Industry News of the Day for May 11, 2023

By iDEA | May 11, 2023

iDEA Growth Member News:

  • PlayUSA: Light & Wonder’s Online Gaming Revenue Pushes Q1 Growth By 10%
    • Light & Wonder today reported results for the first quarter, ending March 31, 2023. In the first three months of 2023, the global gaming software supplier saw its consolidated revenues rise by 17%, reaching $670 million. When compared to the first quarter of 2022, the company saw strong growth across all business segments helping drive a return to profitability.
  • Gaming Today: Sports Betting’s 5th Year Anniversary: FanDuel’s Howe Tops List of 5 Who Shaped Industry Since PASPA Repeal
    • Amy Howe spent the first two years after the fall of PASPA as the chief operating officer at Ticketmaster. It was an informing time. Cognizant of the importance of live experiences for fans and customers, Howe was already making the rounds in sports betting circles, joining a panel at a Sloan MIT Sports Analytics Conference in 2019 that was beginning to address the shaping of the burgeoning American sports wagering economy.
  • Gambling News: Sportradar Retains Momentum In Q1 2023
    • In its first earnings call for the year, Sportradar registered strong growth across its revenue and adjusted EBITDA metrics. The company ended the three-month period on March 31, 2023, with a strong increase in its quarterly revenue, which was up 24% from the previous quarter, posting €207.6 million ($226.2 million), keeping its momentum from the fourth quarter of 2022.

Industry News

  • SBC Americas: One-on-one With Fanatics Betting And Gaming CEO Matt King
    • It was a packed house for the opening keynote of SBC Summit North America, and understandably so given the interest around Fanatics Sportsbook. While not still officially live in any state, the brand is already getting lumped in with the biggest players in the space and expectations are high that they can be a successful second-mover in sports betting.
  • Associated Press: Sports Betting Industry Predicts ‘Microbets’ Next Big Thing, Worrying Safe-Bet Advocates
    • Imagine being able to make a bet with this level of specificity: the Yankees’ Aaron Judge will hit a home run on the fourth pitch he sees in a given at bat, which will be a curveball spinning at a certain speed. That $5 bet could win you $5,000. Of course, it’s incredibly unlikely to win. But it could be a part of sports betting in the very near future, panelists at a major sports betting conference said Wednesday.
  • Sports Handle: SBC Summit Kicks Off With Poignant Responsible Gambling Discussions
    • With responsible gambling top of mind for the entire sports betting industry, it was certainly fitting that the annual SBC Summit North America kicked off in New York City’s Altman Building with a pair of panel discussions devoted to that very topic, one of which provided particularly poignant insight into why elite athletes are three times more likely to develop gambling addictions than the rest of the population.

Kentucky

  • PlayKentucky: Five Possible Dates For A Kentucky Sports Betting Launch
    • Sports betting is coming to the Bluegrass State this year. It’s just a matter of when. Kentucky sports betting was officially legalized when Gov. Andy Beshear signed HB 551 at the end of March. However, unlike other states, Kentucky’s legislation put a deadline on the industry’s launch. Once the bill is enacted as law by the Attorney General, regulators have six months before operators can start taking bets. In most other situations, the states enact legislation that lacks a timeline. Let alone a deadline.

Maryland

  • PlayMaryland: April Pushes Online Sports Betting In Maryland Over $2 Billion In All-Time Handle
    • April was a solid month for sportsbooks in the Old Line State, generating a $328.5 million handle. Bets made online now total more than $2 billion through the first five-plus months of Maryland online sports betting. Of the total handle, $313.5 million came from mobile sports betting, better than 95%. Sportsbooks reported $25.1 million in revenue with an 11.1% hold, contributing $3.8 million to the state for the month.

Massachusetts

  • PlayMA: Fanatics Massachusetts To Focus On Innovation And Customer Rewards, Says CEO
    • Fanatics CEO Matt King appeared as a keynote speaker at SBC Summit North America on Wednesday. His presentation included references to his company entering the Massachusetts sports betting market, but the central theme was how Fanatics plans to disrupt the industry. Online sports betting in Massachusetts is live, and it will be the first sports betting market for Fanatics Sportsbook, a brand known primarily as a sports apparel retailer and collectibles merchandiser.

Minnesota

  • Legal Sports Report: Will Minnesota Sports Betting Bill Change Satisfy Horse Racing Tracks?
    • While there are still miles to go before an agreement is reached, Minnesota sports betting legislation is back on the move. The Senate State and Local Government and Veterans Committee advanced an amended MN sports betting bill, SF 1949, Wednesday, 8-5. The amendment is an attempt to work toward a deal between the state’s tribes and horse racing tracks before the session adjourns May 22.

Missouri

  • PlayUSA: House Maneuver Attempts To Overcome Missouri Sports Betting Resistance In Senate
    • Missouri lawmakers are making one last effort to pass Missouri sports betting legislation before adjourning Friday. Sen. Denny Hoskins has stood in the way of Missouri sports betting passage in recent years. So House lawmakers attached Missouri sports betting language to a bill Hoskins does want passed. The House then sent the bill back to the Senate for concurrence.

Pennsylvania

  • PlayPennsylvania: Reintroduction Of SLOT Act Aims To Benefit PA Casinos, Bettors
    • A Pennsylvania legislator and the American Gaming Association (AGA) are reintroducing the Shifting Limits on Thresholds (SLOT) Act. The new bill would update the reporting threshold for slot machine winnings among Pennsylvania casinos. Congresswoman Dina Titus (D-NV) and Congressman Guy Reschenthaler (R-PA) are bringing this bipartisan bill to the forefront. Raising the reporting threshold from $1,200 to $5,000 would help protect the regulated gaming industry and enhance players’ lives.

Texas

  • PlayTexas: Sports Betting Bills To Be Heard In Texas House
    • A pair of gambling expansion bills are slated to be heard Wednesday in the Texas House of Representatives. House Bill 1942 and House Bill 2843 were considered Monday in the House Calendars Committee and added to Wednesday’s House calendar for second readings. Even if the bills emerged from the House, it is a longshot for either to gain traction in the Senate.
Posted in Daily Clips