Monthly Archives: March 2024

TULSA, Okla.Thirty-eight states and Washington D.C. are raking in millions of dollars this month from legalized sports betting combined with heavy action linked to March Madness, but in Oklahoma, the bill to legalize sports wagering remains stalled at the State Capitol.

Last spring, the Oklahoma House of Representatives passed a bill to legalize sports betting in Oklahoma. The bill is still alive in the State Senate, but it has yet to receive a hearing.

"We cannot act on sports betting until the state legislature legalizes it first. We cannot do this on our own like people see it across the country. It's got to be part of the compact," Cherokee Nation Chief Chuck Hoskin Jr. told FOX23.

Hoskin said the Cherokee Nation, which operates multiple casinos on its tribal lands in eastern Oklahoma including the Hard Rock Hotel and Casino in Catoosa, wants to set up and is ready to have sports wagering on its properties.

In the nearby Muscogee (Creek) Nation, who also operates multiple casinos including the River Spirit Casino in south Tulsa, work is underway to convert an old buffet area into the largest sports viewing venue and bar in the state. FOX23 was told when we asked about it earlier this year, the space could easily be converted into a sports book and sports wagering center should state lawmakers legalize sports betting in Oklahoma in the future.

The U.S. Supreme Court ruled in 2018 in a 7-2 vote that the federal government's prohibition on sports wagering except in four states was unconstitutional when the federal government stepped in to an issue reserved for the states under the 10th Amendment. Since then, 38 states and Washington D.C. have all legalized sports betting.

The most recent state to legalize sports betting is North Carolina. Sports wagering operations across the state began this month, and they were bolstered by bets being placed on the NCAA March Madness tournament.

The North Carolina Lottery Commission reported just under $200 Million was wagered in just the first week of legalized sports betting, which coincided with the start of March Madness. A chunk of the money that is won can be taxable revenue, and the state expects a few million dollars in new money for public services just from March Madness wagering alone.

Sports betting in Oklahoma has slowly been catching on at the State Capitol in Oklahoma City. In 2022, the Oklahoma House did not pass a sports wagering legalization bill. Then in 2023, it did. Now in 2024, that bill passed out of the House in 2023 is still pending in the State Senate. According to State Senator Bill Coleman's Office (R-Ponca City) it's not clear if that bill will get a committee hearing that if approved, would bring it to the floor of the State Senate for one final vote before it goes to the governor.

Both House and Senate lawmakers have openly said they want there to be fruitful and positive discussions about the future of sports betting in Oklahoma between Governor Kevin Stitt and the tribes who hold the rights to administer such a program on their lands. Right now, the Oklahoma Tribal Gaming Compact does not allow for legalized sports wagering despite allowing many other forms of gambling.

"It should come to this state, and we have exclusivity," Hoskin told FOX23 News. "The tribes are interested in this. The Cherokee Nation is interest in this. I won't say it makes or breaks our gaming operations, but if it is legalized in the state, it will be in the wheelhouse of all the tribes, and we will be, as we always are, at the top of the market."

Stitt also wants to bring sports wagering into the state. He's told FOX23 many times he sees it as an alternative way to bring in money for education and also to fund economic development packages that could lure in large companies looking to leave higher-tax states.

"As long as it is transparent and fair, I'm all for rolling that out," Stitt has told FOX23 multiple times in the last year and a half.

Last November, Stitt released a plan on how he would like to see legalized sports betting. That plan calls for lower taxes for in-person bets made in a brick and mortar casino, and it would tax at a slightly higher amount bets made on mobile apps where people can wager without ever having to step foot in a casino. Stitt said by taxing in-person bets differently than ones made in mobile apps, it would protect and slightly incentivize traditional casino operations.

However, despite releasing a plan, both sides say they cannot move on the subject until sports wagering is legalized in Oklahoma. But lawmakers insist there must be a framework in place between the governor and the tribes before they act. Those talks are somewhat complicated after years of fighting between the governor and the tribes on a variety of compacts the state has with tribes on everything from tobacco sales, tribal license plates, to even hunting and fishing.

"My colleagues saw the advantage, the economic advantage to this, the restoration of tribal-legislative relations," said State Representative Ken Luttrell (R-Ponca City) after the bill was put on hold in the middle of the 2023 legislative session.

Luttrell and Coleman, both from Ponca City, have been the primary authors of the bills attempting to legalize sports wagering in Oklahoma, and FOX23 is told if it fails this session, they will re-file a new bill next session and try again.

Currently, if an Oklahoman wants to wager on a game, they must travel to Kansas, download an app from an approved partner, and as long as their phone pings off of a Kansas tower they can place and collect their bets. The State of Kansas said money raised by Oklahomans travelling to their state to wager on sports would be re-invested into Kansas education and economic development programs.

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38 states rake in millions in sports betting while Oklahoma still waits for legalization - KOKI FOX 23 TULSA

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Sports betting won't be legal in Georgia after lawmakers couldn't agree on how to spend taxes - goskagit.com

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United Arab Emirates United Kingdom of Great Britain & N. Ireland Uruguay, Eastern Republic of Uzbekistan Vanuatu Venezuela, Bolivarian Republic of Viet Nam, Socialist Republic of Wallis and Futuna Islands Western Sahara Yemen Zambia, Republic of Zimbabwe

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Sports betting won't be legal in Georgia after lawmakers couldn't agree on how to spend taxes - Bowling Green Daily News

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Cambodia, Kingdom of Cameroon, United Republic of Cape Verde, Republic of Cayman Islands Central African Republic Chad, Republic of Chile, Republic of China, People's Republic of Christmas Island Cocos (Keeling) Islands Colombia, Republic of Comoros, Union of the Congo, Democratic Republic of Congo, People's Republic of Cook Islands Costa Rica, Republic of Cote D'Ivoire, Ivory Coast, Republic of the Cyprus, Republic of Czech Republic Denmark, Kingdom of Djibouti, Republic of Dominica, Commonwealth of Ecuador, Republic of Egypt, Arab Republic of El Salvador, Republic of Equatorial Guinea, Republic of Eritrea Estonia Ethiopia Faeroe Islands Falkland Islands (Malvinas) Fiji, Republic of the Fiji Islands Finland, Republic of France, French Republic French Guiana French Polynesia French Southern Territories Gabon, Gabonese Republic Gambia, Republic of the Georgia Germany Ghana, Republic of Gibraltar Greece, Hellenic Republic Greenland Grenada Guadaloupe Guam Guatemala, Republic of Guinea, 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Principe, Democratic Republic of Saudi Arabia, Kingdom of Senegal, Republic of Serbia and Montenegro Seychelles, Republic of Sierra Leone, Republic of Singapore, Republic of Slovakia (Slovak Republic) Slovenia Solomon Islands Somalia, Somali Republic South Africa, Republic of South Georgia and the South Sandwich Islands Spain, Spanish State Sri Lanka, Democratic Socialist Republic of St. Helena St. Kitts and Nevis St. Lucia St. Pierre and Miquelon St. Vincent and the Grenadines Sudan, Democratic Republic of the Suriname, Republic of Svalbard & Jan Mayen Islands Swaziland, Kingdom of Sweden, Kingdom of Switzerland, Swiss Confederation Syrian Arab Republic Taiwan, Province of China Tajikistan Tanzania, United Republic of Thailand, Kingdom of Timor-Leste, Democratic Republic of Togo, Togolese Republic Tokelau (Tokelau Islands) Tonga, Kingdom of Trinidad and Tobago, Republic of Tunisia, Republic of Turkey, Republic of Turkmenistan Turks and Caicos Islands Tuvalu Uganda, Republic of Ukraine United Arab Emirates United Kingdom of Great Britain & N. 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Sports betting bill will help MN veterans, charities - ECM Publishers

The NCAA is pushing states to ban prop bets involving college players.

NCAA president Charlie Baker issued a statement Wednesday asking all states that have legalized sports gambling to pass laws prohibiting the availability of individual prop bets for college athletic events. Bakers statement comes as the NBA is in the midst of an investigation into prop betting activity earlier this year.

Sports betting issues are on the rise across the country with prop bets continuing to threaten the integrity of competition and leading to student-athletes and professional athletes getting harassed, Baker said in a statement. The NCAA has been working with states to deal with these threats and many are responding by banning college prop bets.

This week we will be contacting officials across the country in states that still allow these bets and ask them to join Ohio, Vermont, Maryland and many others and remove college prop bets from all betting markets. The NCAA is drawing the line on sports betting to protect student-athletes and to protect the integrity of the game issues across the country these last several days show there is more work to be done.

With sports betting on the rise, the NCAA is acting to protect student-athletes from harassment and working to protect the integrity of the game this week shows why its so important to act. pic.twitter.com/krATwpS4hZ

NCAA News (@NCAA_PR) March 27, 2024

The NBA confirmed Monday that it was looking into betting irregularities involving prop bets for Toronto Raptors forward Jontay Porter. According to ESPN, two games are being investigated. Ahead of both of those games, unders on specific prop bets for Porter were bet heavily. He left each of those games early due to injury or illness and the unders cashed.

The NCAAs stance against prop betting comes as it navigates a world where sports betting is legal in many states. The NCAA has staunchly been against betting for decades as the NCAA tournaments betting-friendly model is a major reason why March Madness has become so popular. You dont have to be a college basketball fan to fill out a bracket and enter a bracket pool in the hope of winning prizes or money.

According to the Action Network, only four states Kansas, Louisiana, Michigan and Wyoming along with Washington D.C., have no restrictions on college prop bets. The other 18 states either limit the type of prop bets you can make (in New Jersey you cant bet props for New Jersey teams) or have banned prop bets on college games altogether.

In the states where prop bets are fully legal, you can bet on many aspects of the game. At BetMGM in Kansas, you can bet on who will score the first basket of the game in any of the eight Sweet 16 games as well as a players assist or 3-point totals. For example, Clemsons P.J. Hall is the favorite at +333 to score the first field goal in the first Sweet 16 game Thursday night against Arizona.

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NCAA set to push states with legalized sports betting to ban prop bets for all college sporting events - Yahoo Sports

Georgia quarterback Carson Beck (15) looks to throw a pass during the second half of a NCAA college football game against Georgia Tech in Atlanta, on Saturday, Nov. 25, 2023.Georgia won 31-23.

Georgias sports betting hopes are still alive in the states final legislative day, but they may be dwindling by the minute.

Two pieces of legislation to legalize and regulate sports betting in the state were approved this morning by the Georgia House Committee on Higher Education, but stalled out shortly thereafter in the House Rules Committee.

The Georgia sports betting package will have to be approved today by the House and sent to the Senate for concurrence or sports betting will fail once again in the Peach State.

Members of the Georgia House Committee on Higher Education approved both SB 386, a bill to legalize online sports betting, and SR 579, a resolution legalizing sports betting through a constitutional amendment, and moved the legislation ahead to the House Committee on Rules.

However, the House Committee on Rules did not take up the bills during its 9 a.m. session. Committee Chairman Rep. Butch Parrish (R-158) did note upon adjournment that the committee may meet again later in the day, which would give the bills another chance to move ahead to the House. The legislation first needs to be approved by the Rules Committee to be sent to the House for consideration.

No time has been set for the next Rules Committee meeting.

While the sports betting package isnt dead, its chances dwindle every hour it is not heard by the House floor. To be passed, SR 579 will have to be approved by a two-thirds majority and SB 386 by a simple majority. Then the legislation will have to be sent back to the Senate for concurrence, as the bills were amended in House committee.

If everything is approved by both the House and Senate today, Georgia voters would have the final say on sports betting during the November general election. If approved by voters, sports betting would likely launch sometime in 2025.

While not impossible, time is running out as today is the final day of the states legislative session. Action is expected to be taken until midnight, but with lawmakers jockeying for position to have their bills heard the competition will be high.

Both SB 386 and SR 579 were amended in committee this morning.

Sen. Clint Dixons (R-45) bill, SB 386, saw its sports betting tax rate amended from 20% to 25%, and language cleared up to ensure that operators cannot reduce free and promotional bets from its taxable revenue. The bill seeks to legalize online sports betting for 16 license holders in the state. Licenses would cost $1 million annually to renew and applicants would have to pay a $100,000 application fee. It would allow for bets on college sports.

Sen. Bill Cowserts (R-16) SR 579, which requires Georgia voters to approve a constitutional amendment in the November general election to legalize sports betting, was also amended to set specific sports betting tax revenue disbursements in the state. The changes require that 85% of sports betting tax revenue will be earmarked for HOPE Scholarship funding, pre-kindergarten funding, educational training, and capital improvements, while the remaining 15% of revenue will be dedicated to a problem gaming fund and capped at $150 million.

Cowsert touted the resolution as including the most robust responsible gaming provisions of any sports betting legislation in the country. To put things in perspective, to reach its cap of $150 million for problem gaming, the state would have to achieve $1 billion in sports betting tax revenue.

If approved, SB 386 will legalize online sports betting for a total of 16 online sports betting licenses, with the numbers breaking down as follows:

The remaining seven licenses will be awarded by a newly formed gaming commission that will regulate sports betting in the state.

Gambling Regulatory Writer and Editor

Rob covers all regulatory developments in online gambling. He specializes in US sports betting news along with casino regulation news as one of the most trusted sources in the country.

Gambling

Rob covers all regulatory developments in online gambling. He specializes in US sports betting news along with casino regulation news as one of the most trusted sources in the country.

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All Eyes on Georgia Sports Betting During Final Legislative Day - Sports Betting Dime

Did you know that Toronto Raptors were voted the most popular sports team in South Carolina?

A little surprising, right? Well, heres another one for you you dont need to be a Raptors fan to start sports betting in the Palmetto State. With the best sports betting sites, South Carolina bettors can place a bet on any sport locally and internationally.

Bovada, for example, covers hundreds of sports events around the globe. Other sites featured in this guide offer unique betting opportunities you might be interested in.

Lets check them out.

Yes, you can bet on sports online in SC. Weve reviewed the top legal sportsbooks for South Carolina bettors. They offer thousands of betting lines for a wide range of markets.

Its important to note that these are all offshore betting sites, though. SC bettors can use them until the state gets licensed sportsbooks.

Best SC sportsbook overall

Top choice for NBA betting

Excellent for live betting

Great college sports odds

Phone and live chat support

Welcome bonus of up to $2,500

Best for mobile betting

Read on to see how these popular South Carolina sports betting sites perform in all the key areas vital to online bettors.

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Launched way, way back in 1994, Bovada is a reputable online gambling platform that offers top-tier wagering options to all SC betting fans out there. The No. 1 option for today, easily!

Betting Markets and Odds: 4.9/5

Renowned for its sports betting offerings, Bovada provides many daily wagering options across various sports.

The platforms impressive NFL segment boasts a wide range of markets with exceptional odds.

While Bovada might not offer as many markets for regular season bettors, it makes up for it with features such as livebetting, mobile sportsbook, reduced vig, and early cashouts.

Bovada underscores its commitment to its users through its unique Twitter hashtag #WhatsYaWager, which enables bettors to craft and disseminate personalized prop bets.

Bonuses and Promos: 4.85/5

New users at Bovada can take advantage of an enticing welcome bonus. For those registering with cryptocurrency, a 75% match rate up to $750 is offered, with a mere 5x rollover requirement one of the most competitive in the industry.

Even if you choose not to use cryptocurrency for payments, you can still receive a 50% bonus up to $250, maintaining the same low 5x rollover requirement.

Moreover, Bovada also offers a rewarding referral program, where users can earn as much as $275 in rewards for each successful referral of a friend.

Mobile Sports Betting Experience and Customer Support: 4.9/5

Bovadas platform is crafted to enhance user interaction with its mobile-optimized layout, doing away with the hassle of unnecessary downloads.

If users require support, they can turn to the live chat feature or browse through the extensive FAQ section, which accommodates both new and seasoned bettors.

However, contacting the support team involves going through the FAQ section first an extra few clicks that some users might see as slightly inconvenient.

Pros:

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For those interested in placing online bets on NBA, BetOnline is the go-to destination. Launched in 2004, this well-respected online bookmaker is recognized for its wide range of risk-free bets.

Betting Markets and Odds: 4.75/5

With its extensive selection of sports markets, BetOnline is particularly renowned for its emphasis on NBA betting, providing competitive odds that attract many bettors.

The platform facilitates various betting strategies, whether you prefer prop bets or more straightforward wagers.

It offers many betting options, including teasers, futures bets, and live betting. The Odds Booster feature is a must-try for those looking to maximize their betting potential!

This is one of the reasons why BetOnline sits at the top of our best North Dakota sports betting sites.

Bonuses and Promos: 4.7/5

BetOnline rolls out the red carpet for its new members by offering a substantial 50% sign-up bonus, which can go up to $1,000, as long as a minimum deposit of $55 is made during the registration process.

The site also presents a plethora of other attractive promotions aside fromt the welcome offer. For example, a 25% reload bonus can be activated using the sportsbook bonus promo code LIFEBONUS. The platform also grants $25 free bets for live betting and introduces odds boosters on certain occasions.

Mobile Sports Betting Experience and Customer Support: 4.6/5

Designed for easy access, this South Carolina online sports betting site can be reached instantly on all iOS and Android mobile devices, eliminating the need for downloads. This enables users to start playing on the platform immediately.

If you encounter any difficulties or have questions while navigating the site, rest assured that BetOnlines customer service team is at your service 24/7, 365 days a year. This ensures a smooth and problem-free experience for every user.

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SportsBetting.ag gets to round this one up as one of the long-standing sportsbooks (launched in 2003) that deliver the best live betting experience in South Carolina.

Betting Markets and Odds: 4.5/5

Sportsbetting.ag, despite not having as extensive a selection of betting options as Bovada, is gaining popularity with fans of live betting thanks to its attractive odds.

Its distinct position in the betting industry is achieved through an impressive variety of comprehensive live and prop bets, supplemented by appealing lines and odds.

Bonuses and Promos: 4.7/5

The platform SportsBetting.ag is highly favored by digital currency users, offering a generous crypto first-deposit bonus of 100% up to $1,000.

On the other hand, a 50% sign-up bonus is provided for those who opt for traditional currency.

Additionally, the site features a variety of promotions, including a 25% reload bonus and a 30% crypto reload bonus.

Mobile Sports Betting Experience and Customer Support: 4.55/5

Owing to its latest interface improvements and strong customer support, SportsBetting.ag consistently remains a preferred option.

The platforms user interface has undergone a complete overhaul, enhancing its performance on mobile devices and even includes mobile casino games. With numerous support avenues such as email, phone, and live chat, help is readily available whenever needed.

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If youre interested in college football, basketball, or any other college sport, MyBookie is your go-to site! Established in 2013, MyBookie greets every new user with a $1,000 welcome incentive and an extra $10 chip for casino games.

Betting Markets and Odds: 4.8/5

MyBookie is the premier choice for college and eSports betting in South Carolina. Its wide array of wagering choices, featuring engaging prop bets for each game, is sure to meet your expectations.

Moreover, those who enjoy horse racing will find much to appreciate with MyBookie due to its favorable odds for the sport. The constant availability of more than 20 racetracks ensures you wont miss out on any excitement.

The platform offers over 250 casino games sourced from industry-leading software providers such as RealTime Gaming (RTG).

Bonuses and Promos: 4.8/5

Sign up with this South Carolina online sports betting site to take advantage of a wealth of bonuses. Enjoy a first deposit bonus that offers a 50% match up to $1,000 and an 8% rebate for those who love horse racing.

Thats not all! Make the most of a 200% referral bonus and a 25% sports reload bonus, with no restrictions on the number of referrals you can make. The welcome offer includes a $10 chip for complimentary casino gameplay.

Mobile Sports Betting Experience and Customer Support: 4.75/5

Though the aesthetic appeal of MyBookies website might not be its strong suit, its smooth operation, and mobile-friendly design make it ideal for sports betting on the go.

MyBookies customer service is always ready to help, no matter where you are. You can reach the support team through various channels, including live chat, email, or browsing their thorough FAQ section.

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If you enjoy betting on football, Allbet should be on your radar. This SC sportsbook offers a generous welcome offer, over 30 sports betting options, 24/7 customer support, and much more.

Betting Markets and Odds: 4.6/5

Allbet offers competitive odds for all the most popular sports, not just football, including soccer, tennis, and more. You can bet on anything from Venezuelan baseball to Czech hockey.

Within the matches themselves, you may find that there arent quite as many prop bets as some of the competition. You wont be able to tailor your bets quite as uniquely as you will at the likes of Bovada.

We were pleased to discover that the site provides live betting features. You can stream sports events in real-time, enjoy the matches, and place bets directly on the website without the need to navigate away.

A small downside is that Allbet doesnt offer eSports betting. However, considering the increasing popularity of eSports, this could change in the future.

Bonuses and Promos: 4.8/5

Theres a stunning welcome bonus available at Allbet right now. Its an enormous 210% matched deposit of up to $5,250, which is one of the strongest in all of South Carolina right now.

The bonus value becomes even more attractive when you consider that it comes with a relatively low rollover requirement, set at just 17x.

It doesnt appear that youll find any boosted odds at Allbet, but one ongoing offer that will catch a lot of attention is the 50% matched deposit reload bonus of up to $5,000 that you can claim four times. And the rollover for this one is, impressively, only 3x!

Mobile Sports Betting Experience and Customer Support: 4.6/5

Its not often you see sports betting sites that actually have a phone number you can call or text for help these days, but Allbet does. We love the fact that theyve kept this conventional contact method for those who dont want to use a live chat.

And for those who do, that option is still available 24/7. All you need to do to reach it is press the icon at the bottom right of every page.

Using the site is fairly easy on a desktop or mobile device, but the design isnt quite as impressive as some of the competition. Thats just a small detail at the end of the day, though.

Finally, were big fans of the Allbet banking system. They offer plenty of payment methods like Zelle and CashApp, and they process payouts super quickly.

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The South Carolina bettors looking to place wagers on horse races should visit BUSR, and claim one of the biggest sports betting bonuses around, going up to $2,500.

Betting Markets and Odds: 4.5/5

BUSR is an excellent South Carolina online sports betting site for people interested in horse racing and betting.

The platform offers over 300 tracks and high-quality odds for all major domestic and international racetracks, making it a haven for horse racing betting lovers.

While it may not have as broad a selection of overall betting options as other platforms like Bovada, which may leave some users wanting more, it does cater to all main sports markets.

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South Carolina Sports Betting 2024: Best SC Sportsbooks - The Hudson Reporter

The North Carolina State Lottery Commission hasreleased sports betting figures for the opening week of legalized sports betting in theTar Heel State, which showedtotal handle reaching$198.1m.

North Carolina became the 31st state to launch online sports betting on March 11 with eight operators FanDuel, DraftKings, BetMGM, ESPN Bet, Caesars, Fanatics, bet365 and Underdog all vying for dominance.

The commission broke handle down by paid sports wagers reaching $116.8m and promotional spend of $81.3m.

It noted thatoperatorspaid out $141.6m in winnings to players in the opening week, meaning that the first weeks handle generated $42.7m in gross wagering revenue, subject to an 18% tax rate.

The commission also examined the betting activity in North Carolina on the opening day.

On March 11, thestates eight operators licensed accepted $23.95m in bets and paid out $12.2m in winnings to players, leaving the firms with gross wagering revenue of more than $11m.

On the opening day, promotional wagers amounted to $12.3m, larger than paid wagers which landed at $11.6m.

The launch of North Carolinas online sports betting market came in tandem with March Madness, with handle and revenue expected to spike on the back of the tournament.

Earlier this month, GeoComply reported that in the first 48 hours of the North Carolina sports betting market going live, there were nearly 370,000 active player accounts in the state.

The geolocation solutions supplier also confirmed that it had conducted more than 5.3 million geolocation checks in thestatethroughout the opening two days.

When the market went live,EGRgathered the reaction from the eight operators that went live in the Tar Heel State.

The rest is here:

North Carolina reports nearly $200m in handle in first week of legalized sports gambling - EGR Global

Fanatics Betting and Gaming (FBG) has announced the launch of its Fanatics Sportsbook in Kansas, replacing PointsBet with immediate effect.

Players in Kansas can now download the Fanatics Sportsbook and begin placing sports bets.

Existing PointsBet customers will have their information automatically migrated to the new Fanatics Sportsbook. This includes their username, password, account balance, rewards points and any responsible gaming settings.

The Kansas launch means Fanatics now has a sports betting presence in 17 states across the US. It follows theroll-out in North Carolina earlier this monthwhen the state officially launched its legal sports betting market.

Other recent launches for Fanatics includeNew York, where it also replaced the PointsBet brand.FBG acquired PointsBet USin August 2023 and has been phasing out the PointsBet brand ever since, withIndiana another state where Fanatics took the place of PointsBet.

This month, FBG also picked up an event wagering licence from theArizona Department of Gaming, clearing it to launch in the state.

Aside from sports betting, FBG also operates the Fanatics Casino in Michigan, Pennsylvania and West Virginia.

The latest set of monthly results in Kansas,covering February, show year-on-year growth in the states sports betting market. This included total betting handle increasing 4.6% year-on-year to $203.0m (160.5m/187.7m).

Of this, $193.9m was bet with online sportsbooks while the remaining $9.1m was spent at retail locations.

Revenue in the state also rocketed by 8,405.8% to $3.1m. Some $3.0m came from online betting, while just $5,025 was generated by retail sportsbooks. Kansas was also able to post $305,494 in tax during the month.

As for legacy PointsBet, the brand had been offering online sports wagering with Kansas Crossing. However, in February, despite players wagering $1.6m, the partnership did not generate any revenue.

In fact, the Kansas City-PointsBet partnership performed the worst of all six online betting ventures in Kansas. DraftKings and Boot Hill Casino led the way with $2.0m in revenue from $87.7m in total wagers.

However, only half of online operators reported any sort of positive revenue in February. FanDuel and Kansas Star, posted revenue of $885,938 from $58.5m, while Caesars, also partnered with Kansas Crossing, hit $198,496 in revenue off $11.2m.

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Fanatics replaces PointsBet in Kansas - Sports betting - iGB - iGaming Business

Key Takeaways

The National Collegiate Athletic Association's (NCAA) 2024 Division 1 college basketball tournaments, known as "March Madness," kicked off this week, sending fans and sports betting outlets into a frenzy. The event also may benefit the stocks of some companies in the sports betting industry.

Bettors are expected to legally wager as much as $2.72 billion on "March Madness" this year, according to the American Gaming Association (AGA). That figure appears to exclude bets with friends and family and office brackets, which were counted as part of the AGA's previous surveys on March Madness betting.

"It wasn't that long ago where, if you wanted to place a bet, you either had to go to the casino sportsbook in Nevada or you had to participate in the more casual betting among friends," AGA Vice President of Research Dave Forman told CBS News in an interview. "[Online betting] has driven a lot of new people into that legal market."

The number of bettors across sports has steadily increased in recent years as regulatory legislation in 38 states and the District of Columbia has relaxed.

In 2023, 75% of fans bet for the first time on March Madness, one market research firm reported.

Last year, the AGA forecast 68 million Americans would wager as much as $15.5 billion on the tournament, which encompasses more than 100 games played by men's and women's teams in a three-week span. Of that number, 31 million planned to place a sports bet via online wagers, traditional sports books, or a bookie, while 21.5 million planned to "bet casually with friends."

For comparison, last year's NFL Super Bowlthe one game in U.S. sports with the heaviest betsenticed 50 million adults to bet $16 billion. This year, with the Super Bowl fittingly played in Las Vegas, that figure jumped to 68 million bettors wagering $23.1 billion, according to sports network ESPN.

Part of the impetus for more bets on March Madness is rising interest in women's college basketball.

The success of talented players such as Caitlin Clark of the University of Iowa and Angel Reese of Louisiana State University has sparked a near tripling in the number of bets placed on women's college basketball this season compared with last year, according to Caesars Sportsbook.

As the NCAA basketball tournaments were about to begin, stock analysts at Jefferies in a March 13 research note said gaming "investor interest remains focused on the burgeoning U.S. market, where the state legalization," along with promotions and the path to profitability are still debated.

Bank of America Securities analysts in a mid-February research note highlighted DraftKings Inc. (DKNG); BetMGM, owned by MGM Resorts International (MGM); and PENN Entertainment Inc. (PENN), which runs ESPNBet, as gaming companies to watch.

UPDATEMarch 24, 2024: This article has been updated with a photo from a second-round game.

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'March Madness' Sports Betting Is Big Business - Investopedia