Sports Betting News

Entertain and MGM Resorts, which own the online sportsbooks, have announced they are sticking to their original $250 million EBITDA loss projections for 2024. The move comes just days after FanDuel sent a profit warning to investors.

The District has sued Inralot for $6.5 million for lying when they were awarded the sole sports betting operating license due to making false promises. The suit accuses Intralot and a subcontractor of making an illegal deal to cut out local businesses.

TwinSpires' parent company, Churchill Downs, has filed a new lawsuit against the MGCB this week to keep its ADW horse racing platform open in Michigan. The move comes after TwinSpires refused to comply with a shutdown order from the operator.

Michigan’s top regulator has ordered TwinSpires to immediately cease advance deposit wagering operations in the state after ignoring their previous request. The operator's refusal to comply has led to a hearing where more penalties and fines could be assessed.

Nebraska State Senator Tom Brandt has introduced Legislative Bill 63 to the state legislature this week, which would legalize betting on in-state college teams. The extra tax revenue generated from those wagers would be used to lower property taxes for residents.

Several California tribes have joined together to file lawsuits against gambling operators, accusing them of offering games only allowed at tribal casinos. The lawsuits show that trust with the tribes remains broken, dampening hopes for legal sports betting over the next few years.

Minnesota Senator John Marty held a Wednesday hearing about the dangers of sports betting as the legislature's considerations a bill to legalize the industry. The group faced some pushback from Senator Nick Frentz, one of the industry’s top supporters.

FanDuel Sportsbook’s parent company, Flutter, has lowered its revenue projections for the NFL season as betting favorites won at the highest rate in two decades. Fortunately, the operator's international success has helped to offset the disappointing betting season.

DraftKings has launched DraftKings+ in New York, a subscription service that allows users to receive stepped-up parlays with boosted odds for bigger payouts. Users will be charged $20 per month for the service, which is only offered by DraftKings.

Minnesota State Senator John Marty has scheduled a hearing for January 8 to discuss the economic, health, and social dangers of legal sports betting. The effort to legalize the industry is expected to be the strongest the state has seen since PASPA was overturned.