This week’s State of the Union, in partnership with Segev LLP, includes the latest results from the US commercial gaming sector as a whole, as well as details of Flutter Entertainment’s fundraise to increase its stake in FanDuel and the acquisition of CBWG Sports by affiliate giant XLMedia.
US commercial gambling market continues to recover in October
US commercial gross gaming revenue (GGR) increased for the sixth consecutive month in October to $3.38bn, primarily due to growth within both the igaming and sports wagering sectors.
Total GGR for the month amounted to $3.38bn in October, which was 7.0% lower than in the same month last year, but 6.0% higher than in September this year, according to figures published by the American Gaming Association (AGA).
The October figure also represented the highest monthly total since February, prior to casinos having to temporarily close due to the novel coronavirus (Covid-19) pandemic.
Indiana sets new monthly sports betting records in November
Indiana set new monthly records for sports betting revenue and handle during November, according to new figures released by the state’s regulator.
Revenue for the month reached $25.3m, which was 172.0% more than $9.3m in November last year, and also 19.9% higher than the existing monthly record of $21.1m that was set in October this year.
Figures from the Indiana Gaming Commission also show that the state’s handle hit a new high of $251.4m, up 70.7% from November 2019 and surpassing the previous record of $230.9m achieved in October 2020 by 8.9%.
XLMedia acquires US-focused CBWG Sports
Affiliate marketing services provider XLMedia has completed the acquisition of sports gaming and sports betting business CBWG Sports.
XLMedia will pay an initial $12.0m (£9.0m/€9.9m) in cash and issue 7,954,546 new shares – at an aggregate value of $3.5m – to take ownership of CBWG.
The deal also includes a potential future contingent consideration of up to $9.5m, based on net revenue performance of the acquired business, payable over three years to the end of 2023.
Flutter details £1.1bn share placing for FanDuel deal
Flutter Entertainment has revealed the details of the cash-generating new share issue launched to raise £1.1bn towards its increased stake in FanDuel.
The group that owns Paddy Power Betfair and Pokerstars said a total of approximately eight million new ordinary shares in the company have been placed by Goldman Sachs International and J&E Davy at a price of 14,000 pence per placing share.
BetMGM launches online casino in Pennsylvania
BetMGM, the betting brand operated via the Roar Digital joint venture between GVC Holdings and MGM Resorts, has launched an online casino offering in the state of Pennsylvania.
BetMGM Casino will offer players in Pennsylvania access to a range of online slot and table games.
Scientific Games joins “Gift Responsibly” holiday campaign against underage lottery play
Gaming and lottery supplier Scientific Games has joined the National Council on Problem Gambling (NCPG)’s “Gift Responsibly. Lottery Tickets Aren’t Child’s Play” holiday campaign to discourage giving underage players lottery tickets as gifts.
Scientific Games has participated in the campaign since 2018, and is the only lottery supplier participant. The campaign is endorsed by the North American Association of State and Provincial Lotteries (NASPL) and the World Lottery Association (WLA).
fuboTV acquires Balto Sports to enter online sports betting market
US-based live TV streaming platform, fuboTV, has acquired fantasy sports supplier Balto Sports, marking its first move into the online sports wagering market.
Balto Sports develops tools for users to organize and play fantasy sports games, and fuboTV intends to leverage its own platform technology alongside Balto’s contest automation software, to launch a free-to-play gaming offering.
Tipico launches sports betting app in New Jersey
German sports wagering operator Tipico has announced that its US business has launched a new sportsbook mobile application in the state of New Jersey.
Players in the state are now able to download the app and place bets on a wide range of sports and competitions from around the world.
Detroit casino revenue halves in November amid latest Covid-19 closures
Revenue from the three commercial casinos in Detroit, Michigan more than halved in November following a temporary order closure issued by Governor Gretchen Whitmer in relation to the novel coronavirus (Covid-19) pandemic.
Total revenue for the month – from table games, slots and sports wagering – amounted to $50.4m, 50.3% from $101.4m generated by the properties in October.
DraftKings seals betting partnership with Foxwoods parent
DraftKings has struck a deal to launch online and retail sports betting in Connecticut, through a new partnership with the Mashantucket Pequot Tribal Nation, operator of Foxwoods Resort Casino.
The agreement will see DraftKings roll out wagering in the state – once legislation passes – thereby expanding its presence in Connecticut, New Jersey and New York tri-state area.