News

DraftKings’ (NASDAQ: DKNG) recently announced surcharge on winning sports bets in four states could generate up to $270 million in added gross gaming revenue, according to an estimate by Eilers & Krejcik Gaming (EKG). Inside DraftKings’ Nevada office. The company’s surcharge plan could be a revenue generator, but it carries risks, says a research firm. (Image: Nevada Independent) The gaming company said last week it will start implementing a small levy on winning sports wagers in Illinois, New York, Pennsylvania, and Vermont in an effort to lower its effective tax rate in those high-tax jurisdictions. The plan is scheduled to go into effect on Jan. 1, 2025. DraftKings told investors …

Kentucky-based Churchill Downs, Inc. is putting the finishing touches on its $460 million gaming resort in Virginia’s Dumfries. In anticipation of its impending opening, Churchill Downs is aggressively marketing the casino to residents in affluent Northern Virginia. An aerial view of The Rose Gaming Resort, a $460 million development from Churchill Downs. The casino, which will offer electronic gaming machines based on previously run horse races, opens in Virginia’s Dumfries in September 2024. (Image: Prince William Times) The Rose Gaming Resort won’t offer traditional casino slot machines or live dealer table games. Instead, the gaming floor will house electronic gaming terminals that calculate winning spins based on previously run horse …

Broadly speaking, it’s been a rough year for gaming equities, including those that came public via reverse mergers with special purpose acquisition companies (SPACs), but Codere Online Luxembourg (NASDAQ: CDRO) stands out. Codere’s sign when it launched on NASDAQ in December 2021. The stock is one of this year’s top performers among de-SPACed gaming names. (Image: Twitter) The Spanish sportsbook operator, which went public on Dec. 1, 2021 following a combination with blank-check firm DD3 Acquisition Corp. II, is up 170% year-to-date. That’s easily the best showing among US-listed gaming stocks that are the product of SPAC deals, a group including DraftKings (NASDAQ: DKNG), Rush Street Interactive (NYSE: RSI), and …

Caesars Entertainment brass revealed during the company’s Tuesday evening call with investors and analysts that it will soon deploy its Horseshoe brand online. Caesars Entertainment will launch its next online casino brand by way of Michigan in September 2024. Company officials said this week the Horseshoe brand is moving to the internet. (Image: Caesars Entertainment) During the second quarter earnings call, Eric Hession, president of sports and online gaming at Caesars, said the company’s acquisition of WynnBet’s online operations in Michigan was completed in June. The acquisition provides Caesars with additional market access for iGaming and online sports betting in the state through a partnership with the Sault Ste. Marie …

Hailey Welch, now colloquially known as  the “Hawk Tuah girl,” filed a variety of trademark applications earlier this month, including one for “Bet On That Thang.” The filings were made by 16 Minutes LLC, a Tennessee-based limited liability corporation that appears to be named as a reference to “15 minutes of fame.” Welch is from the Volunteer State and while some might argue her 15 minutes are up or expired some time ago, she’s milking it for all it’s worth as highlighted by trademark applications for comedy shows, condiments, gum, hats, mouthwash, sunflower seeds and shirts in addition to sports betting. For those not in the pop culture know, Welch …

Churchill Downs Inc. has lifted its ban on trainer Bob Baffert from racing his horses at their tracks. That’s after the Horse Racing Hall of Famer issued a statement accepting responsibility for Medina Spirit’s positive drug test after winning the 2021 Kentucky Derby. Bob Baffert with Medina Spirit in 2021. The horse won that year’s Kentucky Derby but was disqualified after failing a drug test and died of a heart attack before the year’s end. (Image: Paulick Report) “I am responsible for any substance found in the horses that I train, and I have paid a very steep price with a three-year suspension and the disqualification of Medina Spirit’s performance,” Baffert said …

The Professional Pickleball Association this week announced a partnership with Integrity Compliance 360 (IC360) to monitor its PPA Tour for fair play better. The Professional Pickleball Association has partnered with Integrity Compliance 360 for sports betting monitoring. The PPA hopes more state gaming regulators will allow its tour to be included in the permissible events catalog. (Image: Carvana PPA Tour) Seeking to expand its product to more legal sports betting states in the US, the PPA, headquartered in Las Vegas, is bringing on a third-party monitor to oversee the legal betting activity surrounding its competitions. IC360 is a leading sports betting integrity firm that provides compliance solutions for sportsbooks and …

Penn Entertainment (NASDAQ: PENN) is planning layoffs at its Penn Interactive arm, which includes the ESPN Bet online sports wagering unit. An image from an ESPN Bet tutorial. Operator Penn Entertainment is laying off workers at its Penn Interactive unit. (Image: YouTube) The number of jobs to be eliminated wasn’t announced, and the news was originally reported Wednesday by Legal Sports Report. News of the headcount reductions at Penn Interactive arrived about nine months after the ESPN Bet mobile application went live. This week, we are implementing changes at PENN Interactive to help streamline reporting lines, enhance operational efficiencies, and leverage shared resources across PENN,” wrote Penn CEO Jay Snowden …

A Native American tribe in Colorado that holds a Class III gaming compact with the state is suing Gov. Jared Polis (D) and Colorado Gaming Division Director Christopher Schroder for how they rolled out sports betting in The Centennial State. An advertisement for the now-defunct online Sky Ute Sportsbook. The tribe behind the internet wagering platform is suing Colorado Gov. Jared Polis and the state’s gaming regulatory agency for not negotiating in good faith with the tribe for it to gain online sports betting market access. (Image: Southern Ute Casino Resort) In a federal lawsuit filed in Colorado’s US District Court, the Southern Ute Indian Tribe alleges that Polis and …

MGM Resorts International is the first casino operator in the history of the famed New York Yankees to become a “Proud Partner” of the iconic MLB franchise. The New York Yankees and MGM Resorts International have teamed up to provide MGM Rewards members and baseball fans with exclusive events and promotions. MGM signage will also soon come to the famed ballpark in the Bronx. (Image: Casino.org) The winningest team in professional baseball history with 27 World Series championships, the Bronx Bombers are partnering with one of the gaming industry’s most recognizable brands in MGM. Through the affiliation, the Bellagio and MGM Grand operator will offer its VIP players enrolled in …