Industry News of the Day for November 28, 2023

iDEA Growth Member News

• SBC Americas: Simon Hovmand-Stilling, Better Collective: M&A A Central Part Of Busy Playbook
  • Acquisitive opportunities and Brazilian possibilities were logical points of focus at the recent SBC Summit Latinoamérica, however, hearing of a significant family move coinciding with these core themes was reserved for one sole occasion. This is the story of Simon Hovmand-Stilling, Better Collective’s South America CEO, whose move to Brazil earlier in the year came alongside the company’s strategic entry into the continent in a bid to gain ground and steal a march on competitors. Prior to the $187.7m purchase of Playmaker Capital, he elaborated on the group’s widespread growth ambitions, a significant focus being placed on M&A.

Industry News

• Business Insider: BetMGM’s CEO Describes His Strategy To Hold Onto Its No. 3 Spot In US Sports Betting As Fanatics And ESPN Bet Circle
  • BetMGM CEO Adam Greenblatt knows Fanatics and ESPN Bet are looking to eat his lunch. His company has the third largest online gambling brand in the US behind FanDuel and DraftKings, according to an October report from Eilers & Krejcik Gaming, an industry research firm that tracks market share by gross gaming revenue. BetMGM has held that spot for much of the last two years, leveraging both the brand and database of US part-owner MGM Resorts with the tech and product expertise from European parent Entain. However, it has lost some ground, hovering around 15% market share in the third quarter compared to about 20% a year earlier.

Indiana

• US Bets: Indiana Legislature Rules Out Internet Casino Gaming In 2024
  • The conviction of a former Indiana state legislator on bribery charges related to a 2019 gaming bill has led to a pause on any bills for online casino gaming to be heard in the Hoosier State for 2024. Former Indiana Rep. Sean Eberhart agreed to plead guilty this month to a federal charge of conspiracy to commit honest services fraud filed by the U.S. Attorney’s Office for the Southern District of Indiana. Prosecutors said he used his position and voted in favor of “terms favorable” for Spectacle Gaming to relocate two casinos in the state in exchange for a position with Spectacle for a $350,000 annual salary.

Louisiana

• The Center Square: Mobile Sports Wagering Had Record Month In October
  • Mobile sports wagering in Louisiana set a revenue record for the second consecutive month in October, generating nearly $5 million in monthly taxes heading into year three. Wagers were up over 26% for mobile sports wagering for October with more than $276 million in wagers, $39 million in net proceeds, and $4.9 million in taxes paid to the state. According to data from the Louisiana Gaming Control Board, the numbers mark a 269% increase in net proceeds over the same month last year. So far this fiscal year, mobile sports wagers are up 29.6% and net proceeds are up 31.3% compared to the same time in Fiscal Year 2022-23.

North Carolina

• NC Sharp: What Goes Into A North Carolina Sportsbook’s Internal Controls?
  • Several North Carolina sportsbooks are busy readying for the launch of legal sports betting. The market will open next year, possibly as early as January. Many sports betting operators are lined up to become licensed and do business in the Tar Heel State, home to some of the most passionate sports fans in the country. One of the many steps in preparing a legal sports betting industry is implementing internal controls for an online sportsbook. For mobile betting apps and sports wagering websites looking to launch in North Carolina, internal controls provide one crucial way to demonstrate their qualifications as reliable sportsbooks to regulators.

Wyoming

• PlayUSA: Wyoming Sets New Online Betting Records In October, Up Nearly 50%
  • Bettors in Wyoming gambled $21.23 million online in sports throughout October. Not only is the figure a 10.26% increase from September, but it is the highest monthly amount since Wyoming launched its legal online sports betting market. Apart from the betting handle, Wyoming’s October gaming revenue, which amounted to $2.27 million, also reached a record amount. The number is a 15% increase from October last year and a 48.87% growth from September. This year’s previous high was $1.84 million, set in March. October’s revenue figure is 23.64% higher than that amount.