Industry News of the Day for March 1, 2023

By iDEA | March 1, 2023

Industry News

  • Legal Sports Report: PointsBet Seeks To Cut Losses By Focusing On Existing US Markets In 2023
    • PointsBet plans to reduce losses from its US sports betting business in 2023 by skipping out on state launches, bolstering existing markets and acquiring more valuable customers for less. The company expects a normalized EBITDA loss of between $52 million and $55.3 million for the second half of fiscal year 2023.
  • PlayUSA: IGT Reports $4.2 Billion In Revenue For 2022
    • One of the primary suppliers for a host of US gambling operations had a banner year in terms of its sales. International Game Technology, better known as IGT to its customers, just released its earnings report for the fourth quarter of 2022. IGT says it collected $4.2 billion in revenue for the entire year, including $1.1 billion in the final three months.
  • Gaming Today: Illegal Offshore Gambling Sites Infiltrating College Newspapers
    • Protecting minors from the influence of the legal gambling industry has become a focus for state legislators and gaming commissions as the regulated sports betting market blankets the United States. The reach of illegal offshore gambling sites remains harder to police. Any minor with a computer is susceptible. That reach has extended into a handful of college newspapers.
  • SBC Americas: Bally’s Pulls The Plug On Monkey Knife Fight DFS Site
    • Just days after reporting major 2022 losses in its interactive division, Bally’s is shutting down its daily fantasy sports product, Monkey Knife Fight. Bally’s purchased Monkey Knife Fight in early 2021 for approximately $90 million. Bally’s CEO at the time, George Papanier, lauded the deal for MKF’s customer database, which he said, “will provide Bally’s with a significant advantage in launching its own B2C sports betting operations.”
  • CDC Gaming Reports: IGSA Announces New Committee To Create Standards For Payments
    • Aristocrat Gaming, AXES.ai, Oregon Lottery, and Playtech are the first members to join this committee. “Regulators from all over the globe are constantly asking for guidance on how to create a safer payments landscape for their operators,” said IGAA President Peter DeRaedt in a statement.
  • AP News: Sports Betting Grows On Campuses With Few Restrictions
    • College students are in the highest risk group for problem gambling, yet universities have been slow to create policies, educational programs or restrictions on sports betting, according to a survey by The Shirley Povich Center for Sports Journalism and the Howard Center for Investigative Journalism at the University of Maryland.

Georgia

  • PlayGeorgia: Georgia Senate Committee Advances SB 172 to Senate Floor
    • The Georgia Senate Regulated Industries and Utilities Committee reconvened on Tuesday and passed Senate Bill 172, the enabling legislation for Sen. Bill Cowsert’s sports betting amendment–Senate Resolution 140. The committee convened for a brisk two-hour session that had 10 pieces of legislation on the docket.

Massachusetts

  • PlayMA: MA Regulators Discuss Compliance, Self-Exclusion At Sportsbooks
    • Commissioners for the Massachusetts Gaming Commission worked to finalize regulatory language for mobile sports betting in the state on Tuesday. The public hearing touched on a number of subjects, as Massachusetts prepares for the launch of online sportsbooks on Mar. 10. Chaired by Cathy Judd-Stein, the MGC discussed the messaging needed for voluntary exclusions from betting, and on other subjects such as the manner in which larger payments will be paid out from winning sports betting tickets.

Nevada

  • US Bets: Nevada Clears $30 Billion In Post-PASPA Sports Wagering Handle
    • Nevada has become the second state in the post-PASPA era to surpass $30 billion in all-time sports wagering handle after the state’s Gaming Control Board reported Tuesday that sportsbooks accepted $935.8 million in wagers in January. The Silver State joins New Jersey as the only ones to cross the $30 billion threshold, and they are also the only ones currently above $20 billion.

Ohio

  • PlayOhio: Ohio January Sports Betting Handle Tops $1.1 Billion In First Month
    • Ohio’s sports betting industry brought in a whopping $1.1 billion in bets in January, the first month of legal sports betting in the state. That figure ranked second nationally among states that have recorded January revenue, trailing only New York. After paying out winnings, voided bets and promotions, Ohio sportsbooks brought in over $200 million in revenue in January.

Texas

  • PlayTexas: Gov. Abbott Reads The Room, Leans Sports Betting Over Casinos
    • Texas Gov. Greg Abbott made his most amenable assessment of legal sports betting when describing it to the USA Today network as “just really a form of entertainment.” The governor’s stance on legal gambling has evolved over the past three years, moving from opposition to all forms of gambling expansion to an interest in resort casinos. In that time, though, he had never shown support for sports betting.

 

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