This week’s State of the Union, in partnership with Segev LLP, includes some strong financial performances in the third quarter for companies and states alike, a landmark deal for Sportradar, and DraftKings breaking new ground.
Sports betting revenue hit an all-time high in New Jersey during October as players spent a record $1.30bn wagering on sports, while online casino revenue in the state also reached a new monthly high.
Total gambling revenue for the month amounted to $448.7m, up 32.7% from $338.1m in the same month last year, but slightly lower than the $453.6m generated in September of this year.
Sports data supplier Sportradar has announced its landmark partnership with the National Basketball Association (NBA) which will see it become the exclusive data provider to the NBA, Women’s National Basketball Association (WNBA) and NBA G League.
In exchange, the NBA will receive a 3% equity stake in Sportradar, with the opportunity to acquire shares for $0.01 each.
The multi-year year deal continues a partnership that started in 2016, and will begin at the start of the 2023-24 NBA season.
DraftKings has opened a permanent retail sportsbook at Foxwoods Resort Casino in Connecticut, following the launch of a joint online sports betting offering last month.
The facility will replace a temporary sportsbook that opened at the Mashantucket Pequot Tribal Nation-operated casino in September.
Wynn Resorts and Austerlitz Acquisition Corporation I have cancelled the deal that would have seen the Wynn Interactive subsidiary spin off, merge with Austerlitz and go public on the Nasdaq Stock Exchange.
Craig Billings, chief executive of Wynn Interactive and soon-to-be chief executive of Wynn Resorts after Matt Maddox announced his departure from that role, said Wynn made the decision as it pursued a new strategy for its online WynnBet brand.
BetMGM has expanded its presence in Mississippi by rolling out its mobile sports betting app at MGM Resorts International’s Beau Rivage.
The launch will enable customers to place pre-game, in-play, futures and parlay wagers from any mobile device while on site at the casino in Biloxi.
Mississippi consumers wagered a record $83.5m on sports in October, while the state’s revenue reached its highest total since October 2019.
Revenue for the month amounted to $9.1m, up 3.4% from $8.8m in October 2020 and 3.4% higher than September this year, when revenue also reached $8.8m.
Pennsylvania operators enjoyed a record breaking month in October, with total market revenue jumping 33.0% year-on-year to with $425.9m.
Parx Casino led the way in overall revenue, bringing in $457.4m, up 4.4% from 2020. Close behind was Hollywood Casino at Penn National, where revenue increased by 63.2% to $57.1m.
Sports data supplier Sportradar has recorded revenue figures of €136.8m ($158.7m/£115.1m) for the third quarter of 2021, representing a 29.9% increase on the same period last year.
The quarter marks Sportradar’s first since completing its initial public offering (IPO) and listing on the Nasdaq market, which the company estimates raised €546.0m which would be used to fund continued growth in the business.
DraftKings has entered into a sports betting deal with the manager of Boot Hill Casino, allowing it to enter the Kansas online betting market if legislation permits.
The deal would see DraftKings’ mobile sportsbook become available in the state of Kansas, pending the passage of legislation.
Washington DC set a new sports wagering handle record for the second consecutive month in September after players in the market spent $26.3m betting on sports.
Combined revenue from Caesars Entertainment, DC Lottery’s Gambet brand, BetMGM and newcomer Grand Central amounted to $1.6m, which was 54.3% lower than $3.5m in October last year and also 57.9% lower than the record $3.8m posted in September this year.
The Canadian Gaming Association (CGA) has announced the appointment of four new members to its board of directors.
Scott Burton, chief executive of FansUnite Entertainment since its 2020 merger with Askott Entertainment, will join the board, as will Neil Erlick, chief corporate development officer at Nuvei.
Online gambling revenue in Delaware increased 44.5% year-on-year in October, while the amount staked by players grew by 43.4%.
Revenue for the month amounted to $930,093, up from $643,714 in the same month last year, and also 17.1% higher than $794,644 in September this year.
Online casino operator PlayStar has appointed Gustav Vadenbring, previously of Acroud, as its new chief financial officer.
Due to begin his role on January 10, Vadenbring will oversee the financial operations of the business and support its ongoing growth plans in North America.
The Indiana Gaming Commission has set a new record for handle with $461.1m in the month of October, a 29.7% increase on the previous record achieved in September.
Ameristar East in Chicago and its DraftKings sportsbook was the biggest contributor to the handle total with $160.8m. The Blue Chip Casino’s FanDuel-operated sportsbook was next with $114.7m, followed by Belterra Casino – another FanDuel operation – with $49.9m.
The New York Gaming Commission has recorded gaming revenue figures of $60.4m for October, representing a 54.1% increase on the same time last year.
October’s total also shows a slight decrease on the prior month, when revenue was $60.7m.
Sports media company Playmaker has recorded revenue figures of $4.8m for the third quarter of 2021, after not generating revenue in the corresponding period in 2020.
The business started generating revenue with a series of acquisitions earlier this year. When including the acquisitions of Yardbarker, Futbol Sites and Two-Up Agency, Playmaker’s pro-forma revenue was $5.6m – a 109.0% increase from 2020.