Industry News of the Day for March 16, 2023

Industry News

  • SBC Americas: Diamond Sports Group Files For Bankruptcy Following $8.67bn Debt
    • Diamond Sports Group, the operator of the Bally’s Sports brand running 19 regional sports networks across the US, has filed for bankruptcy protection following missed payments on its debt. As reported by Yahoo, Diamond missed a $140m payment on its debt, which stood at $8.67bn according to its most recent financial statement, causing the company to file for Chapter 11 protection.
  • Sports Handle: Media Notebook: Boosted By Sports Wagering, CBS, Turner Deals Look Savvy
    • Seven years ago, CBS and Turner Sports agreed to an eight-year media rights extension to continue broadcasting March Madness games through 2032. Five years ago, the U.S. Supreme Court shot down PASPA. Since you’re here, you probably have a pretty good notion that these events have a synergistic relationship. In fact, the latter may have made the former one of the greatest sports bets of all time.
  • Gambling News: Microbetting Operator Betr To Expand Into Core Markets
    • Betr, a gambling startup focused on microbetting, announced its product offering would expand into core markets for pre-match and in-play betting in time for the NCAA’s March Madness. The expansion into pre-betting and in-play betting will allow bettors with Betr to wager on a team to win, team to win and by how much, and over/under on total points, taking advantage of the operator’s 0% margin on pre-match betting for the entire college basketball tournament.
  • iGB North America: Commercial Gaming Revenue Grows 21.1% To $5.05bn For January
    • Commercial gaming revenue in the US hit a new record of $5.05bn in January, according to the American Gaming Association (AGA), with sports betting’s contribution passing $1bn for the first time. This was by 21.1% year-on-year, and is the 23rd consecutive month of revenue growth for the sector.


  • PlayUSA: Kentucky Sports Betting Passes Senate Committee But Still A Few Votes Short
    • Kentucky sports betting legislation easily advanced Wednesday through the Senate Licensing and Occupations Committee to reach the Senate floor. But the bill sponsor tells PlayUSA it’s a few votes short and not likely to see floor action this week before a veto recess. “I think we are really close on the votes,” Rep. Michael Meredith said. “[There are] a few undecideds. It will likely be after the recess.”


  • Gaming Today: Barstool Drops ‘Can’t Lose Parlay’ in Massachusetts, As Sports Betting Regulators Eye Possible Violations
    • Barstool Sports is dropping its “Can’t Lose Parlay” in Massachusetts amid questions about the sports betting gimmick’s possible violation of state gambling regulations. The Penn Entertainment mobile app decided to voluntarily discontinue the promotion “for the time being”, as the Massachusetts Gaming Commission prepares to hold a hearing that could result in penalties stemming from the marketing tool, MGC Investigative Bureau Director Loretta Lillios said at an MGC meeting Wednesday. That hearing is expected to be scheduled for later this month.
  • PlayMA Projects $120 Million In Massachusetts March Madness Betting
    • Massachusetts bettors could wager more than $120 million on college basketball’s biggest event, according to PlayMA March Madness projections. The Massachusetts online sports betting market launched just in time for the biggest annual event on the sports betting calendar. The NCAA Division I men’s basketball tournament kicks into high gear on Thursday.


  • Legal Sports Report: Will Minnesota Sports Betting Bill Run Into Trouble?
    • A Minnesota sports betting bill is strolling through its long path of legislative committees so far, but potential problems lie ahead. MN sports betting legislation, HF 2000, passed through its third committee last week, with the House State and Local Government Finance and Policy Committee lying ahead Thursday. Last year, Rep. Zack Stephenson successfully navigated the committees and sent his MN sports betting bill to the Senate, where the momentum stalled out.


  • PlayTexas: How HB 2345 Would Protect Poker Rooms In Texas
    • House Bill 2345, sponsored by Rep. Ryan Guillen, is a social poker bill that seeks to better define the terms “economic benefit” and “private place” in the Texas Penal Code to give private poker clubs legal standing. Texans for Texas Hold ’em, an organization founded by The Lodge Card Club owner Doug Polk, drafted Guillen’s bill with the purpose of making Texas poker rooms clearly legal under the law.


  • Legal Sports Report: Vermont Sports Betting Bill Making Most Progress To Date
    • New England’s last sports betting holdout state is making steady progress, as a Vermont sports betting bill received another legislative approval Wednesday. The House Committee on Ways and Means voted 11-1 with no abstentions to advance the VT sports betting bill (H. 127) to its third and final House committee.