Industry News of the Day for June 4, 2024
Industry News
- PlayUSA: Organization Stresses Need For Federal Oversight To Curtail Illegal Online Gambling
- The Campaign for Fairer Gambling (CFG) has assessed the impact of illegal online gambling in parts of the United States and recommended ways to address unregulated gaming. While the impact estimates might have a basis in hard data, the prescribed course for minimizing that impact is rooted in the imaginary. Using data from Yield Sec, the CFG states that illegal gambling operators are robbing the states of Minnesota, New Jersey, and New York of $9.5 billion in gross gaming revenue. As a result, the CFG calls for greater federal intervention.
- Legal Sports Report: Penn Stock Jumps On Investor Upset With Sports Betting Spend
- Penn Entertainment stock jumped nearly 20% Friday after an investor letter took aim at CEO Jay Snowden and the company’s online sports betting spend. Donerail Group managing partner Will Wyatt addressed chairman David Handler and the board in a public letter Friday morning. “We believe that the significant criticism from the investment community regarding PENN’s recent capital allocation is understandable, however,” Wyatt said. “After four years of effort, attention, and billions of dollars of shareholder capital invested, the company has been unable to disintermediate the online sports betting landscape, as it had forecast.”
- Gaming Today: Research Firm Sees $9.5 Billion In Illegal Gambling Costing States
- Unregulated and illegal gambling thrives in states with no legal betting options — and it remains a problem in gambling-friendly states as well. A research firm study suggests three key states lost about $9.5 billion to the illegal market in 2023. Yield Sec conducted the study on behalf of the Campaign for Fairer Gambling (CFG), a gaming advocacy corporation based out of Beverly Hills, CA. Its estimates suggest the US lost about $40.9 billion in online gambling and sports betting revenue to the black market last year.
Michigan
- PlayMichigan: BetRivers Partners With PDX Slots Following Record-Breaking First Quarter
- Michigan’s already robust online wagering catalog received yet another boost following the late May arrival of PDX Slots via a partnership with Rush Street Interactive’s BetRivers Casino. PDX, a Detroit-based online casino aggregator, originally earned a Provisional Internet Gaming Supplier License from the Michigan Gaming Control Board in October 2023. Now, some seven months later, PDX’s services are finally available to the Michigan online casino market.
Pennsylvania
- PlayPennsylvania: 4 Indicators Caesars Palace Is Improving Its Online Casino Revenue In Pennsylvania
- Caesars has gone all in nationally on the iGaming market after rebranding to Caesars Palace last summer. Despite the Pennsylvania Gaming Control Board not breaking down revenue by operator, PlayPennsylvania has found four prominent indicators that suggest Caesars’ platform is growing in the Keystone State.
Ohio
- iGB: Ohio Sports Betting Revenue Hikes 15.8% To $73.9M In April
- Sports betting revenue in Ohio reached $73.9m (£58m/€68.1m) in April, a 15.8% month-on-month increase. The April revenue was a sizeable rise on the $63.8m reported in Ohio in March. The figure also takes Ohio to a year-to-date sports betting revenue of $317.1m.