Industry News of the Day for July 1, 2022
iDEA Growth in the News
- Bangor Daily News, 7.5.22 – Maine’s new sports betting market may be without industry’s biggest names
- Maine’s emerging sports betting market may not see bites from big-name companies due to its structure even while the industry shows deep interest in the rollout. The Legislature passed a bill giving mobile sports betting rights to the Wabanaki tribes in this spring, while reserving the far smaller in-person market for casinos and off-track betting parlors. It could be another two years before the market goes live. [John Pappas, iDEA Growth]
iDEA Growth Member News
- SBC Americas, 7.5.22 – Entain Foundation US creates NFTs to raise problem gambling awareness
- Entain Foundation US has created a series of nine responsible gambling NFTs to raise awareness about problem gambling and provide education on gambling responsibly.
- SBC Americas, 7.4.22 – BetMGM partners with Tom Joyner Foundation to support HBCU students
- BetMGM has partnered with the Tom Joyner Foundation, which provides scholarship distribution and fundraising for Historically Black Colleges and Universities (HBCUs), to offer an executive series to HBCUs nationwide.
- SBC Americas, 7.1.22 – Kambi extends sportsbook partnership with betPARX
- Kambi Group plc has agreed to a contract extension with Greenwood Gaming and Entertainment, owner and operator of betPARX and casino gaming complex Parx Casino. Building on the initial deal signed in November 2018, the extension will see Kambi continue to supply its technology and services to Greenwood Gaming, including its Bet Builder product, as it continues its US expansion.
- SBC Americas, 7.5.22 – AGA publishes 2025 Strategic Plan to help legal gaming thrive
- The American Gaming Association (AGA) has published its 2025 Strategic Plan as part of its mission to ‘ensure legal, regulated gaming remains vibrant, strong and thriving’.
- Play USA, 7.1.22 – Streaming Service Twitch Suddenly Filled With Online Slots Fans, Gamblers
- Watching streamers gamble on online slots has become a top-10 category on Twitch. As in overtaking megapopular games such as Call of Duty: Warzone. The sudden popularity comes as a surprise and with controversy, as not only has a petition circulated attempting to ban gambling from the service.
- Play CA, 7.1.22 – 2022 California Sports Betting Initiatives Comparison
- Californians will find two sports betting initiatives on the ballot in November. The CA Secretary of State made that official June 30 by certifying the initiatives as qualified for the Nov. 8 general election. The battle is shaping up as online versus in-person sports betting, but there’s a lot more to the two initiatives.
- MI Bets, 7.1.22 – Michigan Senate Urges Feds To Recognize Grand River Bands Of Ottawa Indians
- The long and tortuous process for the Grand River Bands of Ottawa Indians to gain federal recognition — they’ve been on the “active consideration” list for nearly a decade and have been seeking recognition for 30 years — has moved one tiny step closer to happening, with the Michigan Senate writing a resolution asking the U.S. Department of the Interior to grant the tribe legal status.
- SBC Americas, 7.1.22 – Nevada gaming records second-highest monthly revenue of 2022 in May
- Nevada gaming recorded its second-highest monthly revenue total of the year in May with $1.3bn, just shy of March’s $1.36bn total which holds the top spot. Data from the Nevada Gaming Control Board has revealed that revenue improved by 5.71% year-over-year compared to May 2021’s $1.23bn, and up 15.2% monthly on April’s $1.13bn.
- Bonus.com, 7.4.22 – Supreme Court’s Castro-Huerta Ruling Limits Earlier McGirt Decision
- On the second-to-last day of its term, the Supreme Court released a decision in Oklahoma v. Castro-Huerta. This case has likely flown under the radar for many, especially compared to other recent high-profile and controversial decisions. However, the Castro-Huerta decision is incredibly significant for Native Americans. It also has ramifications for the future possibility of online gambling in Oklahoma.
- SBC Americas, 7.5.22 – Tennessee sportsbooks see slight revenue uptick in May
- Tennessee sportsbooks’ handle continued to drop in May in hand with the reduced sports schedule. However, revenue did have a slight uptick compared to the previous month. Alongside the small increase in revenue, the Volunteer State’s sportsbooks will be happy that they have undergone significant year-over-year growth in both handle and revenue.
- TN Bets, 7.2.22 – Legal Tennessee Online Sportsbooks Report Best Revenue Figures Since January
- Legal online sportsbooks that operate within the Volunteer State recorded their highest cumulative revenue figures for May 2022 since the month of January. The report, published by the Tennessee Sports Wagering Advisory Council (SWAC), shows Adjusted Gross Revenue for TN books during the month of May at $23.83 million – a 2.5 percent increase over April 2022 figures.
- Sports Handle, 7.5.22 – Virginia Operators Beat Up On Bettors, Post $42M In Gross Revenue In May
- Mobile sports wagering operators in Virginia broke the $40 million mark in gross revenue in May — just the second time they did that in the 17 months since launch — with a high hold offsetting the cyclical drop in betting handle. The Virginia Lottery reported the state’s 14 operators combined to claim more than $42.5 million in gross revenue for May, which trails only the $48.3 million amassed last November. The 17.3% month-over-month increase in gross revenue came despite a 12% drop in handle to $351.5 million, compared to $399.5 million in accepted wagers during April.
- SBC Americas, 7.4.22 – Virginia sportsbooks achieve year-high hold in May as handle records 55% YoY growth
- Virginia sportsbooks took an overall handle of $351.5m in May, a 55% increase year-on-year, according to the Virginia Lottery. Additionally, the 14 licensed operators in the Old Dominion State earned a combined hold rate of 12.1% between May 1 and May 3, making it the highest of the year so far (January: 8%, February 6.5%, March: 7.2%, April: 9.1%).