Industry News of the Day for May 4, 2023

By iDEA | May 4, 2023

iDEA Growth Member News

  • iDEA Welcomes Better Collective As A Member
    • iDEA Growth (iDevelopment and Economic Association), the leading nonprofit trade association representing online gaming and sports betting business growth in the U.S., is pleased to announce that Better Collective has become a member. Better Collective owns and operates international and local sports communities and media that aim to make sports entertainment more sustainably engaging and fun.

Industry News

  • SBC Americas: Caesars Digital Nearly Break-Even During Q1 Of 2023
    • As Caesars Entertainment CEO Tom Reeg tells it, the digital side of Caesars was one Super Bowl result away from a profitable quarter. “The Super Bowl didn’t hold very well for us, frankly, given the amount of scoring that happened in it,” Reeg explained during the conference call about the company’s Q1 2023 earnings. Because of the skills of Jalen Hurts, Patrick Mahomes, and others, the digital side of the business ended Q1 roughly $3.5 million in the hole.
  • PlayKentucky: BetMGM Eyes Profitability In 2023, Fueled In Part By Kentucky Launch
    • During their Q1 2023 earnings call on Monday, MGM Resorts executives announced they believe BetMGM will reach profitability in the second half of 2023. That’s when BetMGM Sportsbook is expected to launch in Kentucky. “BetMGM is fully capitalized now, growing rapidly and turning toward profitability later this year,” said Jonathan Halkyard, MGM Resorts’ Chief Financial Officer. ” … We’ll reach that during the second half of the year.”

District of Columbia

  • Sports Handle: Washington, D.C. Moves Closer To Elimination Of Problem Gambling Funding
    • Washington, D.C. council members are moving the District one step closer to eliminating funding for problem gambling. Sports Handle obtained a draft of the D.C. Council’s Committee on Health FY 2024 budget report, and the report does not alter Mayor Muriel Bowser’s previous budget proposal. The proposed budget removes the $200,000 annual allocation to the Department of Behavioral Health (DBH) for preventing, treating, and researching gambling addiction.

Minnesota

  • Legal Sports Report: Can Horse Racing Amendment Save Minnesota Sports Betting Bill?
    • Following a few weeks on the back burner, Minnesota sports betting legislation was kickstarted with an amendment to address a potential hurdle. While the Senate State and Local Government Committee tabled Sen. Matt Klein‘s MN sports betting bill Wednesday, Klein added an amendment proponents hope will help the legislation pass this year. Committee Chair Sen. Erin Murphy said they will likely take the bill, SF 1949, back up next week.

Ohio

  • The Tuscaloosa News: UA Releases Statement On Ohio Prohibiting Legal Sportsbooks From Betting On Alabama Baseball
    • The University of Alabama released a statement on Tuesday after the state of Ohio prohibited all legal sportsbooks from accepting bets on Crimson Tide baseball because of suspicious activity. “Alabama Athletics became aware of this situation Monday evening and is actively seeking information about the report,” a UA athletics spokesperson wrote in a statement to The Tuscaloosa News.

Pennsylvania

  • PlayPennsylvania: Caesars To Launch Standalone Online Casino App In Pennsylvania
    • During its 2023 Q1 earnings call on Tuesday, Caesars Entertainment announced plans to launch a standalone Pennsylvania online casino app in the third quarter of this year. Caesars operates its sportsbook and Caesars Casino in Pennsylvania. The brand also launched Tropicana PA Casino under the Harrah’s Philadelphia license earlier this week. The launch of a standalone casino app plans to attract a new customer base for Caesars.

Vermont

  • PlayUSA: Vermont Sports Betting Bill Moves Forward In Senate
    • Vermont took a big step toward completing the set of New England states with legalized sports wagering. The Senate adopted changes to Vermont sports betting legislation and approved the bill by voice vote on second reading Wednesday. With support from three committees and just a few dissenting voices, the Senate inevitably will pass HB 127 on third reading Thursday.
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