Browse articles by topic

State of the Union: Las Vegas Sands, New York, FanDuel and more

Insight | Analysis

This week’s state of the Union, in partnership with Segev LLP, includes Las Vegas Sands’ moves into the world of igaming, New York’s request for applications for mobile betting operators and FanDuel’s new interim chief executive, as well as betting revenue numbers from Indiana, Iowa and Oregon.

Sands to invest in igaming suppliers with new “digital investment team”

Las Vegas Sands will launch a new programme to invest in online gambling suppliers, as it seeks to make a foray into the igaming sphere.

The land-based gaming giant will build a “digital gaming investment team” focused on business-to-business opportunities, led by Davis Catlin, a senior managing director of Sands Capital, which pursues the operator’s investments.

“Sands is determined to grow its leadership position within the industry and is committed to doing that through strategic steps we think best position the company for future growth,” said Robert Goldstein, who took over as Sands’ chief executive officer following founder Sheldon Adelson’s death earlier this year.

NY mobile applicants encouraged to hand state 50% of revenue as RFP opens

The New York State Gaming Commission has launched its request for applications for mobile sports betting platform providers, with potential bidders incentivized to offer the state a revenue share of 50% or more.

The launch follows the signing of Governor Andrew Cuomo’s FY 2022 budget in April this year, which included provisions to allow for legal mobile sports wagering in New York.

Rules set out at the time included a $25m license fee, and a bidding process under which potential licensees would be awarded points according to a scoring system in order to determine the strongest candidates for licensing.

Amy Howe appointed FanDuel’s interim CEO

Amy Howe has been named FanDuel Group’s interim chief executive in the wake of Matt King’s recent decision to quit the US gaming operator.

Owner Flutter Entertainment said Howe, already FanDuel’s president, will lead the group while a full search for a permanent successor continues.

Howe, who joined FanDuel in February 2021 from Live Nation Entertainment, will add responsibility for leading the group’s core commercial functions across its sportsbook, casino, racing and daily fantasy units following King’s departure later this week.

Scientific Games to reincorporate remainder of SciPlay in $1.9bn deal

Scientific Games Corporation has submitted a proposal to acquire the outstanding shares of its social gaming division SciPlay Corporation in a deal with an implied enterprise value of $1.9bn.

The proposal would see Scientific Games (SGMS) acquire the remaining 19% equity interest in the games developer that it does not currently own in an all-stock transaction, following which SciPlay would become a wholly-owned subsidiary.

SciPlay was previously the social division within SGMS until becoming an independent business, trading on the Nasdaq Stock Exchange, in 2019.

FanDuel migrates to Scientific Games’ OpenSports in four more states

FanDuel has migrated its sportsbooks to Scientific Games’ OpenSports platform in four more states.

OpenBet-powered FanDuel sportsbooks are now live in a total of ten states, after successful launches in Iowa, Virginia, Pennsylvania and New Jersey.

NFL legend Brees receives PointsBet equity in brand ambassador deal

PointsBet has announced the appointment of NFL great Drew Brees as global brand ambassador in a deal that will see him receive equity as a result.

In his new role, Brees will feature in PointsBet’s original content, lead promotional concepts and partake in providing sports education and commentary.

Bally’s acquires US’s leading beach volleyball league

Bally’s Corporation has acquired the US’s premier professional beach volleyball organisation as the latest action within its diversification strategy.

The gaming group said the purchase of the Association of Volleyball Professionals (AVP), which operates the longest-running domestic beach volleyball tour in the US, represents the latest step in its ongoing omni-channel growth and diversification strategy.

PointsBet appoints Cipriano as VP for Canadian division

Online gaming operator PointsBet has announced its appointment of Chantal Cipriano as the company’s new vice president, legal, compliance and people for its Canadian arm.

An accomplished lawyer and University of New Hampshire professor, Cipriano joins PointsBet from Mazooma where she was senior director of legal and compliance. Her arrival at the operator comes after Canada’s single-event sports betting bill received Royal Assent.

DraftKings and MLB expand betting partnership with streaming content

DraftKings and Major League Baseball (MLB) have announced an expansion of their existing partnership to include promotional sports betting rights and an additional range of sports betting content.

The expansion will see the implementation of Bet and Watch, a live streaming service that will allow fans with and DraftKings accounts to watch free MLB games in the DraftKings app.

Detroit casinos see revenue decline in June despite lifting capacity limits

The Michigan Gaming Control Board (MGCB) has reported a slight decline in commercial casino revenue, from its three Detroit casinos, in June, despite capacity limits on casinos being lifted on June 22.

Detroit’s three casinos operated at a limited capacity for 21 of the 30 days due to novel coronavirus (Covid-19) regulations.

FanDuel still on top as Iowa records sports wagering revenue increase

Iowa recorded sports wagering revenue figures of $8.4m (£6.1m/€7.1m) for June – a 1254.8% increase on the same time last year.

The figure posted also represents an increase of 37.7% from the previous month.

Bragg Gaming reports strong Q2 performance ahead of Wild Streak addition

Bragg Gaming said it expects to report double-digit growth in its Q2 results even ahead of the input from recent acquisition Wild Streak Gaming.

The B2B gaming technology and content provider, which is scheduled to debut on the Nasdaq Stock Exchange later this year, has issued preliminary revenue estimates for the three month period ended 30 June ahead of the formal update in August.

Pennsylvania regulator to hold public hearing on proposed casino

The Pennsylvania Gaming Control Board (PGCB) will hold a public input hearing on August 16 in the municipality of College Township, Centre County, to consider an application made by SC Gaming Op Co. to operate a category 4 casino in the area.

Category 4 casinos were authorized after gambling expansion laws were passed by Pennsylvania legislators in 2017, allowing 10 so-called ‘satellite casino’ or ‘mini-casino’ licenses to be issued, in addition to categories 1, 2 and 3 licenses, which cover racinos, stand-alone casinos and resort casinos.

Allied Esports announces Wu as new CEO as Ng departs

Allied Esports Entertainment has announced the departure of chief executive Frank Ng and appointment of replacement Libing (Claire) Wu.

On the day the esports entertainment group completed the sale of its poker assets – including the World Poker Tour – to Element Partners, Allied Esports said Wu will assume the roles of chief executive, president and general counsel.

IGT enters Washington’s fledgling sports betting market

International Game Technology (IGT) is to enter the Washington state sports betting market through a partnership with Snoqualmie Casino.

IGT will power the casino’s retail and on-premise mobile sports betting offering via its PlaySports turnkey solution, including its trading advisory services.

Allied Esports sells WPT to Element after lengthy bidding war

Allied Esports Entertainment has completed the sale of its poker assets – including the World Poker Tour – to Element Partners.

The deal is worth $105m and includes 100% of the outstanding capital stock of each of the legal entities connected to Allied Esports’ poker-related assets.

theScore generates record betting handle but posts negative GGR in Q3

Score Media and Gaming recorded its strongest betting handle month to date, but recorded an operating loss of more than CAD$22m (USD$17.6m/£12.7m/€14.9m) during the third quarter, with negative gaming revenue.

In a trading update, Toronto-based theScore, which offers sports news and scores as well as betting in North America, said it brought in total revenue of C$6.4m in the three months to 31 May. Media revenue via its theScore app of C$8.9m was partially offset by negative net gaming revenue via its theScore Bet app of C$2.5m.

Indiana sports betting revenue grows 35% month-on-month in June

Sports betting revenue in Indiana increased by 35.0% month-on month in June, and grew sharply by 771.4% year-on-year.

Revenue grew to $25.4m, an increase of $6.6m compared to May this year. When comparing revenue year-on-year, Indiana experienced a rocket growth of 771.4%. This is due to the effects of the novel coronavirus (Covid-19) pandemic, with almost all sports events cancelled or postponed in June 2020.

Oregon’s Scoreboard sees revenue rise in June

Oregon saw a month-on-month rise in sports betting revenue despite a slight dip in handle during June.

The Oregon Lottery, which runs the DraftKings-powered Scoreboard product, saw gross gaming revenue of $2.8m in the month to 30 June, which was up 17% on the $2.4 registered in May 2021. The figure was significantly up on the $777,903 generated in June 2020 when few sporting fixtures were available due to the novel coronavirus (Covid-19) pandemic.

Esports Entertainment partners with Ohio’s Hall of Fame Resorts

Hall of Fame Resort and Entertainment Company and Esports Entertainment Group (EEG) have entered a partnership that will bring esports to the Hall of Fame Village in Ohio.

As part of the deal EEG will become the official esports provider for, and operate a Helix Esports entertainment center in, the Hall of Fame Village.

Prophet set for US sports exchange launch through Caesars deal

New Jersey-based sports betting exchange Prophet is to debut in the US within weeks after partnering with gaming group Caesars Entertainment.

Prophet, which has migrated from the UK after targeting the US market, will debut its Betprophet platform in New Jersey through a multi-year market access agreement with Caesars.

BetMGM goes live with Inspired’s virtual sports products in New Jersey

Inspired Entertainment has launched its V-Play Plug & Play solution with BetMGM Casino and its sister sites in New Jersey.

The end-to-end online and mobile virtual sports offering brings games, including NFL Alumni Football, to Roar Digital brands BetMGM, Borgata Casino and Party Casino.

Compliable appoints Penn National veteran Sottosanti to board

Licensing business Compliable has added former Penn National Gaming general counsel Carl Sottosanti to its board of advisors.

Sottosanti joined Penn National Gaming from 2003 as vice president of legal & business affairs and deputy general counsel, and was promoted to general counsel in 2014, where he worked until leaving his post in 2020.