Industry News of the Day for July 20, 2023

iDEA Growth Member News

  • Legal Sports Report: DraftKings Stock Target Raised As Analysts Predict Profitability
    • Barry Jonas of Truist Securities raised his DraftKings target to $31 but maintained his hold rating given the recent jump in the stock. Jonas explained in a Tuesday note that the recent run on the stock is likely the market willing to take a risk on DraftKings, as it seems an early duopoly in US sports betting between DKNG and FanDuel could be taking hold. The stock closed Monday at $31.24, which is up 174% so far this year but still significantly off its all-time high of $71.98 from May 2021.

Industry News

  • CDC Gaming Reports: Tribal Gaming Revenues Rise Nearly 5% And Hit Record High In Fiscal 2022
    • Tribal-gaming revenues rose nearly 5% in fiscal-year 2022 and reached $40.9 billion, the highest amount in its history, according to a 10-page report released Wednesday by the National Indian Gaming Commission. Overall fiscal-year 2022 gaming revenue rose 4.9%, or $1.9 billion more than the 2021 total of $39 billion. Seven of NIGC’s eight regions showed an increase over fiscal-year 2021 when operations were emerging from the pandemic.
  • Gambling News: IBIA Publishes Its Q2 2023 Integrity Report
    • The International Betting Integrity Association (IBIA) has published its integrity report for the second quarter of the year, highlighting its efforts to protect the sports and sports betting sectors from gambling fraud. As an organization comprised of some of the most influential bodies in wagering, the IBIA understands the dangers of outcome manipulation in sports. As a result, the body seeks to combat fraud through evidence-based intelligence.


  • PlayUSA: Indiana Lawmakers Look To Expand Online Casino Bill In 2024
    • Indiana lawmakers haven’t succeeded in passing standalone online casino legislation in the past three years. So they might look to include online casino in a larger gaming modernization bill in 2024. Speaking at the National Council of Legislators from Gaming States (NCLGS) meeting in Denver last week, Indiana Sen. Jon Ford teased the new tactic.


  • Gaming Today: Five Named Sportsbooks Confer With KY Regulators Ahead Of Sports Betting Launch
    • Five sportsbooks have reportedly been in discussions with Kentucky sports betting regulators ahead of the Commonwealth’s pending launch in September. Kentucky Horse Racing Commission (KHRC) Executive Director Jamie Eads told the Kentucky General Assembly’s interim budget committee on Wednesday that her agency has talked to FanDuel, DraftKings, Circa, WynnBet, and BetMGM specifically. More sportsbooks — though unnamed Wednesday — may have also talked with the agency.
  • PlayKentucky: Kentucky Sen. Damon Thayer: We’ll Run Sports Betting ‘Better Than Ohio’
    • Kentucky Sen. Damon Thayer, who was instrumental in getting sports betting legalized in Kentucky this year, took a shot at Ohio on Wednesday during a presentation to the Kentucky Interim Joint Committee Appropriations and Revenue. Specifically, regarding if there will be enough KY sports betting compliance staff to avoid some of the issues seen in Ohio since it launched sports betting in January, Thayer said this: “We’re going to do things better than Ohio. We usually do. So I have no doubt in this case that’s going to happen.”


  • PlayMA: Lawyer: Massachusetts Advertising Rules Need To Be More ‘Clearly’ Defined
    • Massachusetts sports betting is off to a strong start, but what does the future hold? The industry has been live for six months, and now industry experts can begin to make informed predictions for what the future of sports betting in Massachusetts might look like. Legal expert Kevin C. Conroy provided PlayMA with some insights on how he sees the industry-shaking out in the Commonwealth.


  • PlayCanada: Latest Ontario Revenue Numbers Prove Online Casinos Are King
    • For the first time, the province of Ontario is revealing how much online casinos are contributing to total iGaming revenue — and the numbers are significant. Today, iGaming Ontario released its revenue report for the first quarter of the 2023-24 fiscal year (from April 1 to June 30, 2023). Of the $14 billion in total bets (handle) and a record $545 million in total gaming revenue over those three months, 83% of the handle ($11.6 billion) and 72% of the revenue ($392 million) came from online casinos.