Industry News of the Day for July 5, 2023

By iDEA | July 5, 2023

iDEA Growth Member News

  • SBC Americas: Better Collective Going For Social Buzz With Playmaker Acquisition
    • Better Collective has bolstered its social media production capabilities after confirming the acquisition of Playmaker HQ. Aiming to become “the leading digital sports media group”, Better Collective has wrapped up a deal worth around $54m to purchase the social media and sports content production firm.  The affiliate publisher will pay the first $15m upfront, plus $1m in deferred payments, with a further $38m potentially paid out in performance-based payments over the next three years.

Industry News

  • Gaming Today: US Integrity’s Role Ever-Expanding in College Sports Betting Space
    • Gaming Today first reached out to US Integrity CEO & Founder Matt Holt in early May when the Alabama baseball betting scandal cost head coach Brad Bohannon his job. Holt’s company was actively involved in the investigation, and as such, he could not comment. The Alabama case coincided with US Integrity’s growing involvement in the intercollegiate space. Holt doesn’t hesitate when asked about the most rewarding aspect of his business. “For me, it’s the colleges by far,” Holt told Gaming Today in an exclusive interview last week after the company announced its newest partnership with the University of Illinois.

Florida

  • Legal Sports Report: Analysis: How Florida Sports Betting Could Come Back After Tribal Compact Decision
    • The day has finally arrived that Florida bettors have been waiting for since late 2021 when the lights were turned off at the state’s only regulated sports betting shop. On Friday, the DC Circuit Court of Appeals gave the residents of the Sunshine State a gift when the Court unanimously overturned a District Court decision that had blocked regulated FL sports betting. The Circuit Court kept to its median wait time of six months in issuing the decision on the last day of June after hearing oral arguments in December 2022.
  • PlayFL: When Will Florida Sports Betting Restart? Maybe Not Until ‘Early 2025’
    • Friday’s decision by the DC Circuit Court of Appeals to vacate a District Court’s ruling triggered questions by Florida sports betting fans, and the belief that wagering on the Seminole Tribe’s short-lived Hard Rock Sportsbook app would start soon. Not so fast, says Florida sports betting lawyer Daniel Wallach. “Best-case scenario is you’re looking at late this year,” Wallach told PlayFL.

Michigan

  • PlayMichigan: Latest Michigan Budget Includes More Than $50 Million For MGCB
    • Last week, the Michigan Legislature reached an agreement to include $50.7 million for the Michigan Gaming Control Board in the 2024 fiscal year budget. Last year, the MGCB received an additional $7 million in funding for fiscal year 2023. This year, the MGCB is receiving about an additional $4.2 million. The bipartisan budget heads to Gov. Gretchen Whitmer’s desk for consideration to sign into law. Funding allocation would take impact on Oct. 1 as part of the new fiscal year.

North Carolina

  • NC Sharp: North Carolina Sports Betting Licensing Fees Well Below Neighboring Tennessee’s
    • North Carolina will charge all online sports betting operators a $1 million licensing fee renewable every five years, which is less than one-third the cost operators pay in Tennessee for a similar five-year period. In terms of other comparable states, North Carolina’s operating costs are relatively moderate and well below some of the highest-priced states in the country. The North Carolina Lottery Commission (NCLC), an arm of the North Carolina Education Lottery, has from Jan. 8, 2024 to June 14, 2024 to launch online sports betting in North Carolina.

Ohio

  • PlayUSA: Ohio Lawmaker Says State Doubled Sports Betting Tax Rate To Curb Advertising
    • Sports betting operators will soon have to pay twice as much to the state of Ohio. Lawmakers agreed to double the Ohio sports betting tax rate from 10% to 20%. The increase was included in the budget deal reached Friday. The tax increase is for the fiscal year that began July 1. But the bill doesn’t take effect until 90 days after the governor signs it. PlayUSA first broke the news that Gov. Mike DeWine included the tax increase in his executive budget proposal in February.
  • PlayOhio: Betting Kiosks Are Serving A Fraction Of The Ohio Sports Betting Market — But At What Cost?
    • As legal sports betting approaches the six-month mark in Ohio, the overwhelming majority of those betting in the Buckeye State have done so using one of the 18 sports betting apps operating statewide. Thanks to their ease of use and accessibility, Ohio online sports betting accounted for about 98% of the state’s sports betting revenue in the first five months of operation, with around 2% coming from brick-and-mortar retail sportsbooks located at casinos, racinos and pro sports stadiums.

 

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