This week’s State of the Union, in partnership with Segev LLP, includes DraftKings’ decision not to submit a formal bid for Entain, as well as Nevada revenue figures from September and details of the possible tax rate New York mobile betting operators may face.
DraftKings terminates Entain talks
DraftKings has announced that it will no longer follow up its interest in Entain.
The business said it made the decision after further talks with Entain’s board.
Chief executive Jason Robins said his business was confident in its own technology and brand.
NY selects top mobile betting bidder, as operators could face 64% tax rate
The New York State Gaming Commission has given prospective mobile sports betting operators until 5pm on Monday to amend their proposed tax contributions, after confirming that rates of up to 64% of gross gaming revenue could apply to applicants.
The commission, which set a deadline of August 9 for applications, said that it had already ranked the bids by score – and selected the highest tax rate offered among the bidders.
The 64% rate would apply if the Commission selects four or five operator licenses, with contributions dropping gradually to 50% for between 10 and 12 operators and 35% for 13 or more. Fourteen operators have featured in the bidding process so far, although any that decline to conform with the new tax matrix will be cut from the process.
Nevada gaming revenue exceeds $1bn for seventh straight month
Nevada drew in $1.16bn in total gaming revenue during September 2021, marking the state’s seventh straight month exceeding the $1bn mark, while the state set a record for betting handle.
Revenue dropped a mere 0.7% from August, essentially keeping level from month to month.
1.2 million bets placed in Connecticut during first week of legal wagering
Geolocation security company GeoComply has reported a “strong start,” for Connecticut’s online sports betting and casino market, adding that the data indicates an “appetite” for regulated sports betting in New York.
GeoComply reported that during the soft launch from October 12 to October 19, over 1.2 million betting transactions have taken place. This, when compared with Connecticut’s 3.5 million population, has seen the state ranked 9th in sports betting and casino traffic per capita in the United States.
Caesars Entertainment appoints ex-NGCB chair Morgan to board
Caesars Entertainment has announced the appointment of Sandra Douglass Morgan to the company’s board of directors, effective from 7 November.
Morgan joins after serving as chairwoman of the Nevada Gaming Control Board, a role she took up in January 2019.
Betway expands NBA commercial portfolio with Miami Heat deal
Online gambling operator Betway has announced Miami Heat as its latest partner from the National Basketball Association (NBA).
The multi-year deal will see Betway become an official partner and the preferred free-to-play gaming partner of the franchise.
PointsBet appoints former Facebook and Netflix exec as US CMO
PointsBet has named Kyle Christensen as its new US Chief Marketing Officer.
Christensen brings experience from the tech and entertainment sector to PointsBet, having held roles at Facebook, National Geographic, and Netflix.
Vici properties reports 10.6% revenue rise in Q3 results
Casino real estate investment trust Vici has reported revenue of $375.7m (£273.3m/€324.0m) for its third quarter 2021 results ended 30 September.
This is a rise of 10.6% in comparison to Q3 2020 revenue, which came to $339.7m.
Gaming growth drives CDI to record revenue and net profit for third quarter
Churchill Downs Incorporated (CDI) saw revenue and net profit reach record levels in the third quarter of its 2021 financial year, primarily due to growth across its gaming and live and historical racing operations.
Revenue for the three months to September 30 amounted to $393.0m, up 16.3% year-on-year from $337.8m in the corresponding period last year.
Bally’s acquires UK-based creative agency Degree 53
Bally’s Corporation announced it has acquired Degree 53, a British creative agency excels at website and mobile app development for online gaming and sports betting operators.
Bally’s Corporation expects the acquisition of Degree 53 to advance the company’s various online offerings and help to integrate numerous Bally’s mobile platforms. Degree 53 has a staff of 54 in Manchester, comprising design and technical experts. The team will continue to work out of Degree 53’s Manchester studio.
Revenue and profit up at Boyd Gaming in Q3 as Covid-19 recovery continues
Boyd Gaming reported a year-on-year increase in revenue and net profit during the third quarter of its 2021 financial year as easing novel coronavirus (Covid-19) restrictions in the US saw more players return to its casinos.
Revenue for the three months to the end of September amounted to $843.1m, up 29.3% from $652.2m in the same period last year.
Lottery.com forecasts 135% revenue increase in third quarter
Lottery broker and information portal Lottery.com expects revenue to increase by up to 135% quarter-on-quarter in the third quarter of its 2021 financial year, driven by sales within its B2B segment.
In a preliminary results announcement, AutoLotto, operating as Lottery.com, said revenue is likely to reach between $22.0m and $24.0m for the three-month period.
Washington DC sets records for betting revenue and handle in September
Sports wagering revenue in Washington DC reached a new monthly record of $3.8m in September, while the district saw its handle surpass $20.0m for the first time.
Revenue from Caesars Entertainment, DC Lottery’s Gambet brand and BetMGM was up from $1.5m in August and edged out the previous record of $3.6m set in November last year