caesars Palace, or BetMGM to keep pace? It’s true that the Division of Gaming Enforcement does not disclose revenue by specific operator, making revenue reports from online casinos in New Jersey somewhat murky in the state.

New York

  • PlayNY: These 3 Details Of Proposed Bill Could Help NY Online Casinos Become Reality
    • For years, Sen. Joe Addabbo and his colleagues have attempted to continue legal gambling expansion in New York. It was only two years ago that online sports betting finally made its debut in the Empire State, leading to over $1.5 billion in state tax revenue. Downstate casino licensing is underway, potentially creating a gaming industry that rivals Las Vegas. Now, once again, Addabbo looks to push the state into iGaming territory with a bill to legalize online casinos in New York, internet lottery and online poker in NY.

North Carolina

  • TheLines: UNC-Pembroke AD Discusses Sports Betting In North Carolina
    • Later this year, online sportsbooks will launch in North Carolina. The North Carolina sports betting market is expected to bring in millions in annual revenue for the state. Also affected by this new market will be local colleges. UNC-Pembroke Athletic Director Dick Christy discussed how the incoming betting market affects schools in an interview with WUNC 91.5. Local North Carolina schools, including UNC-Pembroke, will receive $1 million in funding from sports betting. The purpose of this stopgap funding is to kick off the revenue share from sports betting out the gate.

Pennsylvania

  • PlayPennsylvania: Pennsylvania Sets Online Casino Revenue Record With $2.1 Billion In 2023
    • Pennsylvania proved that it is the king of online casinos, especially after December’s revenue output, which put the state over the $2 billion yearly threshold. The Keystone State is reaching milestones that no other market is, which also seemed unfathomable five years ago. PA online casinos are evolving rapidly and don’t appear to be slowing down anytime soon. The Keystone State notched two records when the Pennsylvania Gaming Control Board (PGCB) released December revenue earlier this week.
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