Industry News of the Day for March 26, 2024

Industry News

• PlayUSA: Jackpocket Unveils New iLottery Feature For Powerball And Mega Millions
  • US lottery app Jackpocket offers additional ways to participate while simplifying the online lottery experience for Mega Millions and Powerball fans as combined jackpots soar past $1.3 billion. The release of Super Pick comes on the heels of the lottery app announcing the recent rollout of Jackpocket Casino in New Jersey. Jackpocket is now available in 18 US regions.

• SBC Americas: Gambling.com Group Secures $50M From Wells Fargo, Reports Record Quarterly Revenue And YOY Growth
  • Gambling.com Group has secured a new $50 million credit facility as a result of a finance deal with Wells Fargo. The funding amount is split evenly into a $25 million revolving credit facility and a $25 million loan facility and will be used by Gambling.com Group “for general corporate purposes and to settle deferred consideration, and to fund potential growth opportunities.” Meanwhile, on March 21, Gambling.com Group reported a year-on-year increase in revenue, adjusted EBITDA, and net profit growth in 2023, helped by a record Q4. Revenue for the 12 months up to December 31, 2023, hit $108.7 million, some 42.1% ahead of the previous year. In Q4, Gambling.com Group said revenue hit a record high of $32.5 million, an increase of 52.6%.

• Gambling Insider: 888 Reports $1.7bn In 2023 Revenue – But Is Looking To Change Its Name
  • 888 Holdings has disclosed its financial results for the fiscal year ending 31 December 2023. The reported revenue for FY23 amounted to £1.71bn ($2.16bn), indicating an increase of 38% compared to the previous fiscal year. This revenue growth is attributed to the completion of the acquisition of William Hill early in 2023, meaning pro forma revenue was down 8%. The operator has also announced a ‘Value Creation Plan’ and will be looking to change its name. 888 CEO Per Widerström said: “The consumer brands remain as strong as ever, but to reflect the fact that this is a new company on a new journey, we are proposing to change the name of the Group to evoke plc. This will be subject to shareholder approval at our upcoming 2024 AGM.”

• iGaming Business: Flutter Hails Localized Strategy As Revenue Climbs To $11.79bn In 2023
  • Hailing a strong performance in 2023, CEO Peter Jackson highlighted growth in almost all segments at Flutter. Group revenue rose 24.7% to $11.79bn across the US, UK and Ireland, and International segments with only Australia reporting a small decline. As reported in its preliminary results in January, operations in the US were the main driver behind its success. Jackson said Flutter has had a good start to 2024. He referenced record Super Bowl engagement contributing to US revenue growth of 55.6% for the period from 1 January to 17 March. FanDuel also launched in North Carolina during this period.

Georgia

• SportsHandle: Georgia Sports Betting Bill Yet To Move In House, Possible Vote Wednesday
  • An effort to legalize sports betting in Georgia (Senate Bill 386 and Senate Resolution 579) remains stagnant in the state’s House of Representatives. With just three days left in the state’s legislative session, the likelihood of passing legislation is minimal, at best. The Senate has approved sports betting efforts in previous sessions, but the Georgia House has never passed a sports betting bill. Time is running out for Georgia to legalize sports betting, and the lack of progress with just days left in the legislative session is not a good sign for sports betting supporters.

Oklahoma

• CDC Gaming Reports: Why Is Oklahoma One Of The Last 12 States Without Legal Sports Betting?
  • Oklahoma is one of the 12 states that haven’t legalized betting, despite being home to 33 tribes that operate more than 140 Indian casino and gaming venues across 50 counties in the state. Many say that the main obstacle to legislation is the ongoing dispute between Stitt, a Cherokee Nation Citizen and tribal leaders. The bill’s co-sponsor, Republican Sen. Bill Coleman said to the local press that the chances for the bill to advance out of the committee to the Senate are “very low” until tribal leaders and the governor’s office discuss matters in further detail. “I think we’re still stuck. Our members are still willing to have that conversation in a reasonable way. We just need a partner who is willing to work with us,” said Matthew Morgan, chairman of the Oklahoma Indian Gaming Association.

Vermont

• Legal Sports Report: Inside Vermont Sports Betting License Scoring Process
  • Vermont sports betting regulators recently provided under public records law the scoring data used to select three online sportsbooks in the state. LSR submitted a public records request for evaluations of the VT sports betting applicants. FanDuel Sportsbook received the highest score, 3,703 points out of a possible 4,000, for its application submitted last September. DraftKings (3,638 points) and Fanatics (3,418 points) also received sports betting licenses based on their scoring. BetMGM (3,033 points) and Penn Entertainment, which did not receive a score for its ESPN Bet app submission, were not selected.

West Virginia

• Bonus.com: Shawn Fluharty Waves Off Criticism Of West Virginia Data Sharing Bill, Says Original Spirit Is Intact
  • West Virginia became the first state to pass a law requiring gambling operators to share data with academics for research purposes. The Responsible Gaming and Research and Industry Development Act alarmed a few people, including representatives of First Choice Services, the company tasked with overseeing the state’s national gambling helpline operations. The perception is that what was a bill about reducing gambling harm has become one designed to benefit the industry. Speaking to Bonus, Fluharty dismissed the idea that the bill had shifted away from its original objectives. According to Fluharty, the bill’s evolution was natural and expected, and the inclusion of industry development doesn’t represent a departure from the original vision.