Industry News of the Day for November 7, 2022

iDEA Growth Member News

• NASDAQ: Shift4 Payments (FOUR) Beats Q3 Earnings and Revenue Estimates
  • Shift4 Payments (FOUR) came out with quarterly earnings of $0.44 per share, beating the Zacks Consensus Estimate of $0.42 per share. This compares to earnings of $0.26 per share a year ago. These figures are adjusted for non-recurring items.

• SBC Americas: DraftKings expects positive adjusted EBITDA by 2024 DraftKings is still on the path toward profitability after recording another net loss and adjusted EBITDA loss period in the third quarter of 2022. Despite a “very strong” Q3, which saw its revenues improve by 136% year-over-year, the operator still reported a net loss, but it has altered its revenue and adjusted EBITDA guidance for the 2022 fiscal year to reflect the YoY improvements.

Industry News

• Legal Sports Report: Arbitrator Rules Fox Can Buy Major FanDuel Stake From $20 Billion Valuation
  • An arbitrator in New York sent a shockwave through the US sports betting industry Friday by ruling that Fox Corp. can purchase a sizable stake in FanDuel from a $20 billion overall valuation.

Florida

• PlayFL: Lobbyist On Chairman’s Gaming Board Application Raises Eyebrows
  • The chairman of the Florida Gaming Control Commission, John MacIver, was appointed by Florida Gov. Ron DeSantis to oversee the five-member commission to regulate commercial gaming in Florida. But there are questions about how he got there.

Maryland

• Maryland Sharp: DraftKings to Open Maryland Retail Sportsbook at Timonium Racetrack
  • DraftKings is the newest sportsbook to be approved for a Retail Sports Betting License by the Maryland State Lottery & Gaming Control Agency. Crown Maryland Gaming LLC and DraftKings received a Sports Wagering Facility Operator License. They will operate a retail sportsbook at Timonium Racetrack under the grandstands of the facility.

Massachusetts

• MassLive: Background dealmaking between Massachusetts sports betting applicants underway as launch nears
  • Companies involved in Massachusetts’ budding sports betting market are already starting to seek out deals and partnerships with each other in the run-up to the scheduled launch of sports wagering early next year, according to new documents regulators released to MassLive and interviews with key stakeholders.

• PlayMA: Why DraftKings Massachusetts Hoped For A Universal Launch
  • On October 27, the Massachusetts Gaming Commission (MGC) rejected DraftKings’ request for a universal start date for retail and online sports betting. DraftKings Massachusetts was the only brand to ask for a universal start date.

Missouri

• PlayMissouri: Election Key To Future Of Sports Betting In Missouri
  • There are several key issues on voters’ minds in the 2022 Election. Inflation, abortion, immigration – they’re all on the table. In Missouri, sports betting is too. While not directly up to the voter, like recreational marijuana is, Missouri voters can indirectly determine whether or not sports betting will become legal in 2023.

New Jersey

• PlayNJ: DraftKings Casino debuts exclusive linked progressive jackpots in New Jersey
  • DraftKings Casino released a new progressive jackpot feature in October, and it’s only available only to its NJ online casino players. The new jackpot is the first of its kind in North America, linking games across multiple genres. It has already hit, too, awarding a mid-six-figure payout within the first two weeks of launching.

New York

• Sports Handle: With half the state’s online share, FanDuel holds dominant position in the New York market
  • As the end of New York’s first year of legal sports betting approaches, a clear market leader has emerged. FanDuel, buoyed by a stubbornly high hold rate, has become the dominant player in New York sports betting.

• PlayNY: Seneca Nation Wants New Compact, But Actions Of Gov. Hochul ‘Will Never Be Forgotten’
  • Not long ago, the Seneca Nation of Indians held optimism that it would land a new and “fair” gaming compact with the state of New York. As it stands, the tribe remains in negotiations to renew that agreement, set to expire at the end of 2023.

Ohio

• WKRC-TV: Ohio: FC Cincinnati selects temporary home for sports betting
  • FC Cincinnati [has decided] on a temporary home for its new sports betting facility slated to open January 1. It will be at Taft’s Ale House on Race Street, just a couple blocks from TQL Stadium. The betting windows and kiosks will be in the downstairs bar area at the Over-The-Rhine business.