Hard Rock Bristol to offer vast array of sports betting – Johnson City Press (subscription)

Since the United States Supreme Court struck down the Professional and Amateur Sports Protection Act, the federal law that prohibited sports betting, in 2018, the popularity has grown enormously.

Nowadays, more than two dozen states allow betting on sports in some capacity whether it be in retail (in-person) or online. Tennessee and Virginia have legalized sports betting online and nearly every state has at least considered legalization.

Virginia has allowed in-person betting, which is where something like the incoming Hard Rock Hotel and Casino in Bristol comes into play.

The top-line number is the one that gets headlines in the growing sports betting industry. Some states have seen billions wagered on a monthly basis and tens of billions have been bet on sports since 2018.

Experts guess that Virginia could reach more than $7 billion in annual handle, with perhaps as low as $6 billion or less on the low range of outcomes.

Virginia became the fastest state to reach $1 billion in wagers.

When Virginia launched both retail and mobile sports betting, it only took one month to show massive revenue spikes.

The state taxes online sports betting revenue at 15% on the adjusted gross revenue and in November 2021, tax revenues grew to $4.3 million, according tohttps://www.virginiacasinos.com,which is overseen by the Virginia Lottery.

Of that, 97.5% of the tax dollars go into the General Fund while the remaining 2.5% is earmarked for problem gambling support.

The handle is the amount of money wagered across all sportsbooks. So, if the total handle for a month is $100 million, that means collectively the sportsbooks accepted $100 million in wagers.

In February of this year, the states handle surpassed $401 million for the fifth consecutive month. Over $33 million was wagered on the Super Bowl.

Revenue in sports betting is a little different than the business term revenue.

Gross gaming revenue represents the amount of money left from the handle after sports books pay out bets for the month. If, of the $100 million in bets, sportsbooks paid out $92 million to winners, the GGR would be $8 million.

AGR represents the GGR minus deductions like the federal excise tax (which is .25% of handle) and promotional dollars given out in the form of deposit bonuses or free bets. In Virginia, sportsbooks make these deductions, and then the amount left is the number taxed by the state.

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The Hard Rock Sportsbook will be located across from the sports bar.

The Sportsbook will have five available betting windows and 19 kiosks throughout the property. There will be 15 kiosks in the Sportsbook and four others will be found on the casino floor.

At the kiosks, you can bet on up to 20 teams while at the windows, the maximum is eight. You do not have to be a Virginia resident to place a wager, but you must be at least 21 years old. There is a $5 minimum wager.

The types of wagers that Hard Rock Sportsbook will offer include straight bets, parlays, teasers and futures.

The House Rules for the Sportsbook can be found on the website athttps://www.hardrockhotelcasinobristol.com/-/media/project/shrss/hri/casinos/hard-rock/bristol/casino/sportsbook/sportsbook-rules.pdf?rev=7d199c63cf49443e92fe59bb083b2883.

Some of the sports available to be on include football, basketball, baseball, hockey, soccer, combat sports like boxing or MMA, auto racing, golf and more. The Hard Rock Sportsbook does not yet offer betting on horse racing.

The Hard Rock Bristol Sportsbook does have a mobile app and it is live. It can be downloaded on the App Store and Google Play Store.

For those lucky ones that made a winning wager, collecting is fairly simple.

You may bring the winning ticket to the Hard Rock Sportsbook where the wager was placed and see a Sportsbook Agent to collect.

You can also insert the winning ticket into a betting kiosk and receive a cash voucher in return which you may cash at Hard Rock Sportsbook or Casino Cage.

If the Sportsbook is closed, visit the Casino Cage for after-hours cashing.

You can collect your winnings by mail by referring to the back of your ticket for mail-in instructions or visit the website.

All tickets must be redeemed at the Sportsbook in which they were written.

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Hard Rock Bristol to offer vast array of sports betting - Johnson City Press (subscription)