Industry News of the Day for November 15, 2023

By iDEA | November 15, 2023

Industry News

  • Legal Sports Report: Analysts: Sports Betting Stock Reactions From Earnings To Date
    • There may be a clear-cut winner of third quarter earnings season, even with more sports betting stock calls to hear before the period ends. DraftKings saw a 16.5% pop Friday after announcing improved 2023 guidance and profitable 2024 guidance. CEO Jason Robins presented the earnings report DraftKings stockholders wanted to see for years and analysts responded in kind, with positive target improvements on updated estimates. Analysts also gave their insights on Penn Entertainment, Bally Bet parent Bally’s and Sportradar.
  • Gaming Today: ESPN Reporters Can’t Bet on the Sports They Cover
    • ESPN’s sports betting rules will prohibit its reporters from “placing, soliciting, or facilitating” wagers on their beats. After the PENN deal was announced in August, Disney CEO Bob Iger said it intended to insulate ESPN’s journalists and shield the new sports betting venture from the kind of public scrutiny such collaboration was sure to engender. Even with these rules, the general public will decide if the likes of Adrian Wojnarowski or Adam Schefter – whose currency is their inside information – are using their positions for ancillary benefit.
  • Reuters: FBI Struggled To Disrupt Dangerous Casino Hacking Gang, Cyber Responders Say
    • The U.S. Federal Bureau of Investigation (FBI) has struggled to stop a hyper-aggressive cybercrime gang that’s been tormenting corporate America over the last two years, according to nine cybersecurity responders, digital crime experts and victims. For more than six months, the FBI has known the identities of at least a dozen members tied to the hacking group responsible for the devastating September break-ins at casino operators MGM Resorts International and Caesars Entertainment, according to four people familiar with the investigation.
  • Sportico: DraftKings Adds Prop Bet Function Amid Feud With Fantasy Rivals
    • DraftKings is launching a new prop-style betting product, one that closely resembles the offerings of smaller fantasy gaming companies that it is currently feuding with-both in public statements, and in statehouses around the country. During its Investor Day on Tuesday, DraftKings announced a new betting product called “Progressive Parlay,” which will allow customers to easily make over/under prop picks against the house.

Maryland

  • PlayMaryland: NFL Drives Maryland Record $5.8M In Taxes From Sports Betting In October
    • October was a record-setting month for Maryland sports betting. With so many sports active, including the start of football season and the World Series, Maryland’s single month tax contributions from sports wagering record was broken. In total, $5.8 million was paid to Maryland from the sportsbooks operating in the state. The usual suspects led the way in both mobile and retail sports betting settings as the young sports wagering market in Maryland continues to grow month by month.

North Carolina

  • NC Sharp: A Jan. 8 Online Sports Betting Launch Is Off The Table In North Carolina
    • The North Carolina Lottery Commission made clear what most people had already presumed: online sports betting won’t go live on Jan. 8, 2024, the opening of the launch window. Commissioner Cari Boyce, during the Nov. 14 meeting that launching online sports betting by the Jan. 8 deadline would take “almost daily meetings,” which clearly is not going to happen. This comes as no surprise after the NCLC has taken over four months to propose its first draft of rules and regulations for North Carolina online sports betting.

Ontario

  • PlayCanada: Ontario Online Gambling Revenue Three Times Greater Than Other Provinces
    • A PlayCanada analysis proves the rest of Canada is missing out on massive revenue by not following Ontario’s open online gambling model. Over the past several months, gambling authorities across Canada released their annual reports for the 2022-23 fiscal year. Interestingly, each of these companies delivered banner years, and none were shy about letting the public know. However, OLG, unlike the other crown corporations on this list, did so while contending with iGaming Ontario, which oversees the 47 live operators currently vying for position in the province.

West Virginia

  • SBC Americas: West Virginia Joins MISGA, Opening Door For Online Poker Pooling
    • West Virginia legalized online poker in early 2019 but, to date, not a single site has launched in the state. However, a new move by the state could change that. Today the Multi-State Internet Gaming Association (MSIGA) announced that West Virginia was joining its ranks, opening the door for online poker rooms in the state to compact with other states and pool players. “I am pleased that our West Virginia iGaming providers will now have the opportunity to offer multi-state poker to our players,” said West Virginia Lottery Director John Myers. “This will greatly increase the potential pool of participants and thus allow our players to play for bigger winnings.”
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