Sports Betting Industry News

Underdog Raises $35 Million in Funding, Valued at $485 Million

Early Tuesday morning, Underdog Fantasy announced that it had raised $35 million in a Series B round of funding that includes BlackRock and Acies Investment. The recent funding round has the company valued at $485 million, and the leader in fantasy sports is expected to become a major player in the rapidly growing sports betting […]

Self-Exclusion Program Creating Issues in Ontario as Bettors Exploit Loophole: AGCO Investigating

Online sports betting launched in Ontario on April 4, 2022, and the market now has several platforms available, including DraftKings, Caesars, and FanDuel. However, bettors have been taking advantage of a loophole in the responsible gaming rules in the province to the detriment of sportsbooks. The Alcohol and Gaming Commission of Ontario (AGCO) is reportedly […]

New York Sports Betting Update: Gaming Commission Releases Q&A

New York legislators continue to make progress on a hopeful launch of their legal sports betting market in time for the 2021 NFL season. On Thursday, state legislators hit an important deadline and the New York State Gaming Commission (NYSGC) released a 29-page Q&A between potential sports betting applicants and the commission. The Q&A concerned […]

Michigan Reports 1.2% Increase in Total Sports Betting Handle in August

The Michigan Gaming Control Board (MGCB) reported a slight increase in total sports betting handle in August after July was the worst month in Michigan’s sports betting history. The MGCB reported $208.6 million in sports betting in August, a 1.2% increase over July. Online sports betting accounted for $192.3 million of that total or 92.1%. […]

Michigan Reaches Record-High $387 Million Sports Betting Handle in September 2021

Last month, I checked in with Michigan sports betting as the state bounced back in August from a down month in July. Michigan launched its online sports betting market on January 22, 2021, and became the third-most populated state, with legal sports betting behind Illinois and Pennsylvania. In September, Michigan grew with a new all-time […]

Florida Sports Betting: FanDuel & DraftKings Push New Legislation

Florida Sports Betting Vote On April 23, 2021, Florida Governor Ron DeSantis announced a historic gaming compact between Florida and the Seminole Tribe. Seminole Tribe of Florida Chairman Marcellus Osceola Jr. agreed to a compact that included a $2.5 billion guarantee over the next five years and roughly $6 billion through 2030. That’s the largest […]

Fanatics Files for Sports Betting Trademark as “BetFanatics” Ahead of Expected California Push

On Monday, Fanatics filed to trademark the brand “BetFanatics” at the United States Patent and Trademark Office, as first reported by patent attorney Josh Gerben. Fanatics is the largest sports-only licensed retailer globally and has been rumored to be preparing a significant play in the sports betting space for a while now. Fanatics chief commercial […]

Arbitration Appears Inevitable in Flutter and Fox’s FanDuel Valuation Dispute

Yesterday, I wrote about Flutter’s 2021 earnings presentation as FanDuel reported $1.9 billion in 2021 earnings, far out-pacing its next-closest competitor in DraftKings at $1.3 billion. As FanDuel’s market share continues to grow in the expanding United States sports betting industry, the company has found a sustainable formula that will allow it to be a […]

BetMGM Sees a 26% Market Share in Q3 and Complicates Entain’s Future

United States sports betting is still in its initial developmental stages, but DraftKings and FanDuel appear to have a significant foothold in the market. However, BetMGM has been elevating its offerings and is rapidly growing to become a real competitor to those two brands. With a 26% market share reported in Q3, BetMGM has to […]

Illinois House and Senate Pass Bill to End In-Person Registration Requirement

On Thursday, October 28, HB3136 overwhelmingly passed in both the House and Senate in Illinois, presenting new changes to the legal sports betting market in the state. The Senate passed the bill by a vote of 44-12 before it moved to the House and was approved 100-11. Illinois initially legalized sports betting as part of […]