Industry News of the Day for May 8, 2023
iDEA Growth Member News:
- SBC Americas: Kambi’s State Of The Nation: The Trends Driving Tribal Sports Betting As Federal Rule Changes Proposed
- Tribal gaming enterprises have always been an integral part of the North American gaming industry and are among those leading the way with best-in-class entertainment experiences, writes David Bretnitz, Senior Director of Sales for Kambi. With the repeal of PASPA in 2018, a whole new vertical was introduced to tribes, creating a potential new opportunity to draw more business to support their communities.
- Barron’s: DraftKings Reports First Quarter Revenue of $770 Million; Raises 2023 Revenue Guidance
- DraftKings stock surged Friday as markets digested its positive first-quarter results, but analysts are drawing different cards when it comes to the path to profitability. On Thursday, DraftKings (ticker: DKNG) posted first-quarter revenue of $769.65 million, higher than analysts’ estimate of $704.3 million, and soaring past the $417.21 million recorded a year ago, according to FactSet.
- Associated Press: Will Gambling Case At Alabama Ripple Across College Sports?
- Alabama fired its baseball coach this week amid an investigation into suspicious bets involving a Crimson Tide game at LSU. The school did not give details about why Brad Bohannon was let go, saying only that he violated “the standards, duties, and responsibilities expected of university employees.”
- Sports Handle: Caesars First To Sign Deal For Digital Sports Betting In Maine
- Caesars Sportsbook has signed a term sheet with three Maine tribes and is the first national operator to gain digital sports betting market access in the state, Sports Handle has learned. Last spring, Maine lawmakers legalized retail and digital sports betting and gave the state’s four tribes exclusivity. The deal means that Caesars will have access to three of the four digital skins allowed in the state.
- PlayMA: Massachusetts Launch Helped Drive 20% Boost In New FanDuel Customers
- Massachusetts has been good to FanDuel, the company said in its first quarter report for 2023. FanDuel Sportsbook saw a 20% increase in new customers from January-March, thanks in large part to new markets in Massachusetts and Ohio. Flutter Entertainment plc, which owns FanDuel and several other gaming brands, announced on Wednesday that it had 12.3 million monthly average users in the first three months of 2023, up 30% from last year.
- PlayMichigan: Michigan Gambling Industry Among State’s Biggest Tax Contributors
- It’s hard to debate that the gambling industry in Michigan is thriving. Michigan online casinos continue to set record revenue marks. Retail casino revenue is on par with pre-pandemic levels. While it’s good news for the industry, it’s also good news for the state of Michigan as a whole. With record revenue comes record tax revenue, which aids a lot of funds here in the state.
- PlayUSA: Jackpocket One Step Closer To Launching Online Casino In New Jersey
- After receiving regulatory approval, a Jackpocket online casino app might be ready to make its official debut in New Jersey. On April 28, Jackpocket Interactive Gaming (JIG) received approval from the New Jersey Division of Gaming Enforcement (DGE) to finish working on its access agreement with Caesars.
- PlayNY: Ahead Of 2022 Pace, $1.5 Billion In April Handle Has NY Sports Betting Near Historic Milestone
- This month will be historic for online sports betting in New York. With $70.8 million in state tax revenue from NY sports betting, the state now sits at $978.4 million since launching in January 2022. Initial projections from state officials estimated that New York would reach $500 million in annual tax revenue by fiscal year 2024.
- NC Sharp: North Carolina Sports Betting Tax-And-Fee Structure Gives Sportsbooks A Slight Upper Hand
- A combination of a low tax rate, high licensing fees and the allowance for promotional deductions would tilt the scales in the North Carolina sports betting market toward the sportsbook operators. House Bill 347, which currently sits in the Senate Committee on Rules and Operations, levies a 14% privilege tax on online sportsbooks and allows them to deduct promotional credits given to new bettors in decreasing amounts from the proposed launch (Jan. 8, 2024) through Jan. 1, 2027.