Bet On It: Nebraska launches legal sports betting

Welcome to the latest edition of “Bet On It,” where The Fly looks at news and activity in the sports betting and iGaming space. 

SECTOR NEWS: Genius Sports (GENI) has won a major new expansion and extension of its exclusive low latency official data partnership with Football DataCo, the data rights holder of UK football. Under the terms of the agreement, Genius Sports has extended its long-term partnership with Football DataCo to be the exclusive official supplier of low latency live data from the English Premier League, English Football League and Scottish Professional Football League to the global sports betting industry. Genius Sports has been the exclusive distributor of low latency official data from over 4,000 UK football fixtures per season to hundreds of regulated sportsbooks worldwide since the start of the 2019 season. The renewed partnership will run until the conclusion of the 2024-2025 season. In addition, as the Official Tracking Data and Analytics Partner to the EPL, Genius Sports has also expanded its partnership to capture sub-second, skeletal tracking data for all Sky Bet EFL Championship and Championship Play-Off matches through its Second Spectrum technology. As a result, Genius Sports’ AI-powered tracking systems will be installed at all remaining Championship grounds, capturing positional data on every player, match official and the ball.

WynnBET (WYNN), the online casino and sports betting app from Wynn Resorts, announced that its online casino and sports betting platform is live in the state of West Virginia. West Virginia is the 11th state where WynnBET is operational, and it represents the third state in which WynnBET offers its online casino, joining Michigan and New Jersey. “We would like to thank the West Virginia Lottery Commission for working with us throughout our licensure process in the state,” Wynn Sports Interactive President Ian Williams said. “We are thrilled to bring our first-class online casino and sportsbook to players in West Virginia, marking our second state launch this year and the third iCasino market to our growing portfolio.”

MONEY TREE PLANTER’S STATE: Legal sports wagering launched in Nebraska on Thursday at WarHorse Casino in Lincoln, Joe Dejka of Omaha World-Herald reported.. Betting is only allowed in person and in cash. Omaha residents are looking at a 50-minute drive until WarHorse can start up sports wagering at its casino under construction at 63rd and Q Streets. And you need cash when you visit WarHorse Lincoln, because that’s all they accept. “I do want the citizens of the state of Nebraska to know this is the only legal and authorized sports wagering outlet in the state of Nebraska,” said Tom Sage, executive director of the Nebraska Racing and Gaming Commission. Bets on home games involving Nebraska pro and collegiate teams are not legal.

GARDEN STATE ADS: As New Jersey attempts to renew online gaming for the 10 years, legislators are attempting to ensure that proper advertising restrictions on NJ sports betting and casino operators are in place, according to Mike Mazzeo of Legal Sports Report. Senator Joe Cryan this week introduced Bill S4021, which would prohibit New Jersey sports betting and casino operators from using fraudulent or deceptive ads. It does not define those terms, however. “It’s even-money that it passes,” Cryan told LSR on Wednesday. The bill would also preclude companies from reaching customers on self-exclusion lists, or directly appealing to individuals under the legal betting age of 21. “We’ve got a responsibility as a state to provide restrictions where they’re feasible, and in the public interest, and these are,” Cryan said.

ANALYST COMMENTARY: JPMorgan analyst Don Carducci upgraded PointsBet (PBTHF) to Neutral from Underweight with a price target of A$1.35, up from A$1.05.

Credit Suisse upgraded Melco Resorts & Entertainment (MLCO) to Outperform from Neutral with a price target of $18.20, up from $14. Given a better-than-expected recovery in the first half of 2023, it lifts its GGR estimates and is turning more constructive on the sector given positive structural trends that include a supportive government, increasing per-player value, successful non-gaming events and an early recovery sign in the VIP segment.

Wells Fargo raised the firm’s price target on DraftKings (DKNG) to $28 from $24 and maintained an Equal Weight rating on the shares. The firm is more positive on the EBITDA outlook for 2024-2025, but remains Equal Weight rated on valuation, the analyst tells investors in a research note.

PUBLICLY TRADED COMPANIES IN THE SPACE INCLUDE: Accel Entertainment (ACEL), Bally’s (BALY), Boyd Gaming (BYD), Caesars (CZR), Churchill Downs (CHDN), DraftKings (DKNG), Flutter Entertainment (PDYPY), Gambling.com (GAMB), Gan Limited (GAN), Genius Sports (GENI), Las Vegas Sands (LVS), MGM Resorts (MGM), Penn Entertainment (PENN), Rush Street Interactive (RSI), Super Group (SGHC) and Wynn Resorts (WYNN).