Industry News of the Day for June 13, 2023

By iDEA | June 13, 2023

Industry News

  • Legal Sports Report: Business By The Books: IGT Considers Sports Betting Division Sale
    • International slots developer and lottery operator IGT is considering a sale of its sports betting and global gaming businesses. The PlayDigital segment includes omnichannel casino and sports betting operations. The B2B sports betting offering has been utilized by retail sportsbooks and lotteries in North America over the past five years. The company retained Deutsche Bank, Macquarie Capital and Mediobanca as financial advisors, according to a release.
  • Gaming Today: ‘AI Will Never Guarantee Success at Sports Betting,’ Expert Says
    • If you’re looking to better understand the effect artificial intelligence (AI) has — and will have — on the sports betting industry, do yourself a favor and talk to Lloyd Danzig. As managing partner at Sharp Alpha Advisors, Danzig knows that of which he speaks. The New York City-based venture capital firm invests in early-stage companies in the sports and gaming sectors. Sharp Alpha’s roster of companies includes Rimble, a developer of esports betting prediction models and analytics, and Kero Sports, an in-game betting solutions provider.
  • SBC Americas: NCAA’s Charlie Baker Hints At Closer Sports Betting Ties
    • The President of the NCAA Charlie Baker has told stakeholders that the organization could forge closer ties to the sports betting industry to diversify its revenue streams. As reported by Forbes, Baker noted that the NCAA sees significant financial opportunities through sports betting links, which can help to top up its three current revenue streams – broadcast, commercial, and gameday revenues.

Arizona

  • KJZZ Radio: Tribal Gaming Revenues To State Of Arizona Hit $2 Billion
    • Tribal gaming in Arizona reaches a major milestone. The Arizona Indian Gaming Association said the state has received $2 billion in gaming revenue and an official recording of the amount is expected in July. Funds are dedicated to wildlife conservation, tourism, cities and counties, emergency services and trauma care, and the largest chunk to education- so far, nearly $900 million.

Illinois

  • PlayIllinois: Illinois Sports Betting Industry Solidifies 2nd Place In The US With Terrific April
    • Illinois sports betting numbers took an expected dip in April following a record-breaking month in March. But the numbers were incredibly strong, all things considered. Strong betting on the men’s and women’s March Madness tournaments is believed to have been the catalyst behind March being the best Illinois sports betting month in history. Numbers released today by the Illinois Gaming Board show Illinois sports betting sites had total bets of just shy of $900 million in April.

Indiana

  • PlayIndiana: Betting Volume Down, Revenue Up For Indiana Sportsbooks In May
    • May’s numbers are out for Indiana sports betting, and the Hoosier State’s sportsbooks are now five-for-five on yearly betting volume declines. Indiana sportsbooks accepted $283.5 million in bets during May, down 11.8% month-over-month and 8.1% year-over-year. However, a robust 11.8% hold resulted in $33.5 million in monthly revenue, showing gains of 14.3% MoM and 5% YoY. The industry average is around an 8% hold.

Maryland

  • PlayMaryland: Maryland Sportsbooks Handled More Than $320 Million In Sports Bets In May
    • For a sixth consecutive month since launching legal sports betting, Maryland sportsbooks handled more than $300 million in wagers in May, coming in at more than $320 million. That figure led to more than $4.6 million in tax revenue. The state reported $320.1 million in total handle combined between retail and online sources, with the bulk of that — more than $305 million — deriving from Maryland online sportsbooks. Since it launched sports betting, Maryland has generated more than $2.4 billion in sports bets.
  • The Baltimore Sun: Maryland Regulators Block Sportsbooks’ Play To Ease Oversight Of Offers To Bettors
    • Leading sports betting companies, eager to gain footholds in the growing Maryland market, asked the state to roll back rules intended to safeguard bettors from misleading promotional offers, according to documents obtained by The Baltimore Sun in a public records request. The state records show mobile sportsbooks, which began operating in Maryland just over six months ago, sought this spring to significantly enhance their ability to offer a variety of splashy inducements, such as free or discounted bets to lure new customers.

New York

  • PlayNY: Streak Of Billion-Dollar Months Continues As New York Nears $25 Billion In Lifetime Handle
    • For the ninth straight month, online sports betting in New York generated over $1 billion in monthly handle. According to data from the New York State Gaming Commission, NY sportsbooks accepted $1.36 billion in bets during the month of May. While extending the run of consecutive months going over $1 billion in handle, it does mark the lowest total in the Empire State since September. What May’s total did do was inch NY sports betting closer to history.
  • NY Sports Day: Could Secondary Markets Succeed In New York Sports Betting?
    • Your sports bet may soon be more than just a bet. If a secondary swaps market is allowed in New York, your bet could be an asset to sell or cash in for guaranteed profits. WagerWire is a marketplace that allows bettors to buy and sell their previously placed sports bets. Currently, no regulation in New York explicitly allows sports betting swaps, but WagerWire wants to change that.

Pennsylvania

  • PlayPennsylvania: Bally Casino Concluding Igaming Soft Launch In Pennsylvania, Debuting In Market Soon
    • According to an email that went out to select customers, Bally Casino is now active as the newest PA online casino. There has been talk of several online casinos making their way to the PA market in 2023. Bally’s launch appears to be near, as the message stated that the company is granting early access to select customers and is not yet fully operational. The inclusion of Bally’s makes Pennsylvania one of the most diverse states, with 20 online casino platforms to choose from.
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