Monthly Archives: January 2016

New Jersey pols reach compromise on north Jersey casino plans

New Jersey legislators have reached a compromise deal to pursue two new casinos in the northern part of the state.

On Monday, Gov. Chris Christie, State Senate President Stephen Sweeney and Assembly Speaker Vincent Prieto held a press conference to announce they’d reached a deal on how to resolve two competing pieces of legislation to open up the state’s casino market outside Atlantic City.

Christie told reporters that “nobody here is getting exactly what they wanted or what they asked for,” but it appears Sweeney is getting more than Prieto.

Sweeney’s plan calls for existing Atlantic City casino operators to hold a 51% stake in each of the new casinos, while Prieto wanted at least one casino to be wholly owned by an operator with no ties to AC.

Daily fantasy sports operators win permanent stay of New York injunction

Daily fantasy sports operators have won the right to continue operating in New York until their court fight with the state’s attorney general is resolved.

On Monday, an appellate panel of New York’s Supreme Court granted motions filed by DraftKings and FanDuel to stay the injunction imposed on them by Justice Manuel Mendez on Dec. 11, 2015. The companies had already won a temporary stay of that injunction the same day it was issued.

The decision, news of which was first reported by ESPN’s Darren Rovell, means the DFS operators can continue operating in New York at least until May, when the complaint brought by Attorney General Eric Schneiderman in November will be heard. Schneiderman hit both companies with cease and desist orders based on his assertion that they are illegal gambling operators acting in defiance of New York law.

Schneiderman upped the ante on New Year’s Eve, filing an amended complaint that effectively seeks to bankrupt both operators by requiring them to refund all moneys lost by New York players and to pay penalties of $5k for each violation of state gambling law (i.e., one for every New York DFS player).

Daily fantasy sports operators win permanent stay of New York injunction

Daily fantasy sports operators have won the right to continue operating in New York until their court fight with the state’s attorney general is resolved.

On Monday, an appellate panel of New York’s Supreme Court granted motions filed by DraftKings and FanDuel to stay the injunction imposed on them by Justice Manuel Mendez on Dec. 11, 2015. The companies had already won a temporary stay of that injunction the same day it was issued.

The decision, news of which was first reported by ESPN’s Darren Rovell, means the DFS operators can continue operating in New York at least until May, when the complaint brought by Attorney General Eric Schneiderman in November will be heard. Schneiderman hit both companies with cease and desist orders based on his assertion that they are illegal gambling operators acting in defiance of New York law.

Schneiderman upped the ante on New Year’s Eve, filing an amended complaint that effectively seeks to bankrupt both operators by requiring them to refund all moneys lost by New York players and to pay penalties of $5k for each violation of state gambling law (i.e., one for every New York DFS player).

GVC revenue rises 10% as casino vertical outpaces sports betting in 2015

UK-listed online gambling operator GVC Holdings says its full-year revenue rose more than 10% in 2015.

On Monday, GVC issued a trading update covering the 12 months ending Dec. 31, 2015, during which net gaming revenue rose 10.2% to €247.7m, averaging €679k per day. Full results for 2015 won’t be released until April.

GVC also broke down key performance indicators for its Q4 2015 period, which showed overall revenue of €712k per day, up 10% year-on-year and up 21.3% on a constant currency basis.

Most of the growth came from GVC’s gaming vertical, which reported average daily revenue of €392, up 13.9% year-on-year. Sports betting revenue rose a more modest 5.6% to €320k per day, while betting handle rose 13.6% to €4.96m per day – completing the streak of consecutive quarter-on-quarter improvements throughout 2015. Sports margins were essentially flat at 9.1%.