Industry News of the Day for June 20, 2023

By iDEA | June 20, 2023

iDEA Growth Member News

  • Legal Sports Report: PointsBet, DraftKings To Engage On Purchase Offer, But Fanatics Still In The Game
    • The board of PointsBet announced Sunday evening that it will move forward exploring a last-minute offer by DraftKings, while continuing to recommend a Fanatics bid — for now. The Australian company issued a press release announcing it will engage DraftKings on its $195 million offer to purchase PointsBet‘s US assets. Because that offer is non-binding, though, PointsBet’s board continues to recommend its shareholders approve the earlier Fanatics offer of $150 million, pending the final outcome of the DraftKings negotiations.
  • PlayUSA: Design Works Gaming And DraftKings Partner In Connecticut Online Casino
    • Design Works Gaming (DWG), a leading game studio, inked a deal with DraftKings. The software developer will supply the US online casino with its games and supporting technology in Connecticut. This milestone marks DWG’s extension into a fourth US state. The company’s press release states that entering Connecticut is “a testament to the studio’s continued commitment to delivering exceptional gaming experiences to players nationwide.”
  • SBC Americas: Catena Media Steps Up North Carolina Plans After Sports Betting Bill Signed
    • Catena Media is advancing its preparations for online and mobile sports betting in North Carolina following the confirmation of legalization last week. The NASDAQ Stockholm-listed affiliate firm will deploy its national sports betting brands Lineups and Legal Sports Report in the Tar Heel state and will look to strike partnerships with operators to help onboard new depositing customers.

Industry News

  • Gaming Today: Can Fixed Odds Help Fuel Horse Racing’s Growth At Sportsbooks?
    • Last Saturday’s running of the Belmont Stakes concluded the 2023 Triple Crown, and marked the end of horse racing’s season in the minds of casual fans. As a niche sport, horse racing is always looking for ways to appeal to mainstream America and a younger demographic. A recent study commissioned by BetMakers Technology Group found that fixed-odds betting options might just be the answer. Horse racing mostly operates on a parimutuel wagering system, with odds that are determined by the amount of money bet on each entry and therefore shift after a bet is placed.
  • Yahoo Sports: Fired Coaches Provide An Interesting Exception To NFL’s Gambling Policy
    • The NFL’s gambling policy, by its own terms, applies to current NFL Personnel. It does not encompass former or prospective employees of teams or the league office. On Sunday, we addressed the potential application of the gambling policy to free agents, players not under contract with any team. The league believes certain players not actually on rosters still fall within the scope of the gambling policy, given the preamble to the Collective Bargaining Agreement — even though the gambling policy isn’t mentioned in the CBA and exists independently of it.

Kansas

  • HPPR News: The Month The Chiefs Won The Super Bowl, Kansans Bet $194 Million. The State Got $1,134
    • It may not surprise you that in the same month the Kansas City Chiefs won the Super Bowl, more than $194 million was wagered on sports in Kansas. But would it surprise you to learn that the state received only $1,134 of that in tax revenues in the same month? It surprised Stephenie Roberts, a Wichita social worker and gambling addiction counselor

Kentucky

  • PlayKentucky: Listen For These 6 Topics When KHRC Discusses Sports Gambling Tuesday
    • At long last, the Kentucky Horse Racing Commission will publicly discuss regulations for sports betting in Kentucky. The KHRC’s meeting on Tuesday marks the first time the commission will meet since April 18, which was just a few weeks after Gov. Andy Beshear signed HB 551 into law, officially legalizing Kentucky sports betting. Commissioners didn’t have much to talk about so early in the process.

Massachusetts

  • PlayMA: Betr Struggling So Far In Massachusetts Market, Just Like In Ohio
    • Micro-betting platform Betr is off to a slow start in Massachusetts. After launching May 8, the company took in just under $593,000 in total handle in May — a 0.001% market share — which resulted in a measly $45,623 in revenue. Betr ranked seventh out of eight MA sportsbooks in handle in May, accrual win by licensee and taxable gaming revenue. It led only Fanatics, which only has its beta product available in the Commonwealth from May 25-31.

Michigan

  • PlayMichigan: MGCB Offering Don’t Regret The Bet Interactive Quiz To Identify Problem Gambling
    • Are you at risk for bet regret? That’s the question the Michigan Gaming Control Board would like to help you find out. The MGCB is now offering an interactive quiz to help identify problem gambling. The quiz is part of their latest Responsible Gambling campaign, “Don’t Regret The Bet.” The quiz is 10 statements where you answer “yes” or “no” based on how it applies to you. The more statements that pertain to you put you at higher risk of being a problem gambler.

North Carolina

  • NC Sharp: North Carolina Sportsbooks Won’t Likely Break Casual Betting’s Hold
    • Even with the legalization of online sports betting in North Carolina, data suggests that casual wagers between friends and family will remain popular. A 2022 Pew National Survey found that 15% of adults who bet money on sports did so with friends and family in private betting pools, fantasy leagues or casual bets. Only 8% bet in person at a track or betting kiosk, and only 6% bet on a sports betting app. Worth noting is that 2022 was a long time ago in online sports betting years, so the percentage of adults betting through online apps has likely increased.

New Jersey

  • PlayNJ: NJ Online Casinos Produce Second-Highest Monthly Revenue Record With Over $161 Million
    • Online casinos in New Jersey generated their second-highest revenue-producing month ever in May, falling a few million short of the all-time record. According to data released Monday by the state Division of Gaming Enforcement, online gambling netted operators more than $161.4 million in revenue last month. That figure is 18.7% higher than May 2022 ($136 million) and $2.4 million shy of March’s $165.7 million. Through the first five months of 2023, NJ online casinos have generated more than $781.5 million, a year-over-year increase of almost 15%.

Ohio

  • Legal Sports Report: Analysis: Giving Ohio Sports Betting Market A Very Early Read
    • The January addition of Ohio to the regulated US sports betting industry has made an immediate impact on the overall revenue figures. With barely 120 days of data under our belt, it is too early to draw firm conclusions about the state of OH sports betting. But let us see what we can glean from the early reporting. Looking at the raw performance provides some baseline insight into the size of the OH sports betting market.
  • PlayOhio: Sports Betting Kiosks In Ohio See 10% Uptick In May Betting Volume
    • With the launch of legal Ohio sports betting came a few types of options for Ohioans who want to bet on sports. Online sportsbooks and retail sportsbooks are the most visible, but the third option are the self-service kiosks located in bars, restaurants and other establishments throughout Ohio. The kiosks are regulated by the Ohio Lottery Commission. After a rocky roll out in January and subsequent ramp-up in February, the kiosk market has become stable, providing a convenient option for Ohio sports bettors who choose not to use an app or travel to a retail sportsbook to place bets.
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