Category Archives: Sports Betting

But making progress in the Missouri House has never been that big of a problem for legal sports betting legislation.

Last Updated: Feb 12, 2024 5:10 PM ET Read Time: 4 min

Sometimes you need to savor the small victories, which is what supporters of legalizing sports betting in the Show-Me State got on Monday in the Missouri House of Representatives.

According to the legislature's website, the Missouri Houses rules committee for administrative oversight passed House Bill 2331 after meeting in an executive session not open to the public.

The bill, sponsored by longstanding sports betting supporter Rep. Dan Houx, would authorize event wagering at the states casinos and over the Internet via apps and sites. It was already passed by the House's public policy committee in late January.

H.B. 2331 states that casinos could have in-person wagering and three mobile betting skins apiece, which could be operated by entities such as DraftKings or FanDuel. The states professional sports teams could also have one mobile skin.

The casinos would pay an application fee of no more than $100,000 for a sports betting license and an annual renewal fee of no more than $50,000. An online sports betting operator would have to pay an application fee of no more than $150,000 and an annual renewal fee of no more than $325,000.

Sports betting revenue would be taxed at a 10% rate, and money raised by the newly legalized wagering activity would go to fund education. The entire cost of bonus bets and free play provided to customers in year one could be deducted from taxable revenue, but that deduction limit drops by 25% a year until it hits zero for year five.

Bettors would have to be 21 or older under H.B. 2331 as well. Wagering on college player props in a game involving a Missouri school would be forbidden.

A full House vote on H.B. 2331 awaits. But making progress in the Missouri House has never been that big of a problem for legal sports betting legislation. Its the Senate where bills have gone to die, and barring a change of heart in the chamber, the odds of H.B. 2331 becoming law remain long.

The lack of legislative success has prompted Missouris six professional sports franchises to try an end-around and propose the legalization of sports betting directly to voters. The campaign, called Winning for Missouri Education, is collecting signatures to place a sports betting measure on Novembers election ballot that envisions a similar setup to the one proposed by H.B. 2331.

A recent poll conducted by FOX4 and Emerson College suggests the ballot measure could find success with the public.

The survey found 62.3% of respondents supportive of a Missouri sports betting initiative that helps fund education, compared to 37.7% who voiced opposition to such a measure.

Republicans, Democrats, Independents, and Missourians in every corner of the state want to bring those economic impacts back to the Show Me State to help strengthen our communities and provide tens of millions to education each year, Winning for Missouri Education Jack Cardetti said in a statement.

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Sports Betting Bill Clears Another Missouri House Committee - Covers

ExploreSports gambling addiction is up in Ohio since legalization; nonprofit focuses on those who need help

The first years earning resulted in $133.1 million in tax revenue, with 98% of that used to fund Ohio public education and 2% is set aside for problems sports gambling services. That was helped, in part, by lawmakers in July deciding to double the taxes, which increased withholdings from 10% to 20%.

Sports betting in Ohio started Jan. 1, making the state the 32nd one to allow live sports betting. Now, there are 38 states, plus Washington, D.C., engaging in sports betting, according to the American Gaming Association. Ohio has both online betting and brick-and-mortar betting, while other states have one or the other.

Based on total betting handle the amount of money wagered by people using online devices, such as desktops, laptops or mobile phones Ohio was the nations sixth-largest sports betting market, outpaced by only New York, New Jersey, Illinois, Nevada and Pennsylvania, according to PlayOhio, which reports on Ohio online gambling information.

The state was just barely behind Nevada and Pennsylvania and because an increase is expected, Ohio can vault itself to the fourth-largest market by the end of 2024, according to PlayOhio.

From the commissions perspective, we had a pretty smooth year, said OCCC spokeswoman Jessica Franks. Obviously, we did have some issues right at the beginning of the year, with some operators running afoul of our advertising rules, but once we got those addressed, weve seen much better compliance across the industry and havent really seen any issues arise since then.

Those issues include MGM, DraftKings and Caesars running ads without including messages about responsible gambling, Franks confirmed.

Franks cautioned against putting too much stock into Ohio almost tripling the initial earnings forecast for the state.

The thing we have to remember is most of those, when those estimates were made, we had no idea how many operators would launch, she said. When we first started (discussing sports betting), we did not have a start date. There were just a lot of unknowns. There probably were folks that were making estimates based on Ohios population or the fact that we have a lot of professional sports teams.

Sports bets also can be made through kiosks at bars, restaurants, bowling alleys, grocery stores and other establishments. Consumers in Ohio spent more than $13.2 million at lottery kiosks in 2023, according to Ohio Lottery Commission reports. That meant $303,589 for the state, reports show.

About 97% of revenue accrued in Ohio via sports gambling was via 20 authorized web- or app-based sports gambling vendors with the remainder wagered via 17 brick-and-mortar sportsbooks or gaming kiosks.

Ohioans placed the most bets in January 2023 when sports gambling was new, betting a total of $1.1 billion in that month alone. Only March, with its NCCA March Madness tournament, came close to that amount, with gamblers placing $737 million in bets. The slowest month was June with only $362 million bets placed.

Warren Countys Miami Valley Gaming is pleased with the results of the first year of sports gambling, with October as its top earning month, followed by December, according to Gary DeWitt, senior director of operations.

What were seeing is kind of like what we had expected, your fall (months) primarily driven driven by, of course, NFL and the NCAA, he said. We did see some real strong results in December, which was nice to see, particularly from a playoff perspective.

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Ohio gamblers place more than $7.6B in bets in first year - Dayton Daily News

North Carolinas new licensees perform a variety of roles related to legal sports betting, albeit not the actual taking of wagers.

Last Updated: Feb 12, 2024 11:11 AM ET Read Time: 1 min

North Carolina regulators awarded their first batch of sports betting licenses last week, another step toward the scheduled launch of mobile wagering in the Tar Heel State next month.

On Friday, the North Carolina State Lottery Commission announced it issued provisional licenses to seven sports wagering suppliers.

The licensees are the first issued in advance of the March 11 date for the start of sports wagering in North Carolina, the regulator said on its gaming website. The provisional licenses are good for 180 days.

North Carolinas new licensees perform a variety of roles related to legal sports betting, albeit not the actual taking of wagers. Instead, they are providers of content, data, and integrity services, among other things.

The seven companies now with North Carolina licenses in their pocket are:

While Fridays news is arguably less sexy than, say, an actual sportsbook operator getting licensed, its still a sign of progress in a state where the only legal wagering on Sundays Super Bowl was at brick-and-mortar casinos.

Eight online sports betting operators have reportedly applied for permits in North Carolina and struck partnership deals to provide themselves access to the states soon-to-open wagering market:

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North Carolina Issues First Batch of Sports Betting Licenses to Suppliers - Covers

The No. 22 Kentucky Wildcats (16-7, 6-4 SEC) are 8.5-point favorites as they attempt to end a three-game home losing streak when they host the Ole Miss Rebels (18-5, 5-5 SEC) on Tuesday, February 13, 2024 at Rupp Arena. The matchup airs at 9:00 PM ET on ESPN. The over/under in the matchup is set at 164.5.

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2023 Data Skrive. All rights reserved.

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Will Kentucky cover the spread vs. Ole Miss? Betting Trends, Record ATS - WYMT

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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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.

2023 Data Skrive. All rights reserved.

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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.

Zoom

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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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.

2023 Data Skrive. All rights reserved.

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