Latest News
Accel Entertainment to Acquire Fairmount Holdings
Accel Entertainment Inc. and Fairmount Holdings Inc. announced that the companies have entered into an agreement for Accel to acquire Fairmount, the owner of FanDuel Sportsbook & Horse Racing, for total consideration of approximately $35 million (based on a 20-day trailing average), payable to the sellers as 3.45 million shares of Accel Class A-1 common stock. The strategic transaction adds a promising single-site racetrack and future casino to extend Accelâs convenience gaming expertise to a larger and more concentrated venue â an adjacency in Local Gaming that is complementary to Accelâs steadily growing, route-based footprint.
During the year ended December 31, 2023, Fairmount generated $29 million of revenue and modest Adjusted EBITDA. Accel plans to invest $85-$95 million (over and above the purchase price) to fund temporary and then permanent casino construction and modest track investments. Accelâs five-year forecast suggests an Adjusted EBITDA potential of $20 to $25 million and over 75% free cash flow conversion â pointing to a compelling cash flow return on capital. The asset will be the cornerstone in a local gaming platform that builds on Accelâs capabilities and strengths as a leading route-based operator.
âAs a leading distributed gaming operator in the United States, we are excited to partner with âHall of Fameâ value creators Bill Stiritz and Rob Vitale to deploy our local gaming expertise in this promising sportsbook, racetrack and future casino,â said Andy Rubenstein, Accel co-founder, President, CEO and Director.
âWeâre also deeply grateful to Mayor Jeff Stehman of Collinsville, state representatives Jay Hoffman (113th District) and Katie Stuart (112th District), state senator Chris Belt (57th District), the Illinois Gaming Board and the Illinois Racing Board for their support of this opportunity to reinvest and support job creation in the southern Illinois and greater St. Louis community. We are excited to be a part of an almost 100-year-old southern Illinois institution in Fairmount Park and support the Illinois agriculture and equine industries,â Rubenstein added.
âI am delighted by Accel Entertainmentâs purchase of FanDuel Sportsbook & Horse Racing. This move is a testament to the vitality and potential of Collinsville. It will undoubtedly spur economic development along the Collinsville road corridor, creating jobs and bolstering our local economy. We look forward to the positive impact this acquisition will have on our city,â stated Mayor Jeff Stehman of Collinsville, IL.
âWe couldnât have found better partners than Andy and his team in this transaction, and we look forward to staying fully aligned on this journey as significant equity owners from here,â noted William Stiritz.
âWeâve long sought strategically aligned, well capitalized and proven operators in the local gaming space to realize the full potential of this sportsbook and racetrack, and Accel is the ideal fit,â said Rob Vitale, current CEO and Chairman of Post Holdings.
Compliance Updates
PA Gaming Control Board Renews License for Wind Creek Bethlehem Casino
The Pennsylvania Gaming Control Board (Board) unanimously voted to renew the Category 2 stand-alone casino license of Wind Creek Bethlehem LLC, operator of Wind Creek Bethlehem casino in Northampton County.
In making the decision, the Board determined that Wind Creek Bethlehem LLC had fulfilled the obligations under its previously approved casino operatorâs license and therefore qualified to have its license renewed for an additional five-year period.
The decision to renew the license was based on a process utilized by the Board that enables both the operator and the public to provide information relevant to the renewal decision. A public input hearing was held in July 2024 in the casinoâs host municipality, the City of Bethlehem, where personnel of Wind Creek Bethlehem submitted exhibits and presented testimony on various aspects of the facilityâs operation since its last license renewal was granted. The public was also permitted to provide testimony about the casino and its impact in the community.
In reaching its decision, the Board also received information from local government officials, community groups and the PA State Police, along with the Gaming Control Boardâs Office of Enforcement Counsel, Bureau of Investigations and Enforcement, Office of Compulsive and Problem Gaming, and Bureau of Casino Compliance.
Additionally, a public hearing was held in Harrisburg to permit Board members to further question Wind Creek Bethlehem LLC representatives about any remaining issues prior to voting on the renewal.
Since its opening in May 2009 through September 2024, Wind Creek Bethlehem has generated over $7 billion in revenue from the play of retail slot machines and table games, sports wagering and iGaming, and has returned to the Commonwealth a total of $2.9 billion from tax revenue, assessments and fees. Wind Creek Bethlehem currently operates 2318 slot machines, 202 table games and a 20-table poker room while providing employment to 2242 persons directly or through third-party tenants in the events center, food and beverage outlets or retail stores. 94% of those employees are Pennsylvania residents.
Compliance Updates
PrizePicks Awarded Fantasy Sports Licenses in Delaware and Missouri
PrizePicks, the largest daily fantasy sports operator in North America, announced it has been awarded Daily Fantasy Sports Operator Licenses in Delaware and Missouri. The company will launch Arena, its innovative peer-to-peer fantasy sports contest, in both states.
âWe are proud that Arena has been approved in every state where it has been submitted. Weâve seen strong player adoption to date and we look forward to replicating our success in these new markets with a fun gaming experience. Weâd like to extend our gratitude to the Delaware Division of Gaming Enforcement, the Delaware Lottery, and the Missouri Gaming Commission for their thoughtful collaboration,â said PrizePicks CEO Mike Ybarra.
Arena offers a unique leaderboard style peer-to-peer gaming experience, allowing players to compete for prizes against one another. Participants are grouped based on their number of entries and experience level. Since launching in January, players on Arena have built over 20 million peer-to-peer lineups. With these new state launches, Arena will now be available in 15 states across the US.
Latest News
BetRivers Introduces PropPacks, an Innovative Feature for the NBA Season
For many sports lovers, one of the great joys has been opening a pack of player cards to see which professional athletes were inside.
This NBA season, the team at Rush Street Interactive Inc., which operates the BetRivers Sportsbook, plans to replicate that experience with the unveiling of PropPacks. The simplicity of the new digital game, combined with the chance for large payouts, will appeal to both seasoned bettors and those new to sports betting.
Customers who wager $10 or more on qualifying Same Game Parlays (SGPs) will randomly receive up to three PropPacks per game, at no extra charge, from one or both teams in the game. If the relevant NBA players score over the point totals on the card, then the bettors win! There are props for 20+, 30+, 40+, and 50+ with higher prizes for each threshold.
There are three tiers of player cards; bronze, silver, and gold. Bronze cards are the most common, with Gold being the rarest. Gold cards offer the highest potential prizes, with a potential maximum jackpot prize of $10,000 in Bonus Credits.
âPropPacks, which is exclusively available on RSIâs platform to BetRivers Sportsbook players, will give NBA fans an additional thrill by offering extra bonus opportunities on their SGP bets. The player card game makes watching the action even more exciting by offering bettors at all levels, from those placing a bet for the first time to experienced sports wagerers, more ways to win from existing SGP bets at no additional cost to our bettors. PropPacks reinforces our dedication to put our players first by creating value for them while elevating the betting experience in fun and exciting ways,â said Richard Schwartz, CEO at RSI.
In addition to the PropPacks promotional game, RSIâs sportsbooks will have a full suite of promotional offers this basketball season, including NBA Parlay Insurance and a pre-season NBA Futures Bet & Get offer. Players can download the BetRivers app and click âPromotionsâ to view the full offering.
âPropPacks is a game changer and, as we head into the NBA season, we are very excited to offer a unique and innovative product that you can only find at the BetRivers Sportsbook. We are giving customers more chances to win bonuses and prizes, ultimately enriching the bettor experience and providing more value back to our loyal players,â Schwartz said.
BetRivers Squares is back for another season and will be offered on all NCAA College Basketball games. Qualifying Same Game Parlay bets of $10 or more on a game earns the customer a square, at no extra charge, with a $25 wager resulting in two squares and a bet of $50 or more worth three squares.
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