Industry News of the Day for March 12, 2024

By iDEA | March 12, 2024

Industry News

  • Reuters: Standard General Makes Offer To Buy Remaining Stake In Casino Operator Bally’s
    • Hedge fund Standard General on Monday offered to buy the remaining stake in Bally’s Corp that it does not already own in a deal that values the casino operator at about $684 million. Shares of Bally’s, which offers online sports betting, surged about 26% in afternoon trade. Standard General, which owns a near 23% stake in Bally’s and is its largest shareholder, has offered to buy the remaining shares at $15 per share, a 41% premium to its last close.

District of Columbia

  • Gaming Today: FanDuel Replaces GambetDC In Washington DC
    • The Washington, DC Office of Lottery and Gaming (OLG) has granted official approval for FanDuel to commence operations in the district. This change will be overseen through a new sports wagering subcontract established with Intralot. The recent development comes amidst continuing disputes between the OLG and the DC City Council regarding the underperformance of Intralot and its GambetDC Sportsbook since it was launched in 2020, which has ultimately led to its replacement by FanDuel.

Maryland

  • iGaming Business: Maryland Second State With Lower February Sports Betting Handle
    • Handle was up 30.4% from $339.4m in February 2023. However, it was 18.8% behind the $545.0m bet in Maryland during January this year. The drop in handle follows the same trend as New York, with the Empire State announcing a reduction in February handle despite the Super Bowl. However, this could also be attributed to the shorter month of February and the NBA All-Star break that ran between February 16 to 21. Of the total in Maryland, $428.4m was wagered online, including $13.4m in free bets, and $14.1m at retail sportsbooks.
  • PlayMaryland: Four Maryland Casinos Support iGaming, Two Others Opposed
    • Representatives of four Maryland casinos told lawmakers this week that they support legalizing iGaming. The two other casinos in the state, not so much. House Ways and Means Committee members heard both sides of the issue on March 4 during a hearing on House Bill 1319. A few days later, Senate Budget and Taxation Committee members listened to those same arguments about SB 565 and SB 603.  Both of these bills would legalize online casinos in Maryland under the control of the State Lottery and Gaming Control Agency.

Michigan

  • PlayMichigan: Monthly iGaming Revenue In MI Constantly Growing, Up 20% Year Over Year
    • A PlayMichigan analysis has found that Michigan online casino revenue has shown monthly year-over-year growth since they were legalized in 2021. We know about the yearly revenue record in 2023 and the monthly revenue record in January. However, PlayMichigan has found that there is another important statistic that stands out. Since iGaming launched in January 2021, the state has never had a month of revenue be less than the same month a year prior. In fact, every month has seen at least $19 million in year-over-year growth. While online sports betting has leveled off, Michigan online casino revenue looks to be far from hitting its plateau.
  • Gambling Insider: Hacksaw Gaming Secures Provisional Supplier Licence In Michigan
    • Hacksaw Gaming has recently achieved a new milestone in its quest for global expansion by securing a provisional internet gaming supplier licence in Michigan. This achievement follows the company’s successful market entries into New Jersey and West Virginia within the last 12 months. The newly acquired licence in Michigan marks a significant step for Hacksaw Gaming, providing the company with increased opportunities and access to the Michigan gaming market. CEO Marcus Cordes commented: “Another amazing achievement that wouldn’t have been possible without our outstanding team.

North Carolina

  • Legal Sports Report: Hoop Dreams: How NC Sports Betting Could Boom From Basketball
    • There is a new contender to lead basketball handle in the legal US market with NC sports betting coming online. NC sports betting officially started March 11. That means plenty of NCAA basketball betting opportunities with conference tournaments starting at the same time. Basketball is nearly as iconic an institution in North Carolina as flight. With the Charlotte Hornets and 18 Division I teams for college basketball betting, there are plenty of local teams to boost handle figures. Based on 2023 totals, Nevada leads all states with 30.8% of betting dollars on basketball

Rhode Island

  • PlayUSA: White Hat Studios Launches In Rhode Island With Bally’s Online Casino
    • Casino gaming supplier White Hat Studios has partnered with Bally Corp. to debut its Player Account Management (PAM) system in Rhode Island. In a news release,Craig Eaton, president of Rhode Island operations at Bally’s, said the company’s customers in Rhode Island now have varied gaming experience options. This collaboration comes shortly after Bally’s launched iGaming in Rhode Island, allowing residents to play slots and table games using iOS or Android devices. It is important to note that individuals should be 21 and older and reside in the state to participate in online gaming in the Ocean State.

West Virginia

  • SBC Americas: Revamped West Virginia Problem Gambling Bill Passes State Legislature
    • What started out as a bill to provide West Virginia universities with anonymized player data to study problem gambling ended up as a law that could establish West Virginia University as one of the premier higher education institutions on the East Coast for gaming-related degrees. And that is the version of the bill passed by the Senate and concurred by the House this weekend. The House passed the original version of the bill, sponsored by Delegate Shawn Fluharty, but a Senate committee substitute revised large swaths of the language.
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