Industry News of the Day for October 25, 2023

By iDEA | October 25, 2023

iDEA Growth Member News

  • Gambling Insider: Pierre Cadena Steps In As VP Of Corporate Strategy At Catena Media
    • Catena Media, an affiliate marketing company, has appointed Pierre Cadena as VP of Corporate Strategy. The appointment is scheduled to take effect on November 1, 2023, with Cadena to be based in the United States, where he currently resides. Prior to joining Catena Media, he served as the SVP and head of Revenue & Strategy for TMZ, a news and entertainment brand under Fox Entertainment. This announcement comes on the heels of several noteworthy developments within Catena Media in recent months.
  • PR Newswire: Kindred Reports On Revenue From Harmful Gambling In The Third Quarter 2023
    • In the third quarter of 2023, Kindred’s share of revenue from harmful gambling was 3.3 percent. During the quarter, focus on detection and automated interventions has increased, which is reflected in the steady positive trajectory of improved behavior after interventions, which this quarter was 86.7 percent. Kindred Group plc’s (Kindred) share of revenue from harmful gambling for the third quarter of 2023 was 3.3 (Q2 2023 3.1) percent. In the past quarter, automated interventions have been rolled out continuously, and enhanced features in the safer gambling toolkit have been implemented to provide a more comprehensive, responsible gambling journey across Kindred’s brands.

Industry News

  • Legal Sports Report: Underdog Pick’em Banned In Maine As State Preps November Sports Betting Start
    • Maine became the latest state to ban pick’em games offered by fantasy sports companies, leading to Underdog at least temporarily pulling back the prop-style markets. Last week, the Maine Gambling Control Unit issued a fine of $391,850 dollars to Underdog for offering illegal daily fantasy games, MGCU Executive Director Milton Champion told LSR on Tuesday. Underdog has 30 days to appeal but was instructed to immediately cease offering pick‘em contests in the state, according to Champion.
  • SBC Americas: Smarkets To Halt US Expansion Following Challenging 2022
    • Smarkets CEO Jason Trost has stated the company will slow down its US expansion plans after facing what the firm called a challenging year of trading in 2022. Reporting its accounts to the Companies House – the UK’s registrar of companies – as per its legal obligations as a privately owned company in the country, Smarkets noted that its revenue had declined 10% year-over-year from $24.4m in 2021, to $21.9m in 2022. 2022 trading saw Smarkets launch its flagship SBK sportsbook brand in Indiana in Q1 and it secured a permanent license in the state in Q4. Meanwhile, it also appointed a General Manager for the US the spearhead growth.

Michigan

  • Play Michigan: Michigan Online Casinos Passed $4 Billion In Lifetime Revenue
    • Michigan online casinos crossed the $4 billion mark for lifetime revenue in September. This is thanks to the state recording $166.4 million in September revenue according to the Michigan Gaming Control Board. That is the second-greatest monthly total in its history. September’s mark is a 9.3% increase from August’s $152.2 million and a 29.3% increase from September 2022’s $128.7 million. Online casinos in Michigan continue to make big gains from a year ago with September surpassing last year’s mark by over $37 million.

Nevada

  • Play USA: GAN Sports Receives Nevada Regulatory Approval For Gaming License
    • GAN Limited announced that it has received regulatory approval from the Nevada Gaming Commission. GAN is a leading business-to-business supplier of online gambling software-as-a-service solutions, mainly to the land-based casino industry in the US. The company is a B2B technology provider of real-money online casino solutions. It is also a well-known International B2C operator of online sports betting. Nevada regulatory approval allows GAN to commence field trial operations of its GAN Sports betting platform with its Nevada customers.

New York

  • SBC Americas: Addabbo Plans Another Legislative NY Online Casino Push
    • The new year is not too far off, which means a new push for gambling legislation is on the horizon. For online casino legislation, 2023 was a relatively quiet year, with only Rhode Island choosing to regulate it in a very limited capacity. That is not deterring New York State Sen. Joseph Addabbo. A frequent champion of gambling legislation, Addabbo confirmed with Sports Betting Dime he will be once again pushing for online casino expansion in the state. In addition, the bill would also allow for online lottery sales in the state.

Pennsylvania

  • Legal Sports Report: PA Sports Betting Promos Spike To Record Levels As NFL Returns
    • PA sports betting apps opened their wallets in September, doling out $29.5 million in free bets. That is the single highest month of promotions reported in Pennsylvania since mobile sports betting launched more than four years ago. DraftKings led all PA sports betting operators with $11.5 million in September promos as companies fight for new NFL betting customers. FanDuel was not far behind with $11.1 million, according to the state report. Both totals were the most either sportsbook has ever offered in the Keystone State.
Posted in Daily Clips