Industry News of the Day for July 28, 2023

Industry News

• Gaming Today: Can the Gambling Industry Improve Predictions?
  • It can be tempting to treat sportsbooks and parimutuel pools as predictive tools. In both types of betting businesses, potential payouts can be converted to probabilities. Many bettors aggregate their beliefs about how likely a spread or other outcome is to occur, and both types of businesses have limited predictive abilities in certain metrics. Superficially, these betting businesses seem to be examples of the wisdom of crowds creating data for useful predictions.

• Bonus.com: Can PlayStar Casino Become a Factor in US iGaming With Glitnor Group’s Support?
  • European gaming company Glitnor Group has acquired a 37.5% stake in the emerging New Jersey online casino PlayStar. This acquisition is made through Glitnor Ventures, an investment division of Glitnor Group, which operates international brands such as Swintt, LuckyCasino, and HappyCasino. Glitnor Group cofounder Jörgen Nordlund said that the company aims to identify promising talent in the iGaming industry through Glitnor Ventures. PlayStar has a similar vision for the US online casino market.

• SBC Americas: XLMedia Experiences US Slowdown In H1
  • XLMedia has reinforced its belief in its operational strategy in the US despite the lack of market openings causing a downturn in both revenue and EBITDA in H123. Management previously warned that the lack of marketing openings against the strong 2022 comparatives of New York’s sports betting launch would lead to a decline in revenue and earnings. These warnings to investors came to fruition as total revenue for the first half of the year fell by 34% from $44.5m in 2022 to $29.4m, whilst EBITDA also dropped by 38% to $6.5m (H1 2022: $10.6m).

• iGB North America: BetParx Seals White Hat Studios Agreement
  • US operator BetParx has struck a deal to offer White Hat Studios’ games across three US states. The mobile casino and sportsbook operator will offer the slot titles to customers in Pennsylvania, New Jersey and Michigan. The provider’s content portfolio will become available simultaneously for BetParx customers across the trio of states “in the coming months.” No definitive timelines were given.

Colorado

• PlayColorado: PlayUp Colorado Sportsbook Finally Taken Down After CEO Request
  • The PlayUp Colorado sportsbook is no longer accepting bets as of Thursday morning, after its CEO requested the change about a week ago. CEO Daniel Simic told Legal Sports Report on July 20 that he requested the Colorado sportsbook be put into “maintenance mode.” That request came a day after Simic found out PlayUp’s New Jersey sports betting license was revoked for multiple issues. The shutdown means PlayUp no longer has an operating sportsbook in the US.

Illinois

• PlayIllinois: Hard Rock, Betway Sportsbooks On Runway To Launch In Illinois
  • Two new names — Hard Rock and Betway — appear poised to join the lucrative Illinois sports betting market. That was the biggest news out of Thursday’s regularly-scheduled Illinois Gaming Board meeting. The IGB approved Hard Rock for a four-year retail and online Illinois sports betting license in conjunction with the Hard Rock Rockford casino. The gaming regulator also announced the parent company of Betway as the lone “winning bidder” of a process to determine the suitability of up to three online-only sports betting license slots.

Kentucky

• PlayKentucky: Churchill Downs CEO Confirms Multiple Sports Betting Partnerships
  • Churchill Downs Inc. CEO Bil Carstanjen confirmed the company has multiple online sports betting partnerships on Thursday. During the company’s second-quarter earnings call, Carstanjen touched on their Kentucky sports betting licenses. And he made a brief, but significant, comment regarding how many deals the company has made.

Maryland

• PlayUSA: Attracting Minority Participation Is Key For Maryland Online Casino Gambling
  • A Maryland lawmaker said he thinks he can get online casino legislation passed in 2024. But he admits one area he hasn’t yet figured out is how to include minority-owned businesses. Sen. Ron Watson’s online casino bill SB 267 will carry over into next year. He filed the bill along with Sen. Nancy King this January in the first year of a two-year session. The Maryland online casino efforts advanced Thursday when the Maryland State Lottery and Gaming Control Agency (MLGCA) awarded The Innovation Group with the contract to conduct an iGaming study.

North Carolina

• NC Sharp: Maryland Casino Developer Donated To At Least 9 NC Lawmakers
  • Connections to The Cordish Companies, a Baltimore-based resort and casino developer, donated $34,400 to at least nine North Carolina lawmakers between November 2022 and March 2023, per campaign finance disclosures from the N.C. State Board of Elections and the Federal Election Commission. The Cordish Cos. have been tied to a North Carolina firm called NC Development Holdings, which requested a zoning change from residential/agricultural to commercial for 200 acres of land in Rockingham County last month.

Oklahoma

• US Bets: Gaming Expansion Going Nowhere In Oklahoma As Politicians Fight Among Themselves
  • In Oklahoma, a long-simmering brouhaha between Gov. Kevin Stitt and Indian Country is now pitting state leaders against one another. Attorney General Gentner Drummond — at the request of Senate and House leadership — agreed Tuesday to represent the state in a fight against the U.S. Department of the Interior. The move means that Drummond will file to replace the attorney backed by Stitt in a case that argues that the DOI was out of bounds when it “deemed approved” a group of compacts between Stitt and two of the state’s smaller tribes in 2020.

Pennsylvania

• PlayPennsylvania: Bally Casino Launches In Pennsylvania To Become 20th Online Platform
  • The 20th Pennsylvania online casino is up and running in the Keystone State. Bally Casino is now fully live for PA users within the state. As the online casino landscape continues to grow, Bally’s becomes the second platform to enter the PA market in the last three months. Bally Casino informed PlayPennsylvania it has been “fully live” in PA since June 8, after conducting a three-day soft launch. A Bally spokesperson said there is no release or statement made by the company.