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Expected Value: This Week’s Top 5 Sports Betting Industry Developments

5. House Speaker Questions ‘Purpose’ Of Senate MA Sports Betting Bill

Recent comments suggest the House does not plan to budge much on its contested MA sports betting proposal. House Speaker Ron Mariano cannot figure out the “purpose” of the Senate bill passed in late April, he told reporters after he spoke at the Greater Boston Chamber of Commerce on May 26.

The two pieces of sports betting legislation are in a conference committee to try to work out differences. The legislature has until July 31 to legalize MA sports betting this year.

4. Florida Sports Betting Still In Limbo After Federal Court Denies Appeal

Florida‘s legal betting timeline remains an enigma after a federal court denied one of several appeals to its online gaming lawsuit.

On Thursday, the U.S. Court of Appeals for the District of Columbia granted the Department of Justice’s motion to voluntarily dismiss its appeal to one of several lawsuits that shut down online sports betting in the Sunshine state. The primary appeal to West Flagler Associates vs. Haaland, which vacated the gaming compact between the state and Seminole Tribe, remains pending, though in limbo may be more apropos.

There’s still no telling when Florida, which dipped its toes into online betting for less than a month, will have it once again.

3. Ohio Sports Betting To Begin On January 1, 2023

Following a protracted three year push to get Ohio sports betting to the finish line, an industry start date has finally been announced. The Buckeye state—the seventh-most populous state in the United States—will allow sportsbooks to officially open shop on January 1, 2023. After several false starts along the way, House Bill 29 will be put into action.

First application window for licenses opens on June 15

House Bill 29 was signed into effect last December, sports betting is still not legal in Ohio. Although some lawmakers hoped the industry could begin taking wagers sooner, the Ohio Casino Control Commission Executive Director Matt Schuler said that the January 1, 2023, start date would be necessary as the state continued its preparations for the launch.

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Guaranteed Money: This Wagering Market Has Grown Quickly, But Why?

In this Guaranteed Money feature interview Ryan Doyle sits down with Andy Wright, CEO of The Sporting Group. They talk about the role risk plays when it comes to wagering companies, some of the differences between the North American and European marketplaces and what will betting look like in the Metaverse?

In the news…

2022 NBA Finals Betting: Warriors Favored To Beat Celtics In Six Games

Caesars Racebook, a partnership between the company and NYRA Bets, has launched in Florida and Ohio with more states to come;; Caesars plans to launch its full mobile sportsbook in Ohio early next year.

Connecticut Council on Problem Gambling announced that it has received grants from DraftKings, FanDuel, and PlaySugarHouse to help fund its responsible gambling programs.

DraftKings announced that Jason Robins, the Company’s co-founder, Chief Executive Officer and Chairman of the Board, will participate in the following event: The Goldman Sachs Travel and Leisure Conference on June 6, 2022. The fireside chat is scheduled for 10:40AM ET.

FansUnite Entertainment reported financial results for the first quarter of fiscal 2022 on May 27. The report caught our attention as it showed considerable topline growth while the company achieved its first cash flow positive quarter in history. 

Iowa lawmakers included a two-year moratorium on new casino licenses being issued. The rule was included in a gaming omnibus legislative package that primarily has to deal with regulatory matters.

New York has generated over $267 million in tax revenue from sports wagering since January 2022. Mobile sports wagering accounted for $263 million since Jan. 8, and sports wagering at New York’s four commercial casinos made up $4.3 million of total revenue since July 2019.

Nicki Minaj has joined MaximBet through a multi-year, global partnership. The deal includes working with the sportsbook on merchandise, parties, partnerships, fan experiences and branding.

Peru is rapidly advancing its plans to shape the country’s sports betting and iGaming markets. After recently presenting legislation to carve out regulations, more progress has arrived through the Ministry of Foreign Trade and Tourism.

SkillOnNet’s KnightSlots iCasino was granted an Ontario iGaming license Wednesday, the 37th commercial online casino and/or sports betting site granted licensure by the province.

SOFTSWISS announced that it is simplifying the process of managing websites launched on its sportsbook platform by implementing a new, dedicated content management system.

Swifty Global announced an agreement to acquire UK sports gambling company Goldchip. The agreement comes as Swifty Global aims to accelerate its market access, after recently being approved for UK and Curaçao gambling licenses.

TheScore Bet is leaving the United States with its sports betting product after struggling to make an impact in the market.

Virginia Lottery, state bettors wagered $399.5 million in April, a 69% increase year-over-year. However, it was also the first month under $400 million in betting handle in the state since September 2021. 

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2. Boyd Gaming Announces $500 Million Increase to Share Repurchase Authorization; Declares Quarterly Dividend of $0.15 Per Share

Boyd Gaming Corporation (NYSE: BYD) today announced that its Board of Directors has authorized a $500 million increase to the company’s existing share repurchase program. The authorization will allow the company to continue share repurchases as the company concludes its previous repurchase authorizations, totaling $361 million.

This additional share repurchase authorization further reinforces our commitment to pursuing a balanced, robust capital return program. We intend to maintain repurchase activity of approximately $100 million per quarter, augmented from time to time by opportunistic repurchases.

Keith Smith, President and Chief Executive Officer of Boyd Gaming

Additionally, the Board of Directors has declared a quarterly cash dividend of $0.15 per share, payable July 15, 2022, to shareholders of record on June 30, 2022.

1. Gambling.com Group Reports First Quarter 2022 Financial Results

Gambling.com Group Limited (Nasdaq: GAMB, a marketing company and a leading provider of digital marketing services active in the global online gambling industry, today announced its operating and financial results for the first quarter ended March 31, 2022.

For the fiscal year 2022. based on currently available information, the company estimates that total revenue will be in the range of $71 million and $76 million and reiterates their full year revenue outlook. Adjusted EBITDA is projected to be in the range $22 million and $27 million.

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