The Takeaway: You Should Be At The Gambling Events In NYC Next Month

Next.io and The Challenger Series are almost here. Gambling news today: Florida sweepstakes ban in play; ESPN Bet not performing as Penn reports earnings

If you read this newsletter or follow me on social media, you know that I am working with two events in New York City in a couple of weeks: the Next.io Summit and The Challenger Series from Geocomply and Citi.

I also think if you know me and follow me, I only write what I actually think. That’s why I can tell you that you should take the trip to NYC in March, whether I was speaking at these events and helping to promote them or not.

The times I have attended either of these events, they are some of the best experiences I have had in gaming.

• They are intimate gatherings where it’s easy to have organic conversations just from milling about.

• Decision-makers are on site and engaging with the content and their peers.

• While panels at other events are useful, I feel like I learn more listening at these two events than I do anywhere else.

Next.io also has an event ahead of the main summit dedicated just to social/sweepstakes gaming. With all of the disruption (both good and bad) for that industry, it’s a pretty opportune time to get together.

Here are some links:

• Sign up to attend the main Next.io Summit March 12-13; use promo code N3W5L3TNY to save $100 on an event pass. The social casino event takes place on March 11; learn more here.

• Registration for the Challenger Series event (also on March 11) ends on Friday; click here to register.

If you value what I have to say, here’s what I am doing at each event:

• Next.io: “Beyond Ads: Strategies for Authentic Engagement,” where marketing leaders will explore non-traditional strategies to connect with audiences in a meaningful way. Moderator: Tim Ringel, Global CEO, Meet The People. Panelists: Dustin Gouker, Owner, Closing Line Consulting; Jan Roessner, Co-Founder & CEO, One Earth Rising

• Challenger: Ever wondered what journalists and analysts *really* think about the iGaming industry's pitches? With CNBC's Contessa Brewer, Mohegan Gaming CFO Ari Glazer, Dustin Gouker, and Gecomply co-founder CEO David Briggs.

Whether you go or not, I hope you’ll excuse this exercise in very direct promotion and shameless self-promotion. And hope to see you in New York. Now onto our usual newsletter fodder.

Gambling news roundup

• $2B ESPN Bet Deal in Trouble As Penn Mentions 2026 Opt-Out (Front Office Sports): “[CEO Jay Snowden] then continued, and suggested that Penn Entertainment could even exercise an opt-out clause in its 10-year ESPN deal that is available in 2026. ‘When we announced our partnership, both sides made it very clear that we expected to compete for a seat at the podium. And we’re not on pace right now to do that,’ Snowden said. ‘We have tremendous plans in place for 2025 and 2026. But if, for whatever reason, we’re not hitting the levels that we need to, then obviously as you’re approaching the third anniversary, you have a three-year clause in that contract that both sides will have to do what’s in their best interests. And so that’s always out there.’

  • Opting out in 2026? That would a crazy outcome given the history of Penn’s forays into online gambling. It’s always worth remembering that Penn sold Barstool Sports for $0 just to get into the ESPN deal. More on this in Friday’s The Cashout.

• BetRivers Parent RSI Reports ‘Best Year Ever’ (Legal Sports Report): “All of that work culminated in 2024 with the company’s ‘best year ever,’ CEO Richard Schwartz told analysts on RSI’s year-end earnings call Wednesday evening. The stock responded positively after a few down days over taxation concerns in Colombia in after-hours trading, but that momentum switched at Thursday’s open. …The company forecasted an adjusted EBITDA range of $115 million to $135 million. That $125 million midpoint would mean growth of 35% year over year.”

• DraftKings agrees to $10M NFT class action settlement (SBC Americas): “After an 18-month court battle, DraftKings has agreed to settle the class action challenge to its NFT Marketplace and Reignmaker product. According to court documents filed in the U.S. District Court for the District of Massachusetts, Justin Dufoe filed a motion for preliminary approval of a class action settlement of $10 million in cash on behalf of himself and others similarly situated.”

• You can bet on tennis at Kalshi (The Event Horizon): “Dozens of single professional tennis matches have been posted and traded at Kalshi in the past couple of days, perhaps its most aggressive foray into sports betting so far.

  • Prediction markets (or at least Kalshi) don’t seem to want to wait for a green light to offer more and more sports betting. Will we see markets for single NBA or MLB games this spring?

• Florida Lawmakers Eyeing Sweepstakes Gambling Ban (Sports Betting Dime): “Companion bills have been introduced in both the Florida House of Representatives and Senate to ban ‘internet gambling’ and ‘internet sports betting,’ targeting sweepstakes gaming companies in the state.

  If approved, the legislation will make both a third-degree felony. It will not affect the Seminole Tribe’s ability to offer Florida sports betting, however.”

  • The negative news cycle of recent months continued for the sweepstakes industry. It’s not clear whether any of the bills that seek to ban the industry will become law, but more legislation cropping up is poor optics if nothing else.

• New York gaming chair wants more sportsbooks, lower tax (SBC Americas): “Assemblywoman Carrie Woerner’s A6013, introduced this week, would not only allow for but require more sportsbooks to enter the Empire State and would significantly reduce tax on sports wagering as the market grows.

  Currently, New York regulations allow for nine licensed sportsbooks, with revenue taxed at a nationwide high of 51%.

  • If sportsbooks get the tax lowered in New York, they’ll probably throw a parade for the bill’s sponsor. While more sportsbooks would enter New York given the chance, there are only a couple of needle-movers (bet365, Hard Rock) in that group.

Gambling newsletters

Yesterday’s Closing Line:

• Lottery courier worries? (EKG Line): “Bottom line: The Texas ban on lottery courier is undoubtedly a blow to DraftKings and its $750mm acquisition Jackpocket. Although the revenue hit may be small, there is at least some risk of courier ban contagion to other states, while the company also got a specific negative call-out from Lt. Gov Dan Patrick—a key policymaker in the state.”

  • Meanwhile, the Texas Senate voted to ban lottery couriers via legislation; that bill would pile on top of the lottery’s recent determination that couriers are not allowed.

Don't Come Around Here No More

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