Daily Archives: February 13, 2024

BALTIMORE Fueled by the NFL playoffs, Marylands sports wagering market generated $8,246,847 in contributions to the state from a handle of $544,971,369 during January 2024. Contributions to the state from sports wagering go to the Blueprint for Marylands Future Fund, which supports public education programs.

The $8.2 million contribution to the state surpassed the previous single-month high of $6.5 million in December 2023, and was nearly four times more than the January 2023 total of $2,114,613.The January 2024 handle was a 23.4% increase compared to January 2023.

The calendar is always the driving force in sports wagering, and the football playoffs in January reliably produce strong numbers, said Maryland Lottery and Gaming Director John Martin. The AFC Championship game didnt go the way Ravens fans were hoping or expecting, which may have contributed to the results we saw. Its a reminder that unforeseen outcomes happen, so its always best for anyone who wagers to set a budget, have a plan and stick to it, and keep the focus on having fun.

Sports wagering data is tracked and reported based on the State of Marylands fiscal year, which runs from July 1 through June 30. During the first seven months of Fiscal Year 2024 (July 2023 through January 2024), sports wagering has contributed $32,840,755 to the state. February totals, which will include wagers on the Super Bowl, will be reported on March 11.

A detailed summary of the January 2024 results for Marylands 13 retail and 12 mobile sportsbooks, including handle, hold percentage, prizes paid, promotional play, taxable win, and contribution to the state, along with a summary of statewide handle and hold by sport is included in the attached chart and available for download atmdgaming.com.

Here are the statewide totals for January 2024:

Handle (Amount players wagered, including free promotional wagers)

Retail: $17,192,740 (includes $8,028 in free promotional wagers)

Mobile: $527,778,629 (includes $22,381,924 in free promotional wagers)

Combined: $544,971,369

Prizes (Winnings paid to players)

Retail: $15,464,968

Mobile: $449,505,750

Combined: $464,970,718

Hold (Handle less prizes paid)

Retail: $1,727,772 (10.0%)

Mobile: $78,272,879 (14.8%)

Combined: $80,000,652 (14.7%)

Taxable Win (Amount remaining after deducting prizes, promotional wagers and other amounts)

Retail: $1,691,417

Mobile: $53,287,561

Combined: $54,978,978

Sports Wagering Tax (15% of the Taxable Win)

Retail: $253,713

Mobile: $7,993,134

Combined: $8,246,847

Since the inception of Marylands sports wagering program in December 2021:

Cumulative contribution to the Blueprint for Marylands Future Fund: $60,982,459

Cumulative expired prizes contributed to the Problem Gambling Fund: $2,797,966

About Maryland Lottery and Gaming

Maryland Lottery and Gaming operates the Maryland Lottery and is responsible for regulatory oversight of the states casinos and sports wagering program. In its regulatory role, the agency provides direction and guidance to casino and sports wagering operators on financial, security, regulatory and licensing procedures. To keep Marylanders informed and to maintain transparency of casino and sports wagering operations, monthly financial reports are posted onmdgaming.com. Maryland Lottery and Gaming strongly encourages responsible play. Maryland residents can obtain confidential help with a gambling problem at no cost by calling 1-800-GAMBLER or visitingmdgamblinghelp.org.

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NFL Playoffs Fuel Record-Breaking Contributions From Maryland's Sports Betting - Bay Net

The Louisville Cardinals (8-16, 3-10 ACC) visit the Boston College Eagles (13-10, 4-8 ACC) after losing four road games in a row. The Eagles are favored by 8.5 points in the contest, which begins at 9:00 PM ET on Tuesday, February 13, 2024. The over/under in the matchup is 148.5.

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Will Louisville cover the spread vs. Boston College? Betting Trends, Record ATS - WYMT

Unprecedented connection between social media and sports betting integrates BetMGM exclusively into major social media platform

JERSEY CITY, N.J., Feb. 9, 2024 /PRNewswire/ -- BetMGM, a leading sportsbettingand iGaming operator, today announced a strategic partnership with X, becoming the social media platform's exclusive Live Odds Sports Betting partner. The first-of-its-kind partnership between a premier social media brand and a sports betting operator will integrate BetMGM's odds and branding into X, with each game linking to BetMGM's website and app.

"X is the center of the sports world's conversation 24 hours a day, seven days a week," said BetMGM CEO Adam Greenblatt. "Being directly accessible within that forum is an unprecedented opportunity to expand our reach to a passionate and engaged audience. We look forward to adding intel and content that enhances the platform's interaction around sports."

X users in the United States can explore BetMGM's latest betting odds on pro football, with each of the major professional and college sports expected to follow in the coming weeks. The odds interface provides an easy clickthrough for each game to BetMGM's app or website, creating a seamless user experience. The integration will continue to evolve and grow in its functionality over the coming months.

X CEO Linda Yaccarino said, "Sports never sleep on X and now with our strategic partnership with BetMGM, fans are practically in the front row. We're bringing sports fans on X even closer to the action so they can cheer, and now bet, on their favorite teams."

As BetMGM continues to expand into new markets, responsible gaming remains a key focus. Additionally, BetMGM is proud to provide resources to help customers play responsibly including GameSense, an industry leading program, developed and licensed to MGM Resorts by the British Columbia Lottery Corporation. Through the integration within BetMGM's mobile and desktop platforms, customers can receive the same GameSense experience they have grown to count on at MGM Resorts properties nationwide. This complements BetMGM's already existing responsiblegambling tools which serve to provide customers with an entertaining and safe digital experience.

The BetMGM app is available for download on both iOS and Android and is accessible via desktop athttp://www.betmgm.com.

For more information, follow@BetMGM on X.

About BetMGMBetMGM is a market leading sports betting and gaming entertainment company, pioneering the online gaming industry. Born out of a partnership between MGM Resorts International (NYSE: MGM) and Entain Plc (LSE: ENT), BetMGM has exclusive access to all of MGM's U.S. land-based and online sports betting, major tournament poker, and online gaming businesses. Utilizing Entain's US-licensed, state of the art technology, BetMGM offers sports betting and online gaming via market leading brands including BetMGM, Borgata Casino, Party Casino and Party Poker. Founded in 2018, BetMGM is headquartered in New Jersey. For more information, visit http://www.betmgminc.com.

Statements in this release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, which involve substantial risks and/or uncertainties, including those described in MGM Resorts International's public filings with the Securities and Exchange Commission. Forward-looking statements can be identified by the use of forward-looking terminology such as "believes," "expects," "could," "may," "will," "should," "seeks," "likely," "intends," "plans," "pro forma," "projects," "estimates" or "anticipates" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. BetMGM has based forward-looking statements on management's current expectations, assumptions and projections about future events and trends. Examples of these statements include, but are not limited to, BetMGM's expectations regarding its partnership with X and integration of BetMGM's odds and branding into X. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Included among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements are: risks related to the effects of economic conditions and market conditions in the markets in which BetMGM operates, the significant competition within the gaming and entertainment industry; risks that BetMGM's partnership with X does not occur or does not occur in the manner described herein; BetMGM's ability to execute on its business plan; changes in applicable laws or regulations, particularly with respect to iGaming and online sports betting; BetMGM's ability to manage growth and access the capital needed to support its growth plans; BetMGM's ability to obtain the required licenses, permits and other approvals necessary to grow in existing and new jurisdictions, and additional risks and uncertainties described in MGM Resorts International's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, neither MGM Resorts International nor BetMGM is undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If MGM Resorts International or BetMGM updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.

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BetMGM and X Sign Exclusive Sports Betting Partnership - PR Newswire

BILLINGS Super Bowl 58 has arrived and that means all bets are on. With the rise in popularity of sports betting, a record-breaking 26% of Americans are expected to bet on the big game. That meteoric rise has contributed to a rise in gambling addiction across the nation, concerning some health professionals.

In Billings, Shooters Bar and Grill was brimming with excitement as folks like Wyatt Burns and Kevin Curley prepared for the Super Bowl.

Came to have a beer and a shot, just to kind of loosen up before the festivities begin, said Burns on Sunday.

You can bet these 49ers fans aren't just watching the game for the football.

Alina Hauter/MTN News

Makes the game more enjoyable to watch when you got a little money on the line, Burns said.

I bet big added Curley.

Luckily, the pair isn't part of that growing number of people experiencing an addiction to gambling.

Nationwide, as to the prevalence of the number of people that we suspect have a gambling disorder, is about 1% of the population, said Matt Perdue, medical director for Frontier Psychiatry in Billings. Perdue said that's around 3.4 million Americans.

One of the areas of concern is the ease of access with the mobile platforms and those platforms often incentivizing getting started placing bets, added Perdue.

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Just like with alcohol or nicotine, addiction begins with compulsive changes to the brain and Montanans aren't immune.

Montanas really followed this nationwide trend over the past couple of years with setting records each and every year for the revenue that theyre collecting from gambling, Perdue said.

Worrisome as Perdue and other experts can only glean data from the past five years since sports betting was only legalized in 2019.

I think absolutely its an area of concern for us to monitor and really see how things play out, said Perdue.

But for Burns, it's another way to have some fun, even if he doesn't always win.

For the most part, Ive got self control. Ive had a few losses where Ive woke up the next morning and said, ah, lets not do that again, Burns quipped.

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Gambling disorders on the rise nationwide after legalization of sports betting - Q2 News

US sports betting has rapidly grown into a $10 billion industry since a 2018 Supreme Court decision allowed US states to legalize the practice. Significant expansion could remain ahead, according to Goldman Sachs Research.

We expect growth to be driven by a combination of new state openings and a higher share of the consumer wallet being spent on sports betting over time, says Ben Andrews, head of leisure and travel research for Goldman Sachs Research in Europe, where legal sports betting companies have a longer history. Based on a model that evaluates states propensity to approve sports betting legislation and consumers spending potential, Andrews forecasts that Americans will legally spend $45 billion on sports betting each year when the market is mature.

Were in the middle innings of the development of the market, adds Noah Naparst, who evaluates sports betting companies for Goldman Sachs Asset Management. At this point, about half the states have legalized mobile sports betting. The product is continuing to get better, with more sports being offered. Promotions are continuing to come down. Existing markets are still growing at a rapid clip. So were not mature yet, but were not in the early wildcat days of the market anymore, either.

Interestingly, the rise of app-based betting has also changed the types of wagers that bettors make. While people often associate sports betting with predictions about what the games final score will be, parlays which combine multiple wagers into a single bet have become increasingly popular. Bettors like them for their potential lottery-like payouts, and operators value their high margins.

The rapid rise of parlays has been a distinctive feature of sports bettings rise in the US, Andrews says. We expect parlay penetration to continue to rise from here, along with improved in-game betting products, and greater personalization across the user experience, bets offered, and promotions.

Naparst highlights the rise of in-game betting as a development that could also have important implications for media companies.

The future of sports betting is the convergence of media and sports and betting, Naparst predicts. Youre watching a basketball game in your betting app, and a player is about to take a free throw. The odds that he or she makes it pop up on screen, and the app asks, Do you want to do this bet or not? Thats where the industry is heading.

Looking ahead to Sundays Super Bowl, Naparst notes that the annual event is quite significant from a customer acquisition and visibility standpoint. But he adds that since its only one game, its not so big from a revenue standpoint. And thats a good thing; because these companies are diversified across a lot of sports and a lot of events, if one event goes against them, they can make it up in the long run.

This article is being provided for educational purposes only. The information contained in this article does not constitute a recommendation from any Goldman Sachs entity to the recipient, and Goldman Sachs is not providing any financial, economic, legal, investment, accounting, or tax advice through this article or to its recipient. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this article and any liability therefore (including in respect of direct, indirect, or consequential loss or damage) is expressly disclaimed.

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Why US sports betting could become a $45 billion business - Goldman Sachs

The San Diego State Aztecs (18-6, 7-4 MWC) are favored (by 5.5 points) to build on a 13-game home winning streak when they host the Colorado State Rams (19-5, 7-4 MWC) on Tuesday, February 13, 2024 at 9:00 PM ET. The matchup has an over/under of 139.5 points.

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Will Colorado State cover the spread vs. San Diego State? Betting Trends, Record ATS - Wyoming News Now

The Michigan Wolverines (8-16, 3-10 Big Ten) are heavy underdogs (+16.5) as they try to stop a five-game road slide when they visit the No. 14 Illinois Fighting Illini (17-6, 8-4 Big Ten) on Tuesday, February 13, 2024 at State Farm Center. The game airs at 7:00 PM ET on Peacock. The matchup's over/under is set at 153.5.

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Rep your team with officially licensed college basketball gear! Head to Fanatics to find jerseys, shirts, and much more.

Not all offers available in all states, please visit BetMGM for the latest promotions for your area. Must be 21+ to gamble, please wager responsibly. If you or someone you know has a gambling problem, contact 1-800-GAMBLER.

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Will Michigan cover the spread vs. Illinois? Betting Trends, Record ATS - WLUC

The Phoenix Suns (31-22), on Tuesday, February 13, 2024 at 10:00 PM ET, aim to build on a five-game home winning stretch when hosting the Sacramento Kings (30-22).

Find odds, spreads, over/unders and more from multiple sportsbooks in this article for the Suns vs. Kings matchup.

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Are the Suns favored vs. the Kings on February 13? Game odds, spread, over/under - WYMT

Maine is coming off its best month of revenue since sports betting was launched in November, and now the state is anticipating a boost from the biggest wagering event of the year.

Sunday will mark Maines first Super Bowl since sports betting went live on Nov. 3. When the San Francisco 49ers and Kansas City Chiefs meet for the NFL title, bettors within the state will be able to bet legally for the first time on Super Bowl point spreads, over-and-unders, and all the prop and in-game bets. Billions of dollars will be wagered nationally.

It wouldnt be shocking to see the Super Bowl carry February to potentially being the biggest month of the year, said John Holden, an Oklahoma State University professor whos written extensively on the regulation of sports gambling.

Maine heads into Super Sunday riding the momentum of three months that, according to state Gambling Control Board chair Steven Silver, have been a good start for sports betting. With November, December and January in the books, Maine has pulled in revenue of over $1.4 million. January was the biggest month of the three, with the state earning $546,149 in revenue.

Maine keeps 10% in tax from all wagers placed on sports betting, following payouts to bettors and federal tax.

Three months in, the initial marketing pushes have gotten the customers in and used to the app, Silver said. All in all, (January) was a good month for the books and the state, and it meets projections of that roughly $500,000 a month in tax revenue.

DraftKings, one of two mobile sports-betting providers in the state along with Caesars Sportsbook, has continued to dominate the action. Of all the money wagered in Maine over three months, 81.5% has been bet via DraftKings.

Maybe that will change by a few percentage points, but I think theyre always going to be the majority player in Maine, Silver said.

The amounts wagered during Maines first three months were similar to the same three months after New Hampshire launched sports betting in 2020. New Hampshire went from a $38.9 million handle (the total amount of money wagered) in November 2020 to $43.7 million in December and $49.4 million in January 2021. Maine went from $37.6 million in November to $44.5 million in December and $38.1 million in January.

But New Hampshire, now four years into sports betting, saw its handle pass $67 million in both in November and December 2024.

The primary reason for growth is tied to the expansion of betting opportunities, said Daniel Maloney, the director of sports betting for the New Hampshire Lottery. Simply put, players have more options for betting now. For example, same-game parlay bets and live betting during games are betting opportunities that were not available at launch. There really is something for everyone now.

In Maine, December was the lowest month in terms of state revenue at $437,884, which came despite the handle increasing nearly $7 million from November to December.

That happens, Silver said. The bettors win. There are some weekends or some days where the (sports books lose). Effectively, the sports books in the state are gambling. You have to go back and look at how did the home teams do in the playoffs, did the favorites win, things like that. When you have a bunch like that happening, you can get lopsided results.

Silver said a similar dynamic could be at play Sunday.

The question is, where is the money? Is it on the Chiefs or on the 49ers? he said. Because if its not balanced, you might see a loss on Super Bowl Sunday for the (sports books). Thats a real possibility.

Betting on the Super Bowl is expected to increase significantly from just last year. According to the American Gaming Association, 67.8 million Americans are expected to bet on the game this year, an increase of 35% from 2023, and the total amount bet is expected to rise from $16 billion to $23.1 billion. Legal sports betting is now available to bettors in 29 states and Washington, D.C., with Vermont being the latest to go live, on Jan. 11.

Were seeing an increased interest as legalized sports betting has grown, said Cait DeBaun, the AGAs vice president of strategic communications and responsibility. Theres a lot of excitement about that. The growth of the market is really driven by the migration of Americans from the illegal marketplace to the legal marketplace.

The practice of betting on the Super Bowl has changed. While bets originally were limited to winners and losers and covering spreads, innovations in mobile betting have led to the popularity of bets within the game, independent of the games outcome.

The increased use of technology through mobile betting has really allowed for a dynamic experience for customers, DeBaun said. Now with the online options, theres a lot more prop bets involved. Whos going to score the first touchdown? How many yards might Travis Kelce rack up? It makes the game more engaging for a lot of people that choose to bet.

Holden, the Oklahoma State professor, said prop bets have become embraced by the betting industry in recent years.

As weve seen sports betting expand, some regulators now allow wagering on the color of Gatorade. At one time, that was only something that you would find offshore, Holden said. In Nevada, the fear was always that someone could get that information perhaps too easily. Were seeing a lot more in-game props being offered. Back when it was really just Nevada, we didnt see a ton of the in-game offerings that you now see have become standard across games. In the Super Bowl, you can basically bet on any in-game event.

Holden, however, said that the most popular bets remain the traditional ones.

When youre looking at the total amount of money, youre still seeing spread and moneyline bets as king here, he said.

Spread bets are bets in which, after a favorite is picked to beat an underdog, a bettor wagers on either the favorite to win by that many points or more, or the underdog to lose by fewer points or win. Moneyline bets indicate how much the bettor has to place on either team to win another amount. If a team is favored at -150, a bettor would have to bet $150 to win $100, for a $250 total payout.

Mobile betting remains the only sports betting option in Maine. None of the retail locations have opened yet for sports wagering.

Everyone was so anxious and excited to get going, and now its sort of hit a wall, Silver said. Theres no regulatory reason why theyre not open yet. Its up to the owners.

The online market is far more lucrative than in-person betting. Bets placed on mobile apps accounted for 87% of all sports bets placed nationwide in 2021, according to the American Gaming Association.

Don Barberino, owner of Favorites off-track betting locations in Waterville and Sanford, said hes hoping to launch sports betting within the next six months.

Retail is only about 10% of the (total sports-wagering) business. For many of the large companies that provide sports wagering services, its difficult for them to come in and just have retail only, he said. What they project as potential revenue is not what they hope for. So we havent moved along as quickly as wed hoped there.

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With three months in the books, Maine sports betting readies for Super Bowl - Press Herald

Elon Musks X has partnered with popular sports betting site BetMGM to further diversify his sites revenue streams.

X CEO Linda Yaccarino announced the partnership in a Friday statement, saying that its users will soon be able to easily bet on their favorite sports teams through X.

Sports never sleep on X and now with our strategic partnership with BetMGM, fans are practically in the front row, she wrote on X. Were bringing sports fans on X even closer to the action so they can cheer, and now bet, on their favorite teams.

Once the deal becomes active, users will be able to browse the betting odds of professional football, with more sports to be added later. However, users will not be able to put their money down directly through X and will have to navigate to BetMGMs website to do so.

But both parties said they expect the integration to evolve, implying that users would soon be able to bet directly from X.

The deal comes as X continues to try and diversify where its money comes from.

The site that used to rely heavily on advertising dollars has been forced to pivot after many advertisers recoiled at Mr. Musks controversial business decisions and comments.

But, according to Mr. Musk, this has always been the plan. Since taking over the company in late 2022, Mr. Musk has been trying to turn X into an everything app where users can shop, browse social media posts and manage their finances.

While the transition has been rocky, it hasnt been without its successes. Mr. Musk has convinced several high-profile figures to publish video content on X exclusively, including political commentators Tucker Carlson and Don Lemon.

X shot back up to the top of Apples App Store this week after Mr. Carlson published his much-anticipated interview with Russian President Vladimir Putin.

The addition of sports betting to X could attract, and maintain, sports fans who already use X as a platform to discuss sports. The deal did not discuss any financial specifics surrounding how much revenue X can expect from the deal.

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Sports betting is coming to X as Musk's site partners with BetMGM - Washington Times