Industry News of the Day for March 15, 2024

By iDEA | March 15, 2024

Industry News

  • PlayUSA: Gambling Revenue Helps Genius Sports Move Closer To Profitability In 2023
    • Genius Sports, one of the most prominent vendors for legal online sportsbooks in the United States, was in a position that is very similar to those sportsbook operators at the end of 2023. While a profitable quarter and year remain elusive, progress toward those goals is clear. Genius has shared its earnings report for the final quarter and full year of 2023, showing significant gains in revenue in both periods. The company’s gambling services were a significant part of that growth. At the end of 2022, Genius Sports posted a net loss of over $181.6 million. The latest earnings report from the company shows a net loss of $85.5 million for 2023.
  • Gaming Today: DraftKings Launches “My Stat Sheet” To Keep Track Of Responsible Gaming
    • DraftKings Sportsbook has launched its latest foray into the Responsible Gaming realm. Right in the middle of Problem Gambling Awareness Month, the company just unveiled My Stat Sheet. It’s a gaming tool that allows players to assess, track, and interact with their stats through intuitive charts and information. According to a company press release, the new feature will help empower players to make data-driven decisions on their own play and, therefore, promote responsible gaming. This tool is now available across all DraftKings and Golden Nugget products.
  • ESPN:AGA Projects $2.72 Billion In Wagers On This Year’s NCAA Basketball Tournaments
    • An estimated $2.72 billion could be wagered on the NCAA men’s and women’s basketball tournaments with American sportsbooks, according to an analysis released Thursday by the American Gaming Association. The $2.72 billion estimate is nearly twice as much as is believed to have been wagered on this year’s Super Bowl ($1.4 billion), according to Dave Forman, head of research for the American Gaming Association (AGA), the Washington, D.C.-based lobbying group that represents the casino industry. Forman said the AGA’s analysis was based on the monthly sports betting revenue reports released by states, and only bets placed on the NCAA tournaments — not conference tournaments — with U.S. sportsbooks were included in the estimate.

Florida

  • SBC Americas: Florida Anti-Gambling Group Files Amicus Brief In Potential SCOTUS Case
    • Another group has come forward to file an amicus brief inWest Flagler’s petition to challenge the legality of sports betting in Florida. The group who filed the brief is called Florida Gambling Opponents. It is a group comprised of local businesses and community members that oppose any form of gambling expansion in the state. It is not the same group as No Casinos, Inc., which filed an amicus brief in the Florida state Supreme Court case. During the relatively short brief, the group reiterated several of the arguments that have already been suggested by other briefs at both the state and federal level. It called out the Department of the Interior saying it was flouting its statutory duty by upholding the compact between the Seminole Tribe of Florida and the state.

Kansas

  • SportsHandle: Kansas Retail Sportsbooks Take Super Beating In February
    • Another Kansas City Chiefs Super Bowl victory, another sacking of Kansas retail sportsbooks by the betting public. The Kansas Lottery reported more than $1.7 million in gross sports betting revenue losses accrued by the state’s four retail sportsbooks for February on Thursday, thanks in large part to the Kansas City Chiefs repeating as Super Bowl champions. That figure represents a slight improvement from 2023, when three of the four sportsbooks finished in the red and paid out $1.8 million above the $8.2 million handle generated overall as part of losing $14.5 million on the Super Bowl itself.

Michigan

  • PlayMichigan: What Michigan Regulations Say About Caesars Adding Another Online Brand
    • How is it possible for Caesars to operate more than one online casino in the state? PlayMichigan reached out to the Michigan Gaming Control Board for clarification. In 2024, Caesars Palace Michigan will become the first online operator to launch a second brand in Michigan thanks to the purchase of the online license previously owned by WynnBET. The MGCB told PlayMichigan, “Like any other online operating entity, Caesars’ branding needs to meet our established branding and branding-related requirements, as specified under Section 4(7) of Michigan’s Lawful Internet Gaming Act and Lawful Sports Betting Act.”

Minnesota

  • Legal Sports Report: Minnesota Sports Betting Bill Tax Rate Hiked By Senate Committee
    • Lawmakers continue working toward a consensus Minnesota sports betting proposal, including a tax rate hike Thursday. Sen. Matt Klein (D) guided his Senate Bill 1949 through the Senate Taxes Committee on Thursday, including an amendment that raised the Minnesota sports betting tax rate from 10% to 20%. The base proposal grants Minnesota’s 11 tribes sports betting exclusivity. The amendment also changed the appropriation of tax revenue, including money for charitable gaming organizations and a change from last year on revenue distribution to the state’s horse racing tracks.

New York

  • PlayNY: NY Senate Gaming Committee OKs 3 Bills Related To Problem Gambling
    • March is Problem Gambling Awareness Month and the New York Senate Racing, Gaming and Wagering Committee got the message loud and clear. The committee advanced three bills at its monthly meeting, each containing some element of gambling harm mitigation. On Tuesday morning, the Senate committee voted in favor of legislation that would increase problem gambling funding, mandate warning labels on certain gambling advertisements and set the legal gambling age at 21 across the state.

North Carolina

  • NC Sharp: March Madness Betting In North Carolina Expected To Be Top 5 In Nation
    • March Madness is just around the corner, and sports betting industry experts believe North Carolina bettors are more than ready. Analysts predict that North Carolina will rank among the top five states in the country in terms of total bet spending (handle) this month. Specifically, Eilers & Krejcik Gaming (EKG) predicts the Tar Heel State will rank fourth in the nation. North Carolina and Duke, two college basketball bluebloods, will make the men’s tournament this year. Wake Forest stands as one of bracketolgy expert Joe Lunardy’s First Four Out, but there’s still a chance they could sneak in.

Ohio

  • Bonus.com: Ohio Lawmaker Jay Edwards Launching Gaming Study Commission Site So Public Can Monitor Progress
    • Ohioans interested in any and all things legal gambling will soon be able to monitor state lawmakers’ progress on a gaming study commission site launching before March 19. That’s the date of the next Study Commission on the Future of Gaming in Ohio meeting. At the previous gathering on Feb. 20, called to discuss real-money online casino gambling, a commission co-chairman announced he was creating the site. On March 14, state Rep. Jay Edwards, R-Nelsonville, told Bonus the gaming study commission site would be live before the body’s next meeting. Team Edwards emailed Bonus the following on March 14: “I am in the process of uploading the testimony from the last meeting so everyone can view it. The site will be ready before the next committee. We will also have a live stream.”
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