Industry News of the Day for September 29, 2023

iDEA Growth Member News

• SBC Americas: Better Collective Signals Intentions For Dual Listing On Nasdaq Copenhagen
  • Better Collective has informed shareholders of its intentions to seek a secondary listing on the Nasdaq Copenhagen exchange. The sports betting and gaming media publisher is currently listed on the Nasdaq Stockholm but is seeking to be a dual-listed firm by hopping over the Oresund Bridge to list in its native Denmark. Shareholders were notified that the purpose of the secondary listing is not to issue more shares or raise new capital, but rather to enhance its standing in Denmark, where the firm is headquartered.

Industry News

• AP News: Report: High-Risk Problem Gambling Fell Slightly In New Jersey Even As Sports Betting Took Off
  • High-risk problem gambling in New Jersey declined slightly even as sports betting took off in the state, according to a report issued Thursday. But the report by Rutgers University and paid for by the state’s gambling enforcement division found that such problem gambling remains three times higher in New Jersey than the national level. Compiled between Dec. 2020 and April 2021, the report examines 15 types of gambling, including in-person or online casino gambling …

• SBC Americas: GeoComply And OneComply Unite With Mission To Protect
  • OneComply completed the first stage of its journey when it was acquired by GeoComply. Co-Founder and General Manager Cameron Conn says the hard work has just begun. GeoComply has been supportive of OneComply since before it was founded. GeoComply co-founder David Briggs introduced CEO Cameron Conn to his CTO and co-founder Aaron Gould. When Gould came up with the name for the company, Conn insisted they speak to Briggs to gain his blessing.

Florida

• Legal Sports Report: Florida Sports Betting Stay Denied In DC Court
  • West Flagler Associates’ stay motion was denied Thursday by the DC Circuit Court of Appeals in the federal arm of the ongoing Florida sports betting battle. West Flagler, following the widely anticipated appellate decision, is now expected to seek an emergency injunction with the Supreme Court. It remains unclear when legalized Florida sports betting will return to the Sunshine State. West Flagler also opened up a State Supreme Court case earlier this week.

Kentucky

• PlayUSA: Legal Online Sportsbooks Accept First Bets In Kentucky
  • Kentucky is now officially among the majority of states with available options to bet on sports online legally. As of 6 a.m. local time Thursday, online sportsbooks in the state began accepting wagers in their apps. While not all of the eight licensed apps are up and running, the seven available options provide more than enough choices for bettors in Kentucky looking to get their first legal online bets in. Several of those sportsbooks have some incentives for Kentuckians getting started, too.

Michigan

• PlayMichigan: BetMGM Michigan Sees Lowest Casino Market Share As FanDuel Closes Gap
  • Being atop the revenue report never felt so worrisome for BetMGM Michigan. Its market share is shrinking. Last week, the Michigan Gaming Control Board released the August revenue for all Michigan online casinos. As usual, BetMGM led the way. However, Michigan’s iGaming leader drew its lowest market share ever while FanDuel Casino MI had its closest gap to first place in over two years. The August 2023 revenue report showed BetMGM Michigan brought in just over $44 million for the month.

New York

• PlayNY: Lobbying Makes Historic Spike In 2022 – Driven By Downstate Casinos, Potential Online Casinos
  • Legal gambling is big business. And with downstate New York casinos on the horizon and the possibility of either NY online casinos or internet lottery (or both) in the future, everyone is pushing for a piece of the action. In 2022, lobbyists were paid tens of millions of dollars by gaming companies, developers, tribal nations and labor unions to meet with elected officials and, presumably, influence gambling policy in NY.

Pennsylvania

• PlayPennsylvania: Philadelphia Locations Display Highest Rates Of Diversity Among Pennsylvania Casinos
  • Casinos in the Philadelphia metro area have the most diverse workforces among Pennsylvania facilities. The Pennsylvania Gaming Control Board (PGCB) released a diversity report on Thursday, detailing the workforce of each Pennsylvania casino. The PGCB has statistics broken down from each county in regard to the number of minorities working at every establishment. The casino industry in Pennsylvania employed more than 15,000 individuals in the Fiscal Year 2022/2023, which is up 4.3% from last year.

Virginia

• Virginia Mercury: Virginia Sees Big Tax Bump From Sports Betting And Casinos
  • Virginia is collecting more tax revenue from sports betting and casinos than fiscal analysts predicted four years ago when the state was considering legalizing more types of gambling. Taxes from sports betting more than doubled in fiscal year 2023, according to Virginia Lottery figures presented Tuesday, jumping to $67 million from $27 million the prior year. Four years ago, a state gambling study predicted Virginia could see up to $55 million in annual tax revenue from sports betting once the industry was “fully developed.”