Industry News of the Day for November 20, 2023

By iDEA | November 20, 2023

iDEA Growth Member News

  • SBC Americas: FanDuel Makes 70% Of All NJ Sportsbook Revenue During October
    • The national debate around the top player in the sports betting market may have caused a debate in the last few weeks but, in New Jersey, there is no debate at all as data shows that FanDuel made nearly 70% of the entire state’s revenue last month. New Jersey Division of Gaming Enforcement data displayed that FanDuel made $64.1m in revenue from the Garden State last month. The state in its entirety made $92.3m. To further demonstrate FanDuel’s strength in the market, DraftKings was the second-best performer in revenue but only made $15.3m.

Industry News

  • Legal Sports Report: ESPN Bet First Week Sees Investors Take Cautious Approach
    • With the first week of ESPN Bet in the books, investors are still waiting to see more before taking a hard stance on Penn Entertainment’s latest endeavor. $PENN jumped as high as $24.77 a share on Thursday, a 2% increase from where it closed after launching ESPN Bet in 17 states late Tuesday afternoon. It was back down slightly to $24.48 on Friday, though other gaming stocks like Caesars and MGM experienced similar declines. “Stock movement is tough to tell because the market has had some really big up days, and I think PENN benefited from that earlier in the week.
  • Bonus.com: Social Casino Class Action Accuses Amazon Of ‘Racketeering’
    • According to a new lawsuit, Amazon.com Inc. earned billions through an Illegal internet gambling enterprise by distributing social casino apps and facilitating the purchase of virtual chips. In addition to breaking multiple laws, the brief argues, the actions of Amazon and the “Social Casinos Enterprise” amount to racketeering. The complaint, filed by Nevada resident Steven Horn, relies heavily on a 2018 US appeals court decision that ruled social casino apps illegal under Washington State law. Despite that, the brief claims that Amazon offers more than 30 illegal casino apps through its “dangerous partnership” with social casinos.
  • SBC News: Genius Sports Lining Up BetVision To Meet Europe-Style U.S. Betting Behavior
    • Genius Sports expects US bettor behaviour to develop broadly in line with that of Europe, and is positioning itself as a data leader in the sector through high-profile partnerships and product innovation. Genius Sports expects US bettor behaviour to develop broadly in line with that of Europe, and is positioning itself as a data leader in the sector through high-profile partnerships and product innovation. FanDuel will make use of the firm’s BetVision product, integrating the streaming platform – which allow users to watch select NFL games featuring live stats – as well as the supplier’s ‘next gen stats’.
  • Sports Handle: Fantasy Operators Innovate As Regulators Continue To Call Current Contests Illegal
    • Pick’em fantasy operators are continuing to fight regulatory agencies across the U.S. that say their games aren’t legal while at the same time developing new games that more clearly stay within the rules. Underdog Fantasy announced Monday a new game called “Pick’em Champions,” in which customers play against each other, rather than the house. The new game launched Monday in Alabama, Mississippi, and Wyoming, and the company has plans to go live with it in Tennessee in the future. Of those four states, only Alabama does not currently offer legal sports betting.

Mississippi

  • PlayUSA: After Strong September, Mississippi Gambling Revenue Dips 9% In October
    • If September was a month to remember, October was a month to forget for Mississippi’s casino and sports betting revenue. This past month, casinos generated $191.1 million in revenue, down 9.0% over the previous month and 7.4% compared to October 2022, according to data from the Mississippi Gaming Commission. Sports betting revenue took a small dive, too, dipping 9.8% month-on-month and 4.5% year-on-year. Across the board, the state’s three gaming regions saw their gaming revenue in October fall from $210.0 million in September to $191.1 million.

New Jersey

  • PlayNJ: October 2023 Was The Best Month Ever For NJ Online Casino Revenue
    • Online gambling in New Jersey set a new monthly record in October, a fitting way to approach the industry’s 10-year anniversary in November. The new all-time record also pushed the lifetime total of NJ’s online gambling industry to over $7 billion, based on data from state gaming regulators. According to the latest figures from the state Division of Gaming Enforcement, NJ online casinos generated nearly $166.8 million in October. The monthly total was a 13.3% increase over October 2022.

Pennsylvania

  • PlayPennsylvania: PA Sportsbooks Break State Record With $829 Million In October Handle
    • Pennsylvania put to rest the idea that the state is too mature for future growth in sports betting. The Pennsylvania Gaming Control Board (PGCB) reported a new record of $829 million in total October bets. The Keystone smashed the previous record of $797.1 million in handle set back in October 2022. PA online sportsbooks brought in nearly $70 million in revenue. Despite FanDuel Sportsbook PA putting up monster handle numbers, DraftKings Sportsbook PA didn’t finish far behind in revenue. DraftKings, recording $1 million less in revenue, posted a 10.9% hold percentage compared to FanDuel’s 8.9%.
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