Industry News of the Day for October 20, 2021

iDEA Growth Member News: 

• SBC, 10.20.21: Drive By Draftkings Raises First Venture Fund Worth $60m 
  • Multi-stage venture capital firm Drive by DraftKings has raised its first venture fund of $60m with the backing of high-profile owners, organizations, investors and athletes across the sports and entertainment industries. 
• Sports Handle, 10.19.21: DraftKings-Entain Extend Negotiating Window Until Mid-November 
  • DraftKings and Entain have extended a window for negotiations concerning DraftKings’ proposed $22 billion acquisition of the U.K.-based gaming conglomerate, the companies said in separate statements released on Tuesday. 

Overall Industry News: 

• NY Business Journal, 10.19.21: Leagues Keep Watchful Eye On Evolution Of Sports Betting  
  • U.S. pro sports leagues, teams, media networks and other enterprises remain in the exploratory stages of how to best maximize commercial elements and media potential. 

New Jersey: 

• Business Insider, 10.20.21: Sports Gamblers Bet More Than $1 Billion In New Jersey Over A Single Month, Breaking National Records 
  • Sports gamblers in New Jersey placed over $1 billion in bets last month, setting a new national record. 

Pennsylvania: 

• SBC, 10.19.21: Pennsylvania Sportsbooks Hit Almost $580m In September Wagers 
  • September betting volume at Pennsylvania’s sportsbooks was the second-most all-time for the state, nearly hitting $580m for just the second time according to PlayPennsylvania which tracks regulated online gaming and sports betting in the state. 

New York: 

• Times Union, 10.19.21: Here’s Where New York Is In The Mobile Sports Betting Process 
  • With every ad for Caesars Sportsbook that airs between beer and truck commercials during football games, the question looms ever larger: When will New Yorkers be able to bet on games from their phones? 
• Legal Sports Report, 10.19.21: Top Mobile NY Sports Betting Bid Selected By State Regulator 
  • New York gaming regulators are close to deciding who will receive a coveted mobile NY sports betting license. 
• Play NY, 10.19.21: Tax Rate For NY Online Sports Betting Could Hit 64%, Per State Regulators 
  • Legalized online sports betting in New York is moving toward a conclusion. And that conclusion could come with an effective tax rate of 64% on sports betting revenue in the state, per new information from state regulators. 

Connecticut: 

• WSHU, 10.19.21: Online Sports Betting Is Legal To All 21 And Up In Connecticut 
  • Connecticut fully launched online sports betting Tuesday morning to all residents and visitors to the state who are 21 years or older. 

California: 

• CBS Sacramento, 10.19.21: Steinberg Among 4 CA Mayors Backing Sports Betting Ballot Measure To Help Homeless 
  • Want to bet on sports games online? You may soon be able to in California and help the homeless at the same time if a new measure gets enough support to make it onto next year’s ballot. 
• Play CA, 10.19.21: California Sports Betting Initiative Backed By Card Rooms To Begin Signature Gathering 
  • It’s looking more and more like there could be three sports betting initiatives on the California ballot in November 2022. 
• Legal Sports Report, 10.19.21: California Sports Betting Initiative Gets Boost From Mayoral Backing 
  • Four California mayors have lent their support to the ballot initiative that would legalize online sports betting in California. 

Florida:  

• Tampa Bay Times, 10.19.21: Florida Officials And Tribe Win Round 1 In Legal Fight Over Sports Betting 
  • A federal judge has dismissed a lawsuit against Gov. Ron DeSantis and the Seminole Tribe over the gaming compact signed in April this year, giving the state an early victory in what is the first of three legal battles for sports betting in Florida. 
• WINK, 10.19.21: A Step Forward For Those In Support Of Sports Betting 
  • This week, a win came for those who want sports betting to come to Florida sooner rather than later. 
• Sports Handle, 10.19.21: One Florida Sports Betting Lawsuit Thrown Out; Two More In Play 
  • In what is being touted as a victory for the Seminole Tribe and Florida Gov. Ron DeSantis, a U.S. District Court judge on Monday dismissed a lawsuit seeking an injunction against the start of legal sports betting in Florida.