I am pleased to present our first bi-weekly newsletter. Sports Chalk will provide updates on states that are making progress towards legalizing sports betting, sportsbook debuts, major announcements from leagues and providers, and other exciting sports information.
Since this is our first newsletter, it’s important to remind readers that full-scale legalized sports betting is available only in Nevada, Pennsylvania, New Jersey, Rhode Island, West Virginia, Delaware, New Mexico, and Mississippi. Of those states, Nevada, New Jersey, and West Virginia take both in-person and online wagers, while all listed states have licensed sportsbooks set up in physical casinos. Arkansas has passed legislation to legalize sports betting that will go into effect as early as June 1st, 2019.
There are currently well over 100 sports betting bills on file across 31 states, which is a positive sign that 2019 will bring multiple states closer towards full legalization of sports betting.
Recent Legislature - Indiana Sports Betting Bill Gets Approved by Senate
The Indiana Senate recently passed bill S 552, If passed by the House and Governor would allow for the following:
- Legal sports betting at riverboats, racinos, a Vigo County casino, and satellite facilities (online betting)
- E-Sports betting would be banned
- Regulators can make requests to ban specific wager types
- Operators would pay a 12% tax to the state
The bill was assigned a House committee last week, a clear step in the right direction.
Recent Legislature - Iowa Sports Betting Bill Gets Approved by Senate, Stalls
The Iowa Senate recently passed bill Senate Study Bill 1168 but did not get assigned a chamber by the 3/8/19 deadline. If passed by the House and Governor, the bill would allow the following:
- The state’s 19 casinos would be eligible to apply for licenses to offer sports betting
- Legalize in-person and online sports betting, mandating players do an in-person sign up for online betting
- Legalize Daily Fantasy Sports, which has previously been illegal
- Charge operators a 6.75% tax on gross gaming revenue
Partnerships - Caesars Partners with DraftKings Sportsbook
Caesars is receiving an equity stake in DraftKings, while DraftKings will gain access to provide online sports betting to a multitude of states. Caesars’s portfolio of properties spans 13 states, AZ, CA, NV, NJ, IL, IN, IA, LA, MD, MS, MO, NC, and PA.
Depending on how each state structures their legislation, each licensed casino will have the opportunity to license their online operations to zero, one, or multiple online partners. For states like Pennsylvania that only offer one license, Caesars will offer their in-house sportsbook. For states with multiple licenses, DraftKings will have first dibs, which is exactly what they needed since they don’t have an infrastructure of casinos.Shot Clock Facts
- - Nevada sportsbooks trailed New jersey sportsbooks $14.6M to $18.8M in January revenue.
- - Launched on March 11th, ESPN will be airing Daily Wager, a sports betting news and information show.
- - 888Holdings acquired BetBright for $19.8M, a move seen as 888 strengthening their sports betting platform
PointsBet, available online to residents of New Jersey, received a 4.5 star overall rating for their innovative betting platform. PointsBetting takes a spread, total, or prop bet, and makes it a variable bet until the end of the game. The idea is the more correct a bettor is, the more they win, and visa versa.
Golden Nugget, available online to residents of New Jersey, received a 3.5 star overall rating. Golden Nugget is best suited for individuals who enjoy playing online slots, as well as betting on sports.
On the Horizon - March Madness
March Madness kicks off with Selection Sunday on March 17th, while the first round starts on March 21st. The full March Madness schedule, as well as where it is broadcasted can be seen below. This schedule is from NCAA.com.
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