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State of the Union: OpenBet, Connecticut, Colorado and more

Insight | Analysis

This week’s State of the Union – in partnership with Segev LLP – includes Scientific Games’ sale of its OpenBet sports betting division, as well as the launch of sports betting in Connecticut and results from amny states including Colorado, Tennessee and New Hampshire.

IMG Arena owner Endeavor to acquire OpenBet from Scientific Games

Scientific Games has agreed to divest its sports betting division OpenBet to global talent and media agency holding company Endeavor Group for $1.20bn.

Endeavor, which will fund the deal with $1.0bn in cash and $200m in Class A common stock, said the purchase would complement its position within the sports betting market, created through data specialist IMG Arena.

DraftKings and Mashantucket Pequot to launch CT betting on 30 September

The Mashantucket Pequot Tribal Nation and DraftKings have announced that they will launch retail sports betting in Connecticut at Foxwoods Casino on 30 September.

Players will be able to wager at the temporary DraftKings Sportsbook at Foxwoods, situated at the Ultimate Race Book in Rainmaker Casino, in addition to several betting kiosks spread across the resort.

Mohegan and FanDuel prepare for Connecticut sportsbook launch

Mohegan Gaming & Entertainment is to launch in-person betting tomorrow (30 September) in partnership with FanDuel at its Connecticut casino, the same day as rival tribal property Foxwoods and its partner DraftKings.

There will be an official ribbon cutting ceremony in the Mohegan Sun Casino’s Bow & Arrow Sports Bar at 09:30AM EST.

Colorado sports betting revenue more than doubles to $15.2m in August

Sports wagering revenue in Colorado increased 102.7% year-on-year to $15.2m in August as the US state also saw its handle jump 64.8% to $211.9m.

Gross gaming revenue was significantly higher than $7.5m in August 2020 – a month when the state was still emerging from the Covid-19 shut-down – but slightly down from $15.7m in July of this year, according to the Colorado Division of Gaming.

FanDuel secures Washington market access with Suquamish Tribe

Flutter Entertainment-owned FanDuel Group is to launch retail sports betting in Washington after it secured a market access agreement in the state with the Suquamish Clearwater Casino Resort.

Under the deal, agreed with Port Madison Enterprises arm of the Suquamish Tribe, which owns and operates the Suquamish Clearwater Casino, FanDuel will open a new retail sportsbook at the facility.

Tennessee sports betting revenue falls to record low of $10.1m in August

Sports betting revenue in Tennessee slipped to a $10.1m in August, the lowest total reported since the market opened, with handle flat month over month.

Adjusted gross revenue for August was 23.5% below the previous low of of $13.2m, set during the first month of legal sports betting in Tennessee in November last year. The figure was also 24.6% down from $13.4m in July of this year.

MaximBet offers NIL deal to female college athletes in Colorado

Online sports betting brand MaximBet has announced that it is offering a Name, Image and Likeness (NIL) deal to every female student athlete at Division I, II and III colleges and universities in Colorado.

MaximBet gained market access Colorado earlier this month.

Churchill Downs sells Arlington Racecourse site to Chicago Bears for $200m

Churchill Downs Incorporated (CDI) has signed a purchase and sale agreement with NFL side Chicago Bears, which will see the latter obtain property in Arlington Heights for $197.2m.

The 326-acre property is currently the home of horse racing track Arlington International Racecourse. The operator announced its plans to sell the site – on which the Bears are likely to pursue plans to build a new stadium – in February.

MGM to take over operations as Blackstone sells Cosmopolitan for $5.65bn

Private equity giant Blackstone has opted to sell The Cosmopolitan in Las Vegas for $5.65bn, with MGM Resorts taking over operations, while Cherng Family Trust, Stonepeak Partners and Blackstone Real Estate Income Trust (BREIT) will own the property itself.

MGM will pay $1.63bn in cash for the right to operate the property. This total, the operator said, is eight times the earnings before interest, tax, depreciation and amortisation (EBITDA) of the resort.

Saskatchewan Indian Gaming Authority to launch online gambling

The Saskatchewan Indian Gaming Authority will launch online gambling in the province, through a new agreement between the the Federation of Sovereign Indigenous Nations (FSIN) and the provincial government.

Under the deal, the FSIN and province will split revenue from the online gambling site – which will include both online casino and sports betting – on a 50/50 basis. The site is expected to launch at some point in 2022.

BetMGM launches on-site mobile sportsbook in Mississippi

Gambling operator BetMGM has announced the launch of a new mobile sportsbook app in Mississippi, allowing players to place mobile-on-premise wagers via a partnership with the Gold Strike Casino Resort.

The BetMGM app will use geolocation technology to enable Gold Strike guests to place pre-game, live in-play, futures and parlay wagers from any mobile device while on the casino floor.

OddsChecker scores NFL partnership with boxing icon Mayweather

Affiliate marketing business OddsChecker has entered into a partnership with boxing icon Floyd Mayweather Jr.

Under the deal, Mayweather worked with OddsChecker on marketing for the 2021 National Football League (NFL) Kickoff, the traditional opening game that marks the new NFL season.

BetMGM announces partnership with comedian Bill Burr

BetMGM has announced it has entered into a content partnership with comedian Bill Burr and his All Things Comedy network of podcasts.

The operator’s sportsbook data and promotional offers will be integrated into the All Things Comedy-produced podcasts, in addition to Burr’s Monday Morning Podcast, YouTube channel and his Anything Better show hosted with Paul Virzi.

New Hampshire sports betting decline continues in August

Sports betting revenue in New Hampshire fell for the third consecutive month in August, while player spend slipped to its lowest sum since August 2020.

Gross gaming revenue for the month amounted to $1.6m, up 14.3% from $1.4m in the same month last year, but 48.4% lower than $3.1m in July this year. This represented the lowest monthly revenue figure since $1.8m was posted for February this year.

Sports IQ scores US sports betting deal with Sporting Solutions

Betting technology supplier Sports IQ has agreed a deal to become the exclusive provider of US sports player-props markets to sportsbook and lottery supplier Sporting Solutions.

Under the multi-year agreement, Sports IQ’s player-props markets will be made available for use by Sporting Solutions’ portfolio of B2B and B2C sports betting partners.

Playtech and Unibet agree multi-state partnership

Playtech has signed a new deal with Kindred brand Unibet that will see its casino software appear on Unibet’s site in a number of US states, starting with New Jersey.

Playtech – which is already live in New Jersey through agreements with Bet365 and BetMGM – said the move will help continue its expansion across the US market.

Rhode Island sports betting revenue slips to 12-month low in August

Sports betting revenue in Rhode Island fell to its lowest monthly total in 12 months during August, despite a month-on-month increase in player spending.

Revenue for the month reached $1.1m, down 21.4% from August last year and the lowest amount since $351,425 in July last year.