Industry News of the Day for March 18, 2024

Industry News

  • Legal Sports Report: DraftKings Seeks Injunction Against Former VIP Head With New Allegations
    • Former VIP head Michael Hermalyn already disclosed confidential information from DraftKings and contacted some of their high-value players after moving to Fanatics, the company alleges in a new filing. DraftKings called for a preliminary injunction, which would replace the temporary restraining order against its former employee Hermalyn, who left to take a job with Fanatics a week before the Super Bowl. The District Court of Massachusetts did not stop Hermalyn from beginning his work at Fanatics.
  • SBC Americas: Expansion And Development Focus For BetMGM According To JP Morgan Q&A
    • Product expansion and development are the keys to future online gaming success according to MGM Resorts CEO and CFO. In a Q&A session with JP Morgan, CEO William Hornbuckle and CFO Jonathan Halkyard discussed the performance of MGM’s products in 2023 as well as its aims for 2024 and beyond. When questioned Hornbuckle, emphasized the fact that there will be a push in BetMGM’s digital offerings throughout 2024. BetMGM, a joint venture between MGM Resorts and Entain, generated $2 billion in revenue in 2023 and MGM expects this to rise 25% to $2.5 billion in 2024.


  • Igaming Business: Fanatics Betting & Gaming Awarded Arizona Wagering License
    • The Arizona Department of Gaming (ADOG) 15 March awarded an event wagering license to Fanatics Betting & Gaming, the only major US operator not currently in the market. Fanatics will be partnered with the Tonto Apache Tribe. The ADOG opened an application window in February for one tribal and at least one professional sports franchise licence. By law, there are 20 licences available, 10 each tethered to tribal casinos and professional sports venues/franchises.


  • WDSU-TV: Louisiana Lawmaker Looks To Ban Gambling Ads; Some Say It’s A Long Shot To Get Traction
    • Online sports betting is a billion-dollar business across the country. It’s legal in 55 of 64 parishes in this state — and approved by voters in almost every parish in the New Orleans area. But if one New Orleans-based lawmaker has his way, running ads to promote gaming will be illegal. A controversial idea some are not betting on to become law. You’ve probably seen the ads, gaming sites and casinos running ads on TV, in print publications and on social media. But if freshman State Rep. Shaun Mena from Mid-City has his way, these ads will all end.


  • PlayUSA: Maryland House Passes Online Casino Bill Before Crossover Deadline
    • Maryland online casino legalization chances remain alive for 2024. The House passed Maryland online casino legislation Saturday by a vote of 92-43. A three-fifths vote was needed to pass the constitutional amendment. Maryland lawmakers worked overtime to pass the bill on a Saturday, ahead of Monday’s crossover deadline for bills to advance out of their original chamber. “Since we’re going to be here on a Saturday, we might as well talk about something fun like gambling,” said Del. Nino Mangione.


  • SportsHandle: Massachusetts Sportsbooks Just Miss 10% Hold For February
    • The Massachusetts Gaming Commission reported $53.9 million in gross sports betting revenue for February on Friday, as the state’s three retail sportsbooks and eight mobile operators combined to narrowly miss a 10% hold for the month. Since there were no sports betting apps available in the Bay State last February, there are no like-for-like, year-over-year comparisons. Gross revenue, however, was down 25.9% from the state-record $72.7 million generated in January since the 9.93% win rate was down more than 1.2 percentage points.
  • PlayMA: Bally Bet MA Plans To Launch Before July, But Gaming Commission Wants Concrete Timeline
    • Online sportsbook Bally Bet was among the first operators to be granted a license to operate in Massachusetts, paying $2 million in licensing fees for the privilege. But more than a year after sports betting went live, Bally Bet still hasn’t given state regulators a firm launch schedule.  During Thursday’s Massachusetts Gaming Commission meeting, commissioners sought clarification as to why Bally Bet has yet to reveal a concrete timeline for beginning operations in the state. Based on the latest correspondence from Bally Bet, the sportsbook plans to launch in Massachusetts before July.

New Jersey

  • PlayNJ: Record Streak Ends, But iGaming Threatened It With $182 Million In February Revenue
    • Blame it on the short month, but New Jersey online casinos came up just shy of the Garden State‘s all-time high in February. NJ online casinos generated more than $182.3 million in revenue last month, according to data released Friday by the state Division of Gaming Enforcement. The monthly returns represent a 28% year-over-year increase and put the year-to-date total ahead of 2023 by 24%. Online casinos posted $183.3 million in revenue in January, the highest monthly total in the 10-year history of legal internet gambling in NJ.

North Carolina

  • NCSharp: Early Numbers Reveal Most-Downloaded Sportsbook Apps So Far In NC
    • As we head into the first weekend with legal online sports betting in North Carolina, FanDuel leads the way as the most downloaded sportsbook app, with DraftKings coming in a distant second. That’s according to app download data from analysts at JMP, whose reporting was shared in Friday’s Earnings+More newsletter. After the first three days of betting, FanDuel NC accounted for 35% of the market. DraftKings NC had 24%. BetMGM NC, at least so far, has held off ESPN Bet NC for third place in the market, with 11% of the state’s app downloads, compared to ESPN Bet’s 8%.


  • Gaming Today: Tennessee Sports Betting Handle Continues On Upward Trajectory
    • The Tennessee Sports Wagering Council (SWC) has revealed that the sports betting handle for February amounted to an impressive $378.2 million, indicating a continued upward trend in the Volunteer State’s sports wagering landscape, at the start of 2024. Comparing year-on-year figures, February’s handle saw a significant uptick of 15.6% compared to the same period in 2023. The cumulative accepted wagers for the first two months of this year totaled a noteworthy $844 million, marking a substantial 14.4% increase compared to the same period of last year.