Industry News of the Day for July 24, 2023

By iDEA | July 24, 2023

iDEA Growth Member News

  • PlayUSA: Betr Closes Deal With Paysafe For In-App Payment Processing
    • Betr has employed payments platform Paysafe to make its app user experience better. As Betr attempts to scratch out a share of the online sports betting market in two United States jurisdictions, it’s necessary to have a smooth deposit and withdrawal process in its app. But Betr might need more than a seamless payment processing experience to live up to its own billing of “disrupting the US sports betting space,” however. Based on early results, disruption is among the last potential descriptor of the company’s activity.

Industry News

  • Courthouse News Service: Fifth Circuit Blocks U.S. Government Shutdown Of Political Gambling Market
    • Proponents of a market taking bets on who will win the 2024 presidential election are likely to prevail in their lawsuit accusing federal regulators of improperly ordering the market to close, a divided Fifth Circuit panel ruled Friday. The PredictIt website offers armchair political pundits a way to make some pocket change by placing small wagers on election outcomes and the actions of politicians.
  • Bonus.com: Study Finds Debt Consolidation Offers Opportunity To ID, Support Problem Gambling
    • A study out of Finland has identified an opportunity to identify problem gambling and offer addiction support during the debt consolidation process. Unlike previous studies on the topic, it used direct data from people applying to consolidate their debts, rather than less reliable self-reported data. The study found that over half of those seeking to consolidate their debts had made a gambling transaction through their bank in the past year. Moreover, the highest-spending 5% of the debtors accounted for almost half of those transactions.

Maryland

  • Gambling News: Maryland Struggles To Combat Problem Gambling
    • A recent legislative report has shed light on the alarming reality of Maryland’s efforts to provide adequate support to individuals struggling with problem gambling. Rising addiction rates and insufficient funding have caused the problem to spiral out of control, necessitating urgent action. Such measures must be implemented before the state considers legalizing iGaming, ensuring residents can easily access quality help.

New Hampshire

  • PlayUSA: New Hampshire Charitable Casinos Willing To Support Online Casino If They Get Direct Participation
    • A breakthrough in New Hampshire could have the Granite State next to legalize online casino. New Hampshire Sen. Tim Lang told attendees at the National Council of Legislators from Gaming States conference in Denver last week that the charitable casino operators who defeated the bill earlier this year have already changed their tune. “I have been contacted by operators and they’re now saying we want you to file a bill in ’24 and we’ll work with you on getting it passed,” Lang said.

New York

  • Covers: New York Operators Record Lowest Weekly Sports Betting Handle In Nearly A Year
    • The Empire State’s nine legal sports betting online sportsbooks suffered through their slowest week in nearly a year in the most recent period ending July 16. The New York Gaming Commission reported a weekly handle of $161.96 million, the lowest since the week of July 24, 2022, and the first time with wagers totaling under $200 million for the first time since late August 2022. The handle for betting sites was 32% less than the previous week, marking the eighth consecutive week under $300 million.

Ontario

  • PlayCanada: Ontario Online Gambling Sector Far Behind Comparable US States
    • Now that iGaming Ontario has, thankfully, released more detailed data about the province’s online gambling industry, we can see how Ontario is doing against comparable US states. PlayCanada crunched the numbers and the bottom line is this: Ontario still has a long way to go to produce the kind of numbers seen in the most similar US jurisdictions. On Wednesday, iGO dropped financial data for the first quarter of fiscal year 2023-24. That’s the three-month period from April 1 to June 30, 2023.

Pennsylvania

  • PlayPennsylvania: PA Online Casino Slot Revenue Up 31% Over Fiscal Year 2022/2023
    • Over any 12-month period, the Keystone State just set a record for overall gaming revenue and taxes in the FY 2022/2023. While almost all gaming verticals increased, the state wouldn’t have broken the record without the help of slot play on Pennsylvania online casinos. The rise in overall online slot revenue was 31% from last year, more than a $300 million increase.
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