Bet On It: Ohio Entities Seek Piece Of Potential Sports Betting Pie

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Ohio is said to close in on sports betting legislation, this week's earnings, and other notable stories in the sports betting and iGaming space are featured in this week's recap.

SECTOR NEWS

WynnBET, the casino and sports betting app from Wynn Resorts (WYNN), announced it has opened its mobile sports book in Tennessee following approval from the Sports Wagering Committee of the Tennessee Education Lottery Corporation's Board of Directors. "Tennessee marks the sixth state where WynnBET has launched in less than nine months and is available for download anywhere in Tennessee on Apple and Android devices," the company stated.

DraftKings (DKNG) completed a content distribution, monetization and sponsorship agreement with Meadowlark Media. As part of the deal, Meadowlark Media and DraftKings will distribute The Dan Le Batard Show with Stugotz and the Le Batard & Friends Network across a wide range of audio, TV, digital and social channels, the company said. Additionally, the network of shows will prominently feature DraftKings' odds, betting trends and general sportsbook and daily fantasy information, it added. "We're thrilled to find a collaborator in DraftKings that shares our vision to grow Dan Le Batard's already wildly popular network of shows in non-conventional ways," said Meadowlark CEO John Skipper. "With the freedom to widely distribute these programs, we'll be able to reach the largest possible audience and provide incredible content to DraftKings."

EARNINGS RECAP

Three companies of note in the sports betting and casino space reported earnings this week. MGM Resorts' (MGM) Q1 loss per share of (68c) and revenue of $1.65B came in above analysts' consensus estimates. Casino revenue for Q1 decreased 16% compared to the prior year quarter at the company's Las Vegas Strip resorts, due primarily to lower business volume and travel activity due to the pandemic and ongoing operational restrictions. Notably, BetMGM reported a Q1 operating loss of $59.24M compared to a loss of $10.68M last year. While most of the company's results were impacted by COVID-19, MGM China experienced increases in net revenues, up 9%, and VIP table games hold revenue, up 7%.

"We are pleased with the meaningful progress we've made on multiple fronts this quarter," said Bill Hornbuckle, CEO and President of MGM Resorts International. "Consumer demand strengthened at our domestic properties, and the significant changes we've made to our operating model have positioned us to capitalize on the recovery. Our regional properties achieved record first quarter Adjusted Property EBITDAR and Adjusted Property EBITDAR margins. Las Vegas operating results improved sequentially, leisure demand is improving, and we now have a tangible path to bring conventions and entertainment back at scale. MGM China continued to outperform the broader Macau market's gradual pace of recovery." "We are also deeply focused on our long-term goals including investing in digital to drive deeper customer engagement and BetMGM, our U.S. sports betting and iGaming venture, which continues to impress as the leading operator in U.S. iGaming and the top three operator in U.S. online sports betting. Our future is bright," Hornbuckle said.

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