Industry News of the Day for October 3, 2022

By iDEA | October 3, 2022

iDEA Growth Member News

  • Zacks Equity Research: How Will Paysafe (PSFE) Benefit From Its Kansas Expansion?
    • Paysafe Limited has recently entered the Kansas online sports-betting space as a part of its 2022 North American expansion drive. With this expansion, Paysafe will have its footprint in 23 states or jurisdictions.

Industry News

  • EINPresswire: Sports Betting Global Market Estimated To Grow At 10% Rate
    • As per The Business Research Company’s “Sports Betting Global Market Report 2022”, the sports betting market is expected to grow from $89.65 billion in 2021 to $99.20 billion in 2022 at a compound annual growth rate (CAGR) of 10.64%.
    • Several iDEA Growth members are mentioned as major market players.
  • Derek Helling for PlayUSA: Tax-Free Program Could Increase Impact Of Tribal Gaming Revenues
    • Tribal casinos have always been a way for indigenous groups in the United States to support their members. One of those groups is embarking on a new program that will make tribal gaming revenues even more beneficial for its populace. A 2014 federal law gives members of such tribes the ability to receive payments from gaming authorities without including those payments on federal income tax reports. The payments must satisfy certain parameters to qualify, however.

California

  • Hill Kerby for PlayCA: Opposition To Both California Sports Betting Propositions Swells
    • Propositions 26 and 27 appear to compete for Californians’ votes this November. Proponents of each measure give that illusion, urging voters to choose one over the other. But a significant segment of the population will be voting “no” on both sports betting initiatives.

Indiana

  • Chris Altruda for US Bets: Indiana iGaming Could Generate $469M Revenue In Year One, Study Says
    • A report commissioned by the Indiana Gaming Commission and released this week projects that the Hoosier State could generate approximately $469 million in revenue in the first year of online casino gaming. Spectrum Gaming Group, which conducted the analysis and presented it to the IGC in late July, said it “does not expect iGaming to negatively impact [brick-and-mortar] casino revenues.”
  • Charlie Horner for SBC Americas: MaximBet debuts sportsbook in Indiana to fuel US ambitions
    • MaximBet has made another step into its multi-state entry into the US market, launching its first sports betting platform in Indiana. The sportsbook has been developed in partnership with Kambi Group and White Hat Gaming, which will provide sports betting services and user experience technology, respectively.

Michigan

  • Heather Fletcher for MichiganSharp: Skill Games Expansion Bill Advances as Michigan Regulators Continue Crackdown
    • On Tuesday, three Michiganders are scheduled to be sentenced in Genesee County after pleading guilty to running illegal gambling operations. To explain those and other recent arrests, the Michigan Gaming Control Board (MGCB) sent reporters information about the confiscated skill games. On Wednesday, the Michigan Senate passed a bill that may weaken the state’s skill games law that allowed those arrests. Also on Wednesday, House members sent SB 1065 to the Committee on Regulatory Reform. If the House approves the bill and Gov. Gretchen Whitmer signs it, it will become law.

New Jersey

  • Conor Porter for SBC Americas: Xpoint Verify goes live with PlayStar in New Jersey
    • Xpoint Verify, the real-money gaming geolocation product of Xpoint, has expanded further in the US market, going live with the online casino brand PlayStar in New Jersey. The launch of Xpoint Verify with PlayStar is part of the geolocation partnership agreed between the online casino and Xpoint earlier this year.

Ohio

  • Jake Garza for PlayOhio: Caesars Planning Big Return To Ohio With Online Sportsbook Launch
    • Caesars Entertainment will be making its return to Ohio’s gambling market next year. It’s been a while since the company had a major presence in the state. Caesars sold off most of its Ohio properties back in 2015. Since then, Scioto Downs has been the company’s only betting spot in Ohio. While that won’t be changing anytime soon, Ohio sports betting will give the company a new chance to elbow its way back into the Buckeye State’s industry.

Texas

  • Tyler Andrews for PlayTexas: Sports Betting Alliance Expects Illegal Gaming Data To Sway Legislators
    • The Sports Betting Alliance, a collective of major Texas sports teams and four prominent online sportsbook operators, has been busy educating legislators on the burgeoning illegal gaming market in Texas. When the 2021 legislative session ended without any gambling or Texas sports betting legislation making it out of committee, the Sports Betting Alliance stuck around Austin to keep the conversation going.

Virginia

  • Chris Altruda for SportsHandle: Virginia Sportsbooks Post State-Record 13% Hold In August
    • As part of what is shaping up to be a historic rout of the sports wagering public nationally for August, operators in Virginia more than kept pace with a staggering 13% hold, according to figures released Friday by the Virginia Lottery.
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