Industry News of the Day for June 17, 2019

Industry News of the Day for June 17, 2019

Industry News:

New Jersey:

  • The Bond Buyer, 6.14.19 – Online Bets Drive New Jersey’s Sports Gambling Tax Revenue Growth
    • An immediate commitment to online betting helped New Jersey take the lead among states that have legalized sports betting. The financial bump it has generated, while nice to have, remains a drop in the bucket compared the state government’s massive fiscal challenges, particularly its underfunded employee pension system.
  • NJ Biz, 6.13.19 – NJ Approaches $3B In Sports Bets, Nearly $200M In Revenue In Past Year
    • The launch of legal sports betting has proven to be a game changer for the state of New Jersey as its retail and online sportsbooks have generated nearly $3 billion in bets, and nearly $200 million in revenue in the 12 months since legal sports betting officially began in June 2018.
  • ROI NJ, 6.13.19 – com: N.J. Could Surpass Nevada’s Monthly Sports Bets For May
    • May has become the first month of record that New Jersey could surpass Nevada’s monthly sports bets, according to PlayNJ.com analysts. By collecting $318.9 million worth of bets in May, PlayNJ.com said New Jersey could make more in its monthly handle over the Silver State for the first time.

Nevada:

Illinois:

  • ESPN, 6.15.19 – Sources: Cubs Considering Sportsbook At Wrigley
    • The Chicago Cubs have considered opening a sportsbook at Wrigley Field and at locations just outside of the Friendly Confines, multiple sources familiar with the team’s thinking told ESPN.
  • Crain’s Chicago Business, 6.14.19 – Why Sports Betting Is A Gamble For Chicago’s Pro Teams
    • Sports betting in Illinois could be a gold mine for Chicago’s pro sports teams. It’s also a big gamble for them. As the pending statewide legalization of wagering on sporting events sinks in, the city’s franchises are weighing not only the prospect of opening betting windows in their stadiums and arenas—possibly becoming among the first major teams in the country to do so—but how to approach sports gambling overall.

New York:

  • The Buffalo News, 6.14.19 – Another Voice: Mobile Sports Wagering Is A Sure Bet For New York
    • Since last year’s Supreme Court decision striking down a federal law banning them from authorizing sports gambling, states have raced to permit it. It’s easy to see why. Sports gambling is widespread – an estimated $150 billion is unlawfully wagered on sports annually – and legalization benefits fans, who no longer would have to wager illegally through bookies, and states, which can create safely regulated systems and generate tax revenue.

Federal News:

  • Play USA, 6.14.19 – Now Is The DOJ’s Chance To Walk Away From The Wire Act
    • The New Hampshire Lottery Commission won its lawsuit against the Department of Justice last week. US District Court Judge Paul Barbadoro set aside the DOJ’s new opinion that the Wire Act applies to all forms of online gambling. However, the DOJ has the chance to walk away winners as well. It just needs to take advantage of the opportunity Judge Barbadoro is giving it to back off.

iDEA Growth Member News:

  • NJTV, 6.13.19 – Atlantic City Betting On New Data Center To Spur Development
    • Atlantic City has a new secret weapon: a state-of-the-art data center that will be a hub for global connectivity spanning more than 30 locations worldwide. The information technology provider Continent 8, licensed by the State Division of Gaming Enforcement, took a year to design and build the 6,000 foot facility located in the city’s convention center.