Weekly News Recap of Stories in the Sports Betting & Gaming World
News – New York Sports Betting has generated $1.2 billion in handles and $91.4 million in revenue in just 16 days.
iBET ETF Insights: Industry insiders believe NY will set a new record for the largest amount of sports wagering in the first two months of business. It will be a couple of weeks before New York reports its handles for January and February, but insiders believe it will surpass the current record of $777 million held by Arizona.
News – The Louisiana control board has opened up online sports betting as of 1/28/2022.
iBET ETF Insights: Key timing with the NFL Championship Games played last weekend and the Super Bowl in Two Weeks. The operators going live with the launch were DraftKings, FanDuel, Ceasars, BetMGM, BetRivers, and Barstool Sportsbook.
News – Paysafe (PSFE) Enters New York Sports-Betting market – Paysafe is an online payment solution that makes online purchases secure. Instead of using your debit/credit card, they provide a Paysafecard that is prepaid online and does not have any personal or financial details linked to it.
iBET ETF Insights: Paysafe has already gone live in other states such as Arizona, Louisiana, Michigan, and more. In total Paysafe is in 18 states plus Washington DC.
News – Morgan Stanley upgrades DraftKings stock – Last Wednesday Morgan Stanley upgraded DraftKings stock rating and stated that after its earlier stock decline, timing is good for long-term investment in what is a potential $21 Billion dollar market.
iBET ETF Insights: The upgrade by Morgan Stanley follows the first official numbers released Friday by the New York State Gaming Commission for the new online market. New York Sports Betting has generated $1.2 billion in handles and $91.4 million in revenue in just 16 days. Morgan Stanley predicts that legal US sports betting and iGaming will increase to $20.6 billion in 2025, from less than $1.5 billion in 2019.
New Jersey gives tax break for Sportsbooks Governor Phil Murphy signed a bill giving their sports lounges a tax break on credits (free play) that are used to entice gamblers into playing. The new law applies to brick-and-mortar locations, and it allows online operators linked to racetracks to get the same relief.
iBET ETF Insights: This new law should help the racetracks and casinos diminish the past 2 years of losses due to the pandemic, when 92% of sports betting took place online.