Industry News of the Day for July 25, 2023
Industry News
- Legal Sports Report: Sports Betting Profitability Focus Of Q2 Earnings
- All eyes will be on the bottom line when earnings season starts for sports betting companies this week. Publicly traded operators including BetMGM, Caesars, FanDuel and Penn National all expect their sports betting businesses to be profitable in 2023. Some stock analysts also think DraftKings could report a profitable second quarter given the company’s recent hold increase and cost decrease.
- SBC Americas: DraftKings Accepted 864 Prohibited Tennis Wagers In Massachusetts
- During its adjudicatory hearing with the Massachusetts Gaming Commission on Monday,DraftKings detailed the scope of how many prohibited wagers it allowed in the state on the Universal Tennis Ranking (UTR) Tour. Per the meeting, DraftKings accepted a total of 864 wagers for $7,867 across three UTR events over the span of 12 days before discovering the issue and self-reporting it to the MGC. Losing wagers were refunded and pending wagers were canceled.
- Sports Handle: Inside The Discussion Around Allowing Betting On The Special Olympics
- When word spread last month that an offshore sportsbook was taking action on the Special Olympics World Games Berlin 2023, I had an immediate, visceral reaction. So did plenty of respected people who are connected to the legalized sports betting world. The Twitter takes were many and quick from consultants, writers, and more, and the disapproval ran deep. To bet on the Special Olympics? That takes a special kind of degenerate. And to offer odds on the Special Olympics? Well, that’s just pure evil.
California
- PlayCA: Tribal Law Expert: How Seminole Ruling Helps & Doesn’t Help CA Sports Betting
- A recent ruling in Florida could pave the way for California sports betting to launch sooner rather than later. The DC Circuit of Appeals overturned a 2021 decision that halted sports betting Florida, giving a big victory to the Seminole Tribe of Florida. But how does the Seminole ruling impact California sports betting? PlayCA spoke with an industry expert to find out. UC Davis professor of law Katherine Florey has researched federal Indian law for decades. Her extensive research includes years of study on the extraterritorial application of law, theories of jurisdiction and the powers of tribal courts.
Kentucky
- PlayKentucky: Solving Social Problems Is How KY & Other States Pitched Sports Betting
- Kentucky sports betting looks to bring significant dollars into the state, and that means money will go toward helping its pension crisis. Gov. Andy Beshear believes sports betting in Kentucky will generate $23 million in annual tax revenue. The state taxes retail sports betting revenue at a 9.75% rate and online sportsbooks at 14.25%. Both are fairly in line with industry standards. Online sports betting dominates in most states, so the tax is higher for that sector.
New York
- PlayNY: Opponents Of NY Online Casinos Have Unlikely Ally After NJ Fumbles Extension
- Proponents of online casinos in New York often point to their neighbors across the Hudson River as a prime example of what a regulated and taxed industry could bring to the Empire State. New Jersey online casinos have been legal for a decade, during which time the industry has generated more than $1 billion in lifetime tax revenue. Atlantic City casinos benefit from an additional revenue stream and increased brand awareness with a younger demographic.
Wisconsin
- PlayUSA: St. Croix Casinos Secure Sports Betting Platform Deal With IGT
- Three casinos operated by the St. Croix Chippewa Indians of Wisconsin are closer to again offering sports betting to guests. While there is still no firm timeline for when any of the facilities will actually start accepting wagers from patrons, the casinos now have an operational partner in place to do so. International Game Technology’s (IGT) PlaySports platform will power the sportsbooks inside the casinos. That means visitors to the casinos should have access to competitive markets and odds on popular sports.