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Study Reveals New York is Losing $200+ Million by Not Legalising Online Sports Betting

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Study Reveals New York is Losing $200+ Million by Not Legalising Online Sports Betting
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A recent study released by the market research firm Eilers & Krejcik in February 2020 has estimated that New York is losing $200+ million in revenue by not legalising online sports betting. As per the study, the estimated range of money being left on the table by New York is between $203 million and $286 million.

The research firm, in a report commissioned by New Jersey sports betting market-leaders FanDuel and DraftKings, proposes three scenarios of taxation using a projected amount of sports book licenses, from 7 to 10, being charged licensing fees of $12 million a year.

The projections are being put forth as Gov. Andrew Cuomo’s budget discussions that seek to address a $6 billion budget deficit in the Empire State do not highlight the legalisation of online sports gambling as a remedy.

“This is not the time to come up with creative although irresponsible revenue sources to solve a problem which doesn’t really exist,” Cuomo said.

State Sen. Joseph Addabbo, the most staunch proponent of sports gambling in the state, told The Action Network that if online sports gambling is not in the state budget by the time it is resolved on April 1, it will likely not be approved until 2021.

Addabbo’s strategy is to get Cuomo’s attention by showing how much money New York has lost to neighbouring New Jersey. The Garden State pulled in $4.6 billion in bets in 2019, 85% of Nevada’s handle, making Jersey the second-most valuable sports gambling state in the nation.

Eilers & Krejcik estimates that New Yorkers bet $837 million on sports in New Jersey. When subtracting the payouts for wins using a conservative hold percentage, it is an estimated $57.1 million in revenue for the operators and $6.2 million in tax revenue lost by New York to New Jersey.

Gambling in the USA

Gaming Americas Weekly Roundup – September 13-19

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Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news, new partnerships and new appointments. Read on and get updated.

Latest News

Catena Media has further strengthened its North American operations by acquiring online sports betting and casino affiliation assets from i15 Media. The total purchase price is USD 45 million, of which USD 12.5 million will be paid with 2,207,357 new Catena Media shares.

Caesars, in partnership with Arizona Diamondbacks, celebrated sports betting legalisation in the state of Arizona with a kickoff event featuring dignitaries and celebrities, a charitable donation of $20,000 to the Arizona Diamondbacks Foundation, a ceremonial first bet and more.

Esports Entertainment Group has opened a new office in Hoboken, New Jersey. In addition to the new office, the Company is also expanding its US workforce and has named CFO Dan Marks as Head of Office.

Caesars Entertainment announced that it priced an offering of $1.2bn aggregate principal amount of its 4.625% Senior Notes due 2029 at par. The sale of the Notes is expected to be consummated on or about 24 September 2021, subject to customary closing conditions.

JCM Global has installed its GEN5 Thermal Printer on all 1752 slot machines at del Lago Resort & Casino in Waterloo, New York.

The Dumfries Planning Commission has approved a request from Colonial Downs Group to build a gaming property in the City.

International Game Technology has announced that the company is extending its momentum in cashless gaming technology deployments to Oklahoma. Indigo Sky Casino in Wyandotte is the latest casino to join the cashless gaming revolution by way of a multi-year agreement with IGT and a phased rollout of the Resort Wallet and IGTPay modules of the IGT ADVANTAGE casino management system.

New Partnerships

Tipico Sportsbook has signed a 10-year deal with Caesars Entertainment. The deal includes a 10-year renewal term and provides Tipico with immediate access to launch an online sportsbook in Indiana and Iowa, pending licensing and approvals.

Comtrade Gaming has entered into a partnership with G3 Esports. Under the agreement, Comtrade will provide its iGaming platform – both iCore and backend technology – to G3’s upcoming betting product for gamers.

Passport Technology, a global leader of payment technology for the gaming industry, has entered into a partnership with Angel Of The Winds Casino Resort. This multi-year deal involves the payments technologies company supplying advanced casino payments, marketing and cage automation solutions.

Online gaming operator PointsBet and Major League Soccer club Austin FC announced a new agreement granting PointsBet rights as a proud Founding Partner of Austin FC.

WynnBET has signed a deal with the NFL’s New York Jets to become its official sports betting partner.

Financial Results

Gaming Realms has reported its H1 interim results for the six months ending 30 June 2021. Total revenue grew 50% in H1 2021 to £7.7m from £5.2m in the same period of 2020.

Loto-Québec has published its financial results for the first quarter of the 2021–2022 fiscal year. For Q1 FY2021-22, Loto-Québec generated total revenues of $401.3m, up $243.9m (+154.9%) compared to the same period last year.

New Appointment

PointsBet has appointed Canadian digital media leader Dale Fallon as Senior Director of Product.

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Gambling in the USA

Celebrate Fast Times! Sonic Dash Surpasses 500 Million Milestone as Fans Honour 30th Anniversary of Sonic the Hedgehog

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Celebrate Fast Times! Sonic Dash Surpasses 500 Million Milestone as Fans Honour 30th Anniversary of Sonic the Hedgehog
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Beloved IP continues to drive mobile game download growth from loyal global fan base

SEGA of America, Inc. today announced that its hit mobile game Sonic Dash has surpassed a major milestone on mobile devices. Since initially launching in 2013, the game has achieved more than 500 million downloads worldwide. The endless runner game, which stars the famous blue hedgehog running, dashing, jumping, and spinning across stunning 3D environments, is the most played Sonic mobile game ever!

Sonic Dash’s major milestone also falls during the 30th Anniversary of Sonic the Hedgehog, which SEGA is celebrating with fans around the world! From the small mobile screen to the silver screen, the Blue Blur is still capturing the hearts of audiences. Last year saw the first live-action movie release of Sonic the Hedgehog, and now the next chapter of Sonic the Hedgehog 2 is hotly anticipated to release next year in 2022.

Sonic Team’s Takashi Iizuka: “Achieving over 500 million downloads is a huge testament to the endurance of the Sonic brand and the truly fun, timeless gameplay of Sonic Dash. We appreciate our loyal fans as well as our partnership with both Apple and Google for their enduring support in showcasing Sonic Dash in the App Stores. This milestone could not have been achieved at a better time!”

SEGA HARDlight’s Studio Director, Neall Jones: “We continue to be amazed at Sonic Dash’s loyal fans and how the game is still driving millions of new downloads every month. A massive thank you to all Sonic Dash fans. We look forward to continuing to provide you with new and innovative in-game events built around the ever-expanding Sonic universe, for years to come.”

Sonic Dash was developed by HARDlight, a SEGA of Europe studio. The studio is also behind another wildly popular mobile multiplayer runner: Sonic Forces. HARDlight produces regular events in Sonic Dash, featuring collaborations with highly recognized IP. Starting Friday, September 17, fans can also join a special event in Sonic Dash, honoring this 500 million milestone.

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Gambling in the USA

Gaming Americas Weekly Roundup – September 6-12

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Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news, new partnerships and compliance updates. Read on and get updated.

Latest News

Rush Street Interactive has launched its own branded online live casino studios in both Pennsylvania and New Jersey. The studios will supply live dealer games to the BetRivers online casino in Pennsylvania and PlaySugarHouse online casino in New Jersey.

888 Holdings has announced the launch of SI Sportsbook in Colorado. SI Sportsbook combines 888’s world-class proprietary and scalable technology with Sports Illustrated’s iconic brand to create a unique value proposition for sports fans.

Gaming Realms has announced that its first Slingo game has now gone live in Pennsylvania, following the company’s recent award of an interactive gaming manufacturer license in the state.

Tipico Sportsbook has selected Colorado as the site for its new technology hub. The sportsbook expects as many as 441 jobs to be brought to the area over the next eight years.

International Game Technology has announced that its world-class PlaySports platform footprint will expand into Wisconsin through an agreement to power sports betting at Oneida Casino, on the Oneida Nation Reservation.

Internet Vikings has launched its iGaming hosting services in Colorado. This follows its recent launch in West Virginia. This new launch is just the second step in Internet Vikings’ expansion into the US with 11 more states expected to come onto their map by the end of the year.

DraftKings has announced the addition of its new and exclusive game DraftKings Rocket to the DraftKings Casino product suite. The game is currently available in New Jersey with Michigan and West Virginia to follow pending regulatory approval.

New Partnerships

BetMGM has entered into a strategic partnership with Casino del Mar at La Concha Resort in Puerto Rico. Subject to regulatory approvals, BetMGM will expand its retail and mobile sports betting offerings to Puerto Rico, signifying the company’s first market access agreement outside of the U.S. mainland.

MegaFans, a mobile gaming company headquartered in Southern California, has partnered with Launchpool Labs and joined their first incubator programme which kicked off Sept. 1, 2021.

As the Denver Pioneers prepare for a new sports season, Denver Sports Properties has announced a multi-year agreement with its first corporate sports betting partner, SuperBook Sports. The agreement, facilitated by Playfly Sports, will include branding, media hospitality and social media assets with a focus on responsible gaming and education for student-athletes.

Baltimore Ravens and Caesars Entertainment announced a partnership in which Caesars Sportsbook will be the NFL club’s “premier sports betting partner” while also expanding the Ravens’ relationship with Horseshoe Baltimore casino.

Esports Entertainment Group has signed a partnership agreement with Game Fund Partners LLC to become a part of their Venture Capital Arm and a new planned $300 million game fund.

Genius Sports has expanded its existing agreement with WynnBET to provide the operator with official National Football League sportsbook data, content and fan engagement solutions.

Compliance Updates

Genius Sports Limited has announced that it has been granted a long-term Online Sports Wagering Vendor Permit by the Wyoming Gaming Commission.

The company has also secured a temporary event wagering supplier license from the Arizona Department of Gaming.

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