Industry News of the Day for July 18, 2023

By iDEA | July 18, 2023

iDEA Growth Member News

  • Business Wire: Paysafe Diversifies US iGaming Presence With Multi-State Betr Partnership
    • Paysafe, a leading payments platform, today announced a new partnership with Betr, the micro-betting app from American professional boxer and social media influencer Jake Paul that is disrupting the U.S. sports-betting space. The first phase of a multi-state deal sees Paysafe enable Betr’s customers in Ohio and Massachusetts to seamlessly fund micro-bets and traditional wagers using their debit cards. The new partnership strengthens Paysafe’s presence in the U.S. iGaming space, with the company already supporting multiple operators in Ohio since the market’s launch in January 2023 as well as Massachusetts, which went live in March 2023, alongside 25 other American states or jurisdictions.
  • Legal Sports Report: Entain To Bolster BetMGM With Angstrom Sports Purchase
    • UK-based sports betting and gambling operator Entain is acquiring US sports data analytics company Angstrom Sports, in a deal worth up to $265.4 million. The purchase grants “a full in-house suite of end-to-end analytics, risk, and pricing capabilities” for BetMGM, which Entain owns in a joint venture with MGM Resorts, it said in a press release Monday. Entain will pay a base consideration of £81 million ($105.9 million) for Angstrom, plus an extra £122 million ($159.5 million) in contingent payments over the next three years. The release did not specify the terms of those payments.
  • Gambling News: Catena Media Unveils $5.4M Share Buyback Program
    • Catena Media, a global leader in generating high-value leads for operators of online casino and sports betting platforms, has unveiled a new SEK 55 million ($5.36 million, current conversion rates) share buyback program. The buyback was approved by the company’s board of directors during the extraordinary general meeting on July 12 and following an initial resolution from May 24. As announced by the company, the share buyback program will be managed by a third-party investment firm or credit institution that will independently make decisions on the timing of the buybacks.

Industry News

  • PlayUSA: National Council Of Legislators Puts Out Suggestions For Responsible Gaming And Problem Gambling Policy
    • Recognizing that the increase in legal online gambling across the country requires more attention to unintended consequences, the National Council of Legislators from Gaming States issued a resolution providing guidance on responsible gaming problem gambling policy. As states modernize their gaming offerings with online sports betting, online casino and online lottery, they have enacted significantly different responsible gaming and problem gambling policies.
  • Las Vegas Review-Journal: National Council Of Legislators From Gaming States Panel Discusses Pros, Cons, And Dollars Of Online Casino Games
    • As casino companies look for new ways to grow gaming revenue, more and more states are considering what Rhode Island just did — legalizing iGaming, offering real-money casino games on the internet. Last month, Rhode Island became the seventh state in the nation to offer iGaming within its borders, sort of a pre-emptive move to prevent their citizens from patronizing commercial casinos in nearby Massachusetts and tribal casinos in Connecticut. The new policy is expected to bolster the fortunes of Bally’s Corp., which dominates the Rhode Island market.

Kentucky

  • PlayKentucky: Gov. Andy Beshear Creates Second Sports Betting Regulatory Board
    • Kentucky Gov. Andy Beshear created a second regulatory committee to oversee the state’s sports betting industry. At the end of last week, Beshear signed an executive order creating the Kentucky Sports Wagering Advisory Council. The move came just days after he signed emergency sports betting regulations passed by the Kentucky Horse Racing Commission. The emergency regulations ensured the Kentucky sports betting industry will launch by the start of the NFL season.

Maine

  • AP News: Maine Timeline Would Allow Online, Mobile Sports Wagering To Begin In November
    • Temporary licenses for sports betting in Maine could be issued by November, allowing the long-awaited launch of mobile and online wagering, officials said Monday. The Maine Gambling Control Unit has submitted proposed rules governing sports betting to the attorney general’s office for review, and the state will be poised to act upon anticipated adoption in November, said Shannon Moss, spokesperson for the Maine Department of Public Safety.

Massachusetts

  • PlayMA: DraftKings Beats FanDuel By Nearly 20% In June Massachusetts Handle
    • For four consecutive months, DraftKings has beaten FanDuel to be the No. 1 sportsbook in Massachusetts. The Massachusetts Gaming Commission released the state’s June online sports betting numbers Monday. DraftKings reported a handle of $159.4 million, compared to FanDuel’s $96 million. So DraftKings owned 49.3% of the market in June, and FanDuel had 29.7%. That’s a 0.3% increase in DraftKings’ market lead over FanDuel since May. As a whole, Massachusetts online sportsbooks took in $323.5 in total bets in June for $32 million in total revenue. That means the state received $6.4 million in June sports betting tax payments.

New Jersey

  • PlayNJ: NJ Online Casino Revenue Up 12% In June, On Pace To Surpass 2022
    • Online casinos in New Jersey are way ahead of 2022’s record-setting pace through the first half of this year, according to recent data from state regulators. Data released Friday by the NJ Division of Gaming Enforcement shows online gambling generated nearly $149.3 million in revenue in June, a 12.1% year-over-year increase from June ’22. Year-to-date, online casinos have netted more than $930 million in revenue, which is 14% higher than in the first six months of 2022.
  • SBC Americas: Pariplay Ups North American Ante With DraftKings-Konami Collaboration In New Jersey
    • NeoGames subsidiary Pariplay has strengthened its ties in New Jersey with DraftKings by delivering content from Konami Gaming. The move marks the first time that games from Konami Gaming have been made available through DraftKings in New Jersey, and follows a deal signed in March which saw Pariplay supply the operator with online casino content for the Garden State. nder the terms of the previous deal, Pariplay agreed to supply subsidiary studio Wizard Games’ content and provide exclusive, localized content to DraftKings’ player base.

Ohio

  • PlayOhio: Ohio Betting Kiosk Market Dips Sharply In June
    • The smallest segment of Ohio’s sports betting market is made up of the nearly 1,000 standalone betting kiosks located in bars, restaurants and other retail locations throughout the state. In June, the kiosks brought in the second-lowest betting volume of any month so far. The terminals took in $954,804 in betting handle. That figure represents a decrease of 22.75% from the previous month for Ohio sports betting kiosks.

Pennsylvania

  • PlayPennsylvania: Barstool Sportsbook Completes App Migration To Enhance Customer Experience
    • Barstool Sportsbook and online casino finished the migration to its own technology stack prior to MLB returning from the All-Star break in all 16 states it operates in. Executives from Barstool ensure bettors that the upgrade will enhance customer experience. Since returning, the Barstool app features a slightly different look and feel after checking it out. Barstool hopes these adjustments will help regain the market share it once had among other notable PA online sportsbooks.

Vermont

  • Sports Handle: Operators Push Back On Proposed Wagering Procedures In Vermont
    • Three major U.S. sports betting operators are pushing back on the Vermont Department of Liquor and Lottery’s proposed regulations, known as “enhanced procedures” in the state. Though none chose to speak at Wednesday’s board meeting, representatives from Caesars Sportsbook, DraftKings, and FanDuel all submitted written comments questioning proposed rules, from how sign-up forms should be crafted, to how know-your-customer protocols should be handled, to how to offer responsible gambling tools and what 800 helpline number should be included on websites and in advertising. FanDuel’s 24-page letter was the most comprehensive, though the company’s two competitors echoed many of the comments.

West Virginia

  • PlayWV: How Will The New Betly Sportsbook App Affect The West Virginia Market?
    • Betly closed its doors in the Mountain State on June 18, citing it would shut down temporarily before reopening its brand new West Virginia online sportsbook and casino. The new Betly app will provide users a new experience, integrating the sportsbook and casino for players to bet on sports, table games and online slots from the same wallet. According to the company’s press release, the new app will launch later this summer.
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