Industry News of the Day for September 27, 2023

iDEA Growth Member News

  • CDC Gaming ReportsAnalyst Wild About DraftKings
    • In a major shift of position, J.P. Morgan analyst Joseph Greff went all in on DraftKings, raising his price target from $26 per share to $37 and moving his rating from “Neutral” to “Overweight.” The reasons for Greff’s pivot included an overall “appealing sector” (online sports betting), “attractive same-store and new market growth prospects,” and better control of expenses across the sports-betting marketplace.

Industry News

  • SBC Americas: Genius Sports’ BetVision brings NFL Livestreams To Sportsbooks
    • Genius Sports has unveiled the launch of BetVision, a new product allowing players to livestream NFL games alongside integrated bet slips and statistical information.  BetVision allows sports bettors to watch and bet on NFL fixtures simultaneously from the same hub within the sportsbook app. The livestreams come with integrated betting odds and bet slips alongside in-game betting notifications and offers throughout the match.
  • Las Vegas Review-Journal: MGM, Caesars Face Class-Action Lawsuits Over Cyberattacks
    • Several recently filed lawsuits against some of the biggest names on the Strip allege the gaming companies failed to protect customer data during recent cyberattacks. Four class-action lawsuits filed in Nevada District Court on Thursday say that Caesars Entertainment and MGM Resorts International failed to protect the personal identifiable information of loyalty program customers whose data may have been compromised during separate attacks made public this month.
  • CFTC Rejects Kalshi’s Proposed Election Markets, Decision Leaves Political Wagering A No-Go
    • The Commodity Futures Trading Commission (CFTC) has rejected Kalshi’s proposal to list election markets, calling the idea “contrary to public interest.” In a decision announced last week, the CFTC decided Kalshi’s cash-settled political event contracts would cross the line into unlawful gaming. Consequently, it has banned political events from being listed or available for clearing or trade on Kalshi’s regulated event exchange. The ruling landed precisely three months after the Commission began consideration.


  • Sports Handle: July Sports Wagering Revenue In Arizona Up More Than 11% Year-Over-Year
    • The Arizona Department of Gaming reported a sports wagering handle of $323.2 million for July, which marked a year-over-year increase of 11.3%. Sportsbook operators took in $34.5 million in gross revenue before promotional wagers and deductions were taken out for a healthy hold of nearly 11%, while the state collected a shade under $2.7 million in taxes for the month.


  • PlayCA: With California Sports Betting Initiatives Unlikely In 2024, What’s Next?
    • The November 2024 election is barely a year away, and no California sports betting initiatives have been filed. Less than a year ago, California voters defeated two competing sports betting measures at the polls in historical fashion. The Golden State represented – and still represents – the gold standard of a market, potentially worth billions in annual revenue. The failed initiatives of 2022 came at a price tag of more than $458 million, nearly half of which was spent by the tribes to keep out-of-state sportsbooks from entering California.


  • Toronto Star: Insiders Place Their Bets On Canada’s Sports Gambling Landscape For 2022
    • A lineup of sportsbook operators is waiting for one of the largest gambling markets in North America to turn on the Open sign. Pro sports leagues, teams and media companies are forecasting the anticipated avalanche of money through advertising and marketing deals. The prize for operators is landing customers in Canada’s new version of the sports wagering business as fans try to learn the differences among parlays, money lines and player props.


  • Gaming Today: West Flagler Asks Florida Supreme Court To Prevent Sports Betting Relaunch
    • West Flagler Associates on Monday asked the Florida Supreme Court to prevent the Seminole Tribe of Florida from relaunching sports betting in the state, claiming that neither Gov. Ron DeSantis, who negotiated the 30-year gambling compact in 2021, nor the State Legislature that ratified it had the power to do so. In 2018, Florida voters overwhelmingly passed Amendment 3 to the constitution giving voters the power to approve any expansion of gambling in the state of nearly 22 million.
  • Bloomberg Law: Casinos Challenge DeSantis’ $2.5 Billion Sports Betting Deal
    • The future of mobile sports betting in America’s third-largest state is on the line after Florida casinos challenged a $2.5 billion dollar deal Gov. Ron DeSantis (R) struck with a Native American tribe. DeSantis and the state Legislature violated the state constitution by adopting a 2021 pact allowing the Seminole Tribe of Florida to hold “off-reservation” betting through a mobile sports-betting book and app, brick-and-mortar casinos alleged in a petition filed in the Florida Supreme Court Monday.


  • Legal Sports Report: Analysis: How Big Will Kentucky Sports Betting Online Market Become?
    • The centuries-old Bluegrass State gambling industry is on the cusp of another modern expansion, with legal online Kentucky sports betting sites set to go live Thursday. Kentucky sports betting could generate $1 billion in handle and $100 million in revenue before the end of 2023, according to LSR projections. National leaders FanDuel and DraftKings are stomping in the starting gates, eager to add more turf to their ever-growing territorial empire.


  • PlayUSA: Louisiana’s August Gambling Revenue Continues Declining Streak
    • The Louisiana Gaming Control Board (LGCB) revealed gaming revenue for August was nearly $257.7 million. Most of the revenue came from Louisiana riverboat casinos (almost $136.1 million), while slots at racetracks brought in nearly $25.1 million. The state’s only land-based casino generated $17.96 million in revenue, and video gaming terminals generated $61.6 million.

North Carolina

  • TheLines: Fewer Online Sportsbooks Could Be Headed For North Carolina Due To New Rules
    • Even before the market goes live, significant changes have been made to the North Carolina sports betting industry. The state budget has been approved, changing the sports betting operator licensing rules. Local pro teams and sports venues now have a say in which operators gain licenses for North Carolina sports betting apps. The recently approved budget changes language in the sports betting bill. Initially, the measure allowed 12 mobile operators to launch in the Tar Heel State.