iBET ETF Insights: With 30+ states allowing sports betting, the AGA (American Gaming Association) predicts 45 million adults to wager on March Madness. With an estimated $3.1 billion to be wagered on the games. AGA also predicts that 76% of that will be placed outside of brackets on individual games/prop bets. 29 million more Americans have the ability to wager compared to last year’s tournament. The bracket is by no means dead AGA estimates 36.5 million Americans will wager a bracket and 20.9 million plan to set side bets.

iBET ETF Insights: The New York legislature revealed their budget proposals for sports betting and gambling regulation. Lawmakers will now work to determine if downstate casinos will be expedited and if they can add additional sports betting licenses. Lawmakers are required to pass the budget by April 1. Assembly Speaker Carl Heastie said “By and large, the Assembly and Senate majorities appear to be rowing in the same direction when it comes to responding to the executive budget.” Companies like MGM and Resorts World who both have property in New York await further legalization downstate before they can roll out large scale gambling on property.

iBET ETF Insights: During a conference call to report 4th quarter results, Churchill Downs officials said the company will discontinue its online sports betting and internet gaming operations. However, Churchill Downs will still offer retail, and brick-and-mortar sportsbooks. Churchill Downs CEO Bill Carstanjen said, “continued efforts in online sports betting and iGaming by the company didn’t make economic sense as he sees little chance of growth or return for shareholders in the highly competitive market.”
Churchill Downs (CHDN) reported Q4 adjusted net income of $1.27 per share, compared with $0.19 per share in the year-ago quarter. The stock rallied up more than 10% on earnings.