Industry News of the Day for November 10, 2023

By iDEA | November 10, 2023

Industry News

  • Legal Sports Report: Flutter Earnings: New FanDuel Stock US Listing Window Revealed
    • FanDuel posted strong US margin and player growth in the third quarter, as Flutter CEO Peter Jackson boasted about the business’s profitability. The US sports betting and iGaming business holds a 47% share of US net revenue and saw average monthly FanDuel players grow a record 38% during the NFL betting launch. “We are particularly pleased by the great progress we are making in the US,” Jackson said in the release. “We are the first online operator to achieve structural profitability, and the strong ramp in EBITDA during 2023 will continue into 2024 and beyond, as our profit margins expand materially.”
  • Gaming Today: MGM Resorts International Reports 16% Revenue Growth In Q3
    • MGM Resorts International has revealed its third-quarter financial results, highlighting a significant surge in revenue. The company posted a 16% increase in revenue compared to the same period last year, amounting to a net revenue of $4.0 billion. The surge in revenue is primarily attributed to the outstanding performance of its China division, experiencing a boost due to the removal of COVID-19-related entry restrictions in Macau. This positive development contributed significantly to the overall growth, partially offsetting the decrease in revenues at MGM’s Las Vegas Strip Resorts and Regional Operations.
  • SBC Americas: NCAA Tweaks Eligibility Rules For Athletes Betting On Their School
    • The NCAA continues to fine-tune its rules regarding athletes and sports betting. This week the Division I Council Coordination Committee updated rules regarding how players who bet on teams from their academic institution. The adjusted rules now require any athlete caught betting on a team from their school that is not their own team will be ineligible to compete for one season and will also lose a year of eligibility. Prior to this rule, the recommended punishment was permanent ineligibility.
  • Gambling Insider: Super Group Q3 2023 Results: Revenue Up 16%
    • Super Group, the parent company that owns and operates Betway and Spin, has published its financial results for the quarter ending 30 September 2023. Revenue for the company totalled €356.9m ($382.5m), an increase of 16% when compared year-on-year, or alternatively, an increase of 27% when accounting for constant currency and €390.8m. Profit was recorded at €10.6m, a decrease of 69%, although the company explained that this was affected by the acquisition of Digital Gaming Corporation Limited. Adjusted EBITDA increased by 7% to €53.3m, and the inflow from operational activities reached €112.1m.
  • Black Enterprise: ‘Not For The Faint Of Heart’: The Battle For Supremacy In The Booming U.S. Sports Betting Market
    • According to the American Gaming Association, since the Supreme Court legalized sports betting nationwide in 2018, more than $220 billion has been wagered at gambling outlets. The continued growth of sports betting, which is legal in 35 states and Washington, D.C., has given FanDuel and DraftKings a foothold in the industry as they hold more than 80% of the sports betting market, while Caesars and BetMGM are trying to establish themselves. Now, others are getting into the game.

California

  • PlayUSA: Tribal Leaders Criticize Approach Of California Sports Betting Initiative Proponents
    • Tribal representatives are intrigued by some of the ideas of California sports betting initiative filers but say their approach sets up the proposal for failure. On Victor Rocha’s weekly webinar series presented by the Indian Gaming Association, tribal leaders discussed PlayUSA’s article in which proponents of two California sports betting initiatives explain their proposal. Joining Rocha were California Nations Indian Gaming Association (CNIGA) Chairman James Siva, who is also vice-chair of the Morongo Band of Mission Indians, and national Indian Gaming Association Executive Director Jason Giles, a member of the Muscogee (Creek) Nation of Oklahoma.

North Carolina

  • NC Sharp: New Sports Betting Rules Outline Process For Adding And Outlawing Betting Markets
    •  With the clock ticking, the North Carolina Lottery Commission now faces the nitty-gritty task of rulemaking. The second batch of sports betting rules includes a system to permit and outlaw certain wagers and wagerable sporting events on a case-by-case basis. The NCLC’s second round of rulemaking for North Carolina online sports betting and pari-mutuel wagering was released on Nov. 7. Under the NCLC’s proposed rules, betting companies cannot add new types of bets without first going through an NCLC vetting process.
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