Welcome to the latest edition of "Bet On It," where The Fly looks at news and activity in the sports betting and iGaming space.
KANSAS SPORTS BETTING: Kansas launched legal sports betting on September 1, and many of the sector's biggest bookmakers rolled out their services in the state without hesitation. Flutter's (PDYPY) FanDuel and Boyd Gaming (BYD) launhced the FanDuel Sportsbook app in the state this week, with both companies opening a temporary retail sportsbook at the Kansas Star Casino with a grand opening set for September 8. Caesars (CZR) said yesterday that Caesars Sportsbook, is sports wagering mobile app, is now available in the state, while DraftKings (DKNG) also announced plans to launch its online sportsbook in Kansas, subject to receipt of regulatory approvals.
Meanwhile, MGM (MGM) announced that BetMGM launched its mobile app in Kansas, saying customers can now fully access BetMGM's "state-of-the-art" online sports wagering platform. Additionally, BetMGM entered into a multi-year partnership with the Kansas City Chiefs to become one of the team's first sports betting partners. Under the agreement, BetMGM signage will be present inside GEHA Field at Arrowhead Stadium. BetMGM content also will be featured across the Chiefs' digital channels with special offers, game day experiences and prizes available to fans and season ticket members.
NEVADA GAMING: Earlier this week, the state of Nevada reported July statewide gaming win fell 3.17% year-over-year to $1.32B, with July Las Vegas Strip gaming win down 2.42% year-over-year to $773.4M. Of note, the state's sportsbooks posted a 2022 monthly low during the month of $419.4M in sports betting handle. Despite the low, the Nevada Gaming Control Board said the figure represented a nearly $10M increase from the same period a year ago. Nevada sportsbooks netted just $16.2M in revenue for the month, with a relatively low 3.9% hold keeping that number low, according to Legal Sports Report.
NEW YORK/ARIZONA: New York sportsbooks have surpassed $10B in online sports betting handle in under eight months, according to Legal Sports Report. The online sportsbooks for the state handled $194.5M for the week ending August 28, putting the state at $10.1B for 2022 year-to-date. Overall, New York's sportsbooks have generated $766.4M in gross gaming revenue from online sports betting.
Meanwhile, Arizona's Department of Gaming said this week that bettors in the state wagered nearly $319M during the month of June, a 31% decline from its May handle. “Despite June being a historically slower month for sports betting, Arizona’s figures were strong nationally,” said Ted Vogt, Director, ADG. “Arizona operators contributed over $750 thousand in privilege fees during June, resulting in nearly $17 million in privilege fees since the start of legal operations in September 2021.”
AWAITING SPORTS BETTING: The state of Maryland appears to be getting closer to an official launch of sports betting, as Maryland Sports Wagering Application Review Commission chairman Thomas Brandt sent a letter to the state General Assembly's regulator review committee recommending that they take action on the state's sports betting regulations that were submitted in late July. In the letter, Brandt requests the committee approve emergency regulations, then allowing SWARC to begin the application process for 60 competitive mobile licenses.
Looking towards New England, the Massachusetts Gaming Commission, which requested that any entity interested in obtaining a sports wagering license submit a Notice of Intent form by August 31, said that 42 entities submitted a Notice of Intent, up from the 12 reporting a week earlier. The list of entities submitting a Notice of Intent include Bally's (BALY), BetMGM, FanDuel, FanLogic, GAN Nevada (GAN), Fubo Gaming (FUBO), and 888 Holdings (EIHDF).
SPORTS BETTING ABROAD: iGaming Ontario released its first public report of market performance since the Ontario igaming market launched on April 4, 2022, saying that operators took over C$4.1B during its first quarter. The operators held 4% for C$162M in sports wagering revenue. iGaming noted that the number of live operators and igaming websites as of June 30, 2022 were 18 and 31, respectively. The news comes as the Alcohol and Gaming Commission of Ontario issued Sports Interaction, which is owned by Entain (GMVHF), an internet gaming license, which went live this week.
PUBLICLY TRADED COMPANIES IN THE SPACE INCLUDE: Accel Entertainment (ACEL), Bally's (BALY), Boyd Gaming (BYD), Caesars (CZR), Churchill Downs (CHDN), DraftKings (DKNG), Flutter Entertainment (PDYPY), Gan Limited (GAN), Genius Sports (GENI), Las Vegas Sands (LVS), MGM Resorts (MGM), Penn National (PENN), Rush Street Interactive (RSI) and Wynn Resorts (WYNN).