Industry News of the Day for June 7, 2021

iDEA Growth Member News: 

• Washington Independent, 6.4.21:  Choose 888 Casino NJ As Your New Online Gaming Getaway
  • 888casino, like New Jersey, has been at the forefront of the online casino revolution as the first company providing exclusively online gambling to be licensed by any US jurisdiction. 
• US Bets, 6.7.21: Sportsbooks Are Probably Doing (Slightly) More Harm Than Good In Paying Out Losers (DraftKings, FanDuel, PointsBet mentioned) 
  • It began when Darren Rovell of The Action Network tweeted out that DraftKings, FanDuel, PointsBet, BetMGM, and William Hill were paying out Rahm bets as winners. Rovell also pointed out Superbook in Las Vegas was calling Rahm a loser. This set off a discussion — that was picked up by mainstream golf media — about Rahm bettors and how sportsbooks should’ve handled the situation. 
• Penn Bets, 6.4.21: Spare Change Movement: Pittsburgh DFS Start-Up Hedge Sports Rides Momentum Of Ifrah Pitch Award (Jeff Ifrah quoted) 
  • Hedge, which bills itself as the “Acorns of DFS,” is leading the charge to catch up. A Pittsburgh-based company founded by three Penn State graduates, Hedge captured the inaugural Ifrah Pitch competition on May 27. The award is given to a promising start-up in the gaming industry. 

Overall Industry News: 

• Action Network, 6.4.21: Texas, Missouri Among States to Lose Legalized Sports Betting Hopes in 2021 
  • Another wave of state legislatures adjourned their respective 2021 sessions last month, including four 2021 sports betting legalization hopefuls whose efforts fell short this year. 
• Augusta Free Press, 6.4.21: Is The U.S. Online Gambling Scene Feeling The Economic Crunch? 
  • The COVID-19 pandemic has had a huge impact on the daily lives of millions of people around the world. One of the major changes we have witnessed throughout the pandemic has been the closure of entertainment venues. 
• Augusta Free Press, 6.4.21: The Future Of Online Gambling In 2021 
  • Over the last few decades, exponential growth in technology has made online gambling more accessible and safer than ever. Recent struggles regarding the global pandemic have issued in an era of people finding ways to do things from home that they would never have thought could be done remotely. 

New Jersey: 

• Play NJ, 6.5.21: Financial Relief Coming: Atlantic City Casino Tax Breaks, NJ College Sports Betting OK’d 
  • The New Jersey Senate passed multiple gambling-related items Thursday in the hope of benefitting a beleaguered Atlantic City casino industry. Lawmakers approved two financial relief bills for Atlantic City casinos and one resolution to amend NJ’s sports betting law. 

Maryland: 

• SBC, 6.7.21: Analyst Geoff Fisk: Maryland Sports Betting Market Could Be Worth More Than $217m 
  • With Maryland Governor Larry Hogan having signed House Bill 940 into law, legalizing sports betting in the state and kickstarting the regulatory process before a full launch last month, early predictions indicate that the market could be worth more than $217m. 

Oregon: 

• IGB, 6.7.21: Oregon Sports Betting Revenue Up 293.0% YoY in May But Down From April 
  • The Oregon Lottery has reported a 293.0% year-on-year increase in sports betting revenue to $2.4m in May, while the US state’s handle also jumped 280.8% to $27.7m. 

Louisiana: 

• Lineups, 6.4.21: Louisiana To Likely See Online Sports Betting By NFL Season 
  • Louisiana has been a state talking about legalizing for weeks now, and they just passed the sports betting regulation bill through. They will now begin to establish regulations and hammer out the final minor details before final approval. Everything is looking very good for those in Louisiana. The House passed the bill 78-15, and the Senate passed 31-6. 
• The Current, 6.4.21: Legislative Roundup: Sales Tax Collections Amendment Headed To Voters; Sports Betting Clears House; Social Media Censorship Bill Falters 
  • A slightly amended version of SB247 by Senate President Page Cortez, R-Lafayette, which sets up the ground rules for legalized sports wagering, cleared the House Thursday, but only after several members hurled some questions at its House sponsor, Rep. John Stefanski, R-Crowley. 

Texas: 

• Sports Handle, 6.4.21: Texas Sports Betting Review and Preview: What Happened And What Could Be Coming 
  • Though no bills related to sports betting or casino gaming reached the floor of either legislative chamber for a vote during the just-completed session, the general sentiment in Austin is that all parties involved are playing the long game with an eye on the 2023 session. The Texas state legislature meets only in odd-numbered years. 

Colorado: 

• The Aspen Times, 6.6.21: Colorado Got $6.6M From Its First Year Of Sports Betting. Where Does That Money Go Now? 
  • After closing the books on its first year of legalized sports betting, Colorado collected more than $6.6 million in tax revenue. The programs set to receive that money will start to do so this fall. 

Canada: 

• SBC, 6.7.21: Canada Continues Moves To Legalize Sports Betting But Hurdles Still Remain 
  • Efforts to progress new legislation legalizing single-event sports betting in Canada have continued, with Bill C-218, the Safe and Regulated Sports Betting Act, subject to two days of witness testimony with the Senate’s Banking, Trade and Commerce Committee last week.