Industry News of the Day for June 7, 2022
iDEA Growth in the News
- Sports Handle, 6.6.22 – California Tribes ‘Fearmongering’ Against Operators In Ads About Children
- In the newest squabble over a potential expansion of gambling, a familiar tactic is being deployed in California, the current battleground over legalized sports betting. There’s a social media ad with a youth staring down at a cellphone — not exactly a novel depiction — and a TV spot with similar imagery. The words of the voiceover hammer the point home. [John Pappas, iDEA Growth]
- Legal Sports Report, 6.6.22 – DraftKings CEO Jason Robins Renews Talk Of Higher Hold, Fewer Sharps
- In case anyone were in doubt, DraftKings has no designs on being a low-margin sportsbook. Speaking at a Goldman Sachs investor conference on Monday, DraftKings CEO Jason Robins said sportsbooks should target a higher hold over time. Answering a question about the ideal win-rate for the industry, Robins replied, “As the market matures, the win rate should go up.”
- Action Network, 6.6.22 – South Carolina’s Sports Betting Hopes Fizzle Out in Final Days of Session
- South Carolina will keep waiting for legal sports betting, as an effort to green light it in 2022 comes to a halt. With just nine days before lawmakers go home for the year, there’s still an abundance of steps needed before they can vote on H.B. 5277. The bill would legalize online sports betting, but according to multiple sources that won’t happen. [John Pappas, iDEA Growth]
- Play USA, 6.6.22 – Soaring Eagle Online Casino Michigan Adds Evolution Live Dealer Games
- Soaring Eagle online casino in Michigan might not have the nationwide brand appeal of its competitors, but that doesn’t mean it lacks a competitive product. In fact, a recent move to add Evolution live dealer games is a way the iGaming platform is working toward that end.
- Play USA, 6.7.22 – Part 3: Gambling Analysts Think Conventional Casinos Will Eventually Join Metaverse
- A study by blockchain analytics company Chainalysis claimed earlier this year that more than 70 casinos utilizing cryptocurrency operated there, taking in $2.8 billion. By contrast, the state of New Jersey’s regulated online casino market has reported $4.1 billion in revenue since 2013.
- Sports Handle, 6.6.22 – Betting Handle In Arizona Surges To State-Record $691 Million For March
- The Arizona Department of Gaming reported sports wagering handle just shy of $691 million for the month of March, setting a new high since launch and closing the books on the biggest national quarterly handle since PASPA was struck down by the U.S. Supreme Court in 2018.
- Travel Daily News, 6.7.22 – A guide on the online gambling industry in California
- Sports gambling in California is still illegal and unlicensed, although there is great news in store for the state’s residents. The state of California has attempted to regulate internet gambling several times in the past and is expected to do so again in the near future. Including California in a legalized sports betting market in the United States would result in a $2.5 billion industry.
- Gaming Today, 6.7.22 – Louisiana Sports Betting: Texans Crossing State Border Having Big Impact On Bayou State
- Texas has been good for Louisiana sports betting. Lone Star bettors can’t bet legally on sports in their own state, so many are crossing the state border to wager in legal states. And the big draw over the east Texas state line is the Lake Charles and Shreveport-Bossier City areas of West Louisiana.
- Sports Handle, 6.6.22 – North Carolina Sports Betting – Legislation, Timeline, and Latest Updates
- North Carolina is primed to be a new home for online sports betting. Until now the state has only offered retail sports betting at two tribal casino locations in the state’s western portion. However, there is plenty of momentum toward mobile sports betting coming to the Tar Heel state in 2022.
- SBC Americas, 6.7.22 – Virginia sportsbooks record strong YoY growth in April despite low handle
- Virginia’s sportsbooks in April had their lowest monthly handle since September 2021, with wagering coming in for the month at less than $400m, according to PlayVirginia, which tracks the state’s sports betting market. While April is the start of an expected slow period for sportsbooks across many US states, wagering for the month was close to a 70% improvement year-over-year, and revenue for sportsbooks in the Old Dominion grew compared to the previous month.