iGaming Weekly Recap (December 9–15): Michigan Considers Tax Hikes, Alabama’s Gambling Hopes Fade, Gambling.com Acquires Odds Holdings

Gambling.com Group has acquired Odds Holdings, the parent company of the OddsJam platform, for up to $160 million. The deal includes an initial payment of $80 million and potential additional payouts based on Odds Holdings’ financial performance through the end of 2026. The acquisition aims to expand Gambling.com Group’s operations with recurring revenue streams and increased EBITDA. The Odds Holdings team will join Gambling.com Group, and the transaction is set to close on January 1, 2025.

On December 17, 2024, the United States Senate Judiciary Committee will hold a hearing focused on the SAFE Bet Act, legislation regulating sports betting. The discussion will center on the potential benefits and risks associated with the legalization of sports betting, as well as potential antitrust violations by FanDuel and DraftKings. Additionally, federal standards for operators and the risks of gambling addiction will be considered. The committee aims to gather information to assess the current state of the sports betting industry in the U.S.

Senate bills in Michigan propose modest tax increases on sports betting and online casinos, introducing a progressive system. The proposed changes have been met with opposition from FanDuel and DraftKings, which urged their customers to lobby against the measures, arguing that higher taxes could limit promotions and employment opportunities. Currently, the bills are under review by the Senate committee. The tax hikes aim to boost state budget revenues.

Prime Sports has secured a license to operate sports betting in Kentucky. Partnering with Churchill Downs, the company will focus on high-stakes clients, offering high betting limits, favorable odds, and fast payouts. Prime Sports will compete with established brands like FanDuel and DraftKings in a market that reached a turnover of $274.9 million in October 2024. The platform is slated for launch in spring 2025, potentially aligning with the March Madness tournament.

The chances of legalizing gambling in Alabama in 2025 have diminished. Senator Sam Givhan believes there is a lack of support in the Senate, and the change in Senate leadership further reduces these prospects. The absence of a single decisive vote in 2024 and pessimistic forecasts suggest that gambling legalization is unlikely in the near future. This situation could persist for the next four years. The House of Representatives, which previously supported legalization, has no plans to reintroduce the bill.

Bonus: December – The Perfect Time for a Career Move

Last week marked several key shifts within the leadership teams of major companies. Several individuals transitioned to new employers, while others received promotions and took on expanded responsibilities. Over the past week:

• BetMGM welcomed Casey Hurbis as Chief Marketing Officer.
• FanDuel appointed James Hartmann and Louis Trombetta as new Directors of Government Relations.
• Bill Pascrell III joined IC360 as Special Advisor.
• Adam Landeka moved from theScore to PENN Entertainment.
• Hard Rock Digital hired Edward Hartman.
• Sabine Stoppel and Jakob Rothwangl assumed leadership roles in NOVOMATIC

The new year will bring a host of fresh challenges and opportunities for many in the industry. If you want to stay updated on the latest news in the sports betting and iGaming sectors, follow our Weekly Recap newsletter and visit our site at USiGamingHub.com!