Industry News of the Day for May 20, 2021
iDEA Growth Member News:
- Legal Sports Report, 5.20.21: Opponents Line Up To Question Ohio Sports Betting Proposal (Kevin Cochran quoted, DraftKings mentioned)
- Sponsors of SB 176 finally heard those complaints Wednesday at the Select Committee on Gaming hearing. There were 17 testimonies submitted, though few questions were asked. The bill is on a quick timeline, with the hope of passing it by the end of June.
- SBC, 5.20.21: Fixed Odds Betting Clears Major Hurdle As New Jersey General Assembly Passes Bill A4909 (PointsBet mentioned)
- New Jersey has taken a significant step closer to introducing fixed odds betting for horse racing, with the passage of Bill A4909 this week in the General Assembly.
Sports League News:
- NASCAR, 5.19.21: NASCAR Betting: How Legal Sports Betting Is Helping NASCAR Grow The Sport
- The expansion of legal betting across the United States is creating opportunities on multiple levels for NASCAR to grow the sport, both by increasing engagement with its current fans and by attracting, through gambling, new fans to racing.
- Sports Handle, 5.19.21: Florida Becomes Biggest State By Population To Legalize Digital Sports Betting
- The approval came after an hour of debate and attempts at multiple amendments, making Florida the biggest state by population to legalize sports wagering since the fall of the Professional and Amateur Sports Protection Act on May 14, 2018.
- Tampa Bay Times, 5.19.21: Florida Legalizes Sports Betting, Hard Rock To Add Roulette
- Florida joined the dozens of states that have authorized mobile sports betting Wednesday, as legislators wrapped up their special session and ratified an agreement with the Seminole Tribe ushering in the broadest expansion of gambling in Florida in a decade.
- SBC, 5.20.21: More Tribes Sign Up To Washington State Sports Betting Compact
- Washington State Gambling Commission (WSGC) has signed a new agreement with 11 tribes in the state, bringing the total number of tribes that are now going to be involved with sports betting to 15.
- Legal Sports Report, 5.20.21: Regulation Bill Clears Louisiana Senate To Push Sports Betting Ahead
- The main regulatory bill for sports betting in Louisiana passed the state Senate on Wednesday.
- The Advocate, 5.19.21: Sports Betting Could Be Legalized In Louisiana By Football Season; Here’s How It Would Work
- The state Senate overwhelmingly approved Wednesday the proposed set-up that would allow betting on football, basketball, and other sporting events in time for football season.
- KDVR, 5.19.21: Colorado is the sixth-highest highest sports betting states
- Since it became legal to place sports bets in May 2020, Coloradans have bet $2.3 billion in casinos or through online sports book apps and websites. True to its Western heritage, it is now the sixth-heaviest sports gambler of U.S. states.
- Online Poker Report, 5.19.21: Pennsylvania’s Online Casino Market Settles Into The Same Groove As Neighboring New Jersey
- Pennsylvania online casinos pulled in just over $90 million for the month, while poker rooms contributed $2.4 million. Online sportsbooks added another $31 million. All of these verticals showed a month-on-month decline.
- MI Bets, 5.19.21: Sportsbook Tax Revenue Is Low In Michigan, And That’s By Design
- While over a billion dollars has been wagered, the adjusted gross betting receipts are at $13.8 million (basically, the sportsbooks’ revenue after promotional money is taken out) and as such the state has collected a mere $1.1 million in tax revenue, though former state Rep. Brandt Iden said he would expect the tax dollars to climb higher as the market matures and promotional money dries up.