Industry News of the Day for May 22, 2024

Industry News

  • Legal Sports Report: Business By The Books: Rush Street Focused On Sports Betting, iGaming ‘Trenches’
    • While other sports betting and iGaming operators are focused on the “stars” of their businesses, Rush Street Interactive CEO Richard Schwartz said his company is focused on where he says the business is really won. Whether investors learn about it or not, it seems clear the market is buying into the success RSI of recent quarters. The stock closed at $8.68 Friday at nearly triple its 52-week low of $2.90 from a year ago, though the stock is still nearly three times short of its all-time high of $25.32 hit in January 2021.
  • PlayUSA: Red Lobster Bankruptcy Signals Dangers Of Private Equity Investments To Online Gambling Firms
    • Red Lobster has become the latest victim of private equity funds’ version of “slash and burn agriculture.” While the ploy Golden Gate Capital pulled off to enrich its stakeholders to the demise of Red Lobster is nothing original or recently invented, owners of privately held corporations or publicly traded companies continue to fail to learn the lesson. As private equity firms continue to show interest in the gambling space, Red Lobster provides yet another reminder of how short-sighted decisions perpetuate this cycle. That cycle always ends with the destruction of the entity that firms buy into.

Massachusetts

  • TheLines: MGC Holds Roundtable On Limiting Sports Bettors; Top Sportsbooks Decline To Participate
    • On Tuesday morning, the Massachusetts Gaming Commission (MGC) met to discuss the manner in which sportsbooks limit players. Sportsbooks limiting players to small maximum bet sizes is a common practice in the industry, and the commission was looking for clarity on the criteria. What causes a player to be limited at sportsbooks? And will this meeting affect how sportsbooks limit players going forward?

Washington D.C.

  • SportsHandle: FanDuel Makes Impact, Washington D.C. Sets Monthly Record Handle
    • FanDuel‘s April entrance as the official sportsbook of the D.C. Lottery provided immediate dividends as the district agency reported a record sports betting handle of $26.6 million for the month. The D.C. Lottery had struggled to gain traction for sports betting with GambetDC, run by Intralot. Though Intralot is still technically involved as the district operator and eventually sub-contracted FanDuel, constant grousing by both the public and D.C. City Council about GambetDC led to seeking alternatives. FanDuel was announced as the district’s new official sports betting app of the lottery in March and began taking bets April 15.

New Jersey

  • SBC Americas: New Jersey Is First US Market For Supremeland Gaming Titles
    • Supremeland Gaming is continuing to expand its footprint in one of America’s robust online casino markets. The online slot technology supplier announced on Tuesday the launch of three iGaming titles in New Jersey, marking its first foray into the regulated U.S. gambling industry. Supremeland, which debuted in 2023, has made Wild Quad Squad, Red Panda Rising, and Munition Mine available in New Jersey through its partnership with EveryMatrix.