Kentucky Horsemen Don’t Want to Be Left Behind; Will Host KY Sports Betting Symposium

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Sports betting continues to get a lot of attention in Kentucky. A week after the state legislature’s Interim Joint Committee on Appropriations and Revenue held a hearing on the topic, and less than a month after a “working group” of state lawmakers had its first meeting, Bloodhorse and Breeder’s Cup are teaming up to sponsor a symposium on sports betting at Keeneland Sales Pavilion on Thursday, according to the Lexington Herald-Leader.

The symposium will be the most diverse of the meetings that have been held so far, and will include lobbyists from the horse world and the professional sports leagues, lawmakers, and industry representatives. Among the speakers scheduled are:

  • Greg Means, Alpine Group, National Throroughbred Racing Association lobbyist;
  • Sara Slane, American Gaming Association senior vice president of public affairs;
  • John Hindman, FanDuel/TVG general counsel for Fan Duel;
  • Bill Knaulf, Monmouth Park vice president of business operations;
  • Dan Spillane, NBA senior vice president for league governance and policy;
  • Damon Thayer, Kentucky senate majority floor leader;
  • Victor Bigio, consultant and Sportech sports betting business development;
  • Ed Hannah, Stronach Group (owners of Gulfstream Park and Santa Anita Park) vice president; and
  • Daniel Shapiro, William Hill vice president of strategy and business development.

KY Sports Betting Is a Hot Topic and Multiple Bills Have Been Filed. 

Kentucky Derby Preview and Picks for 144th Run for the Roses at Churchill Downs: Will the Favorite Win a Sixth Straight?

 

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Kentucky Lawmakers Begin Education on Sports Betting

Kentucky lawmakers on Thursday got a primer on sports betting when staff members presented a detailed look at sports betting to the Interim Joint Committee on Appropriations and Revenue.

The presentation likely created more questions than answers, but it was a significant step for the Kentucky lawmakers who are pushing for legal sports betting. Kentucky’s state legislature is not currently in session, but interim joint committees keep the legislative process moving through the summer months. By opening the sports betting discussion on a formal level, the interim committee can help the standing committees it supports in both chambers to hit the ground running when the new legislative session begins in January. Senate Appropriations and Revenue chairman Christian McDaniel (R-District 23) requested the presentation to give committee members and overview of the sports betting issue.

The presentation lasted about a half hour and included:

  • An explanation of what the Professional and Amateur Sports Protection Act was;
  • A primer on the and the Supreme Court case Murphy vs. NCAA;
  • The possibility of a federal framework;
  • A brief look at how Nevada manages sports betting, it’s tax structure and revenue;
  • A look at the “integrity fee” or royalty that the professional sports leagues have been lobbying for;
  • Whether or not the Kentucky constitution allows for sports betting and possible ways to make sports betting legal (i.e. is a constitutional amendment required?); and
  • Who would oversee sports betting in the Bluegrass State.

KY Sports Betting Working Group Has Been Laying the Groundwork for Legal KY Sports Betting.

A nine-member “working group” of Kentucky legislators has been meeting through the summer to build a consensus on sports betting. The group has met twice and has reached two key decisions: Kentucky should tax net revenue, not handle, and the group does not endorse the integrity fee that the professional leagues have been lobbying for.

It’s unlikely that the bill that the working group files will include the fee. No state that has legalized sports betting since PASPA was struck down includes a royalty, and the only state that seems to be seriously discussing such a fee is New York.

See what State Senator Julian Carroll thinks about the bill by visiting SportsHandle using the link below:

https://sportshandle.com/kentucky-lawmakers-begin-education-on-sports-betting/

 

Kentucky ‘Working Group’ Reaches Sports Betting Consensus: Tax on Net Revenue, No Integrity Fee

The post Kentucky ‘Working Group’ Reaches Sports Betting Consensus: Tax on Net Revenue, No Integrity Fee appeared first on SportsHandle.

Kentucky’s working group on sports betting appears to have come to at least two decisions regarding sports betting in the state – taxes will be based on net revenue and there will be no integrity fee paid to professional sports leagues.

“I believe there is a consensus that the appropriate tax on sports wagering is on net revenue and sports leagues will not receive any fees,” Julian M. Carroll, a former governor turned state senator told Sports Handle via e-mail.

Taxes are a critical component of any sports betting legislation, and the decision to tax based on net vs. handle is a key departure from the bill that Carroll himself pre-filed earlier this summer. That bill called for a 20 percent tax on handle. Kentucky is a big horse racing state and Carroll chose to include a tax on handle in his bill because that’s how the state taxes pari-mutuel betting.

None of the 6 States That Have Legalized Sports Betting Has an Integrity Fee. To continue reading this article, visit SportsHandle using the link below:

Indiana Signs on With Market Analysis Firm to Study Sports Betting

The post Indiana Signs on With Market Analysis Firm to Study Sports Betting appeared first on SportsHandle.

Indiana lawmakers were unable to legalize sports betting during the legislative session earlier this year, but that doesn’t mean the state is doing nothing since the session ended.

According to a report from The Statehouse File, the Indiana Gaming Commission in July signed a two-year deal with the market analysis firm Eilers & Krejcik Gaming LLC. Indiana regulators learned of the company through their counterparts in West Virginia, which passed a bill legalizing sports wagering in March.

Indiana will pay Eilers & Krejcik nearly $75,000, according to the report, to conduct multiple studies related to sports wagering with the goal of providing legislators with financial and policy information needed to make any proposed legislation meaningful. Though the contract is for 24 months, though the company expects to provide some data to lawmakers as early as this fall.

Indiana Was a First Mover in Terms of Pushing Sports Betting Legislation, But Didn’t Get a Bill Passed Before the 2018 Session Ended.

Indiana was among the first states to start to begin exploring sports betting during the 2018 legislative session. In fact, Representative Alan Morrison (R-District 42) announced in January that he would introduce sports betting legislation during the session. He did so, as did senator Jon Ford, but both bills died in committee.

Sportsbooks-Sports-Wagering-Betting

Of note is that Morrison’s bill, which was introduced in early January, included the “integrity fee” that the major professional leagues favor. Indiana was the first state to use such language and the idea of paying the pro leagues a cut of sports betting revenue has evolved into a contentious issue across the U.S.

The six states that have either legalized or rolled out sports betting (several states did not need new laws passed) have declined to pay the leagues. In addition, several states lambasted the pro leagues and the idea of the integrity fee, or royalty, as the leagues are now referring to it, earlier this year. So far, the only state in which lawmakers appear to be actively considering a royalty is New York.

Indiana is home to about 14 casinos — mostly riverboats with land-based properties plus one Native American casino in South Bend. Indiana’s legislature goes back in session Jan. 14.

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NBA Announces Historic Sports Betting Deal With MGM Resorts International

The post NBA Announces Historic Sports Betting Deal With MGM Resorts International appeared first on SportsHandle.

In what National Basketball Association commissioner Adam Silver and MGM Resorts International CEO Jim Murren hailed as a historic partnership, the professional sports league and major international gaming and hospitality company have struck an agreement on sports betting data and intellectual property, the first relationship of its kind.

The pair made the announcement at a press conference at the St. Regis New York Hotel in New York City on Tuesday. The deal will permit MGM and its properties offering sports betting to use official NBA league data as well as NBA logos and marks in conjunction with its sports betting products.

This agreement makes MGM the “official gaming partner” of the NBA, but this deal is not exclusive to MGM. In fact, eliciting a laugh from Murren and the audience, Silver invited more deals of this kind with other gaming entities.

NBA Sports Betting Deal With MGM Ushers In  ‘A Whole New World For Us’ and Positions MGM to ‘Win’ as Number of US Sports Betting States Expected to Grow

nba sports betting mgm adam silver data deal
Silver (L) and Murren (R)

It’s a 3-year-deal, of which the financials were not disclosed, will allow both sides to test the waters in what Silver called “a whole new world for us.”

“NBA’s three-year deal does not include rights to allow MGM to stream live NBA games on a mobile app that allows gamblers to bet on that app at the same time,” reported ESPN’s Darren Rovell. “That, many believe, is where the big money is.”

Silver indicated that the NBA recognized that their aggressive lobbying campaign in at least two dozen states with respect to sports betting legislation was an “uphill battle.” The league saw that states were resisting their preferred legislation, and further that a federal framework was not in the works.

But Silver indicated that the state-level battle is one that’s far from over as so far only six states have legalized (New Jersey, Pennsylvania, Rhode Island, Mississippi, West Virginia) or expanded their sports wagering offerings (Delaware). But so far, no state has passed legislation mandating the use official league data, or requiring operators or state lotteries to pay the league an “integrity fee” or royalty in any amount. New York came close.

[Also See: MGM, GVC Joint Venture in Sports Betting, Online Gaming Will Create ‘A Beast’]

In response to a question about the origin of the official league data — used to grade wagers — from Sportradar, Silver said that their  Sportradar deal does not govern its data in the U.S.  With respect to data for MGM and other potential partners, he said “The official data feed will come directly from the leagues operation center, or from a partner yet to be named by the NBA.”

Big Week for MGM.

Murren was pleased to have the MGM become the first to test these waters. MGM has now set the market rate for the cost of doing business of this kind directly with a professional sports league.

It’s been quite a week in MGM announcements, with news of its joint venture with the announced formation on Monday of a sports betting and online gaming joint venture with British betting group GVC Holdings Plc, owner of the Coral, Ladbrokes and Sportingbet brands.

Further on Monday, MGM and Boyd Gaming announced a new partnership on Monday that will expand MGM’s portfolio into states likely to offer sports betting and/or online gaming in the coming months or years. The partnership has an eye toward jurisdictions where either Boyd Gaming or MGM operates physical casino resorts and should be able to obtain licenses to operate online.

“We needeto have great brands,  which we have at MGM. We needed the right market access in the U.S. We have that. … we also need the best in-game betting experience which we get with GVC, and now we have tremendous data,” Murren summed it up.

He remarked that all of these pieces has MGM primed to “win” in the expanding U.S. sports betting market.

There was some news for New Jersey sportes betting tucked at the end of the presser, too. Said Murren: “At the end of this week we’ll be taking mobile bets from The Borgata via the Play MGM app.”

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