Industry News of the Day for May 4, 2022

iDEA Growth Member News:

• Legal Sports Report, 5.3.22: Analysis: 5 Key Takeaways From PointsBet Earnings Call
  • Earnings calls are typically the best way to learn about a company’s near-term plans, and PointsBet did not disappoint.
• SBC Americas, 5.4.22: Phil Gelvan: ‘Dark Horse’ White Hat Gaming coming forward in US market
  • White Hat Gaming has been ‘relatively successful’ in the US market in recent times from a position as a ‘dark horse’, according to its CEO, Phil Gelvan.
• SBC Americas, 5.4.22: FanDuel appoints David Jennings as new financial lead
  • FanDuel has confirmed the appointment of David Jennings as its new Chief Financial Officer, responsible for the fiscal strategy, accounting and tax for the firm’s Sportsbook, Casino, Racing, Daily Fantasy, Retail and corporate operations.
• DraftKings Nation, 5.3.22: Legalized sports betting measure in California will be on the ballot in November 2022
  • America’s largest state will have the chance to vote on a ballot measure to legalize sports betting during the midterm election on November 8th.

California:

• Wall Street Journal, 5.3.22: DraftKings, FanDuel Battle Tribes for Control of California Sports Betting
  • A measure seeking to legalize online sports betting backed by three of the nation’s largest online gambling companies has qualified for California’s November ballot, setting up a costly fight with the state’s tribes over control of a market researchers say could be worth billions.
• USA Today, 5.4.22: California voters will decide whether to join online sports betting frenzy in November
  • There’s a reason they call California the Golden State, and the fervent competition for billions of dollars expected to be produced by online sports betting is the equivalent of a modern gold rush.
• ABC 7, 5.4.22: CA online sports betting initiative would direct money to help homeless, mental health services
  • The initiative would bring in around $500 million earmarked for housing and mental health programs, but not everyone is on board.
• Legal Sports Report, 5.3.22: Online California Sports Betting Question On Track For November Ballot
  • California should have an online sports betting question on the ballot come November.
• Sports Handle, 5.3.22: Commercial Operators’ California Proposal One Step Closer To Getting On 2022 Ballot
  • Referendum proposal would allow for statewide mobile sports betting, but state’s tribes are staunchly opposed

Arizona:

• Sports Handle, 5.3.22: Arizona Sports Betting Handle Falls Just Shy of $500M For February
  • The Arizona Department of Gaming reported sports wagering handle totaling nearly $492 million for the month of February on Tuesday, with operators still saturating the market with promotional credits for a sixth consecutive month since launch.
• SBC Americas, 5.4.22: Arizona sportsbooks post first monthly handle decline in February
  • Sportsbooks in Arizona posted a monthly decline in sports betting for the first time as handle dropped by 13% month-on-month, according to PlayAZ.com, which tracks the state’s sports betting market.

Virginia:

• Sports Handle, 5.3.22: Virginia Loses Out On Potential Tax Revenue Due To Promotional Credits
  • Given recent financial figures, changes could be coming to sports wagering in Virginia. Mobile sports wagering operations launched in Virginia in January of 2021, and the state has left potential tax revenue on the table due to promotional tax deductions.

Vermont:

• Sports Handle, 5.3.22: Draft Vermont Bill Would Allow For Statewide Mobile Wagering
  • A draft Vermont sports wagering bill obtained by Sports Handle reveals a proposal that would allow for statewide mobile wagering regulated by the Board of Liquor and Lottery. The prospective legislation would allow for up to six mobile platforms and require potential operators to go through a bidding process during which applicants would essentially name their own tax rate.

Maine:

• Play USA, 5.3.22: Casinos Locked Out Of Maine Sports Betting After Governor Signs Bill
  • After months of tedious deliberation, Maine sports betting will finally arrive in the Pine Tree State.
• SBC Americas, 5.4.22: Maine legalizes sports betting as Gov Mills signs bill
  • Maine has become the latest US state to legalize sports betting after Governor Janet Mills signed a bill this week that was previously vetoed.

Delaware:

• iGB North America, 5.4.22: Delaware sports betting revenue and handle down in March
  • Sports betting revenue in Delaware declined 44.5% year-on-year in March, while consumer wagering also fell 22.4%.