Industry News of the Day for May 7, 2024

By iDEA | May 7, 2024

Industry News

  • PlayUSA: Rush Street Cites Position In Legal Online Casino States As Key To Q1 Growth
    • Rush Street Interactive (RSI) announced financial results for the first quarter of the year, saying its strong performance was driven by its online casino and online sports betting products, such as BetRivers, PlaySugarHouse and RushBet. The US online casino and sports betting company said revenue during Q1 2024 was $217.4 million, an annual increase of 34%.
  • iGB: NCAA Proposed Ban On College Player Prop Bets Isn’t Black And White
    • The idea of a college prop-bet ban raises multiple questions for the wagering industry. Any operator wants to offer as many markets as possible. Some say eliminating a market sends bettors offshore, where they are no longer protected or even guaranteed to be paid. Some view the NCAA’s desire for a ban strictly as a political move. One referred to the ban as “low-hanging fruit.” Saying that it will protect its athletes at all costs isn’t a stance anyone will oppose, stakeholders say.
  • Bonus: Study Finds TikTok Users At Higher Risk Of Problem Gambling Than Heavy Drinkers
    • It’s possible to find a connection between almost any two addictive habits, but one recent study shows that regular TikTok use correlates more strongly with problem gambling than either of those things do with heavy drinking. Researchers also found that, generally, weekly social media use is associated with higher overall rates of problem gambling and hazardous alcohol use among adults. However, of the three social media platforms it examined, TikTok was the one most strongly connected to gambling habits. These findings come even as TikTok faces lawsuits from multiple US states. At least one of these expressly draws parallels between its features and the mechanics of gambling.

Illinois

  • Legal Sports Report: Sportsbook Alliance Pushing Back On Illinois Sports Betting Tax Hike
    • A coalition of major commercial operators is making its case for why there should not be a tax hike on Illinois sports betting. Gov. JB Pritzker has suggested raising the Illinois sports betting tax rate to 35% from 15%. The Sports Betting Alliance, which represents BetMGM, DraftKings, Fanatics and FanDuel, has been encouraging consumers to reach out to state lawmakers to help stop the potential hike. A spokesperson for the SBA told LSR this week that a combined 25,000 emails have already been sent to the Illinois legislature and Gov. Pritzker.

Ohio

  • Gaming Today: Ohio Considers Changing Rules For Unused Sports Betting Licenses
    • The Ohio Casino Control Commission is reassessing how it handles online and retail sports betting licenses for operators who have not yet put them to use. A deadline arrives on May 7. The proposed amendment to state gambling regulations would cover licensees that have either not offered bets for more than a year or never launched. As of now, most of the fallow licenses are associated with professional sports properties.

Washington D.C.

  • SportsHandle: Non-FanDuel Operators Lobby For Washington D.C. Mobile Betting Access
    • Four sports betting operators testified during a Washington D.C. Council committee hearing in support of a bill to bring an open, competitive sports wagering marketplace to the District. Despite their support, it could be years until a betting app other than FanDuel accepts wagers across Washington D.C. Representatives from BetMGM, Caesars Sportsbook, DraftKings, and Fanatics Sportsbook all spoke at Wednesday’s Business and Economic Development Public Hearing, showing support for D.C. Councilmember Kenyan McDuffie’s bill that aims to bring multiple sports betting apps to the District.
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