Industry News of the Day for November 29, 2023

Industry News

• iDEA: 10 Years Of Legalized Online Gaming in the U.S.: A Winning Bet For States
  • Legal online gambling marked its first decade in the U.S. on Nov. 21 — the 10th anniversary of New Jersey launching iGaming in the state. This milestone translates to 10 years of substantial tax revenue, job growth and enhanced consumer protections. While New Jersey was the first to regulate legal iGaming, a handful of states that followed suit are enjoying similar economic successes and safeguarding residents who play casino games online. Unfortunately, regulated iGaming’s limited expansion means that illegal, offshore gambling operators are prevalent online, luring unknowing consumers onto their illicit websites.

• Gaming Today: ESPN Bet’s Mobile Sportsbook App Hits 1 Million Downloads In Debut Week
  • The newly launched ESPN Bet by Penn Entertainment, introduced on Nov. 14, has attracted significant attention from bettors. Within just one week of its debut, gaming analysts report that the operator has accumulated more than a million downloads. The sportsbook currently operates in 17 US states, catering to bettors in Illinois, Michigan, Kansas, Kentucky, Arizona, West Virginia, Colorado, Maryland, Ohio, New Jersey, Indiana, Iowa, Tennessee, Pennsylvania, Massachusetts, Virginia, and Louisiana. As per JMP Securities’ analysts in their company equity research report, the highly publicized sportsbook linked with the major media corporation garnered 1.1 million downloads of its mobile application from Nov. 14 to Nov. 20.

• US Bets: U.S. Internet Casino Gaming Revenue Tops $5 Billion For 2023
  • The six states that offer legal internet casino gaming generated a combined $533.6 million in gross revenue for October, enough to send the total above $5 billion for the 2023 calendar year. With two months remaining, the 2023 revenue total has eclipsed the 2022 full-year total of more than $4.8 billion. While October’s figure did not top the $542.7 million record set the previous month, it was still good for third all-time and was an increase of 17.8% from the $453.1 million earned by operators in the previous October. New Jersey operators had their best month all-time, reaching $166.8 million in adjusted gross revenue. Michigan recorded back-to-back months with at least $160 million in gross revenue for the first time, clearing that benchmark by nearly $274,000 in October. Pennsylvania rounded out the “Big 3” with $154.8 million in operator winnings, marking its first time surpassing $150 million in consecutive months.

Alabama

• Bonus.com: Alabama Gambling Laws: Leaders Say Status Quo Must Go So Illegal Casinos Will Leave
  • Alabama gambling laws may gain visibility in 2024 because leaders from the Alabama House of Representatives spent November saying illegal retail and online gambling must go. The lawmakers believe the Alabama Legislature must propose a body to regulate gaming to get that done. What’s unusual about that sentiment is there isn’t much legal gambling in Alabama for a gaming commission to regulate. So state leaders are talking about the inverse — creating a regulator to combat illegal gambling. On Nov. 27, House Speaker Nathaniel Ledbetter added that a comprehensive bill penned by state Rep. Andy Whitt may also include expanding legal gambling “at select locations statewide,” according to Bill Britt‘s Nov. 28 article in the Alabama Political Reporter.

California

• PlayUSA: What Polling From Both Sides Says About Prospects For California Sports Betting Initiative
  • Polling presented by California sports betting initiative proponents and Indian tribes opposing the proposal shows differing perspectives on the prospects of online sports betting in the state. Neither survey indicates a clamor for sports betting in the Golden State and both show the damage of negative campaigning last election cycle. Polling offered by the Coalition for Safe and Responsible Sports Wagering suggests the views of California voters haven’t changed since the last election when two ballot measures lost badly.

Massachusetts

• SBC Americas: MGC Expresses Concern Over Low RG Tool Uptake
  • Massachusetts Gaming Commission (MCG) Chair Catherine Judd-Stein has expressed her concern that there is a low take up of responsible gambling tools from consumers in the state. Judd-Stein raised these concerns as operators reported their Q3 report to the commission, updating the regulator on its revenue and approach to other initiatives such as DEI, RG and lottery engagement.  When DraftKings reported that fewer than 0.1% of users were using time limits, 2.3% used deposit limits, 0.13% used spending limits and 0.4% used wager limits, the regulatory Chairwoman was not happy and requested the operator work to improve those figures.

Michigan

• PlayMichigan: BetRivers Sportsbook, Casino Hit Record Michigan Numbers In October
  • October was certainly a month to remember for BetRivers in the state of Michigan. For the second time in just three months, its Michigan online casino recorded record monthly revenue. The October total was a new best of $10.6 million. Not to be outdone, its Michigan online sportsbook blew away its record monthly handle in October, more than doubling its previous best. BetRivers Casino Michigan has been joining in on the fun of 2023. As the state continues to move at a record-setting revenue pace, the same can be said of the online casino of Little River Casino.

• Legal Sports Report: Which Michigan Sports Betting Apps Drove Record Online Handle?
  • Four Michigan sports betting apps set individual highs in October, pushing the market to a record $533 million in online handle. According to figures recently released by state regulators, FanDuel took in $173.4 million last month, the most ever by a single operator in Michigan sports betting history. DraftKings was next in line with $147.4 million, besting its previous record of $137.3 million set in September. Caesars popped for big handle gains in October, jumping 25% over September to $42 million in bets. Bettors fared better than Caesars though, winning $306,000 more than they wagered in October.

Ohio

• Cleveland.com: State Lawmaker Wants To Slash Ohio’s Tax Rate On Sports Betting Operators
  • An Ohio state senator has introduced legislation to halve the state tax rate levied on sports betting operators, which could cut tens of millions per year, at least, most of which flows to K-12 education. Just before Thanksgiving, Sen. Niraj Antani – a Miamisburg Republican who recently announced plans to run for Congress – introduced Senate Bill 190. It would cut sports books’ gross receipts tax from 20% to 10%. When Ohio’s sports betting program launched Jan. 1 of this year, casinos paid a 10% tax on gross receipts. However, lawmakers in the state budget this summer doubled the rate to its current 20%. State law steers most revenue from sports betting to support public and nonpublic K-12 education.