Industry News of the Day for March 14, 2024

By iDEA | March 14, 2024

Industry News

  • CDC Gaming Reports: Analyst: FanDuel’s U.S. Success Lifts Parent-Company Flutter
    • FanDuel isn’t publicly traded, but the investment community got an indirect look into its finances today. That view came courtesy of a J.P. Morgan analyst note on FanDuel parent Flutter Entertainment. Lead Morgan analyst Estelle Weingrod raised Flutter to “overweight,” setting a price target of £213. She wrote that this move was “primarily driven by our more positive stance” on the United States, as FanDuel comprises 40 percent of Flutter’s overall revenue. Indeed, Weingrod credited FanDuel with 80 percent of the motivation for her rating boost.
  • BBC News: Concern As The Gambling Industry Embraces AI
    • The latest wave of artificial intelligence (AI) has given gambling firms a new tool to work with. Companies say it enhances the customer experience. But others, are not so sure. Scotty McKeever dismisses the concerns. AI is at the core of the service offered by his firm EquinEdge. EquinEdge uses AI to analyse data such as horse performance, track conditions, and jockey and trainer statistics. It crunches this to generate a metric, such as the probability that a particular horse will win. The hard work has been carried out by AI but gamblers must still decide how to interpret that metric – which is, as EquinEdge describes it, “the fun part.”

Arizona

  • SportsHandle: SaharaBets Incorporates Gambling Addiction Treatment Into Its Betting App
    • A little more than a week after announcing a problem gambling treatment partnership with Sporttrade, Birches Health has partnered with another operator, SaharaBets, to bring similar services to the sportsbook’s Arizona customers. According to a press release, the partnership provides SaharaBets’ customers with a custom referral pathway for users facing behavioral health challenges. Birches Health is already featured prominently on the betting app, offering free risk assessments, responsible gambling tools, and insurance-compatible counseling to sports bettors who feel like they have or might be developing a gambling problem.

Florida

  • PlayFL: Calls To Florida Gambling Helpline Spike After Sports Betting Launch
    • Since Florida reactivated sports betting in December, there’s been a significant uptick in the number of people seeking help for gambling problems. WFLA-TV reported that the Florida Council on Compulsive Gambling has seen a 138% increase in calls and text messages to its helpline over the last two months. It’s straining resources, said Robert Pinsky, a member of the organization. “We’re struggling and there’s no doubt, trying to keep up is an effort. We’re scrambling, we’re trying to add folks.”

Georgia

  • SBC Americas: Georgia Sports Betting Bill Sponsor Open To Fantasy And Tax Amendments
    • During a Tuesday meeting of the Georgia House Higher Education Committee, sports betting bill sponsor Sen. Clint Dixon indicated he would be open to potential changes to the bill, including incorporating language from the stalled fantasy sports regulation effort and raising the tax rate from 20% to 25%. The bill comes over from the Senate, which attached a constitutional amendment that would require the measure to be taken to the voters this fall before it can pass into law.

Iowa

  • PlayUSA: Iowa’s February Gaming Revenue Rebounds From January
    • Iowa is home to 19 brick-and-mortar casino locations, which had a good month in February regarding gaming revenue. Every month, the Iowa Racing and Gaming Commission (IRGC) issues two reports: a gaming revenue report for table games and slot machines and a sports betting revenue report. While February casino activity showed monthly and yearly progress, sports betting numbers rose yearly but dropped monthly.

Maryland

  • Gaming Today: Maryland Records 30% Growth in February Sports Betting Handle
    • According to a report from Maryland Lottery and Gaming, spending by players on sports wagering surged to $442.6 million, marking an increase compared to the previous year yet falling short of January’s total. The handle, reflecting the total amount wagered, experienced a substantial rise of 30.4%, climbing from $339.4 million in Feb. 2023. However, this figure lagged behind January’s betting by 18.8%, which saw $545 million in wagers placed in the state. The decline in handle, even during the Super Bowl, may be linked not only to the event’s timing within the shorter month of February but also to the NBA All-Star break occurring from Feb. 16th to 21st.

North Carolina

  • NC Sharp: In First 48 Hours, NC Sports Bettors Logged 5.36M Geolocation Checks
    • The early returns on the North Carolina sports betting market are encouraging so far. In the first 48 hours of legal online sports betting, the state recorded 5.36 million geolocation checks for sports betting activity, more than twice as much as neighboring Virginia (just more than 2 million checks) during the same time period, according to information provided to NCSharp from GeoComply. Geolocation checks happen at multiple times in the sports betting process, ranging from registration to placing a bet.

Ohio

  • PlayOhio: Study Reveals 1 In 5 Ohio Adults Are At Risk Of Problem Gambling
    • A new survey from Ohio for Responsible Gambling shows an alarming trend in the wrong direction when it comes to problem gambling. More than 1.8 million Ohio adults fall into the “at risk” category, which accounts for nearly one out of every five adults in the state. The survey revealed that an estimated 1.8 million Ohioans face some level of problem gambling risk, ranging from low risk to severe gambling disorder. According to the research, approximately 255,000 people have a gambling disorder.
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