Industry News of the Day for September 22, 2023

By iDEA | September 22, 2023

Industry News

  • CDC Gaming Reports: Caesars, MGM Talk Online And International Strategies
    • In meetings last week in Las Vegas with Truist Securities analyst Barry Jonas, executives of Caesars Entertainment and MGM Resorts International both laid out upbeat scenarios for the future of their online operations. They also discussed prospects for business in the Persian Gulf. Caesars executives told Jonas that they believe the company is on track for $500 million in digital revenue by 2025. One way of achieving this is by raising the hold on Caesars-branded sports-gambling products. Management opined that they don’t need to hold as much as market-leading FanDuel and DraftKings do.
  • Sports Handle: I Want You To Quant Me: High-Tech Startups Aspire To Help Bettors Beat The Books
    • After a highly successful career playing and coaching college basketball at Winona State, Southern Illinois, and Indiana State, Megan Lanham decided to scratch the sports betting itch. “I started betting a little bit and said, ‘Huh, there’s nothing easy out there for people who want to use predictive analytics,’” she recalled, adding that “horrible” Excel spreadsheets were about all that existed. Lanham didn’t want to pay for picks, either. Rather, she said, “I wanted my own instincts back-tested.”
  • PlayNJ: Sports Remains Fanatics Focus, But Online Casinos ‘Definitely’ Part Of Long-Term Strategy
    • Its name alone lets you know of its priorities: Fanatics Betting and Gaming. Betting comes first. But don’t believe that it ends there for Fanatics, which entered New Jersey via the PointsBet sportsbook a few weeks ago. The company fully intends to dip into the NJ online casino side of things. And soon. Potentially by the end of the year, according to Ari Borod, Fanatics’ chief business officer. According to Borod, online casino gaming “will definitely be part of our long-term strategy, just like it is for FanDuel and DraftKings, and obviously for the land-based casino businesses like BetMGM, Caesars and PENN.”

Kentucky

  • Legal Sports Report: Kentucky Sports Betting Staggered Start Has Interesting Parallels
    • While Kentucky sports betting is live, the action of the first two weeks is likely a fraction of what it will be in seven days. In-person Kentucky sports betting launched on September 7. While sportsbooks have reportedly stayed busy, bettors will more than flood the market next week when mobile operators launch. In states with both options, mobile sports betting attracts more than 90% of monthly handle. Through the first two weeks of sports betting, sportsbooks have taken $4.5 million in wagers, according to a release from Gov. Andy Beshear.
  • Bonus.com: 60K Kentucky Online Sports Bettors Ready For Sept. 28 Mobile Sportsbook Launch
    • More than 60,000 online sportsbook accounts have already been created by Kentucky sports bettors in preparation for the Sept. 28 launch of online esports and sports betting, the governor said on Sept. 21. The statement [was issued] today by Gov. Andy Beshear. Beshear added that Kentucky retail sportsbook wagers total more than $4.5 million since land-based bets began on Sept. 7.

Massachusetts

  • SBC Americas: New MA Sportsbook Logo Reg Could Cost DraftKings Over Six Figures
    • DraftKings came to the Massachusetts Gaming Commission (MGC) this week hoping to be granted an exception on the state’s new regulation involving logo displays at major sports arenas. It came away from Thursday’s meeting with no exception and a clear expectation from the commissioners that logos at Fenway Park, Gillette Stadium, and TD Garden will need to change. That could be a very costly endeavor for DraftKings.

Michigan

  • PlayMichigan: MGCB’s ‘Don’t Regret The Bet’ Ad Campaign Wins Pair Of International Honors
    • The ad campaign “Don’t Regret the Bet” by the Michigan Gaming Control Board is receiving international recognition. An effort from the MGCB and King Media, the series of Michigan responsible gambling ads have won a pair of awards over the last two months. “Don’t Regret the Bet,” is an ongoing ad campaign that launched in March and being recognized for its creativity, messaging and impact.

Mississippi

  • iGB North America: Mississippi Sports Betting Spend Edges Up In August
    • Consumer spending on sports betting in Mississippi was 0.9% higher year-on-year in August, while revenue in the state remained level. Monthly handle in Mississippi amounted to $21.4m (£17.4m/€20.1m), up from $21.2m in August 2022. This was also 20.9% ahead of $17.7m in July this year. Revenue for the month hit $2.7m, level with the same month last year and 8.0% more than $2.5m in July. As has been the case for some time, coastal casinos were again the most popular venues among Mississippi players.

North Carolina

  • NC Sharp: Casino Expansion In North Carolina Gets Heated Then Fizzles Out
    • Party infighting, resistance from both sides of the political aisle, and strong opposition from the governor doomed any chances of expanding casino and video lottery gambling in North Carolina in 2023. Pro-expansion supporters wanted to add at least three retail casinos in the state and to legalize up to 50,000 video lottery terminals (VLTs). However, the Achilles heel of the effort was a controversial strategy to tether the gambling proposals to the expansion of Medicaid in the state budget.

Pennsylvania

  • PlayPennsylvania: Pennsylvania Online Casinos Cross $5 Billion In Lifetime Revenue
    • Business is booming in Pennsylvania. The Keystone State is the clear market leader when it comes to online casino revenue within the US. After August’s total of $171.9 million, Pennsylvania surpassed the $5 billion threshold for lifetime revenue. Pennsylvania online casinos are constantly upgrading and adding new content, and customers are responding. It doesn’t appear the market will be slowing down anytime soon, either.
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