The Week In Sports Betting News: Earnings Season Picks Up Pace

Written By Matthew Waters on February 22, 2022 - Last Updated on April 5, 2022
sports betting news

Happy Tuesday, everyone. While there are still some Super Bowl reports lingering, the focus for sports betting news is turning toward legislation and earnings season.

Check out the latest LSR Podcast that breaks down some of the Super Bowl betting reports already live. So far, 11 states reported more than $500 million in handle from the game. Stats from GeoComply show more than double the geolocation transactions on Super Bowl weekend compared to last year.

One jurisdiction that probably will not report impressive Super Bowl numbers is Washington DC considering the GambetDC app was unavailable on Apple devices during the game because of a missed update.

Stay tuned to @LSPReport on Twitter for any and all breaking news from this week.

This week’s top sports betting news: calls worth a listen

There are four earnings calls coming up this week that should not be missed (all times Eastern):

  • Caesars, 5 pm Tuesday: Caesars Sportsbook took a big swing at New York with the richest promo offer so there should be plenty for management to say about the current market.
  • Bally’s, 8 am Thursday: Bally’s, meanwhile, should also offer an interesting view on New York sportsbooks right now. The company is choosing not to launch in the market until April to avoid the “insane” promo market, Chairman Soo Kim said.
  • Churchill Downs, 9 am Thursday: The TwinSpires brand is one of the smaller operators in US sports betting, which could mean some interesting insights on the current promotional environment around the country.
  • PointsBet, 6 pm Thursday: Australian-listed PointsBet is reporting its fiscal half-year results instead of full 2021 results like the other three. Numbers aside, though, there should be plenty of questions about the shifting tides in New York and how launching after the first four affected initial share.

No matter what they say, all are hoping for a better day than DraftKings had Friday after the company forecasted an even larger EBITDA loss for 2022. The stock closed down 21.6% to $17.29 Friday, its lowest point since mid-April 2020.

What does NY look like with limited sports?

The next two weekly reports on mobile sports betting in New York could look pretty slow compared to other weeks.

That’s because the weeks ending Feb. 20 and Feb. 27 include no NFL betting and limited NBA betting as the NBA paused play for a week for the All-Star Break.

Operators have taken $787.2 million in bets through the first 13 days in February. February’s results could be far cry from January‘s when sportsbooks reported nearly $1.7 billion bet with $123.1 million in revenue and $63.2 million in taxes.

Last week’s top sports betting news: NJ thrives despite NY launch

There was good news out of the Garden State Wednesday as January’s report showed NJ sportsbooks hit a new handle record despite New York’s launch.

Sportsbooks reported nearly $1.35 billion bet in January, up 40.7% from last January. NJ operators also saw $143.7 million bet on the Super Bowl.

Plenty of eyes will be watching New Jersey’s performance over the next year or so. While it’s a positive New Jersey saw record business despite New York’s launch, new handle records are being set across the country thanks to the extra weekend of regular season NFL games this year.

Indiana, Iowa, Tennessee and others have already reported record betting in January.

Flutter opens new office in Ireland

The headquarters of FanDuel, PokerStars and FOX Bet‘s parent company is a lot buzzier than it was before.

Busier, maybe – but definitely buzzier. The Dublin-based headquarters reopened after a £15.5 million investment from Flutter and an additional investment from the landlord, with part of those funds going toward a living roof with three beehives for thousands of bees.

Honey aside, the headquarters also includes 164,000 square feet of workspace for 1,700 workers in key functions including sports trading, technology, product development and marketing.

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Matthew Waters

Matthew Waters is a reporter covering legal sports betting and the gambling industry. Previous stops include Fantini Research and various freelance jobs covering professional and amateur sports in Delaware and the Philadelphia area.

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