Industry News of the Day for January 3, 2024

By iDEA | January 3, 2024

Industry News

  • Legal Sports Report: The Year That Was: 2023 Sports Betting Legislation Successes
    • Heading into the 2023 legislative session, there was no slam dunk sports betting legislation to grow the legalized US market. But after sessions wrapped up, three states successfully passed sports betting legislation to expand the US map. Kentucky and Vermont legalized sports betting, while North Carolina passed an online expansion. Now, the legalized US sports betting map includes 38 states and Washington, DC. There were also several close calls in 2023, setting up a few possibilities heading into the 2024 legislative sessions.
  • SBC Americas: PENN Entertainment Faces Investor Friction Following “Underperformance”
    • PENN Entertainment investor HG Vora has criticized the operator’s business direction and requested that it has a representative sit on the board of directors to help better deliver long-term value for shareholders.  In an SEC filing, HG Vora, which owns 18.5% of total PENN stock, has stated that it has held discussions with the board of directors to express its concerns over PENN’s “underperformance” amongst other worrying trends. The investment fund also noted that PENN is failing to provide long-term shareholder value and noted it has an undervalued share price.

California

  • PlayUSA: Proponent Pledges To Begin Signature Gathering For California Sports Betting Initiative, But Won’t Commit To Finishing
    • A California sports betting initiative proponent tells PlayUSA he will begin collecting signatures to qualify the measure following the attorney general’s release of the circulating title and summary Tuesday. “Of course we’re going to move forward with collecting signatures,” initiative spokesperson Kasey Thompson told PlayUSA. “I have the best signature company in California. As soon as we get the title and summary, I’ll have a printing company ready to fire off 1.2 million petitions for Californians to sign.” Qualifying for the ballot requires producing 874,641 valid signatures. The secretary of state suggests submitting signatures for county verification by April 23.

Maine

  • Portland Press Herald: Maine Lawmakers Propose Bills To Expand Tribal Gaming
    • Federally recognized tribes in Maine have been offering online sports betting for about two months, and some state lawmakers now want to expand tribal rights to include all internet gambling, casinos, and electronic beano and harness racing. Public hearings on three such proposals will be held Wednesday as lawmakers return to Augusta for the first day of the second regular session. The bills were carried over from the previous session and will likely face resistance from Gov. Janet Mills, who has long opposed gambling measures but relented in 2022, negotiating and signing a bill that gave tribes exclusive rights to online sports betting.

New York

  • PlayNY: How NY Sports Betting Record Numbers Look Broken All The Way Down To The Bettor
    • When online sports betting in New York launched, everyone expected great things. And the Empire State certainly lived up to that hype. After roughly $16.2 billion in bets, after around $1.36 billion in gross gaming revenue (GGR) and over $693 million in state tax revenue, many wondered how NY sports betting might perform in Year 2. Spoiler: Much better. With still a full week yet to be reported by online sportsbooks in NY, the state has seen 2023 handle already eclipse $18.5 billion, leading to a record $1.7 billion in gross revenue. And as a result, New York has pocketed over $850 million in state tax revenue.

Ohio

  • PlayOhio: Public Comment Welcome On Ohio Responsible Gambling Rules Through Today
    • The public is encouraged to share comments on responsible gambling rules with the Ohio Casino Control Commission from now until Jan. 3. The comment period is mandated by state laws “at least once every five years” and, in this case, applies to legal gambling taking place at casinos and online via sports betting apps. This comment period applies to four “no-change” rules regarding responsible gambling in Ohio, meaning the OCCC does not propose any changes to these rules. However, that could change depending on feedback from the public.

Virginia

  • PlayVirginia: Virginia Lawmakers To Scrutinize Skill-Based, DFS Pick’em Games This Month
    • Gaming is sure to be a hot topic when the Virginia General Assembly reconvenes this month. Now that law enforcement can once again take action against businesses operating skill-based gaming machines, some Virginia lawmakers want to make them legal. In October, the Virginia Supreme Court lifted an injunction that barred police from taking legal action against businesses housing them. Soon after, municipalities began setting dates when enforcement against businesses housing the machines would begin.
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