Happy Monday, everyone. Sports betting news has mostly been legislative headlines recently but this week should be dominated by earnings reports.
The team dove into some of those state stories on the most recent LSR Podcast.
Make sure to follow @LSPReport on Twitter and tune into NewsWire on SportsGrid at 2:25 pm Eastern every weekday for day-to-day insights from LSR.
Top sports betting news: many must-hear calls
There is at least one conference call every day this week that will pull the curtain back a bit on the US sports betting industry:
- MGM Resorts, 5 pm Monday: No doubt MGM officials will have details on how BetMGM performed in the first quarter but a deep dive may have to wait another 10 days. BetMGM will host its own update May 12.
- Caesars, 5 pm Tuesday: CEO Tom Reeg said on the company’s last investor call that traditional marketing would be heavily reduced for Caesars Sportsbook. The company also launched its mobile NY sports betting app with a strong presence, though, so those marketing costs could still be elevated in the first quarter.
- Flutter, 4 am Wednesday: The parent company of FanDuel, Fox Bet and PokerStars is always an important listen for both sports betting and iGaming insights. Twelve hours later, Rush Street Interactive will report its first quarter results.
Three calls for Thursday + DKNG Friday
- Bally’s, 8 am Thursday: The call should include an update on how the integration of Gamesys into the Bally Bet 2.0 platform is coming along. Investors likely also want to hear some concrete information on its New York launch.
- Penn National, 9 am Thursday: An update from the parent company of Barstool Sportsbook and theScore Bet will follow shortly after the Bally Bet call. This is the first conference call for Penn with a full quarter of owning Score Media & Gaming under its belt.
- FuboTV, 5 pm Thursday: The Illinois Gaming Board ruled Thursday that Fubo did not meet the minimum requirements to win one of the state’s three online sports betting licenses. The stock hit a 52-week closing low on Friday at $3.79, which is 88.9% below its 52-week closing high of $34.25 hit last June 25.
- DraftKings, 8:30 am Friday: Investors are hoping for any news that could spark a bullish run for DKNG, which closed at $13.68 Friday. That includes Tilman Fertitta, who said the stock should pop like a tech company over the next few years and could hit $100.
Last week’s top sports betting news: KS passes bill
It did not seem like sports betting in Kansas was guaranteed when the Senate rejected the House’s changes to SB 84 on Wednesday, but by Friday morning the bill was on its way to Gov. Laura Kelly.
The two chambers sent representatives for a second conference committee early Thursday and was swiftly passed by the House shortly thereafter. There were not many changes, the biggest of which was who would handle the 80% of tax dollars that are earmarked to bring a professional sports team to Kansas.
Meanwhile, neighboring Missouri is not having such luck with sports betting bill. Sen. Denny Hoskins led a three-hour filibuster Wednesday when an amendment was introduced to remove VLTs from the legislation. The bill was then placed on the informal calendar without a vote taken.
Massachusetts Senate acts, but far from House proposal
The Massachusetts Senate passed a sports betting bill out of the chamber Thursday but whether there is a middle ground to be found between it and the House proposal is yet to be seen.
The Senate version taxes sports betting revenue at a much higher rate than the House proposal. The Senate bill also bans betting on all college sports, not just in-state colleges. Amendments to fix those issues and bring them in-line with the House were killed Thursday with little discussion.
