Industry News of the Day for July 31, 2023

By iDEA | July 31, 2023

Industry News

  • Legal Sports Report: When Does PointsBet Expect US Sale To Fanatics To Close?
    • PointsBet reported US growth across the board in fiscal 2023 as it continues to steer the ship until Fanatics takes over. Total net win hit $109 million for the year, up 72% from fiscal 2022, including $79 million from sports betting and $30 million from iGaming. EBITDA will be reported with the company’s fiscal year report, but the normalized loss is still expected to be between $52 million and $55 million.
  • iGB North America: Online Growth Lifts Boyd Q2 Revenues
    • Boyd Gaming president and CEO Kevin Smith praised the operator’s resilience after online growth drove an uplift in Q2 revenue. Revenue reached $917.0m in the three months to the end of June. This was up from $894.4m in 2022 thanks to a 49.7% year-on-year increase in online revenue from $56.8 to $85.0m. After revenue from online operations rocketed by 123.1% to $122.9m in Q1, the segment generated total H1 sales of $207.9m.

District of Columbia

  • Sports Handle: What Happens To Problem Gamblers In D.C. After Budget Cut?
    • Washington D.C.’s 2024 fiscal year budget removed $200,000 of annual funding for problem gambling resources generated by sports betting revenue, a move that was strongly opposed by responsible gambling advocates. “In their decision to repeal funding for vital health services, D.C. leaves thousands of people without help or hope,” consultant Brianne Doura-Schawohl previously told Sports Handle.

Iowa

  • PlayUSA: Lawmaker Not Confident About Iowa Online Casino Passage In 2024
    • Iowa online casino legislation barely received mention this year and one Iowa lawmaker sees prospects as dim for 2024. Speaking this month at the National Council of Legislators from Gaming States conference in Denver, Rep. Jacob Bossman said concerns with cannibalization, addiction and minority access, as well as gaming expansion fatigue, are holding back Iowa online casino. “I expect it will make progress,” Bossman said. “It would be nice if we could get it passed next year, but I’m a little bit pessimistic.”

Kentucky

  • Gaming Today: Red Mile VP Sees Sports Betting As Boost For Kentucky Horse Racing
    • Gabe Prewitt of the Red Mile has been overseeing the start of the 2023 live racing season here at the historic Kentucky horse racing track for the past three days. But it’s a stretch of three weeks in September that has everyone watching the second-oldest harness track in the world. On Sept. 7, Kentucky sports betting will launch at up to 14 retail locations, including a Caesars-branded sportsbook at the Lexington track.
  • SBC Americas: Beshear Signs Emergency Kentucky Responsible Gambling Regulations
    • As part of HB551, the bill that legalized sports betting in Kentucky, a measure was included that required 2.5% of the tax dollars generated from sports betting to fund problem gambling support efforts. On Thursday, Gov. Andy Beshear signed the emergency regulations setting up the Kentucky Problem Gambling Assistance account. The regulations set out standards for which groups can apply for funding and what kinds of programs can be launched.

Michigan

  • PlayMichigan: Five Reasons Why Michigan Online Casinos Continue To See Revenue Growth
    • Michigan’s online casino industry doesn’t appear to be hitting any speedbumps in the near future. Some may have expected a summer lull for June, similar to what we saw in 2022. However, Michigan put up another top-5 all-time month with $151 million in revenue. It even bested May’s total. Just when we think Michigan online casinos are going to slow down or start to plateau, they hit us with another surprising number. So, why is it all happening?

North Carolina

  • NC Sharp: NC Lottery Commission Hires Sports Betting Executive Director
    • In its first significant move since being tasked with regulating North Carolina’s expanded sports betting industry, the North Carolina Lottery Commission has hired a deputy executive director of gaming compliance and sports betting. Sterl Carpenter, who has spent the past eight years with the Massachusetts Gaming Commission, will join the NCLC to lead its gaming compliance and sports betting division, the North Carolina Education Lottery announced Friday afternoon.

West Virginia

  • PlayWV: West Virginia Helps NCLGS Advance Responsible Gambling Standards Nationwide
    • The National Council of Legislators from Gaming States (NCLGS) had a significant win on the responsible gambling (RG) front during its 2023 summer meeting in July. Shawn Fluharty, Minority Whip in the West Virginia House of Delegates, was instrumental in making it happen. Fluharty, a representative from Wheeling, is the NCLGS president-elect and spoke out about states needing to come together and take a proactive approach toward addressing gambling addiction and problem gambling behaviors.
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