Industry News of the Day for January 25, 2024

Industry News

• Sportico: Barstool, DraftKings Near Sports Betting Deal After Penn Lock-up
  • Barstool Sports is getting back into betting. Once again under the ownership of founder Dave Portnoy, the media company is in advanced talks on a wide-ranging sports betting deal with DraftKings, according to multiple people familiar with the negotiations. The deal would be a more traditional marketing partnership, with Barstool promoting DraftKings odds and benefiting from customers referred to the sportsbook. Barstool won’t be lending its name to a sportsbook or betting app. While nothing is yet signed, the talks have centered around a multiyear deal that will pay Barstool in the low eight figures per year, said the people, who were granted anonymity because the details are private.

• iGaming Business: Flutter Exits Euronext Dublin Ahead Of US listing
  • Shares halted trading on Euronext Dublin yesterday (23 January) and are set to be delisted on 29 January. This is the same day Flutter expects to list on the NYSE in the US. Flutter ordinary shares remain eligible for and continue to trade on the main market of the London Stock Exchange (LSE). Listing in the US will not impact trading in London. The group trades on the LSE under the FLTR ticker symbol, while its NYSE ticker has already been confirmed as FLUT. Ordinary shares will also launch on the NYSE, subject to the US Securities and Exchange Commission approving its Form 20-F Registration Statement. This approval is the only remaining step required for the US listing.

• SportsHandle: Sports Wagering Milestones Keep Coming With Final 2023 Numbers
  • Everything about 2023 in sports wagering was big: big handles, big operator revenue, and big state tax revenue derived from that big operator revenue. As the final state sports betting revenue reports from 2023 continue to filter in, there have been multiple benchmarks reached, ranging from weekly (hello, New York!) to monthly to annually to all-time. Some were expected with more states entering the marketplace, but some also felt like wishing on a star looking back to a time when betting became available on a state-by-state basis in 2018. Without further ado, here’s a look at the three most recent benchmarks for the industry and how we got there.

Iowa

• Bonus.com: Iowa May Be Out of 2024 Running To Legalize Online Casino Gambling
  • Iowa may not legalize online casino gambling this year, state Rep. Bobby Kaufmann told Bonus on Jan. 24. However, HSB227 remains active. Kaufmann, R-Wilton, informed Bonus: “I am a supporter but I do not think the votes are there this year. The industry is continuing to educate people.” On March 8, 2023, Kaufmann introduced HSB227. On March 21, 2023, a House Ways and Means Committee subcommittee held a hearing on the bill. Most testimony opposed the proposed legislation to legalize online casino gambling. The next day, the subcommittee returned the measure to the parent committee “without recommendation.”

Michigan

• PlayMichigan: Michigan Second Nationally For 2023 Online Casino Revenue
  • Michigan had a landmark year for online gambling in 2023. The state set new records in all major categories. That includes online casino revenue, online sports betting handle and online sports betting revenue. Where did the record-setting year put it amongst the other top online gambling states across the United States? Michigan online casinos certainly raised the bar in the last year. By closing out 2023 strong with back-to-back record revenue months, Michigan was able to propel itself to second in the US for iGaming revenue. Michigan narrowly edged New Jersey. Only Pennsylvania had higher revenue.

Mississippi

• SBC Americas: First Mississippi Online Betting Bill Of 2024 Filed In The House
  • Mississippi casinos remain divided on whether or not online sports betting would be a good thing for the state but it is state lawmakers who could decide whether or not it happens this legislative session. Rep. Cedric Burnett has once again filed legislation to amend Mississippi’s laws to include online sports betting. This year’s effort, HB217, would allow existing brick and mortar casinos to offer or engage an operator to offer online sports betting on its behalf. Online sports betting would be taxed using the same tiered structure used by casinos where tax rates range from 4-8% depending on the amount of revenue brought in.

New York

• PlayUSA: Assemblyman Sees New York Online Casino Passage As Tough Sell Without Governor’s Support
  • Following New York Gov. Kathy Hochul’s decision not to include online casino revenue in the executive budget, Assemblyman Gary Pretlow doesn’t have much hope for iGaming legalization in the Empire State this year. “I don’t see it going in the budget this year,” Pretlow told PlayUSA. “More than likely, it won’t be in the Assembly one-house [budget]. It wouldn’t be for a lack of trying, that’s just how things shake out.” With the governor’s reaction to online casino thus far, Pretlow added that he’s not optimistic about iGaming passing next year either.

North Carolina

• NC Sharp: March 11 Launch For Online Sports Betting Stands To Gain Millions For NC
  • North Carolina online sports betting will go live on March 11, 2024, finally giving the college basketball-crazy state some great news. After months of waiting for North Carolina sports betting regulators to set a launch date, the countdown is finally on. What’s more, it comes in time for the most exciting two weeks of sports (and sports betting) of the year: March Madness. Not launching online sports betting on Jan. 8, the first day the law would have allowed, will cost North Carolina $21 million in tax revenue, NCSharp projects. However, by launching well before the final allowable date of June 14, regulators are salvaging $25-$30 million more of potentially lost revenue.

• Gaming Today: North Carolina Sports Betting Revenue to Benefit Small Colleges
  • When North Carolina officially launches sports betting later this year, the state’s government won’t be the only entity benefiting from the expected cash windfall. Small colleges and universities in the Tar Heel State will also reap some of the rewards that come as a result of legalized North Carolina sports betting. According to WUNC — North Carolina’s public radio station — 13 higher learning institutions with the smallest athletic department budgets will each receive an allocation of $300,000. This allotment will be taken from North Carolina’s yearly tax revenue generated by sports betting in the state once it launches. And early projections estimate that number could eventually rise to $1.5 million per qualifying school.

Pennsylvania

• PlayPennsylvania: Pennsylvania Gambling Generates Revenue Record Of $5.7 Billion In 2023
  • Pennsylvania set a new overall gambling revenue record in 2023. Encompassing all forms of gambling, the state produced nearly $5.7 billion in yearly revenue last year. Earnings keep increasing, whether you analyze the fiscal year or calendar year. PA online casinos and retail slots made the largest contributions to a record-breaking 2023. The state’s total gambling revenue of $5.7 billion shattered 2022’s performance of $5.2 billion. Three of the most important verticals, which include retail slots, online casinos and sports betting, experienced large increases from 2022.