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State of the Union: Ontario, March Madness, Kentucky and more

Insight | Analysis

Ontario imposes operator standstill ahead of igaming launch

New guidance from the Alcohol and Gaming Commission of Ontario (AGCO) warns operators in the process of securing a licence to cease activities when the province’s igaming market opens on 4 April.

Companies will be required to shut down any activities Canada’s largest province, or face having their application for registration rejected by the regulator.

Kentucky edges closer to legal betting and igaming

A bill to legalise sports betting, fantasy sports and online poker in Kentucky has been passed by a House committee, bringing it a step closer to becoming law.

Kentucky House Bill 606 would allow online and in-person sports wagering, fantasy contests and online poker to be legalised in Kentucky.

Americans expected to bet $1.3bn on March Madness 2022

More than 17% of all American adults plan to bet on March Madness 2022, with a total of $3.1bn (£2.4bn/€2.8bn) expected to be wagered on games, according to the American Gaming Association (AGA).

A survey of 2,210 adults across a range of ages, races, ethnicities, education and locations found that 45 million adults are planning to wager on the NCAA college basketball tournament, which officially began yesterday (March 13) with Selection Sunday and will run through to April 4.

Michigan posts record internet gaming figures in February

Michigan saw record internet gaming gross receipts in February 2022, but combined online gambling figures – also including sports betting – were down from the previous month.

The state’s 14 commercial and tribal internet casino gaming and sports betting operators reported a combined $145.28m in total gross internet gaming receipts and gross sports betting receipts in February.

Minnesota committee approves online betting bills

A Minnesota house legislative committee has adopted two bills that would both allow for online sports betting to be conducted by the state’s 11 federally recognised Native American tribes.

The Committee for Finance and Policy was presented with a tribal and commercial sports betting bill – House Bill 778 – and House Bill 167, which initially had nothing to do with sports wagering and instead dealt with sentencing hearings.

Kansas to consider new sports betting bill

The Kansas House of Representatives is to run the rule over a new bill that seeks to legalise online and retail sports betting in the US state, with operators entering into contracts with the state lottery.

Sponsored by the state’s House Federal and State Affairs Committee, House Bill 2740 sets out proposals to expand the existing lottery act to allow for online sports wagering.

New Jersey gambling revenue jumps 29.5% year-on-year in February

Gambling revenue in New Jersey hiked 29.5% year-on-year to $373.3m (£283.5m/€338.4m) in February, despite a 33.2% decline in sports betting revenue.

Total revenue was comfortably higher than $288.3m in February last year and only 2.2% behind the $281.7m generated in January of this year.

Delaware igaming revenue and spending up in February

Player spending on igaming in Delaware increased 11.4% year-on-year in February, while revenue from the state also climbed 12.2%.

A total of $24.4m (£18.7m/€22.2m) was wagered on igaming during the month, up from $21.9m in February last year, but down 16.4% from $29.4m in January of this year.

Indiana sports betting handle reaches $409m in February

Players in Indiana bet a total of $409.1m (£313.3m/€373.4m) on sports during February, while taxable adjusted gross revenue from sports wagering in the month hit $17.0m.

The amount spent by players was 49.4% higher than $273.9m in February 2021, but 17.9% less than the record $498.4m wagered in January of this year, according to figures released by the Indiana Gaming Commission.

Golden Matrix approved to list on Nasdaq from today

Virtual sports and gaming provider Golden Matrix has secured approval to list its common shares on the Nasdaq Stock Market in the US.

Approval was granted yesterday (16 March) and the provider said it expects to begin trading its shares on Nasdaq from today (17 March).

Bally’s brings in Lavan as new financial chief

Bally’s Corporation has announced the appointment of Bobby Lavan as its new chief financial officer.

Lavan will replace Steve Capp, who is leaving the business to pursue other interests and opportunities. Capp will continue to support Bally’s through the end of April.