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State of the Union: DraftKings, BetMGM, New York and more

Insight | Analysis

This week’s State of the Union, in partnership with Segev LLP, includes DraftKings entering the Washington market, BetMGM’s 2022 revenue forecast, and Michigan’s revenue performance for 2021. 

BetMGM predicts $1.3bn revenue, but negative earnings, for 2022

Sports betting and online gaming operator BetMGM expects net revenue of more than $1.3bn in 2022, according to a performance update released today (January 19).

In a conference call, Gary Deutsch, BetMGM chief financial officer, commented on the sources of this revenue, noting that it doesn’t include major inputs from new states.

DraftKings enters Washington with Tulalip Tribes sportsbook deal

DraftKings has secured market access in the state Washington after it entered a retail sports betting partnership with the Tulalip Tribes of Washington.

Under the deal, DraftKings will open two retail sportsbook locations at two Tulalip Tribes casinos in the state.

Michigan records combined $1.4bn revenue in 2021

Commercial and tribal online casino operators, combined with online sports betting operators, reported a revenue total of $1.40bn in Michigan throughout 2021.

This was the state’s first year on record since online casino launched in January 2021.

Online casino games generated $1.10bn of the revenue, while online sports betting brought in $292.2m throughout the year.

Players bet $150m in first weekend of NY online wagering

The state of New York expects online sports betting revenue to reach $1bn per year at maturity, after players wagered $150m in the state’s opening weekend of activity.

As part of New York’s state budget for the 2022-23 fiscal year, Governor Kathy Hochul released some early data on sports wagering in the state to demonstrate its expected tax impact.BetMakers brings in

Caesars’ Stuart as North America CEO

Horse race betting solutions provider BetMakers Technology Group has appointed Christian Stuart, formerly of Caesars Entertainment, as chief executive of its North America business.

In his new role, Stuart will be tasked with overseeing BetMakers’ expansion plans in the North American market.

NH sports betting revenue slips to four-month low in December

Sports betting revenue in New Hampshire fell to a four-month low in December, despite the state’s handle reaching its second-highest monthly total on record.

Player spending in the state reached $86.4m in December, up 67.4% from $51.6m in the same month of 2020. This was also 2.9% higher than November 2021, but 12.0% off the $98.2m record set in October last year. Group scores sports betting deal with McClatchy Company

Affiliate business Group has entered into a sports betting partnership with US news media organisation The McClatchy Company.

Under the deal, McClatchy will have access to Group’s proprietary data science platform, sports betting content team and expertise in how to monetize online sports betting traffic.

Playtech lands Million Dollar Drop rights, retains Deal or No Deal Bingo in US

Gambling technology company Playtech has received the exclusive rights to the Million Dollar Drop brand in the US, along with retaining its rights to Deal or No Deal Bingo for five more years.

Playtech received the rights from Banijay Brands, part of content producer Banijay.

The Million Dollar Drop brand, known internationally as the Money Drop, will appear in Playtech’s bingo vertical across its existing markets.

Century Casinos sells Calgary casino land

North American gaming group Century Casinos has ended its association with Century Casino Calgary after selling the land that houses the casino facility.

The Nasdaq-listed group’s Century Resorts Alberta (CRA) subsidiary has entered into a definitive agreement to sell the land and building it owns in the Canadian city to real estate business Rowanwood Financial Properties for CAD$8.1m (USD$6.5m).

IGT receives approval for Resort Wallet solution in Nevada

International Game Technology (IGT) has received regulatory approval for the Resort Wallet module of its IGT Advantage casino management system in Nevada.

The approval means that IGT’s cashless gaming solution can be made available throughout the state.