Industry News of the Day for November 7, 2023

By iDEA | November 7, 2023

Industry News

  • PlayUSA: DraftKings, FanDuel Target Sports Bettors From Unregulated Market
    • Before attracting new sports bettors to use their apps, FanDuel and DraftKings are focused on getting bettors away from the unregulated market. While DraftKings and FanDuel dominate market share in the regulated US sports betting market, there is a vast number of existing sports bettors they have not been able to reach. Speaking at the Global Gaming Expo (G2E) in Las Vegas last month, DraftKings CEO Jason Robins and FanDuel CEO Amy Howe discussed their efforts to tap into an unregulated online sports betting market that is bigger than their companies.
  • SBC Americas: Rush Street Interactive Reports Positive EBITDA For Second Successive Quarter
    • Rush Street Interactive CEO Richard Schwarz has heaped praise on the company’s online casino-centric approach to operations after it recorded a second successive quarter of positive EBITDA contribution.  Publishing its Q3 financial results, RSI – which runs the BetRivers and PlaySugarHouse brands – posted revenue of $169.9m up 15% year-over-year. Breaking it down geographically, $151m was derived from US and Canadian operations, and $19m from Latin American operations. The firm has also stated that it is a top five operator in all online casino markets where it operates in the US and Canada.
  • Sports Handle: DraftKings Takes Victory Lap, Vows To Remain ‘Disciplined’ Amid ESPN BET Launch
    • In the cutthroat world of online gambling, Jason Robins has continually welcomed fierce competition. Following a quarter when DraftKings claimed the top spot in national market share, CEO Robins is not backing down with a pair of highly capitalized, mainstream brands in pursuit. One of those, ESPN BET, revealed its formal launch date on Thursday, but DraftKings made news of its own just a few hours later. After trailing archnemesis FanDuel for all of 2022, DraftKings announced Thursday afternoon that it vaulted past the longtime U.S. market leader for the third quarter of 2023.

Maryland

  • Eye On Annapolis: Will The Online Gambling Industry In Maryland Expand To Include iGaming?
    • As the Maryland online sports betting market continues to grow, there is talk about if and when online casino games will be legalized in the state. If legalization does happen, it will allow Maryland residents to play slots and table games like blackjack and roulette online. There seems to be an appetite for online gambling in the state. There are now 12 mobile sportsbooks in operation in a legal online sports betting industry that only launched in November 2022. The industry is governed by the Maryland Lottery and Gaming Control Agency and has progressed well so far, with the online sportsbooks operating alongside 10 retail sportsbooks in the state.

Massachusetts

  • PlayMA: DraftKings Has An Outsized Market Share In Massachusetts. Here’s Why
    • DraftKings has found quite the home in Massachusetts. The latest Massachusetts sports betting revenue report shows just how much the Boston-based sportsbook dominates the market in its home state. DraftKings Massachusetts totaled $290.1 million in handle in September. Those numbers made it the most popular online sportsbook in Massachusetts by far. September further cemented DraftKings’ position as the top option for bettors within the state. But why is that? DraftKings is at or near the top in most states it operates in. But not to the same degree they are in the Bay State. Furthermore, there are plenty of instances where other sportsbooks command that top spot.

Michigan

  • US Bets: Michigan Lawmaker Tries To Update Illegal Gambling Rule, May End Up Banning Kid Games
    • A Michigan lawmaker is looking to put an end to no-good rats who are operating illegal slot machines in the state, but her proposal, as written, would also ensnare everyone’s favorite — well, probably second-favorite — mouse. As first reported by Michigan Capitol Confidential, state Rep. Cynthia Neely (D) introduced House Bill 5227, which would effectively redefine what an illegal slot machine is in the state. From the bill: “(S)lot machine means any mechanical, electrical, electromechanical, or other device, contrivance, or machine that, on insertion of a coin, token, or similar object, or on payment of any consideration, is available to play or operate.

Minnesota

  • Star Tribune: Big Player In Casino Industry Keeping Close Eye On Effort To Legalize Sports Betting
    • Legalized sports betting in Minnesota could potentially generate millions for casinos in the state. But the casinos aren’t the only ones waiting for the Legislature to take it up again this spring. So are the companies providing the backbone of the operations such as International Game Technology, or IGT, a London-based company behind lottery and casino gaming machines. “It’s something we talk to operators in Minnesota about when we see them, either if somebody goes up to Minnesota to see what’s happening locally, or casino operators that travel to Las Vegas and we see them at industry conferences,” said Joe Asher, IGT’s president of sports betting.

North America

  • NC Sharp: BetRivers Not Targeting A North Carolina Online Sports Betting Launch
    • Rush Street Interactive (parent company of BetRivers) gave its third-quarter earnings call on Thursday, highlighting its year-over-year revenue growth but making no mention of a plan to launch in North Carolina. RSI has a presence in over a dozen states already and a growing iGaming customer base. However, RSI left North Carolina out of its list of states “targeted for market expansion.” As regulators prepare to launch North Carolina online sports betting next year, major operators will be gearing up to enter the state. At the moment, BetRivers remains on the sideline.

Oklahoma

  • SBC Americas: Stitt’s Oklahoma Sports Betting Plan Draws Tribes’ Ire
    • Gov. Kevin Stitt announced last week that he will make a push to bring sports betting to Oklahoma in 2024. Last year an effort to legalize sports betting from Rep. Ken Luttrell breezed through the House before stalling in the Senate. As Luttrell told local outlet KFOR though, Stitt did not consult him before announcing his own plan. “I promised Oklahomans if we pursued sports betting, we would do it right— and this plan does just that. Thirty-five states have already legalized sports betting, and it’ll be a great revenue stream for the state. Tribes will be able to add it onto their existing infrastructure, and Oklahomans can access it right from their phone,” Stitt said.
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