Tag: New Jersey
New Jersey sportsbooks post big January numbers
New Jersey tops $1 billion again in December
New Jersey Breaks Sports Betting Record Again in November
PA, NJ sports betting records in September
Mississippi Sports Bettors Crush It in Football, Causing Drop in Taxable Revenue
Mississippi sportsbooks saw a slight rise in handle in October, up to $32.8 million against $31.8 million in September. The Gulf Coast-area sportsbooks continued to account for more than half of handle across the state, writing $21.8 million in wagers. And football remains king, accounting for $22.5 million of the total handle.
Like both New Jersey and Delaware, Mississippi’s hold, or win percentage, dropped significantly from September to October. During the first full month of football, the Magnolia State had a whopping 17.3 percent win percentage, but that plummeted to 3.59 percent in October. New Jersey’s October hold fell to 4.4 percent and Delaware’s fell to 3.5 percent.
For comparison, in Mississippi, the hold was 10 percent in August and Nevada traditionally has a 5 to 7 percent hold, so while 3.5 percent looks low, it’s not as alarming in context or as if the sportsbooks overall landed in the red.
Read more Mississippi Sports Bettors Crush It in Football, Causing Drop in Taxable Revenue on SportsHandle.
DraftKings Rolls Out ‘Sportsbook Pools’ For The Newbie, Novice Bettor
For novice sports bettors who want to dip their toes in the gaming pool, but don’t have a good understanding of odds, moneylines or spreads, DraftKings has a new product that essentially dumbs down sports betting to the office-pool level.
The Boston-based company rolled out the new product on Thursday, the company’s “DraftKings Sportsbook Pools,” a simplified way to bet that mimics those NCAA office pools that blanket the nation in March. The product was made available to New Jersey bettors this morning. According to a company press release, the Sportsbook Pools games will allow less experienced bettors an opportunity to play without having to understand the intricacies of sports betting.
“Millions of Americans have been playing in sports pools for years with their friends and coworkers, and now one of the most popular ways that fans can get ‘skin in the game’ is live on DraftKings Sportsbook,” said Matt Kalish, Chief Revenue Officer and co-founder of DraftKings. “DraftKings Sportsbook Pools features simple predictions, such as picking the winner of each NFL game weekly, combined with the potential to win jackpot-style prizes.”
PGCB to Hold Hearings, Vote on Three More Sports Wagering Certificates Wednesday
The Pennsylvania Gaming Control Board will hear and vote on petitions for three sports wagering certificates at its regularly scheduled meeting on Wednesday. Should all three petitions be approved, the number of properties licensed to operate sportsbooks in Pennsylvania will increase to five.
At its Oct. 3 meeting, the board approved sports betting licenses for Mountainview Thoroughbred Racing, LLC, operator of the Hollywood Casino at Penn National Race Track, and Greenwood Gaming, operator of the Parx Casino and South Philadelphia Turf Club.
On Wednesday, it will consider applications from Chester Downs and Marina, LLC (Harrah’s Philadelphia Casino and Racetrack), Holdings Acquisitions Co., LP (Rivers Casino) and SugarHouse HSAP Gaming, LP (SugarHouse Casino). Pennsylvania has 13 sports betting certificates available — one for each licensed casino in the state — and to date, five have been claimed or applied for and eight remain. The application fee is $10 million and gross sports betting revenue is subject to a 36 percent tax (34 percent state, 2 percent local).
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Read more PGCB to Hold Hearings, Vote on Three More Sports Wagering Certificates Wednesday on SportsHandle.
So How Does This William Hill-FanDuel Copyright Infringement Lawsuit Play Out?
The post So How Does This William Hill-FanDuel Copyright Infringement Lawsuit Play Out? appeared first on SportsHandle.
As you may be aware by now, bookmaker William Hill US (WH) filed a lawsuit this week against FanDuel in New Jersey District Court, alleging copyright infringement, specifically for copying the company’s “How to Bet Guide” for its own guide in print and online.
The examples WH gives in its complaint, if true, are pretty damning.
“We are not litigious people but this is ridiculous,” William Hill CEO Joe Asher said in a statement to ESPN. “If the court finds in our favor, a portion of the proceeds will fund scholarships for creative writing programs at New Jersey universities.”
Through conversations with experienced litigators and attorneys with intellectual property experience, below we attempt to answer:
- How exactly does the court determine what kind of damages William Hill may have suffered?;
- How much money might this cost FanDuel?;
- What other motivations William Hill might be have here
Said a FanDuel spokesperson: “As a policy, we don’t comment on pending litigation
Read more So How Does This William Hill-FanDuel Copyright Infringement Lawsuit Play Out? on SportsHandle.
How States Are Spending Their Sports Betting Tax Revenue
As states across the country are discussing legal sports betting, there has been much ado about sportsbooks operating on thin margins, which is news to a lot of lawmakers. By most accounts, a sportsbook earns between $1-$2 in net revenue from every $100 bet after all the money is divvied up. So where does the money go?
Much of it goes back to the winning bettors and there are the obvious expenses — paying employees, buying software and equipment, purchasing or renting space. And then there are taxes. The seven states that have legalized sports betting so far* apply wildly different tax rates on gross sports wagering revenue, from 6.75 percent in Nevada to more than 50 percent in Rhode Island.
In states currently seeking to become a legal sports betting states, some lawmakers are looking to earmark tax revenue for specific programs. In Kentucky, legislators hope it will help alleviate the state’s (humongous) pension-fund issue and in Illinois lawmakers are hoping sports betting revenue will put a dent in the state’s budget shortfall, which is $1.2 billion for fiscal year 2019. Others like Washington D.C. are eyeing Arts and Humanities, and early childhood education programs.