Category Archives: Sports Betting

Minnesota House Commerce Committee Chair Rep. Zack Stephenson, D-Coon Rapids, announced a new push to legalize sports betting at a Thursday, Nov. 4, news conference. While no bill has been finalized yet, both Democrats and Republicans in leadership positions support legalization in the 2022 session.

"If you want to place a little money in support of your favorite team, you shouldn't have to drive to Iowa or use an international gambling app to do it," Assistant Senate Majority Leader Roger Chamberlain, R-Lino Lakes, said in a statement announcing his plans to introduce a bill of his own. "Sports wagering is good entertainment. It is a business and it will create jobs. I hope to earn bipartisan support as we work to open these betting markets in Minnesota."

Many states across the U.S. legalized sports betting in some form after a 2018 Supreme Court decision throwing out a decades-old federal law forbidding the practice. All of Minnesota's neighbors are legal sports-betting states, Stephenson said, and for the past three years, lawmakers have tried without success to legalize the practice in Minnesota as well.

Stephenson described Minnesota as an "island" in the middle of legal sports betting states and pointed out that gambling on sports is already happening in Minnesota despite it being illegal.

"The fact that we don't have legal sports betting in Minnesota doesn't mean we don't have sports betting in Minnesota," Stephenson said. "It just means that people who want to engage in sports betting do so on the black and gray markets, relying on shady websites or digital workarounds."

The state's influential tribal gaming association has proved a significant obstacle to legal sports betting efforts in the past, but Stephenson hinted that the group could be becoming more receptive.

"I have talked to tribal leaders and the representatives of the tribes many times. I'll let them speak for themselves," Stephenson said. "But I wouldn't be standing before you today if I didn't think there was a way that we can get a policy together that works for a very broad segment of Minnesota."

The Minnesota Indian Gaming Association, which represents tribes involved in the gaming industry, has opposed the legalization of sports betting in the past but hinted that it may be willing to discuss the issue in 2022.

"The tribal governments making up MIGA have been examining the various ways sports betting has been implemented across the country and its impacts on tribal communities," association executive director Andy Platto said in a statement." As gaming experts, tribes stand ready to share this expertise with lawmakers considering the future of sports betting in Minnesota."

Rep. Pat Garofalo, R-Farmington, who has been pushing for legal sports betting in Minnesota since the Supreme Court opened the door for the practice more than three years ago, said democrats proposing legislation is a positive sign.

"Whether it's pro sports teams, it's tribal entities, whether its other groups ... without their support, the bill will never happen," he said. "And so the fact that the Democrats are talking about it publicly would imply to me that they received some assurance from the tribes that they're willing to support something."

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Legal sports betting push renewed as Minnesota tribes appear to warm up on issue - Pine Journal

SportsHandle and friends deliver another round-up of the weeks big developments in US sports betting.

Sources: Super Bid And One Other Will Win Coveted NY Mobile Sports Betting Approvals

The New York Gaming Commission is close to awarding mobile sports wagering bids to two consortiums made up of the most prominent names across the U.S. sports betting industry, multiple sources told Sports Handle Tuesday night.

Full story here.

Penn National CEO On States Sports Betting Tax Plan: Its A Margin Killer

Recent reports suggest that Penn National Gamings Barstool Sportsbook could face long odds trying to fit into New Yorks future mobile sports betting picture, but if so, PNG President and CEO Jay Snowden sounds like he wont be losing any sleep over it.

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Seminoles Go Live With Digital Sports Betting Without Announcement In Florida

Floridas Seminole Tribe on Monday went live with digital sports betting, five days before a hearing in federal court seeking an injunction. Under a compact negotiated last spring, the tribe had the right to go live as early as Oct. 15, but in a court brief had pointed to Nov. 15 as the date.

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Sports Betting Delayed Until 2022 In Maryland, But Just How Far Into The Year?

Maryland Gov. Larry Hogan is none too happy.

Hours after the states Sports Wagering Application Review Commission announced Wednesday that it was taking no action on sports betting applications for five casinos and requesting that all the applicants supply additional ownership information to the committee, Hogan, a proponent of legal wagering, offered up some strong words.

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Beards, France, And Accidental Legislation: A Betting Limits Roundup

Ive written a ton about sportsbooks placing limits on both sharp and perceived sharp bettors. Ive written about sportsbooks not letting people know what their limits are. Ive written about how places like Circa are doing it the old-fashioned, old-school Vegas way they post their limits and let anyone bet right up to them.

And Ill take this moment to publicly congratulate FOX Bet and FanDuel both under the Flutter umbrella (at least for now) because if you populate either of their bet slips with a big number, it will tell you what your maximum allowable wager is. Its imperfect, but its a step in the right direction.

Today, Im back on the limit train. Were going to talk about an Illinois legislator who mightve accidentally stumbled into a way to stifle the sportsbooks. Well take a peek at France, where sportsbooks cant limit their customers. But first, lets talk about beards. (No, not this beard.)

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DraftKings Shakes Up Rules For SBNC Sequel This Weekend In Weehawken (And Beyond)

This isnt your grandfathers DraftKings Sports Betting National Championship.

With nearly three years to think about what went right and what went wrong when DraftKings swung for the fences with the first sports gambling competition of its kind in January 2019, DK is trying again this Friday-Sunday, Nov. 5-7, headquartered at the EnVue Hotel in Weehawken, N.J. Some of the broad strokes remain the same for the 2021 edition: $10,000 buy-in, $5,000 starting stack, a million bucks for first place, biggest bankroll at the end of Sunday wins.

But quite a lot will be different from that wild weekend 34 months ago when amateur gambler Randy Lee was crowned the winner and professional bettor Rufus Peabody finished in a highly controversial third place. Among the differences: It appears neither Lee nor Peabody will be competing this time around.

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Tennessee Has Biggest Sports Betting Month Since Launch

The first September of sports wagering in Tennessee was one to remember as the states Education Lottery Corporation reported record handle and gross gaming revenue figures Monday.

The Volunteer State launched sports wagering last November, which meant it missed out on the key month when NFL and college football begin an annual four-month stretch of high game inventory across multiple sports. With the Tennessee Titans firmly in control of the AFC South and the popularity of SEC college football, it figured September would provide an excellent opportunity for new benchmarks.

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SportsHandle: That was the week that was in US sports betting - SBC Americas

Traditional casinos are at the heart of Caesars Entertainments business, but the company continues to make strides in sports betting.

Hampered by Caesars casino closings during the quarter caused by Hurricane Ida and California wildfires, the potential of online sports betting has become increasingly apparent.

Caesars pocketed $2.69 billion in total revenue in Q3 2021, up from $1.44 billion for the same period a year prior.

Last year, Caesars merged with Eldorado Resorts in a deal valued at $17 billion, creating the largest casino and entertainment company in the U.S.

The combined company operates more than 55 casino properties worldwide, including eight hotel properties in Las Vegas, one of which it plans to sell early next year to help alleviate debt.

Caesars isnt far behind its rival MGM Resorts, which reported $2.7 billion in revenue in Q3 2021, a 140% increase year-over-year, in its latest earnings report on Wednesday.

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Caesars Looks to Sports Betting to Bolster Casino Business - Front Office Sports

After months on hold, a bill that would legalize and tax sports gambling in North Carolina is moving again, taking its first tentative step through the House on Thursday.

FIRST ORAL ANTIVIRAL TREATMENT FOR COVID-19 TO BE APPROVED AND THIS GREEN LIGHT COMES AHEAD OF THE POSSIBLE CLEARANCE IN THE U.S. >>> STATE LAWMAKERS ARE ONE STEP CLOSER TO LEGALIZING SPORTS BETTING AFTER PASSING THE HOUSE AND ALREADY PASSING THE SENATE. WE ARE JOINED LIVE AT THE STATE LEGISLATIVE BUILDING WITH LAURA LESLIE TO EXPLAIN WHY THE PROCESS IS MOVING SO SLOWLY. >> Reporter: IT IS MOVING SLOWLY AND THE BILL IS BEEN ON HOLD SINCE PASSING THE SENATE EARLIER THIS SUMMER AND HOUSE LEADERS TODAY SAID THEY DON'T INTEND TO TRY TO RUSH IT TO THE CHAMBER THIS YEAR. OBVIOUSLY IS NOT CLEAR THIS POINT WHETHER IT WOULD PASS THE HOUSE RIGHT NOW ANYWAY BUT THEY DO WANT TO AT LEAST HAVE THAT DISCUSSION. >> Reporter: 30 OTHER STATES HAVE ALREADY LEGALIZE SPORTS GAMBLING, AVAILABLE AT THE NORTH CAROLINA TRAVEL CASINOS TOO. THE REPRESENTATIVE SAID IT'S TIME TO EXPAND IT TO THE REST OF THE STATE BECAUSE SO MANY PEOPLE ARE ALREADY DOING IT, AND MOST DON'T EVEN KNOW THAT THEY ARE BREAKING THE LAW. >> IT WILL DRASTICALLY EXPAND GAMBLING IN NORTH CAROLINA IS JUST FALSE WITH AN ESTIMATED 2 MILLION PEOPLE BETTING ALREADY ON SPORTS THROUGH ILLEGAL CHANNELS LIKE BOOKIES AND OFFSHORE SPORTS BOOKS. >> Reporter: STATE LAW BANS GAMBLING ON GAMES OF CHANCE LIKE VIDEO POKER OR CRAPS WITH THE EXCEPTION OF THE STATE LOTTERY. THE REPRESENTATIVE SAID HE DOES NOT EVEN CONSIDER SPORTS BETTING TO BE GAMBLING BECAUSE IT DOES REQUIRE SOME SKILL. >> THERE IS DATA, STATISTICS AND ANALYTICS THAT CAN GO IN THIS THING AND IT'S NOT LIKE YOU JUST HOPEFULLY ROLL THE DICE TO ROLL A NUMBER SEVEN OR SPIN THE WHEEL. >> IT WOULD BE REGULATED BY THE STATE LOTTERY COMMISSION THAT WOULD ISSUE LICENSES TO VENDORS TO OPERATE HERE AND OPERATOR PROFITS WOULD BE TAXED AT 8% WHICH COULD BRING A LOT OF NEW MONEY INTO THE STATE BUDGET. BUT REPRESENTATIVE DEB BUTLER VOTED AGAINST IT SAYING MAKING SPORTS BETTING WIDELY AVAILABLE WOULD LEAD TO A HUGE EXPANSION OF GAMBLING. >> IT IS CLEAR TO ME IT WILL AFFECT THOSE THAT CAN ARGUABLY LEAST AFFORD IT THE MOST. I AM NOT CONVINCED, AS THE CHAIRMAN SAID THAT EVERYBODY GOT A GUY AND I DON'T HAVE A GUY AND I DON'T KNOW PEOPLE THAT HAVE GUYS. >> Reporter: THIS IS JUST NOT PART OF THE EAST BUT MANY SOCIAL CONSERVATIVE REPUBLICANS REALLY DON'T LIKE THE BILL EITHER. JUST LIKE WHAT HAPPENED WITH THE STATE LOTTERY IT MAY BE THAT THE PROSPECT OF NEW TAX DOLLARS THAT MAY MAKE THEM

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Sports betting bil unlikely to get full House vote till next year :: WRAL.com - WRAL.com

SHREVEPORT, Louisiana (KETK) Over the past few years the sports betting industry has exploded.

Louisiana is now the 29th state to allow sports betting. Its gotten so big, you can find sports betting information on most sports channels, on the radio and online.

Just seeing the joy that it brings to these that have been waiting for it for years, said Quinton Harris, Horseshoe Casino & Hotel Bossier.

Although sports betting is illegal in Texas, East Texans now have an opportunity to wager on just about any sport just miles away in the Shreveport area.

We get all kind of bets, our first bets is 55,000, said Harris.

The Horseshoe Casino in Bossier City began taking bets on Sunday with a daring a $50,000 bet on the winless Detroit Lions.

You pick whatever sport youre looking for to bet and you can place the bet by inserting money or a voucher, said Harris.

Louisiana casino owners are hoping East Texans take advantage of the closeness and add to their bottom line.

Its definitely going to help business a lot and I think its going to definitely bring a better experience to customers who watch the games, said Harris.

You must be 21 years or older to place a bet. Athletes, coaches, or officials cant bet on their own games. Bets on high school or youth sports are not allowed.

Hopefully one day all 50 states have it and then everybody can enjoy games and bet if they want to, says Harris.

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Sports betting is now legal in Louisiana, heres what this means for East Texans - ArkLaTexHomepage

In summary

Next year, California voters could see as many as four competing ballot measures to legalize gambling on sports events with countless billions of dollars at stake.

Memo to California voters: Prepare to be confused because you could be facing four competing ballot measures next year to legalize sports wagering.

Indian tribes that now have a monopoly on casino gambling in California, big on-line sports betting corporations, horse racing tracks, and local poker parlors are jousting for control of what could be countless billions of dollars in bets on sporting events.

Following a 2018 U.S. Supreme Court ruling that made sports betting legal, a number of other states have accepted it, and the major professional sports leagues, which condemned sports betting for decades, have struck deals with major on-line betting operations.

However, years of efforts in the California Legislature to fashion a system acceptable to all stakeholders fell short. The legislative stalemate meant as it often does in California a shift to the alternative arena of ballot measures.

Major casino-owning tribes struck first with a measure that would extend their gambling monopoly to sports wagering, qualifying it for the 2022 ballot.

Get a veteran journalist's take on what's going on in California with a weekly round-up of Dan's column every Friday.

In reaction, three other initiatives are in the works, each of which would benefit its sponsor in some way, but its not certain that all will make the ballot. Although the election is a year away, the calendar for qualifying measures is fairly advanced and sponsors will have to hustle to make it which means spending millions of dollars for professional signature-gathering campaigns.

The tribal measure already ticketed for the ballot would require sports wagers to be placed either in existing casinos or in locations owned by the tribes. It also would allow sports wagers at major horse racing tracks an obvious ploy to dampen potential opposition but would not allow on-line bets on sports events.

The measure, if passed, would block DraftKings and FanDuel, the two major on-line wagering outfits that yearn to operate in California. But it also includes a sly legal attack on the local poker parlors, which have long feuded with the casino tribes, and the cardrooms struck back with a measure of their own that would allow them to accept sports wagers.

Very quickly, DraftKings and FanDuel pledged millions of dollars for a third measure that would allow them to operate in California and have drawn support from some big city mayors by promising that their proposal would provide money to deal with homelessness.

Finally, three casino-owning tribes, two of which have backed the original tribal measure, are floating a fourth measure that would allow on-line betting controlled by the tribes. Its a hedge against the DraftKings-FanDuel measure because it assumes that given a choice between wagering on-line or driving to a casino to place a bet, betters would prefer the former.

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Millions of dollars are already being spent by the sponsors of the four measures and theyve commenced hostilities with dueling public relations campaigns in advance of what promises to be a tsunami of television and on-line advertising to persuade voters to choose one over the others.

It would surprise no one if hundreds of millions of dollars are spent on the campaigns next year, because the millions would be pocket lint compared to the billions of wagering dollars that would flow through the hands of whichever interests can claim legal authority.

That said, its also possible that the campaigns will be short-circuited by a political deal. Those who sponsor ballot measures can remove them from the ballot if their demands are met by legislation.

Given the years of legislative stalemate on the issue, its difficult to see the competing interests agreeing to divvy up the pie, but its not an impossible resolution.

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A confusing array of sports betting measures - CalMatters

Whether or not to hedge your bets is mostly a matter of ego and mindset.

Many bettors but certainly not all will avoid hedging and try to talk you out of it. Sometimes its because they dont want to upset any positive ~vibes~ if a wager is going well, other times its because they dont want to sacrifice potential profits. Sometimes it just simply comes down to pride.

Another large portion of the betting public will hedge or even cash out their bets and the earliest opportunity. It all comes down to individual perspective.

Do you risk letting a bet ride and go for glory? Or do you try to avoid a financial loss at all costs?

If you find yourself in that latter group, there are a number of ways to go about hedging beyond placing a second bet. One option includes posting your ticket on a website like PropSwap, which serves as a sort of eBay for bettors. You can list your already-placed ticket up for auction and attempt to recoup as much of the winnings as the market is willing to pay without having to root against yourself by placing a second bet.

Hedging is a bit like basketball teams fouling when up by three at the end of games. Youre giving yourself the best chance to win money, but youre also acknowledging a lack of confidence in the bet you placed. For the most part, hedging is best used for long parlays and outright futures bets.

Even then, youre still paying a premium to guarantee a win.

Hedging may be the most divisive topic in sports betting, but its up to each person to decide on whether or not to partake. If you can handle a reduced payout and a little bit of stigma hedging can be a useful tool in any bettors arsenal.

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Sports Betting 101: To hedge or not to hedge - For The Win

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Benjamin Solomon/Getty Images. Pictured: The Rutgers Scarlet Knights.

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Nov 02, 2021, 09:59 AM EDT

New Jersey has become the U.S. sports betting capitol in some ways. It battled the leagues all the way to the Supreme Court to kickstart this revolution, and became the first state to take $1 billion in bets in a single month.

However, betting on college teams and events in the state has always been prohibited. No betting on Rutgers football, Seton Hall basketball or NCAA Tournament games at Prudential Center in Newark.

On Tuesday, voters will decide whether to change that through ballot question No. 1, which allows wagering on college teams and events in NJ. Heres the full question:

Do you approve amending the Constitution to permit wagering through casinos and current or former horse racetracks on all college sport or athletic events? Currently, wagering is prohibited on college sport or athletic events that take place in New Jersey. Wagering is also prohibited on an event in which a team from a New Jersey college participates.

Its no sure thing to pass, despite the appetite for sports betting in the state. A Stockton Poll showed 51% of voters are against it, compared to 37% for it. Another poll from Fairleigh Dickinson shows voters are about split.

There hasnt been much publicity around this ballot question, and a lot of people are going to miss it, or skip it, Dan Cassino, the director of the poll, told NJ.com. Its much closer than it was before, and there are many voters who arent going to make a decision about it until they get into the ballot box.

Polls are open Tuesday until 8 p.m .ET.

Theres a second ballot question that asks if non-profits should be allowed to make money off games of chance, like bingo, to support their organizations.

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New Jersey Ballot Question Includes Expanded College Sports Betting. Will it Pass? - The Action Network

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Kickoff: Sports betting licenses issued to Louisiana casinos - Daily Union

Online gaming company DraftKings (NASDAQ:DKNG) has been the talk of the industry in the past year. The legalization of online betting has transformed the fortunes DKNG stock, and the company expanded its revenue by more than 70%.

Image of the DraftKings app on a smartphone screen.

Source: Tada Images / Shutterstock.com

The company has made several acquisitions over the year and is constantly growing its presence across different states. DKNG stock hit all time high earlier in March. It has shown volatility since then and is trading much lower at less than $47 today.

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I believe DKNG stock will certainly reach the all-time high again, but it may take some time. The sports betting industry is massive, DraftKings is in a growth stage and there is huge potential to expand.

Let us dig deeper into the catalysts working for DKNG stock.

Despite the impact of the pandemic which led to short seasons and canceled tournaments, online sports betting has been consistently growing. According to PRNewswire, the online sports betting industry will go from $9.5 billion in 2020 to $37 billion in 2025. This is massive growth and DraftKings will play a major role here.

The company has a stronghold on the industry and is making the right moves with partnerships and acquisitions to ensure that it grabs maximum users. If online sports betting is legalized in all states, the numbers could be significantly higher.

The company is not only offering an exciting experience to the users, but is also working on building alternative sources of revenue. Right from the comfort of your home, you can engage in a game and socialize with your friends. It has become a huge hit with sports fanatics.

The company revised its full-year outlook after reporting smashing results and a company will only take this step when it is confident of meeting the expectations. DraftKings has solid potential in the industry and it could become one of the top players by 2023.

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Although the recent deal with Entain Plc did not work out, DraftKings made several partnerships and acquisitions that will work in its favor. One of the most exciting planned acquisitions is Golden Nugget Online (NASDAQ:GNOG). Interestingly, the company has enough cash to expand the market through acquisitions and it is walking on the right path.

I have my hopes pinned on this partnership which will help expand the company. This transaction is expected to be wrapped up in the next six months and it will add 5 million users to the company. It will also help reduce the losses of DraftKings as Golden Nugget is a solid, revenue-generating company.

Considering the potential of the company and the industry to cater to, DKNG stock is well positioned at the current level. The stock will go higher in the coming months and this dip is a good chance to enter. Ark Investments Cathie Wood is a fan of DKNG stock and has bought it time and again.

DKNG stock is promising for the long term and has a massive user base. It has a high revenue growth, and the company is putting the money in the right places by partnering with the right players and companies. The stock has been trading in the range of $40s for a month and I do not see a breakout point any time soon.

The third-quarter results may take the stock higher to the $50s. If the company manages to report higher average revenue per user, it will be a game-changing development. DraftKings will report third-quarter results on Nov 5.

The stock is clearly undervalued considering the market and the ability of the company to generate revenues. Buy DKNG stock before third-quarter results.

On the date of publication, Vandita Jadeja did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Vandita Jadeja is a CPA and a freelance financial copywriter who loves to read and write about stocks. She believes in buying and holding for long-term gains. Her knowledge of words and numbers helps her write clear stock analysis.

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DraftKings Has Monstrous Potential in the Future of Sports Betting - Yahoo Finance