Industry News of the Day for July 27, 2023

Industry News

• Legal Sports Report: Kambi Reports Strong Hold, Improved AI Pricing In Second Quarter
  • An increased mix of parlays and overall higher hold helped Kambi quarterly revenue jump 24% in the second quarter. Kambi’s sports betting partners reported a blended 9.9% operator gross revenue hold for the quarter, which CEO Kristian Nylén said dampened overall handle growth to 4% on the Q2 2023 earnings call. That hold is up from 8.6% last year and above the 12-month rolling average of 8.8%. Favorable basketball and soccer results also contributed to the growth.

• PlayUSA: BetMGM Predicts It Will Be Self-Sustaining In Second Half Of 2023
  • BetMGM provided an update on its first-half performance and outlook for full-year 2023, sharing positive EBITDA during Q2 of 2023. The US online gambling conglomerate also emphasized the assurance that it will be self-sustaining in the back half of the year. BetMGM said it would require no additional investments from either Entain or MGM Resorts beyond the $150 million previously committed for the year.

• Sports Handle: TransUnion Report: College Loan Repayments May Impact Sportsbook Industry
  • When the U.S. Supreme Court struck down President Joe Biden’s student debt forgiveness program, there was plenty of ink spilled on how it may have a ripple effect on the housing market, the job market, and even when the millennial and Gen Z generations may start families. Presumably, not a lot of people were thinking about the sports betting industry. But TransUnion was, and on Wednesday released a report titled, “Gaming Report: Insights into bettors and their financial health.”

Iowa

• PlayIA: Mandatory Sports Betting Education Would Aid Iowa Student-Athletes
  • Sports betting is quickly weaving its way into the fabric of US society. And with it comes an urgency to protect the integrity of sporting contests to ensure they remain fair and competitive. One way to accomplish that is to educate young people about responsible gambling. Student-athletes especially are under intense pressure to avoid the many pitfalls surrounding sports betting, as are college staff and coaches.

Kentucky

• Gaming Today: A Closer Look At The Minimum Age Of 18 For Kentucky Sports Betting
  • Kentucky will allow legal sports betting starting at the age of 18 when the state launches retail and mobile sportsbooks in September. For most states, the sports betting age threshold is 21. That has Kentucky’s minimum age of 18 raising some concerns – but should it? State Rep. Michael Meredith, R-Oakland, doesn’t think so. The sponsor of the Commonwealth’s 2023 sports betting law justified the age 18 betting minimum in that legislation at the official signing of Kentucky sports betting regulations on July 10.

Michigan

• PlayMichigan: Why Michigan Sports Betting Revenue Is Growing As Handle Continues To Decline
  • Sports betting in Michigan may appear down, but online operators have found a way to still increase revenue. Overall sports betting handle for June was just $236 million. That is a 22.7% decline from May’s $305.3 million handle. It’s also a 19.3% drop from June 2022’s handle of $292.4 million. However, sports betting operators are doing a better job of retaining revenue. In June, online operators had $18.3 million in revenue, a jump of 13.7% from last year’s $15.4 million.

New York

• PlayNY: Nascent NY Sports Betting Can Learn Plenty From Seasoned UK When It Comes To Advertising
  • Soon, sports betting logos will be removed from Premier League club jerseys as the push for responsible sportsbook advertising continues overseas and in the US. Earlier this year, the most popular soccer league in the world announced that, beginning in the 2026-2027 season, gambling sponsorships will be removed from team’s game-day jerseys. The move makes the Premier League the first UK sports league to take action against the high volume of betting advertising and marketing.

North Carolina

• NC Sharp: BetMGM Poised To Invest In North Carolina Sports Betting License
  • In revealing its first half of 2023 results Wednesday, BetMGM stated its interest in pursuing a sports betting license in North Carolina. BetMGM’s news release, which announced the company’s overall profitability in the first half of fiscal year 2023-2024, noted that it would remain on track for future profitability despite the investment in a North Carolina sports betting launch that was “not originally planned during 2023.”

Vermont

• SBC Americas: Vermont Sportsbook RFP Wants Plans On Converting Offshore Customers
  • Vermont has put out its request for proposals for sports betting operators. The document gives an idea of not only what information potential operators will need to supply to the state but also how it will be weighed by the Vermont Lottery, which will select from 2-6 operators to offer sports betting in the state. Operators have until July 31 to submit questions about the proposal. The final date of submissions for RFPs form operators will be Aug. 18.