Tag: gaming

Study: NFL Will Make Billions From Legal Sports Betting

Posted on | by Jill Dorson

 

If there was ever any question about whether or not professional sports leagues would benefit from legal sports betting, it was answered Wednesday.

According to a Neilson study commissioned by the American Gaming Association, the NFL stands to see a $2.3 billion increase in revenue from legalized sports betting. The study projects that the NFL will gain about $1.8 billion in revenue from increased fan engagement, and $573 million directly from sports betting.

American Gaming Association senior vice president of public affairs Sara Slane used phrases like “great upside for all stakeholders” and “massive economic” increases when describing how sports betting would impact the professional sports leagues during a conference call with media on Tuesday.

Legal Sports Betting Must Reach ‘Full Potential’ for NFL and Other Pro Leagues to See Benefits Described in Study.

nfl odds betting win totals

Where will the money come from? According to the study results, the NFL will benefit the most from indirect means, including “increased consumption and engagement with the league and its contents/products.” In simpler terms, the NFL will get more viewers and sell more gear creating an increased revenue stream through media rights, sponsorship, merchandise and ticket sales. According to the study, the nearly $1.8 billion in new revenue represents a 13.4 increase for the league. The NFL will see the biggest increase in revenue from media rights, which spending is expected to increase by 17.9 percent.

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Wide Range of Testimony Offered at First Illinois Gaming Hearing

Posted on | by Jill Dorson

The post Wide Range of Testimony Offered at First Illinois Gaming Hearing appeared first on SportsHandle.

Illinois lawmakers on Wednesday heard plenty during a four-plus hour hearing in Chicago about legalizing gaming in the state. Speakers at the meeting ranged from those representing municipalities, including the city of Chicago, to those opposed to gaming altogether to video gaming interests and casinos.

While sports betting was not a key part of the agenda, at least one speaker noted his company’s interest and referred to a second hearing, set for October. Wednesday’s hearing before the members of both the Gaming and Sales and Other Taxes House subcommittees, was arranged by Representative Bob Rita (D-District 28), who has been carrying the sports betting torch in Illinois for more than five years.

Though the hearing didn’t focus on sports betting, it was an opportunity to begin to lay the groundwork and understand what all interested parties are thinking.  A second hearing, scheduled for Oct. 22 in the state capital of Springfield, will focus on sports betting, online gaming and fantasy sports.

October Hearing Will Focus on IL Sports Betting, Online Gaming and Fantasy Sports.

On Wednesday, lawmakers heard all manner of testimony, ranging from several municipalities that are in support of gaming to a sweepstakes company that gave a detailed explanation of how that business works. In addition, the panel was admonished by several opposed to gaming, including one woman who told the group that the legislature “should not be in the business of making more money,” but rather should focus on creating a “just” society.

The net result was more information for the panel to begin anew the process of legalizing sports betting and other gaming in Illinois.

From here, the next step is that second hearing, after which lawmakers will likely begin crafting legislation that aims to satisfy as many interested parties as possible. When sports betting – or other gaming, for that matter – may get to the House or Senate floors remains a question. The earliest opportunity would be in November, after the gubernatorial election, during what is referred to as a “veto session.” The two-week session is used to consider vetoed legislation, as well as pending issues.

To read the rest of this article visit SportsHandle using the link below:

https://sportshandle.com/wide-range-of-testimony-offered-at-first-illinois-gaming-hearing/

 

Money Troubles Drive Illinois Rep to Schedule Two Sports Betting Hearings

Posted on | by Jill Dorson

The post Money Troubles Drive Illinois Rep to Schedule Two Sports Betting Hearings appeared first on SportsHandle.

Illinois state lawmakers didn’t legalize sports betting during the 2018 legislative session, but Representative Bob Rita (D-Blue Island) is doing everything he can to make sure the body is ready for the next session.

Rita announced via press release earlier this week that he will hold two subcommittee hearings involving Illinois sports betting later this year. The first hearing is set for Aug. 22 in Chicago and the second for Oct. 3 in Springfield. The hearings will be held by the subcommittees on Gaming and Sales and Other Taxes of which Rita is the sub-chairperson.

According to the press release, the goal is to cover sports betting, DFS, online casinos, and online poker — and to try to generate some revenue to help right the state’s ailing financial situation.

Representative Looking to Illinois Sports Betting to Help Alleviate State’s Debt.

“As I have said from the beginning in working on this issue, gaming expansion presents many tremendous opportunities to create revenue, jobs and economic growth in Illinois,” Rita said in the release. “The gaming landscape has changed significantly since I took on this issue five years ago, and I want to use these hearings to understand how those changes present new opportunities for us to put the right package together as we look to meet budget needs and provide a spark for our economy.”

In Illinois, PGA Tour Officially Joins the NBA and MLB in Support of League-Preferred Sports Betting Legislation
Harrah’s Hotel & Casino in Metropolis, IL

The driving factor behind legalizing sports betting – and any other new revenue sources in Illinois – is the state’s dreadful finances. The state reportedly has the lowest credit rating in the country and is already $16 billion in debt. It’s unlikely sports betting would solve that problem – a study earlier this year predicts that New York will be largest sports betting market in the U.S. and will net $700 million in annual revenue within the next five years.

Illinois Lawmakers Have Been Trying to Make Illinois Sports Betting and Other Revenue Sources Legal for at Least 5 Years. 

Rita has had his hand in sports betting and gaming legislation in Illinois over the long term. Dating back to 2014, Rita attempted to legalize online gaming, but with no success. He tried again in 2016 and 2017. In 2017, he also sponsored a bill recommending that Congress repeal PASPA, and since has sponsored bills relating to advance deposits, video gaming, and the creation of the Chicago Casino Development Authority. 

The goal of Rita’s hearings is to educate lawmakers and develop a consensus ahead of the 2019 session. Should legislation come out of the hearings, it would not be voted on until after the state’s November mid-term elections.

The post Money Troubles Drive Illinois Rep to Schedule Two Sports Betting Hearings appeared first on SportsHandle.