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State of the Union: OR, NV, Churchill Downs and more

Insight | Analysis

This week’s State of the Union, in partnership with Segev LLP, looks at the The Oregon State Lottery’s projected $5m loss for 2019, Nevada’s latest revenue figures – which include mobile betting for the first time – and increased revenue at Churchill Downs incorporated as well as the status of gambling bills in Alabama, Kansas and Wyoming.

Oregon sportsbook set for first year loss

The Oregon Lottery’s SBTech-powered sportsbook, Scoreboard, is set to lose more than $5m for the first nine months of the state’s fiscal year.

The Oregon State Lottery, which launched the sports betting app in October 2019, released financial projections developed following a board meeting in January.

The group expects Scoreboard’s gross receipts to total $178.3m for the year to 30 June 2020, with gross gaming revenue of $10.8m to be left after customer winnings of $167.5m. Figures released in June last year suggested that the year one revenue would come in at $26.6m.

Nevada sports betting revenue reaches $20.2m in January

Sports wagering revenue in Nevada climbed 36.0% year-on-year to $20.2m in January, while statewide casino gaming revenue was also up 5.5% to $1.04bn.

Players spent a total of $502.5m, which was 1.1% more than $497.0m last year, but down from the $571.2m wagered in December. Sports betting revenue was also down by 44.5% from December 2019.

January’s figures marked the first time the Nevada Gaming Control Board broke out mobile revenue, which contributed $11.2m to the monthly total across all sports.

Expanded casino estate boosts CDI revenue in 2019

Churchill Downs Incorporated’s net revenue for 2019 increased 33.0% to $1.33bn, thanks mostly to the building and acquisition of new casinos, though this expansion also weighed on the operator’s bottom line.

Casinos away from the Churchill Downs site were the largest source of revenue for CDI, at $692.4m, up 54.0%.

Much of this was due to the acquisition of new casinos. Presque Isle in Erie, Pennsylvania, and Lady Luck Nemacolin in Farmington, Pennsylvania were purchased in January 2019, while the acquisition of Ocean Downs Casino in Berlin, Maryland – in exchange for its ts 25% Interest in the Saratoga Casino – was completed in September 2018.

New Alabama bill targets legal sports betting

Alabama’s House of Representatives is to run the rule over a new bill that aims to legalize land-based and mobile sports wagering in the US state.

Sponsored by Representative John Rogers, House Bill 336 is currently with the House committee on Economic Development and Tourism after being introduced late last week.

The bill states that consumers would be able to place sports bets in person at approved locations across Alabama, as well as on mobile and other digital platforms when located inside the state.

Kansas sports betting bill clears Senate

The Kansas Senate has voted through a bill that would legalize land-based and certain forms of online sports wagering in the US state.

Senate Bill 283 passed by a vote of 23-15 and is now set to move forward to the state’s House of Representatives for further debate and discussion.

Introduced in January by the Senate’s Committee on Federal and State Affairs, the bill set out measures to permit casinos already licensed by the Kansas Lottery Commission to launch on-premises sports betting and offer two online betting skins

Wyoming sports betting bill fails after narrow defeat in House

The Wyoming House of Representatives has narrowly voted against a bill that had aimed to legalize online and mobile sports wagering in the US state.

Introduced last month, House Bill 0225 failed after being voted down 32-27 in the House, which means that the bill will now be withdrawn from the legislative process.

The vote also means that Wyoming will unlikely legalize sports betting this year, with the state’s current legislative session due to conclude on March 6.

Puerto Rico government seeks advisors for Gaming Commission

The Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF) has issued a request for proposals (RFP) seeking a consultancy firm to provide advisory services to the new Puerto Rico Gaming Commission.

The winning party will work with the Commission to draft regulations governing gambling in the US territory, as well as support the regulatory body with respect to activities under its jurisdiction such as sports betting, fantasy sports contests and esports.

The consultancy will also be responsible for developing ways for the Commission to carry out its key duties, modelled on the processes employed by regulators in other US jurisdictions. In addition, the successful bidder will deliver interim progress reports.

Twin River Lincoln drives RI sports revenue growth in January

Rhode Island’s sports betting market saw revenue soar in January 2020 thanks to a strong performance from the Twin River casino in Lincoln.

Total revenue grew from $159,978 in January 2019 to $3.3m, though the prior year’s performance was impacted by a $124,373 loss from Twin River Tiverton, and the fact that mobile betting had not yet launched.

PGA Tour teams up with Action Network for new content platform

The Professional Golf Association (PGA) Tour, and betting-focused sports media company the Action Network have launched GolfBet, a new golf-focused betting content platform.

GolfBet will be powered by the Action Network, available on the network’s website and app, and will include official PGA Tour content and data. The platform will feature content from Action Network analysts such as Jason Sobel, Josh Perry and Peter Jennings.

BetMGM launches mobile app in Indiana

BetMGM is now live in a third US state after its mobile sports betting app launched in Indiana.

Roar Digital – the joint venture between MGM Resorts International and GVC Holdings – and its BetMGM product has entered the state through a market-access agreement with Boyd Gaming, after the Indiana Gaming Commission approved the launch earlier this week.