The U.S. sports betting landscape continues to expand, with two states legalizing sports betting within the last two weeks. Tennessee and Illinois have legalized sports betting, both in very different ways. 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 05/20/19 to 06/03/19.
Legislation Update - Tennessee Legalizes Sports Betting
Governor Bill Lee allowed HB 1 to become law on May 24th, 2019, without his signature. This law legalized mobile sports betting only. This means residents are only able to bet with their computer or mobile device. Betting at casinos or racetracks will not be available. Here are a couple of highlights from the bill:
- The Tennessee Lottery is in charge of overseeing sports gambling.
- You must be at least 21 years of age to bet on sports in Tennesse.
- Betting on live, or in-play bets for NCAA games will not be allowed.
- Tennessee is aiming to luanch sports betting before the start of the 2019 NFL season.
- Sports betting operators will be taxed at a rate of 20%. Operators will also be forced to purchase official league data.
Here's what forms of gambling are legal in the Volunteer State:
- Online Sports Betting - Legal (expected launch - 2019)
- Online Horse Betting - Legal
- Daily Fantasy Sports - Legal
- iGaming (online slots) - Not Legal
- Online Poker - Not Legal
- Offshore Sportsbooks - Not Legal
Legislation Update - Illinois is One Signature Away From Legal Sports Wagering
Illinois legislators worked extensive hours June 1st and 2nd to pass Senate Bill 690. This bill, when signed by Governor Pritzker, will legalize sports betting online and in-person at casinos, racetracks, and sports venues in Illinois. The bill will also bring six new casinos to Illinois, located throughout the state.
Here are a couple of highlights from the bill:
- To bet online, Illinois residents will have to register in-person at a casino for the first 18 months.
- If things move smoothly, Illinois sports betting could be up and running by the 2019 NFL season.
- There are seven stadium licenses available, each granting access to offers sports betting inside the stadium or within a five-block radius.
- FanDuel and DraftKings won't be able to apply for an online-only license for the first 18 months of Illinois sports betting.
- Sports betting operators will be taxed at a rate of 15%. Operators will also be forced to purchase official league data for in-play wagers.
SugarHouse Launches Pennsylvania's First Sports Betting App
SugarHouse became the first sportsbook to accept mobile bets in Pennsylvania, initially launching the PA app on May 28th. SugarHouse is an excellent sportsbook, click here for our full review. Pennsylvania residents should expect a handful of mobile sports betting apps to rollout over summer. As a reminder, Pennsylvania residents can currently bet on sports at the following retail locations:
- Harrah's Philadelphia
- Hollywood Casino
- Parx Casino
- Rivers Casino
- South Philadelphia Turf Club
- SugarHouse Casino
- Valley Forge
- Valley Forge Race and Sportsbook
Partnership – FanDuel Partners with FuboTV
FanDuel is wasting no time ensuring it has a broadcast partner for sports betting, inking a deal that makes them the exclusive partner of fuboTV for sports betting, horse racing, daily fantasy sports, and online casino games. fuboTV is a cord-cutting service with an emphasis on sports. The standard package offered from fubo includes most major sports broadcasting networks, except ESPN. This partnership could have bigger implications in terms of live broadcasting and betting. It would be a game changer if FanDuel could broadcast major network games from their app to customers with a fuboTV package.
Rebrand – Paddy Power Betfair is now Flutter Entertainment
One of the world's biggest online gaming companies rebranded itself. In a decision approved by shareholders, Paddy Power Betfair rebranded to Flutter Entertainment. The name change was put in place to emphasize the global nature of the company. The name change is already evident in financial markets, as Flutter Entertainment's new ticker on the London Stock Exchange and Euronext Dublin is now FLTR.
Shot Clock Facts
- Every NBA Finals since 1999 has had at least one of these players in it: Kobey Bryant, Tim Duncan, Dwyane Wade, Stephen Curry
- The 2018 Oakland Raiders were the only team to kneel more often in losses (7) than in wins(5).
- 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. Five-star recruit RJ Hampton made news by signing with the New Zealand Breakers, instead of a blue-chip NCAA program.
We recently published our review of Resorts Online Sportsbook. For placing emphasis on casino betting, Resorts scored exceptionally well as a sportsbook. If you're a New Jersey resident who enjoys sports betting and online slots, Resorts has a lot to offer.
BettingBuck also started a YouTube channel! If reading isn't your forte, be sure to check out our channel. Last week's videos include: Indiana Sports Betting, Tennessee Sports Betting, and Iowa Sports Betting.
On the Horizon - NBA/NHL Finals
NHL and NBA finals are in full swing right now! Boston is tied 2-2 with St. Louis in the Stanley Cup Finals, as both teams seek to notch a third win Thursday, June 6th. After Golden State's miraculous 3rd-quarter performance on Sunday, the Dubs are headed back to Oracle tied 1-1 with the Raptors. It is expected that both Kevin Durant and Klay Thompson will suit up for game three of the NBA Finals.
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