February 7, 2023

DraftKings Employment Cuts

140 employees at DraftKings have been let go. The US operator acknowledged that the roles had been “eliminated” as a result of an internal restructuring meant to maintain compensation costs constant year over year. Ukrainian-based employees of DraftKings were affected by the layoffs, which mostly affected the company’s Eastern European commercial hubs. The operator is eager to concentrate on operational effectiveness as investors watch the potential for profitability of top US sports betting operators with growing attention. According to Sabrina Macias, VP of global communications at DraftKings, “with a greater focus on operational savings, we are regularly evaluating our teams to ensure that they are best positioned to accomplish our company goals in 2023 and beyond.”
February 1, 2023

Michigan Online Gaming & Sports Betting Numbers Show Solid Growth

The Michigan Gaming Control Board has just released a new report showing solid growth for internet casinos and sports betting operators. The numbers show a combined $1.98 billion in gross receipts for 2022, a 41% increase on 2021’s $1.4 billion totaling $1.65 billion in adjusted gross receipts. Internet casinos lead the way with $1.58 billion in gross recipes while sports betting followed with $399.58 million. The 2022 handle totaled $4.6 billion, almost $1 billion ahead of 2021’s $3.7 billion. The three commercial operators in Detroit reported paying $84.57 million in wager taxes and municipal services while tribal operators paid $32.83 million to its governing bodies.
January 31, 2023

Ontario Online Casinos & Sports Betting Continue Growth In Q3

Since their launch in April 2022, Ontario has been making great strides in online casinos and sports betting as they continue to grow in Q3, posting a staggering 71% growth from Q2 with $457 million in revenue. Just nine months in Ontario has seen over $21.6 billion in handle with total revenue at $886 million. Active bettor counts grew 45% from 628,000 in Q2 to 910,000, 85% growth from Q1’s 492,000. The average monthly spending for Ontario bettors increased 18% from July to September at $167. Ontario’s online sports betting and casino industry is still in its infancy but its early numbers show promise that it will continue to grow with time.