Discussions around legal sports betting in California intensify
What a week for sports betting! Instead of dragging out this introduction, how about getting to the heart of the matter?
This week, the eagerly anticipated arrival of sports betting in Florida and in-person registration is crushing Illinois. Plus, what the hell is going on in California?
California tribes and commercial games compete for sports betting
If you don’t know what’s going on in California, don’t worry; so is everyone.
Californian sports betting has been at the center of many debates since 2018. One thing is certain, sports betting in California is not legal. There is a ball full of paperwork to be undone before the first bets can be placed. First step, determine who manages the sports betting, the Native American tribes or the commercial casino entities.
We know that two tribes strongly oppose gaming initiatives introduced by commercial gaming companies that would legalize retail and mobile sports betting. Earlier this year, a tribal gaming initiative was approved for the November 2022 vote. This tribal-supported measure would allow only retail sports betting in tribal casinos in California.
Takeaway meals: Everything is based on the results of 2022. On the one hand, an initiative that would allow tribal sports betting. In another, commercial sports betting. California tribes have a pretty good track record when it comes to getting voters to adopt initiatives. Their story is currently 8 out of 9. The commercial play initiative has the support of some heavy hitters like BetMGM, DraftKings and FanDuel. They have already contributed up to $ 16.7 million in campaign funds. Right now, it’s everyone’s game.
Sports betting in Florida is coming
From nowhere, mobile sports betting in Florida arrived.
This week the Seminole Tribe launched the Hard Rock Sports Betting app Monday, laying the first building block of its inevitable sports betting monopoly kingdom.
While retail sports betting has yet to begin, Hard Rock has announced a marketing partnership with five pari-mutuels. According to the agreement, each of these facilities will get 60% of the profits they bring to the sports betting app, the tribe would keep the rest 40 percent.
There are still a few ongoing prosecutions on the legality of sports betting in Florida. Companies like DraftKings and FanDuel are also looking for a way to enter the market. They recently filed a voting initiative bringing mobile sports betting within the reach of voters 2022.
Takeaway meals: It is the first of the three great states (California, Florida, Texas) to introduce sports betting. This will most certainly increase the profitability of Hard Rock, which is also waiting to introduce table games to its casinos.
$ 2 billion in betting and five other sports betting in Virginia
Since January, sports betting in Virginia has registered about $ 2 billion in the grip of sports betting. But the market is about to grow a bit.
Currently, there are eight online sports betting apps in Virginia. They are FanDuel, DraftKings, BetMGM, Caesars, BetRivers, bar stool, WynnBet and Unibet.
Takeaway meals: There could be 15 online sports betting in Virginia before March Madness. This means that the 49.5% market share controlled by FanDuel has the potential to decline.
In-person check-in gets the boot in Illinois
Finally, Illinois residents will no longer have to go to a casino to open a sports betting account. However, registration in person does not expire up to March 5. Besides, lawmakers passed an amendment to allow betting on college sports by the time the NCAA tournament arrives.
Each of these new additions to IL sports betting should be a warm welcome to residents, instantly increasing dividends for operators. The amendment awaits the signature of Governor JB Pritzker.
Takeaway meals: Bettors have been calling for remote registration since the launch of sports betting. They tasted it, then took it off overnight. The return cannot come soon enough, so operators like the Sportsbook bar stool, DraftKings and FanDuel delighted operators.
College basketball pools
$ 20 free play on first deposit
Plus 20% deposit up to $ 500
Claim: Click Play Now
This is a first for Market teaser – last week’s business, Society of Scientific Games, is back. The company has entered into an agreement for sell your lottery business for more than $ 6 billion To Brookfield Business Partners.
Society of Scientific Games
$ SGMS | $ 82.60 | -3.59% change
- The deal should closing in Q2 2022. At this point, roughly 130 “government and non-government” lottery entities will be managed by Brookfield. Science games too sold its sports betting branch, OpenBet, To Endeavor Group Holdings for $ 1.2 billion. According to Online poker report, the company pivots to focus more on iGaming with its platform OpenGaming.