Industry News of the Day for May 12, 2021

iDEA Growth Member News: 

• IGB, 5.12.21: FanDuel Chief Executive King To Step Down, Delaying Spin-off Plans 
  • Matt King, chief executive of Flutter Entertainment-owned FanDuel Group, has announced his intention to step down from his role and leave the business. 
• SBC, 5.12.21: Matt King Steps Down As FanDuel CEO To Take Next Career Step 
  • Matt King is to relinquish his role as CEO of FanDuel Group after four years at the helm of the DFS and sports betting firm.  
• Legal Sports Report, 5.12.21: Flutter Announces FanDuel CEO Matt King Plans To Step Down 
  • FanDuel CEO Matt King will step down in the near future, putting plans for a US public listing in question. 
• Sports Handle, 5.12.21: Departure Of FanDuel CEO Matt King Will Likely Delay Flutter’s U.S. Spin-Off 
  • Flutter Entertainment plc announced Wednesday that FanDuel CEO Matt King intends to step down from his position, a move that will likely delay the company’s planned divestiture of its U.S. assets. 
• Sports Handle, 5.11.21: DraftKings Wears Handle Crown In Illinois, But Can It Grow Further? 
  • Much like a sleek sports car that needed to rev its engine before firing on all cylinders, DraftKings has smoothly accelerated to being the top online sportsbook in Illinois after playing catch-up from the starting line. 

Tennessee: 

• TN Bets, 5.11.21: TN To Have New Sports Betting Regulations, Which Likely Will Allow Peer-To-Peer Gambling 
  • On Tuesday in Nashville, sports gambling regulators discussed legislation working its way through the legislature that will reverse regulatory duties between the Tennessee Education Lottery Corp. and its nine-member Sports Wagering Advisory Council, which was created under the 2019 sports gaming law. 

Washington: 

• IGB, 5.12.21: Washington Agrees Sports Betting Gaming Compacts With Kalispel and Snoqualmie Tribes 
  • The Washington State Gambling Commission has amended Class III gaming compacts with the Kalispel and Snoqualmie tribes, permitting them both to offer sports betting in the US state. 
• SBC, 5.12.21: Washington State Agrees More Tribal Compacts For Sports Wagering 
  • The Kalispel Tribe of Indians is the latest tribal gaming operator to be given the provisional go-ahead to open up sports wagering in Washington State. It joins the Suquamish and Tulalip Tribes, with more – up to 10 – expected to be sanctioned imminently by the state’s Gambling Commission. 

Delaware: 

• IGB, 5.12.21: Lower Handle Means Delaware Betting Revenue Dips Month-on-month in April 
  • Revenue from sports betting in Delaware declined 7.4% month-on-month in April, as player spending fell to a year-low of $5.5m during the month. 

Ohio:  

• Journal News, 5.12.21: Republican State Senators Behind New Push To Legalize Sports Gambling in Ohio 
  • Republican lawmakers in the state Senate rolled out a plan Thursday that would allow 40 sports betting licenses to be issued in the state for taking wagers on professional and college sports. 

Louisiana: 

• Legal Sports Report, 5.11.21: Louisiana Sports Betting Tax Bill Gets OK From House 
  • The Louisiana House passed Rep. John Stefanski‘s HB 697, 77-24, on Monday. The bill now moves to the Senate, where Senate President Patrick Cortez is waiting on it to begin to push his regulatory bill, SB 202. 

Colorado: 

• Denver 7, 5.11.21: Coloradans Place $2.3 Billion In Wagers In First Year Of Legal Sports Betting 
  • Coloradans took advantage of the state legalizing sports betting last year — to the tune of $2.3 billion in bets placed during the first full year of the legislation. 
• The Gazette, 5.11.21: Colorado Sports Betting Totals $2.3 Billion In First Year 
  • Colorado gamblers bet more than $2.3 billion on sports in the first year of legal wagering, exceeding most forecasts, the Colorado Division of Gaming reported Monday. 
• Play Colorado, 5.11.21: Colorado Sports Betting Posts Mile High Numbers In First Year Despite The Pandemic  
  • Colorado’s sports betting market will always be remembered for how it launched amidst a global pandemic. The other way is for the response by the bettors in the state. It’s that response that led to $2.3 billion wagers in the first year, according to unaudited data released by the Colorado Division of Gaming on Monday.