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State of the Union: DraftKings, Nevada, Colorado and more

Insight | Analysis

This week’s State of the Union, in partnership with Segev LLP, includes a patent infringement lawsuit filed against DraftKings, as well as state sports betting revenue totals from Colorado and Nevada, both of which set records in terms of stakes.

Colossus Bets sues DraftKings over cashout patent infringement

Colossus Bets has filed a patent infringement lawsuit against DraftKings in the US District Court for Delaware, over patents related to a cashout feature.

Colossus Bets holds seven US patents related to a cashout product, all referring to a “full or partial buy-out offer made at any time prior to completion of a wagering event”.

Nevada smashes handle record with $1.10bn staked in October

Nevada set a new monthly record for sports betting handle in October, as total gaming revenue across the state grew 48.5% to $1.22bn.

The state’s betting handle easily eclipsed last month’s record of $787.6m. However, the figure fell short of the $1.30bn wagered in New Jersey in the same month, which remains the highest total ever wagered within a single state in a month

Colorado bettors wager record $491.5m in October

Colorado’s sports betting market became the latest to hit new heights in October, with amounts wagered soaring to $491.5m, and revenue reaching $28.6m.

Consumers wagered 133.3% more than in October last year, with the monthly amount beating the previous record of $408.3m set in September this year by 20.4%.

Webis expects return to profit with revenue set to climb 28.3% in FY2021

Webis Holdings, the owner of the advance-deposit wagering operator, has forecast a net profit of $824,000 in its 2021 financial year following an anticipated 28.3% rise in revenue.

Total revenue for the 12 months to 31 May 2021 is likely to amount to $55.7m, which would be up from $43.4m in the corresponding period last year.

IG Group to sell US assets to

Binary options and forex trading business IG Group is to sell its North American Derivatives Exchange (Nadex) business and its 39% stake in Small Exchange to Foris DAX Markets, part of the group of companies trading as

IG Group would receive $216.0m (£162.0m/€190.8m) in cash should the deal go ahead.

Scout Gaming launches fantasy sports platform Fanteam across US

Scout Gaming has launched daily fantasy sports platform Fanteam in the US, in a deal that will see Fanteam become available in the states for the first time.

Fanteam, which first launched in 2015, will now be available in 20 states, including California, Florida, Georgia, Minnesota and Texas.

DraftKings funds Kindbridge’s veteran-focused responsible gaming programs

DraftKings has provided a multi-year financial commitment to Kindbridge Research Institute (KRI) to help fund a new research initiative to study the nexus of veterans and responsible gaming.

The goal of the project is to advance research in the cross-section of veterans and responsible gaming to improve the lives of impacted veterans. Thanks to DraftKings’ contribution, KRI will launch its 50X4Vets program. The project includes a three-pronged approach to fund veteran-focused gaming treatment centers across the US.

Delaware betting handle hits highest level since December 2019 in October

Consumers in the state of Delaware wagered $12.2m on sports during October, the highest monthly total since December 2019.

Player spending was 37.1% higher than the $8.9m staked in October of last year and 54.4% more than $7.9m in September this year.

The Game Day targets further growth after $4.5m funding drive

The Game Day, a digital sports media business focused on delivering content to sports fans and sports bettors, has secured $4.5m in Series A financing.

The business did not reveal the identities of the investors but did confirm that the round featured a number of leading sports media and online gaming investors, as well as seven returning investors.

888 expands US presence with Virginia sports betting license

Online betting and gaming operator 888 has secured a provisional sports betting license for its Sports Illustrated-branded product in the US state of Virginia.

Issued by the Virginia Lottery, the license will enable 888 to launch a sportsbook product in Virginia via its partnership with monthly magazine Sports Illustrated. 888 in June this year announced a strategic partnership with Authentic Brands Group (ABG), the owner of Sports Illustrated, to extend the magazine brand into betting and gaming.

Sportradar scores multi-year sports betting deal with PointsBet

Data provider Sportradar has entered into a multi-year sports betting partnership with online gambling operator PointsBet.

Under the deal, Sportradar will become PointsBet’s US supplier of choice for Major League Baseball, National Basketball Association, National Hockey League, college football and college basketball data.