Industry News of the Day for May 17, 2023

By iDEA | May 17, 2023

Industry News

  • Legal Sports Report: How US Sports Betting Revenue Developed In First Five Years
    • The young US sports betting industry marks another milestone this week, and it is a big one. Five years ago, the Supreme Court repealed the Professional and Amateur Sports Protection Act (PASPA) to end the decades-long Nevada sports betting monopoly. The Court returned to individual states the authority to legalize and regulate sports betting within their own borders, which Congress had unlawfully revoked in 1992.
  • American Gaming Association: Q1 2023 Commercial Gaming Revenue Sets New Quarterly High, Topping $16B
    • U.S. commercial gaming revenue reached a quarterly record of $16.60 billion in Q1 2023, marking the industry’s eighth straight record-breaking quarter, according to the American Gaming Association’s (AGA) Commercial Gaming Revenue Tracker. The quarter was highlighted by the industry’s highest-grossing month ever of $5.90 billion in March.
  • CNBC: A Pair Of Sports Betting Deals Has The Gaming Industry Asking, ‘Who’s Next?’
    • Fanatics’ splashy $150 million acquisition of PointsBet’s U.S. business wasn’t the only deal in gambling in recent days — and it could be a sign of more to come. Fanatics on Sunday announced it has agreed to buy PointsBet’s U.S. assets, a long-rumored tie-up. Fanatics CEO Michael Rubin previously vowed to launch sports betting operations in every state where it’s legal, except New York.
  • Front Office Sports: Jake Paul, Joey Levy’s Betr Acquires Chameleon Betting Platform
    • The betting company co-founded by Jake Paul and Joey Levy is adding a new sports betting platform as it seeks to continue breaking into the sports betting industry. Betr has acquired the Chameleon platform from Canadian sports technology company FansUnite for $7.45 million. Sixty percent of the transaction was completed in cash, with the other 40% coming in stock.

Kentucky

  • PlayKentucky: Caesars Partners With Keeneland For First Kentucky Online Sportsbook Deal
    • Caesars Entertainment secured the first sports betting partnership in Kentucky history. Tuesday morning, Caesars Sportsbook announced a partnership with two Kentucky horse racetracks. The Las Vegas-based gaming giant officially partnered with Keeneland and Red Mile Gaming & Racing.

Massachusetts

Michigan

  • PlayMichigan: Michigan Online Casinos Have Second Best Month Ever, Win $159 Million In April
    • Michigan online casinos dropped over $12 million in monthly revenue from March’s all-time record but still set the second-highest revenue mark in the state’s history with $159.4 million collected in April. March’s $171.8 million set a brief nationwide standard that was going to be hard to top again.

Missouri

  • PlayUSA: Missouri Ballot Initiative Might Be Path After Legislature Fails To Legalize Sports Betting
    • After a major push by sports teams to pass Missouri sports betting gridlocked the Senate in the final days of the legislative session, proponents might switch focus to a ballot initiative. Missouri sports betting legislation failed to pass for the sixth consecutive year. Yet it was the main issue underlying discussion on the Senate floor over the final two days.

New Jersey 

  • PlayNJ: Second-Best Month Ever Sends NJ Online Casinos Over $6 Billion Mark In Lifetime Revenue
    • The New Jersey online casino market shows no signs of slowing down as it inches closer to a 10-year milestone later this year. Including numbers from April, NJ online casinos have now eclipsed $6 billion in lifetime revenue. Online casinos in New Jersey generated just under $158.9 million in April, according to data released Tuesday by the state Division of Gaming Enforcement.

North Carolina

  • NCSharp: AGA Survey Bolsters Push To Legalize North Carolina Sports Betting
    • North Carolina lawmakers can lean on American Gaming Association survey data that found that 77% of US residents favor the legalization of sports betting in their state. The survey was released just a few days ahead of the fifth anniversary of the May 14, 2018, US Supreme Court ruling that invalidated the 26-year-old Professional and Amateur Sports Protection Act that effectively granted Nevada a national monopoly on sports betting.

Rhode Island

  • The Providence Journal: Online Gambling Could Bring $210m In Revenue. Why Is Rhode Island Lottery Pushing Back?
    • While Rhode Island’s exclusive casino operator dangled a potential $210 million in new revenue before legislators’ eyes this week, others raised warning flags about the “cannibalization” of gambling dollars from other games that are more lucrative for the state — and the potential expansion of alleged teen-run gambling rings in high school.
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