Industry News of the Day for May 22, 2023

By iDEA | May 22, 2023

iDEA Growth Member News

  • SBC Americas: Light & Wonder Makes Proposal For Full SciPlay Takeover Worth $422m
    • Light & Wonder has publicly made a non-binding proposal to acquire the outstanding shares in SciPlay that it hasn’t yet acquired, offering $20 per share and totaling a transaction of $422m.  President and CEO Matthew Wilson wrote to the SciPlay board to notify that Light & Wonder is interested in acquiring the final 17% that it does not already hold, to make the games develop a wholly-owned subsidiary.
  • SBC News: Kambi Details Share Buyback Progress As 92,500 Repurchased
    • The share buyback programme initiated by Kambi following the repayment of its convertible bond to Kindred Group is progressing well, according to an update from the firm. Issuing an update this morning, the Stockholm-listed explained that between 10-16 May a total of 92,500 of its own shares at a volume weighted average price of SEK 212.75 [$20.18].

Industry News

  • Legal Sports Report: FBI: 1,600 DraftKings Accounts Drained Of $600,000 Last Year
    • Multiple people conspired to steal $600,000 from 1,600 DraftKings accounts last year, according to a court document. The document, first reported by CNBC, alleges 18-year-old Joseph Garrison worked with others in November 2022 to break into accounts of a sports betting and fantasy sports website. DraftKings was not named in the document but the company confirmed the news Thursday evening.
  • Sports Handle: Does College Sports Betting Need Fixing?
    • Former NBA center and U.S. Congressman Tom McMillen has seen his share of scandals. And the recent sports betting infractions involving the University of Alabama baseball team and student-athletes at Iowa and Iowa State are not, in his opinion, scandalous. “I define a major scandal as broad public outrage,” McMillen (pictured above in the early ‘90s in a Hyatt ballroom) said during a Thursday afternoon panel discussion about the impact of sports betting on college athletics.

Kentucky

  • PlayKentucky: Caesars Will Be 21+ In Kentucky. Will Other Apps Also Ignore 18+ Age Limit?
    • Kentucky will be one of just a small handful of states where the legal age limit for sports betting is 18. However, Caesars Sportsbook, which recently secured its spot in the Kentucky market by partnering with Keeneland and The Red Mile, won’t be taking wagers from anyone that isn’t at least 21. The move is part of the Caesars policy change prohibiting customers younger than 21 from creating Caesars Rewards accounts.

New York

  • PlayNY: New York Sports Betting Hits Major Revenue Milestones, With Another Landmark Total In Sight
    • Everyone knew online sports betting in New York would become the biggest industry in the country. But this quick? Not a chance. Yet here sits the Empire State, 71 weeks into legal online sports betting, already challenging the likes of New Jersey and Nevada for highest handle, closing in on New Jersey for highest revenue, and the far-and-away No. 1 in state tax revenue.

Ohio

  • PlayOhio: Ohio Shuts Down Fanatics Sports Betting Promotion Via Online Store 
    • A Fanatics sports betting promotion in Ohio this week caught the attention of the state’s regulators, who asked the retail merchandiser to stop offering it. Fanatics had been offering a bet credit in the amount of purchases in its online store for those who signed up for the Fanatics Sportsbook app.

Pennsylvania

  • PlayPennsylvania: PA Gaming Operators Shift Focus To Customer Experience And Retention
    • Pennsylvania is one of the most mature and expansive gambling states in the country. Gaming activities involving online sports betting, PA online casinos, poker and land-based casinos are all available for Pennsylvanians across the state. Pennsylvania operators that are live in other states are likely to have different customer acquisition and retention strategies.
Posted in Daily Clips