Daily Archives: September 24, 2021

The plus (+) and minus (-) in sports betting can refer to either the point spread or betting odds. In terms of the spread, the " - " always refers to the favorite and the " + " always refers to the underdog. For example, you can bet the Dallas Cowboys as a -7 point favorite to beat the Green Bay Packers or the Packers as a +7 point underdog. If you bet the Cowboys -7 and they win by more than seven points, you win your bet. Similarly, if you bet the Packers +7, as long as they lose by less than seven points or win outright, you win your bet.

It's a similar case for the betting odds, though favorites don't always have a " - ," especially in sports like baseball, hockey or soccer where final results are often decided by one run or one goal. It's especially the case in soccer since matches can end in draws, whereas a winner is declared in almost every other sport because of overtime rules. However, in most cases, the favorite will have a " - " in front of its moneyline odds while the underdog will always have a "+ ."

For an example of moneyline betting odds, you can bet the Eagles as a -150 favorite to win or the Giants as a +180 underdog to win. If you bet $100 on the Eagles to win at -150, you would net a payout of $166.70. If you bet on the Giants to win at +180, the payout would be $280 because they are an underdog.

For something like soccer, Arsenal could be a +150 favorite against Everton as a +190 underdog, while the draw would be set at +220. In this case, the payout would be decent for every situation mainly because the teams are even and there are three possible results compared to just two for something like football (unless they go scoreless in overtime). In this case where both teams have a " + " in front of their odds, the team with the lower number is the favorite. The lower number also means a lower payout, which is always the case for betting the favorite on the moneyline. A $100 bet on Arsenal +150 would net $250, while a $100 bet on Everton +190 would net $290. Going further, a $100 bet on the draw at +220 would payout $320.

Read More Sports Betting Q&As

Yes. But while betting on sports is legal in almost half the states in the country, not all of them allow online wagering.

Yes. Indiana passed a bill to allow sports betting in 2019 and wagering started in October with online betting opening a couple months later.

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What do + and - mean in sports betting? - RotoWire

Since Colorado launched legalized sports betting in May 2020, the state has collected nearly five times more money for water projects than anticipated, gaming officials said.

The start of the National Football Leagues season provided yet another welcome financial bump, with about $44 million in bets during its first weekend (Sept. 9-13), according to Daniel Hartman, director of the states Division of Gaming.

Football is going full bore. It was a big opening for us, Hartman said. It really is the biggest market for sports betting.

Money collected from gambling proceeds goes toward work meant to conserve water, protect natural habitats, improve infrastructure and more, according to Lauren Ris, deputy director of the Colorado Water Conservation Board. And more money equals funding new projects under the Colorado Water Plan at a time when Colorado River reservoirs downstream are low.

Hartman said his office earmarked about $8 million from sports betting for the plan, which sets priorities through 2050 for projects in the following five categories: agriculture; conservation and land use; engagement and innovation; environment and recreation; and water storage and supply.

The Colorado Water Conservation Board doles out the money, and Ris said it tries to fund projects that check more than one box, like work with Colorado Springs Utilities that brings water from the Eagle River Basin to Colorado Springs and Aurora which she said opened up quite a bit of fish and boating habitat.

Before voters legalized sports betting, Ris said her department was awarding grants with whatever money officials found in their couch cushions.

At the outset, legislative analysts projected gambling could bring in between $9.7 million to $11.2 million in its first year, revenue department spokeswoman Suzanne Karrer said. But shortly after voters agreed to legalize the practice, state officials cut their estimates for 2020-2021 to between $1.5 million and $1.7 million in part because casinos werent willing to pay $125,000 every other year to host sports betting, Karrer said.

Even when the pandemic shut down leagues for a few months, gamblers flocked to sports betting made easy through apps. The $3 billion in bets from May 2020 to July 31, 2021, translates into $9.4 million in state revenue, Hartman said.

People found a new way to watch and enjoy sports while they were at home and not actually in the stadiums, he said.

Colorado had four online businesses taking bets in 2020 (casinos were closed); in 2021, there are now 25 online operators and 17 casinos in the towns of Cripple Creek, Central City and Blackhawk.

Ris said the board cant give out any of this windfall until next summer, after the 2022 General Assembly grants it permission to spend the money.

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Sports betting raking in millions more than expected for Colorado water projects - Canon City Daily Record

Marylands new sports gambling law allows state regulators to issue temporary licenses to companies that have undergone background checks here or in other states.

The Maryland Lottery and Gaming Control Commission announced last week it will utilize this provision as part of a push to get the new industry up and running in time for the NFL playoffs.

The commissions online licensing portal opened Thursday to the 17 brick-and-mortar sites that were specifically granted a license in the legislation, a list dominated by casinos, race tracks, off-track betting locations and professional sports stadiums.

The commission is not ready to accept applications for the 30 additional brick-and-mortar licenses or the 60 mobile licenses that are available.

The partial opening of the e-licensing platform likely means that many of the 17 named businesses will get a head start on companies that have never gone through a licensing review.

That could give established companies an advantage over potential start-ups and home-grown businesses not named in the bill, critics warn.

Weve waited this long. We need to do our due diligence and not rely on any other licensing or decision-making that was made, said Del. Dereck E. Davis (D-Prince Georges), head of the House Economic Matters Committee.

We do our own homework, and whenever its ready, its ready.

Davis said he understands the desire to launch Marylands betting industry as quickly as possible; many of his constituents are eager to place bets legally.

But he said Maryland risks lawsuits if it doesnt treat all potential applicants equally. Theres no need to get cute or sloppy now. [We must] make sure that were fair to everyone, so we dont end up in court, he said.

Sen. Craig Zucker (D-Montgomery), who helped shepherd the sports betting bill through the legislature, said Marylands law was crafted to cut down on the bureaucracy while still making sure that all sportsbooks are properly vetted.

As was the case when Maryland legalized casino gambling, state law requires that applicants and their suppliers, partners and employees undergo criminal and financial screenings.

We wanted to be diligent, Zucker said. We wanted to be thoughtful. We wanted to be thorough. But we also didnt want to re-create the wheel for some of the players that were already partnered with Maryland.

Declan Hill, a journalist who has chronicled sports gambling scandals, called it not acceptable to rely solely on another states investigations process.

Its unfair [to] a start-up company thats trying to do things right, trying to cross their ts and dot their is, if the big boys just come in and say, Hey, no problem, Nevadas already checked us out, said Hill, a professor at the University of New Haven.

Weve got to have one starting line for everybody. Everybody has to go through due diligence in Maryland, he said.

He called the globalized world of sports gaming complicated and messy.

The lottery and gambling commissions announcement that it will consider temporary licenses to businesses that have been undergone prior vetting follows prodding from Gov. Lawrence J. Hogan Jr. (R).

In August he told Maryland Matters he has pushed state regulators to move as quickly as possible.

Most of Marylands neighbors allow betting on sports events. New Jerseys handle is now larger than Nevadas.

I pressed them pretty hard about making sure we get it done at least by the end of football season when all the betting takes place, really in the playoffs and the Super Bowl, Hogan said in August.

Eric Ramsey, a sports betting analyst for PlayMaryland.com, said there is little concrete evidence that companies will get a lasting advantage from a temporary head start.

We havent really seen brand loyalty, he said. [Bettors are] much more concerned about which operator is going to give them the best promotions.

Everyone wants to be first, and the first operators will certainly acquire the first batches of customers, Ramsey added. But those first customers will keep trying sportsbooks as new ones come into the market. Theyre not just going to stick with the first brand they found.

Maryland Lottery and Gaming Director John Martin said on Monday that the state is prepared to pull any temporary license it issues if a subsequent investigation raises red flags.

The newly created Sports Wagering Application Review Commission (SWARC) holds its second meeting on Tuesday.

Under state law, the SWARC reviews applications to determine whether they meet Marylands criteria, then the Lottery and Gaming Control Commission conducts criminal and financial background investigations.

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Sports Betting Approval Process Offers Head Start to Established Applicants Maryland Matters - Josh Kurtz

The prominence of sports betting is continuously thriving throughout different countries, thanks to the power and reach of modern technology. Distance is no longer a concern in sports tournaments, as digital betting makes things possible. However, sports betting isnt too much appreciated and practiced in Maryland. This leaves the state lagging when it comes to the development and adaptability of the sports community in coping up with modern concerns, such as the pandemic. Given that, here is a brief piece of information about the legalization of sports betting in Maryland, as well as the requirements needed for it to be done.

Legalization of Sports Betting in Maryland

Earlier this year, lawmakers in Maryland deliberated and talked about the legalization of sports betting within the state. As it was proven that operators are already gaining access to the state, the government passed constitutional laws to help Marylanders bet on their most-awaited sports tournament yet with wagers. This is in connection to the upcoming NFL season in September.

Behind this, the timeline was a bit ambitious. The people must wait for a few months to see the first sportsbooks in Maryland that accept bets. These months are intended for the pondering and establishment of rules thatll govern the industry to prevent any concern or crime from affecting the community. Still, the lawmakers approved the legalization, yet regulators are still ensuring the goodness and benefits to gain from this new law of the state. In fact, even Governor Lawrence J. Hogan Jr. approved the sports betting law back in May and emphasized that getting it completely done is impossible before the upcoming football season.

Moreover, here are the processes and requirements to approve the sports betting operators:

1.First, the Sports Wagering Application Review Commission must select and provide licenses to operators who passed the criteria. The selection process involves financial and criminal background investigations. Also, for this month, there must be an established public comment section wherein more than 200 pages of agency regulations must be opened and processed for at least 30 days.

Another thing, regulators might wait a long time in creating policies to safeguard money plunking from the Sportsbooks of Maryland confidently.

2.Second, the sports wagering system must be regulated the same way with casino gaming. Both have a related nature of work. So, to qualify the license for the betting operator, it must be done the same way for casino workers. Hence, it means that the process is thorough and meticulous. Also, the agency must see to it that the betting regulator applicants have both financial stability and integrity to be licensed individuals.

Moving on, here are the 17 locations approved and identified by the bill this year for casino and sports betting activities.

Overall, sports betting in Maryland is still in the process of legalization. There is still a lot of time and consideration needed to be filed with the lawmakers of the state to ensure that Maryland bettors can confidently place their bets in any sport they want. Above all these, it is sure that the bill includes the exception of minors and kids to be involved in sports betting. As this is a form of gambling like casino gaming, children arent allowed to make any contact, nor make transactions within sports betting websites and platforms in Maryland. Adults are the only allowed players and bettors on this platform.

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When Is Sports Betting Heading to Maryland? - The Southern Maryland Chronicle

Posted on: September 23, 2021, 11:30h.

Last updated on: September 24, 2021, 03:28h.

Backers of what would be potentially a third sports betting measure on the 2022 California general election ballot say a survey taken earlier this summer indicates Golden State voters back their plan to legalize the gaming product statewide.

Earlier this week, Californians for Solutions to Homelessness and Mental Health Support released poll findings from David Binder Research that indicated 62 percent of likely voters would support the creation of a fund to offer permanent shelters for the unhoused and increase services for those struggling with mental health and addiction issues. Only 25 percent currently oppose.

The funding to solve those issues would come from legalizing sports betting statewide, with both commercial and tribal operators able to participate. Its backed by seven current or aspiring operators that are willing to each put up $100 million for licenses to operate online in the largest US state.

But before any of that can happen, the group must first get nearly 1 million verified signatures on petition forms and have those documents turned in to county officials likely by late April in order to get the measure on the ballot.

Currently, the state attorney generals office is preparing the petition for the secretary of state. According to Secretary of State Dr. Shirley N. Weber, her office expects to get the paperwork around Nov. 4. Typically, groups circulating petitions for such measures have up to 180 days to collect signatures, but that timeframe can get compressed because of deadlines tied to the November election.

Regardless, proponents are confident they can get the 997,139 validated signatures to make the ballot.

We expect the initiative to win broad support across all geographic and party lines, organization spokesperson Nathan Click told Casino.org this week.

As Attorney General Rob Bontas office prepares the initiative, it is also going through a customary 30-day review where the public can review the entire measure and submit comments. Comments will be accepted through next Thursday.

The sports betting operators behind the measure are: Ballys Interactive, BetMGM, DraftKings, Fanatics Betting & Gaming, FanDuel, Penn National/Barstool Sportsbook, and WynnBET. They formally announced their initiative in late August, having committed $100 million for the campaign.

Under their plan, online sports betting licenses would be available for $100 million. Tribal gaming entities could also receive online licenses for $10 million, but they would not be able to partner with a commercial skin. In other words, the mobile app would have to be under either the tribes name or its casino.

In that aspect, the group says its initiative complements the ballot measure California tribal leaders submitted earlier this year. Several tribal entities joined forces to get a retail-only initiative on the ballot, and California elections officials verified their petition in late May.

In addition to brick-and-mortar sportsbooks at the tribal casinos, the measure also allows the states thoroughbred racetracks Del Mar, Golden Gate Fields, Los Alamitos, and Santa Anita Park to operate a retail sportsbook. Racing officials have said sports betting would be a way for them to boost purses and attract more horses and horsemen to their meets.

One group thats left out of the sportsbooks and the tribal measures are the state-licensed cardrooms. But they would be included in a measure led by a group called Cities for Responsible Sports Betting announced its petition filing with the attorney generals office a couple of weeks before the sportsbook initiative.

Cities for Responsible Sports Betting would also allow tribal gaming operators, state-licensed gaming establishments, and professional sports leagues to offer sports betting. It also allows for online wagering.

Similar to the sportsbooks efforts, the cities plan calls for the tax revenues from sports betting to address homelessness and mental health issues. Proceeds could also go toward public education or COVID-19 relief.

The 30-day comment period for the cities measure has passed. The secretary of states office expects to be issued on or around Oct. 18. Once that petition drive stars, it will also require 997,139 valid signatures.

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Seven Sportsbooks Back Third Potential Sports Betting Act on '22 California... - Casino.Org News

Sports betting in Illinois was launched in March of last year and this state quickly became part of the top five states with the largest sports wagering market in the United States. However, July seems to be the worst month for the states betting industry because of its significant dip in revenue.

Last week, the Illinois Gaming Board has finally released its sports betting figures for July and according to their report, the states betting revenue has dropped to $369.1 million. In June, the states betting handle was at $476.5 million and so, the July revenue is down 22.5 percent.

Based on the report, DraftKings topped the betting market with a total of $122.7 million betting handles from retail and online. FanDuel then accepted a total of $118.5 million in online and retail wagers. Overall, DraftKings generated a total of $9.5 million in gross gaming revenue and FanDuel was able to get $15.5 million.

PlayIllinois.coms lead analyst, Joe Boozell, shared his thoughts on how these two giants in the US betting industry are doing. He said, FanDuel continues to wring out an impressive amount of revenue from the bets it takes in.

DraftKings answered with Same Game Parlays, which could help bridge the revenue gap with FanDuel. That fierce competition between the two market leaders will only grow during football season, with younger operators limited in their ability to make significant gains on the leaders with in-person registration in place.

Why the Down Trend?

There are a few logical reasons why this happened and one of them is how in-person registration is now once again required by the state. Last year, Governor JB Pritzker signed an executive order to waive this requirement because of the pandemic. However, now that casinos have already reopened, the EO is no longer in effect, and punters should then go to licensed casinos and register to be able to place their bets online. This could be a tedious process to some and its most likely that many have started to once again place their bets offshore or on an online casino website in India or bookie that is based and licensed elsewhere.

Chris Grove who is an industry analyst for Eilers&Krejcik Gaming said that the in-person registration requirement can only really limit the market. According to Grove, at least 75 and as much as 90 percent of the total sports bets is placed in a state with both online and retail sports betting so the in-person registration requirement just doesnt make sense.

Another plausible reason for Julys revenue drop is that it has always been a slow month for sports betting in all of the states where there is legal betting. This is because there arent plenty of sports events that people are so willing to wager on.

In Illinois, it was baseball hasnt been getting that much attention but its the sport that the locals bet on the most in July when the revenue went down. This just shows that there just really werent many events for the people to wager on. The Olympics was on but people didnt seem to show much interest and PlayUSA.coms analyst, Eric Ramsey, gave a reason why.

Ramsey said, With events held in the middle of the night in many cases and sports that are a bit unfamiliar to bettors, the Olympics did not appear to draw a lot of wagering. In the end, the traditional team sports are still by far the largest draw for bettors, which is why football is so important for sportsbooks.

July features fewer prime betting opportunities and casual bettors are more occupied with vacations and other activities, and there arent many sportsbooks can do about that. Illinois sportsbooks have done well by increasing their hold over the summer months, which puts operators in a good position as casual bettors return, he added.

Expectations for the Following Months

While July has been quite a month for Illinois local sports betting, hopes are up that the following months will be better. This is especially because it is already the NFL season and that the Chicago White Sox will be going to the playoffs.

Gambling.coms analyst Ron Fritz said that the numbers should be able to rebound in the coming months because of these. Fritz said, It will be interesting to see numbers from baseball combined with the NFL. That is why I think August and September could threaten the record of $632 million in March.

Meanwhile, Grove is saying thats its still too early to say if the in-person registration requirement will get in the way of having better numbers in the coming months. He said, Its too early to say definitively, but the reality is that Illinois is a big state with strong sports fandom and a roster of top-tier sportsbooks, so theres no reason why it wont be one of the more productive markets in the United States.

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Illinois Sports Betting Revenue Experienced a Drop in July - Illinoisnewstoday.com

What only four years ago was taboo for most of mainstream sports media, or was relegated to coded language and Off Broadway programming, is now so integral to sports discourse that major players must learn to speak the language without delay.

Thats the essence of the embarrassing social media admission made on Tuesday by ESPN personality Sarah Spain, co-host of the national radio show Spain and Fitz, a SportsCenter reporter, and columnist for espnW. A fixture on ESPN Radio since 2015 with a handful of co-pilots, Spain also announced that she had joined PointsBet Sportsbooks Diversity, Equity & Inclusion Committee, which is chaired by former golf pro and broadcaster Notah Begay.

I know almost nothing about sports betting, said Spain, an Emmy and Peabody Award-winning sports journalist. And Ive been able to fake it on my shows the last couple of years in little conversations that we have but now that its on the forefront, Ive gotta figure it out.

Spain did not respond to Sports Handles interview request.

I cant tell you whether the PointsBet-Spain marriage is more about the sportsbook wanting a brand ambassador to help expand the tent, or Spain deciding it was time to learn sports betting well enough to add another dimension to her radio program and overall editorial scope.

Probably a bit of both, and it probably will serve both purposes, but this strikes me as some kind of inflection point, where the climate is such that big-platform sports talkers apparently feel its imperative to discuss sports gambling and incorporate it into the show.

Ive really only gambled once on sports. This past Super Bowl I hit on 8 of my 11 bets, which kind of gave me the itch, but made me realize I dont know what the heck Im doing, Spain said in the Instagram video. And I was asking around and it felt like there were lots of other female sports fans in the same boat. Not that we havent [bet] before, but we sort of felt embarrassed or silly asking questions about it, and felt like maybe it wasnt a super inclusive space, or place where people were welcoming if youre not sure what youre doing.

#GamblingTwitter or pencil-chewers might not be welcoming, maybe, but the sportsbooks, at least if youre a recreational player, most certainly do not discriminate or exclude.

This does not go out to Spain, Spain and Fitz, or anyone at ESPN in particular only the producers and talent who feel as if they must venture into the sports gambling lane, regardless of whether the nudge is coming from commercial obligations or the U.S. sports zeitgeist.

Sports betting may now be too big and too legal to ignore, but its not for everyone maybe not even a programs current audience, some of whom may prefer to tune out, especially when the sports talk is already sandwiched by sportsbook ads. Also remember that, in sports betting, youre talking about gambling and money as much as, if not more, than sports.

And almost certainly youre talking about losing money. Sports betting is exceptionally fun, but its exceedingly difficult to actually win in the long term. Were talking a tiny fraction of players who actually do so. The rest are lying or really bad at accounting.

Take this from a professional sports bettor and industry analyst who goes by Captain Jack Andrews, co-founder of the recently launched sports betting educational site Unabated.

[Unabated] is about making people more sustainable bettors, Andrews told US Bets. Were not saying, Were going to train you to win more. Because, honestly, I dont think we can. Being a sharp sports bettor is more than just knowing the science of sports betting its about knowing the art of sports betting. I think were going to help people lose less, more than were going to help them win more.

Thats another thing: Sports betting theories and selections will be measured in betting units, not sound bites. Of course, the audience probably tunes in and comes back if they like the show and its hosts, forget the ATS record.

Colin Cowherds long-running Blazin Five segment has not always been so hot, but that audience is coming for the hot takes. I dont consume much Barstool, but based on observation and accounts, the big personalities at the personality-driven Barstool Sportsbook are pretty unspectacular at betting. But theyll sweat and suffer losses with you (while resting on a throne of Penn National stock), and humans need companionship more than most things.

On balance, over the past 18 months, it seems weve reached the launching-spaghetti-at-the-wall phase of sports betting programming. Toss some basics into the pot, add salt and a parlay, boil, let it fly, and see if it sticks.

Theres alternative sports betting broadcasts on NBC platforms and BetCasts elsewhere. All of the major pro sports are dabbling and injecting betting talk into their own branded networks. Ben Affleck, Jamie Foxx, Charlie Sheen, Patton Oswalt, and Shaquille ONeal are now sportsbook brand ambassadors, aimed to reel in recreational players. (OK, not Sheen yet). DraftKings shelled out $50 million to buy former ESPN Radio voice Dan Le Batards podcast. Hundreds of new podcasts have launched, including one by yours truly that retired after a short run. The siren call says we should have a sports betting podcast! But the suit doesnt always fit.

ESPN, as of September 2020, calls DraftKings and Caesars Sportsbook co-exclusive sports betting partners, and per a Wall Street Journal report is now looking to license its letters to a sportsbook for $3 billion.

At the Worldwide Leader, maybe some kind of edict came down (or soon will) that talent had better study up and devote some time and attention to sports betting. In only about two weeks, legal sports betting is set to arrive in Connecticut, where Bristol is ESPNs home base. Hold on to your hats, sports radio listeners in CT.

I recall about a year ago, before my MLB boycott (another story), watching Baseball Tonight when all of a sudden a DraftKings Sportsbook-sponsored segment appeared. All three on-air personalities made prop bet selections, one of them by preeminent MLB scribe Jeff Passan, on whether the first pitch of the game would be a ball or strike. The analysis itself seemed sound, but the segment as a whole just felt unnatural and forced.

(Engages his full-fledged suburban Dad).

Just dont lose the audience trying to find a new audience. Be yourself. Have fun. Dont drink or bet too much. Come up with a theory on the game and govern your bets based on that.

The point spread is the great equalizer. And lets all be grateful for that! Because games like tonights Thursday Night Football matchup are much more entertaining to talk about and watch when the Panthers are not just playing a bottom-feeding Texans squad starting rookie Davis Mills but laying 8 points on the road.

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Some Words Of Caution As Sports Media Shoves All In On Sports Betting - Sports Handle

Posted on: September 23, 2021, 03:57h.

Last updated on: September 23, 2021, 05:09h.

Red Rock Resorts is in hot water with Nevada regulators for accepting hundreds of sports bets after the events had finished.

In a complaint filed last week, the Nevada Gaming Control Board said a glitch in the companys Stadium Live mobile betting program caused it to accept 348 improper wagers. It accuses Station Casinos and parent Red Rock of having a redundant monitoring process in place.

According to the regulator, the transgressions were related to insufficient server memory on the Stadium Live platform.

The bad bets occurred over a period of three years, from June 2018 onward, and continued after the board served the company with a regulation violation letter in March 2019.

In March of this year, Red Rock reported another malfunction to the board that resulted in 167 improper bets.

The company took action to void the bets and return the stakes to customers. Nevertheless, its conduct has reflect[ed] poorly on the reputation of gaming in Nevada, the regulator wrote.

Respondents have had multiple opportunities to ensure their mobile sports wagering application operates in compliance with the Gaming Control Act. However, respondents have failed to do so, wrote the board.

This failure has repeatedly caused respondents to accept ostensible wagers from patrons on events whose outcomes had already been determined, the regulator added.

Respondents are responsible for any violation related to the Stadium Live program. Toleration of such repeated violations constitutes grounds for license revocation or other disciplinary action.

The Nevada Gaming Commission will decide the nature of that disciplinary action at a future hearing.

The regulator has come down hard on errant sports books in the past. CG Technology, formerly Cantor Gaming, used to be a visible sports betting brand at several major casinos on the Las Vegas Strip. These included the Venetian, the Palms, the Hard Rock Hotel, and the Tropicana.

But in November 2018, after issuing persistent fines and threatening license revocation for a litany of transgressions, the regulator told CG to scrap every component of its wagering technology and partner with a third-party provider within six months.

Over the years, CG had been hauled in front of the board on numerous occasions. Violations included facilitating illegal gambling and money laundering, accepting bets from outside the state on its Nevada-only mobile sports betting app, taking wagers after events had finished, and making incorrect payouts to 1,483 customers.

For this, CG paid three of the top ten fines ever issued to gaming companies by Nevada regulators.

It allowed itself to be acquired by William Hill in August 2020.

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Red Rock App Stadium Live in License Revocation Threat Over Improper Sports... - Casino.Org News

DraftKings is making a $20 billion push to acquire British online sports betting giant Entain PLC, a move that gaming analysts say could spur MGM Resorts International to revamp its bid to acquire all or part of its joint venture partner.

The proposal, first reported by CNBC, includes largely DraftKings stocks and some cash to acquire Entain, which jointly owns BetMGM with MGM in a 50/50 venture.

Earlier this year, MGM made its own pitch to acquire Entain and take full ownership of BetMGM, a sports betting and online gaming platform. But that proposal, valued at roughly $11 billion, was rejected by Entain, which said the proposal undervalued the company.

DraftKings bid comes as MGM pushes to expand its iGaming footprint across the country as U.S. operators maneuver for a share of the booming sports betting market since the federal ban was struck down in 2018.

In a statement Tuesday, MGM noted that as Entains exclusive partner in the U.S., any transaction that would cause Entain or its affiliates to own a competing business in the U.S. would need MGMs consent and reiterated the online betting platforms importance to MGMs goal of becoming a premier global gaming entertainment company.

MGM believes that having control of the BetMGM joint venture is an important step towards achieving its strategic objectives, the company said. MGM will engage with Entain and DraftKings, as appropriate, to find a solution to the exclusivity arrangements which meets all parties objectives.

Bid could change MGMs plans

Entain confirmed in a filing with the London Stock Exchange that it had received a proposal from DraftKings.

There can be no certainty that any offer will be made for the Company, nor as to the terms on which any such offer may be made, the companys board said in the filing. A further announcement will be made as and when appropriate. Shareholders are urged to take no action at this time.

After Entain rejected its proposal in January, MGM said it was backing out of plans to acquire the company. But DraftKings push could change those plans.

Barry Jonas, an analyst with Truist Securities, said in a note Tuesday that while MGM could make its own bid to fully acquire Entain, it makes more sense for it to simply buy Entains 50 percent share of BetMGM.

MGM owning all of its online business would be a clear long-term positive, in our view, though price would obviously be an important factor, Jonas said.

Chris Grove, managing director of sports and emerging verticals for research company Eilers & Krejcik, said that DraftKings bid forces MGM to confront their relationship with the joint venture and likely accelerates any desire they have to acquire full control over their destiny when it comes to sports betting and online gambling.

While MGM has been clear on BetMGMs role in the companys future growth, Grove said that the proposal from DraftKings makes things a bit more cloudy.

The path forward for BetMGM is to be determined. There are a number of ways that this could go, Grove said. The offer itself is so unprecedented that predicting the impacts of the offer is exceptionally tricky.

Vying to expand sports betting

Multiple gaming companies, including MGM, have pushed to expand their footprint in the sports betting and iGaming spaces since the Supreme Courts 2018 decision opened the door to allow sportsbooks across the country.

BetMGM currently operates in 16 markets (15 states plus Washington D.C), and MGM CEO Bill Hornbuckle said earlier this year he expects it to be operational in 20 states by years end.

In April, Caesars Entertainment acquired U.K. sports betting giant William Hill for roughly $4 billion. The company has since rebranded those assets under its Caesars Sportsbook brand, and Caesars CEO Tom Reeg said in August that the company plans to invest more than $1 billion over the next 2 years to build its customer base within the sports betting market.

Overall, Grove said the proposal from DraftKings shows how transformative the U.S. sports betting and online gambling markets have become in recent years.

The idea that even three or four years ago of DraftKings even being in the position to absorb one of the largest online gambling operators in the world would have been farfetched at best, Grove said. Today the conversation is more around the strategic rationale for it as opposed to the fundamental viability.

Contact Colton Lochhead at clochhead@reviewjournal.com. Follow @ColtonLochhead on Twitter.

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Draftkings offers $20B to buy UK sports betting firm partnered with MGM - Las Vegas Review-Journal

Another media giant is making a sports betting play. Global sports streaming platform DAZN is hiring a VP of product for betting and gaming, per a job description posted this week.

Within that job description, DAZN said it is planning to build a world class betting proposition.

The language of the description suggests the company plans to launch its own sportsbook. For example:

As the VP of this team, youll be responsible for the entire user journey flows from discovery to bet conversion.

DAZN did not respond to multiple requests for comment.

The description read:

DAZN has been changing how the world consumes sports for the past five years and we are now embarking on an exciting new stage of our journey.

As our VP of Product [..] your goal will be to capitalise on the unique opportunity that DAZN has right now: to establish a truly world class betting proposition alongside premier sports rights in some of the most exciting markets in the world.

The company also hired Ian Turnbull as EVP of betting and gaming earlier this month. Turnbull previously held gaming roles at Entain and Amazon Web Services.

DAZN did not respond to questions about its target markets or technology plans.

The role would be based in London, though US sports betting is presumably a target given its value and DAZNs presence in the US.

The streaming site is a potentially big player in sports betting, with 15 million subscribers worldwide per the BBC.

In the US, the company is best-known for its combat sports content portfolio. It arguably has a stronger rights portfolio in markets like Italy and Germany.

The pivot to gambling is not entirely out of the blue. DAZN hired gambling exec Shay Segev as its co-CEO earlier this year.

And fellow co-CEO James Rushton told the BBC in August that DAZN would boost revenues by expanding to things like wagering, betting, fantasy and commerce.

The company is currently loss-making, having spent billions on global sports rights.

Indeed, the pivot to sports betting is reminiscent of another streaming company: FuboTV.

Fubo acquired a sportsbook platform last year and aims to launch its first Fubo Sportsbook by the end of the year.

As one example of the potential streaming/betting integration, Fubo recently unveiled a Live Sync function. Essentially thesports bettingapp is linked to a Fubo streaming account, meaning the app will display markets for whatever the user is watching.

However, some experts have questioned the practicalities of embedding a sportsbook within a streaming platform.

DAZN also has some gambling roots of its own. It used to be part of the same company as Perform, a key data provider for sportsbooks.

Perform was sold to STATS back in 2019 so DAZN could focus on streaming.

However, before that in 2017, the combined group launched a short-lived UK online sportsbook called DabbleBet. The product lasted around 18 months before being closed.

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Is DAZN The Next Streaming Giant With Sports Betting Plans? - Legal Sports Report