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.
New Jersey smashes betting handle record with $1.30bn in October
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.
NBA to receive equity in Sportradar with exclusive data deal
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 and Foxwoods open permanent retail sportsbook in Connecticut
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 scraps interactive spinoff as it changes marketing strategy
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 launches mobile-on-site betting with second Mississippi casino
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 sports betting handle hits all-time high of $83.5m in October
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 gaming revenue reaches record high in October
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.
Strong US performance helps Sportradar revenue increase in Q3
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 secures Kansas market access with Boot Hill Casino
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.
DC smashes handle record again in September but revenue struggles
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.
Canadian Gaming Association appoints four new directors to board
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.
Delaware igaming revenue jumps 44.5% YoY in October
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.
PlayStar high-profile hires continue with Acroud’s Vadenbring appointed CFO
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.
Indiana breaks handle record in October but revenue dips month-on-month
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.
New York gaming revenue grows but betting revenue down in October
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.
Playmaker turns a profit in Q3 following Yardbarker acquisition
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.