The last two weeks in sports betting have been thrilling, with three states legalizing sports betting. Montana, then Indiana, then Iowa all passed legislation to bring sports betting to their respective states. Offshore sportsbooks like Bovada, BetOnline, and MyBookie are still illegal in these states. Offshore sportsbooks are not regulated by a US entity and can be unsafe. To see what sportsbooks are legal in Montana, Indiana, and Iowa, view our state guides. Keep in mind that although sports betting is legal, it will take a few months to set up sportsbooks, both online and brick-and-mortar.
This newsletter covers stories from 05/06/19 to 05/20/19.
Legislation Update - Indiana Legalizes Sports Betting
Governor Eric Holcomb signed House Bill 1015 on May 8th, 2019 bringing legal sports betting to the Hosier State. The bill is one of the more progressive ones to date, allowing sports wagering at licensed racetracks, riverboats, casinos, and mobile apps. Indiana sports betting could be up and running as early as the start of the 2019 NFL season. Our state guide will maintain an updated tracker so Indiana residents can see what facilities and mobile app are available.
The Indiana Gaming Commission is tasked with setting up a regulatory structure. The current tax rate for operators will be 9.5% of revenue.
Legislation Update - Iowa Legalizes Sports Betting and Daily Fantasy Sports
Iowa went all in on sports betting, legalizing sports betting and daily fantasy sports on May 13th, 2019. Kim Reynolds signed SF 617 after having the bill on her desk for a few weeks. Sports betting will be legal at casinos, riverboats, racetracks, and via mobile applications. Daily fantasy sports, such as FanDuel and DraftKings, will be available via mobile apps almost immediately. Each casino can give out two online licenses, meaning Iowans will have a ton of online sportsbooks to bet with.
If you want to bet on an online application, you will first have to register with a licensed casino. This procedure will be mandatory until January 1st, 2021. Iowa has a lower tax rate than most states, charging sports betting operators 6.75% of revenue.
Legislation Update - Montana Legalizes Sports Betting
Montana became the first state to legalize sports betting in 2019, doing so on May 3rd. Montana is exciting because House Bill 725 authorizes sports betting through betting kiosks and mobile apps that can only be used in licensed locations. Licensed locations will likely include bars and restaurants. The betting kiosks will likely be provided by Intralot, a Greek company that supplies betting kiosks globally. I got to demo one of Intralot’s kiosks at the ICE North America conference in Boston. The kiosks are easy to use and allow for simple betting on multiple sports.
Conference Attendance – Reink Media Group Attends ICE North America 2019
Reink Media Group attended the first ICE North America conference in Boston from May 13th – May 15th. We got to listen to CEOs and top executives from sportsbooks and tech providers, as well as legislative analysts, team owners, and prominent members of media. Below are a couple of key takeaways that pertain to sports betting.
- Live streaming and betting on games from your phone is highly dependent on 5G. Right now, there is about a seven to eight-second latency from the live broadcast to getting those lines on your phone. Once this latency is 0, there will be endless possibilities in terms of bet variety.
- Twitch streamers broadcasting sporting events could be a real possibility, with different types of audiences appreciating different kinds of commentary. Twitch streaming would be a compliment to traditional broadcasts, not a replacement.
- New York legislators are pushing hard for mobile betting to be passed in 2019. Key influencers are optimistic that New Yorkers will have mobile betting as an option.
- Almost 1/3 of Americans think sports betting is legal across the United States, which means there is a severe lack of education on sports betting.
- While in-play wagering, or live betting, is growing in popularity in New Jersey, the state is still years away from reaching the higher percentage of bettors who live bet that the UK.
- Look for other media companies such as NBC, CBS, and ESPN to either cover or offer sports betting in some capacity in the next few years.
Partnership Update – Fox Partners with The Stars Gorup
Media mammoth Fox took a 4.99% stake of The Star Group, paying $236 million to do so. The partnership will introduce Fox Bet, which will replace BetStars in New Jersey. Fox Bet will be the first sportsbook offering from a huge media player and has the potential to disrupt the entire sports betting market. New media like FoxBet could allow you to choose two separate broadcasts while watching a game, or stream prop bets at the bottom of your Fox broadcast. While this is most likely two to three years away, the idea is that sports bettors will have customized options for their viewing experience. Live betting and live streaming are the future of sports betting. This partnership gives Fox the technology to enter the sportsbook market as the only operator with broadcasting rights for major markets like the NFL and MLB.
Shot Clock Facts
- Brooks Koepka set a course record of 63 at Bethpage Black, winning his second PGA Championship. He has now won the PGA championship two years in a row.
- Steph and Seth Curry were the first two brothers to faceoff in the Western Conference Finals. Currently, Golden State defeated Portland in the series 4-0.
- EA Sports' NCAA Football video game could make a comeback, as the NCAA said they are reviewing the rule that prohibits players from making money off their name, image, or likeness. EA said they are interested in bringing the game back.
- The NBA’s anti-tanking policy seemed to work, as the Pelicans snagged the number one pick while the Knicks, Suns, and Bulls fell to 3rd, 6th, and 7th.
Our Guides page now has state guides for 49 states. I am working on an extended guide for Nevada, which will complete all 50 states. Each guide covers where sports betting stands in terms of legalization, what bills are in place to legalize sports betting, as well as what other forms of online gambling are available.
On the Horizon - NBA/NHL Finals, Indy 500
NHL fans will get to watch a compelling Stanley Cup Finals between the Boston Bruins and the San Jose Sharks or St. Louis Blues. The NBA Finals will be between the winner of the Milwaukee Bucks and Toronto Raptors and the Golden State Warriors. NASCAR fans can get ready to start their engines for another exciting Indy 500 on May 25th.
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