Industry News of the Day for March 6, 2024

By iDEA | March 6, 2024

Industry News

  • Legal Sports Report: DraftKings CEO Talks Online Lottery Potential To Grow Sports Betting
    • Newly acquired iLottery app JackPocket will help DraftKings acquire customers at a fraction of the typical cost, CEO Jason Robins said during a webinar Thursday. JackPocket, which acts as an internet middleman between lotto players and ticket retailers, acquired first-time depositors last year at an 80% more efficient rate than DraftKings, Robins said during the call hosted by Artisan Partners. Lowering customer acquisition costs to reach profitability has been a constant over the past year for DraftKings, which agreed to buy JackPocket for $750 million earlier this month.
  • CDC Gaming Reports: Reporting Q4 Loss, Full House Execs Shrug Off Wall Street Concerns Over New Casinos
    • Although Full House Resorts’s new Colorado casino, Chamonix, opened at Christmas time to well-publicized difficulties, there was little sign of it during the company’s fourth-quarter earnings call. CEO Dan Lee and CFO Lewis Fanger made frequent jokes and appeared in to be in a good mood as they sparred with Wall Street analysts. Still, the Full House brain trust seemed frustrated with queries about the early fiscal performance of Chamonix and of The Temporary at American Place, in Waukegan, Illinois.

Alabama

  • PlayUSA: Alabama Senate Strips Sports Betting, Retail Casinos From Gambling Legislation
    • Sports betting and commercial casinos are no longer part of Alabama gaming legislation. But what remains is still a significant advancement in gaming for one of the few states with little legal gambling. As advanced by the Senate Tourism Committee on Tuesday, HB151 and HB152 could still bring a state lottery, parimutuel wagering, historical horse racing and, eventually, full tribal casinos to Alabama. The result of the bills could be Alabama going from some limited gaming facilities authorized by local constitutional amendments to three full tribal casinos, seven facilities with slot-like historical horse racing machines and a state lottery.

Minnesota

  • SportsHandle: Minnesota Lawmakers Don’t Reach Consensus, Move Bill Forward Anyway
    • Despite concerns that the latest version of a legal sports betting bill still needs major work, Minnesota’s Senate Commerce and Consumer Protection Committee moved SF 1949 to the Committee on Taxes on Tuesday afternoon. The bill, which would legalize retail and online sports betting with the tribes in charge, was met with plenty of apprehension, even from groups that support legal wagering. Sen. Zach Duckworth called out his colleagues, and some witnesses, who pushed to move the bill along before details were solidified.

Ohio

  • PlayOhio: Gaming Group’s Online Casino Blueprint Could Expedite Ohio Legalization
    • At its winter meeting, a pro-gaming organization announced its plans to develop a regulatory blueprint for state legislators and gambling regulators to implement online casinos. Such a framework could potentially help streamline and simplify efforts to pass iGaming legislation in several states believed to be inching toward adding online casinos to their gambling markets. That includes Ohio, which celebrated its first anniversary of legal sports betting at the start of the year. Ohio lawmakers haven’t made any real movement on the issue.

Rhode Island

  • SBC Americas: Rhode Island Makes Debut As iGaming Market With Bally’s Casino
    • Bally’s Corporation is entering a new online casino market. On Tuesday, the casino and entertainment company announced it will launch iGaming operations in Rhode Island, making the Ocean State the seventh jurisdiction in America to authorize online casinos. Bally’s has officially opened its iGaming platform in Rhode Island following a four-day trial period in which invited users were given early access. Bally’s Casino in Rhode Island provides users with a slew of games, including traditional brick-and-mortar games and slots.

Virginia

  • PlayVirginia: January Sports Betting Handle In Virginia Up 27% Year Over Year
    • Sports betting is booming in Virginia. Total wagers were north of $500 million for the fifth straight month in January. The $652.9 million bet during the first month of 2024 was 27.2% higher than January 2023’s total. Data released last week from the Virginia Lottery show that the vast majority of wagering was made online ($646.2 million), with just $6.6 million wagered in person at casinos. Currently, Virginia sports betting consists of 16 online sportsbooks and a trio of brick-and-mortar options. Sports betting in January reflected all other months in the commonwealth, as 99% of wagers were made online.
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