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State of the Union: New York, Nevada, Flutter and more

Insight | Analysis

This week’s State of the Union, in partnership with Segev LLP, joins a long list that have started in New York. This time, however, the latest news does not concern the Empire State’s sports betting market, but the prospect of online casino being added to the product mix.

Addabbo files bill to legalise igaming in New York

New York state senator Joseph Addabbo has introduced a bill that would legalise online casino gaming in the state’s Senate.

Senate Bill 8412 has been referred to the racing, gaming and wagering committee for further approval.

RSI slips to net loss despite 75.3% revenue jump in FY21

Rush Street Interactive (RSI) reported a net loss of $19.5m (£14.5m/€17.6m) for its 2021 financial year despite a 75.3% year-on-year increase in revenue.

Total revenue for the 12 months through to 31 December 2021 amounted to $488.1m (£364.1m/€439.9m), up from $278.5m in the previous financial year and in line with updated guidance issued in November.

Nevada reports year-on-year revenue increase for January

The state of Nevada has reported gaming revenue figures of $1.08bn (£820.0m/€980.0m) for January 2022, representing a 41.6% increase on the previous year.

Slot machine revenue was the biggest contributor to the revenue total with $731.5m – up 39.0% from 2021 – while table gaming revenue added $347.3m.

Colorado sports betting handle reaches record $573.7m in January

Consumers in Colorado wagered a record $573.7m (£430.6m/€516.7m) on sports in January, while revenue for the month amounted to $34.6m.

Flutter aims to use its scale to overcome short-term challenges

Online gaming behemoth Flutter remains confident that its unmatched scale will help it make long-term decisions in the UK, US and mainland Europe, as chief executive Peter Jackson and chief financial officer Jonathan Hill revealed on the operator’s 2021 earnings call.

Flutter revenue up 36.7% but profit dips amid international headwinds

Flutter reported revenue of £6.04bn (€7.22bn/$8.10bn) in its 2021 full year results ended December 31, but net profit fell by 24.6% in a year where acquisitions and Covid-19 recovery supported growth.

Kindred obtains nine Arizona sports betting licences

Kindred has obtained nine Limited Event Wagering Operator (LEWO) licences in Arizona, further broadening the operator’s presence in the state.

The LEWO licences will allow Kindred, in partnership with horse racetrack Turf Paradise, to conduct event wagering at Turf Paradise, Brookside II, Charley’s Sports Grill, Gallagher’s 16th, Gallagher’s Baseline, Harold’s, R.T. O’Sullivan, Boston’s Bar and Midtown Tavern.

MGM enhances RG efforts for US Problem Gambling Awareness Month

MGM Resorts and BetMGM have outlined their commitment to responsible gaming through encouraging in-person and online players to make safer gambling decisions.

Connecticut online gaming revenue reaches $18.8m in January

Online gaming and in Connecticut generated net gaming revenue of $18.8m in January, 15.6% higher than the net revenue recorded in December 2021.

Elys scores extension to sportsbook partnership with New Mexico’s Isleta

Interactive gaming and sports betting technology business Elys Game Technology has signed an extension to its sportsbook partnership with the Isleta Resort and Casino in Albuquerque, New Mexico.

GLPI completes acquisition of Philadelphia and Pittsburgh Live! casino properties

Gaming and Leisure Properties (GLPI) has completed the acquisition of the land and real estate assets of Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh from The Cordish Companies for approximately $674.0m (£502.7m/€607.1m).

Paysafe exceeds revised 2021 guidance while Foley steps down as chair

Payment solutions provider Paysafe has reported revenue of $1.49bn (£1.12bn/€1.34bn) for 2021, representing a 4.2% increase on the previous year.

Red Rock Resorts names Kreeger as new president

Red Rock Resorts has promoted Scott Kreeger to the position of president with immediate effect.