Industry News of the Day for November 10, 2022
iDEA Growth Member News
- Legal Sports Report: Flutter CEO: More Than 1 Million FanDuel Players On Average NFL Sunday
- FanDuel is doing seven figures on NFL Sundays, and not just on the financial side. In Wednesday‘s trading update, Flutter CEO Peter Jackson said FanDuel Sportsbook is averaging 1 million players for NFL betting on Sundays in the US. Jackson said he is “really pleased” with the performance.
Industry News
- Gaming Today: Major Sportsbook Operators Q3 2022 Results Roundup
- This past week, several major sportsbook operators shared their Q3 2022 quarter results. The big takeaways won’t come as a surprise to anyone who has been following the sports betting market. BetMGM, Caesars, DraftKings, and Penn Entertainment, owner of Barstool Sports, are all aiming to become profitable in the next year.
- SBC Americas: Wynn Resorts unable to provide break-even date for digital unit
- Wynn Resorts CEO Craig Billings has stated that it is getting close to breaking even in EBITDA for its digital operations, but the company isn’t ready to give a date as to when that will happen. Speaking on Wynn’s third-quarter earnings call, Billings added that the company’s goals in the interactive unit are to launch in Massachusetts, achieve break even, and then grow as the market does, particularly in igaming.
- PR Newswire: NYU Grad Students Join Caesars Sportsbook at Madison Square Garden to Talk Responsible Gaming Awareness
- Graduate students from New York University’s School of Professional Studies joined the creative team from gaming leader Caesars Entertainment’s (NASDAQ: CZR) Caesars Sportsbook to watch the New York Rangers take on the Philadelphia Flyers at Madison Square Garden. The event is part of the NYU x Caesars Sportsbook Real World graduate school course, which focuses on responsible gaming awareness.
Indiana
- PlayIndiana: Hoosiers Wagered Over $400 Million On Sports During October
- Indiana racked up $446 million worth of sports betting wagers last month. That was an increase from September’s $382 million haul. That massive handle led to over $4.4 million worth of taxes for the state, and nearly $47 million worth of revenue for the sportsbooks themselves. At this rate, Indiana could pass the $10 billion mark for lifetime wagers as early as next month.
New York
- The Saratogian: State surpasses $500M in mobile sports wagering tax revenue
- New York Gov. Kathy Hochul recently announced that since early January, when mobile sports wagering became available in New York, the State has collected $542 million in taxes through the week ending Oct. 30, surpassing every other state in the nation.
Ohio
- PlayOhio: Sports Betting Taxes Could Expand Ohio’s Problem Gambling Treatment Options
- Gambling addiction is a treatable condition, and every state has responsible gambling resources available to help those in need. Ohio has fewer problem gambling treatment providers compared to other nearby states. But fresh tax funding from Ohio sports betting could help expand the state’s list of treatment options.
Pennsylvania
- PlayPennsylvania: New App Enhancements Help DraftKings’ Revenue, But Stock Still Plummets
- DraftKings Sportsbook reported a mixed bag of results in a Q3 earnings call on Nov. 4. Product and functionality enhancements contributed to a solid revenue quarter and month of September. DraftKings’ handle numbers finished close behind FanDuel Sportsbook in September, but its stock plummeted after the earnings call.