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).

our once-a-week newsletter for the latest sports betting news and insights
Get the latest content first.

 

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:

  1. How exactly does the court determine what kind of damages William Hill may have suffered?;
  2. How much money might this cost FanDuel?;
  3. 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.

Football Is King: MS September Sports Betting Handle Reaches $31.77 Million

It’s official — Mississippi loves it some football. The state’s gaming commission released its September sports betting numbers on Monday, and they are sky high. Magnolia State sports bettors wagered $31.77 million and produced $5.5 million in taxable revenue during the first full month of professional and college football. Those numbers dwarf August, which had $644,489 in taxable revenue on a $7.7 million handle.

The handle includes futures bets made, while the taxable revenue does not include futures bets, many of which are not yet decided.

Most notable was the state’s win percentage, which was a whopping 17.3 percent. For comparison, that number was 10 percent in August and Nevada traditionally has a 5 to 7 percent hold.

 

Read more Football Is King: MS September Sports Betting Handle Reaches $31.77 Million on SportsHandle.

NFL Week 7 Football Props: Patriots vs. Bears

NFL Week 7 Football Props: Patriots vs. Bears

It’s official: The Patriots are legitimate. Except for those living in New England, most people were silently hoping that this would be the year that the AFC reign of the Patriots would end. Following a 1-2 start, Patriots fans may have been a bit skeptical, but likely remembered that they’ve dropped at least one of the first four games over in 2017 and 2016. Since week 3, New England has put up 38+ points, and just last week took down the previously undefeated Kansas City Chiefs in a 43-40 shootout. New England is strong, and looking to continue their hot streak.

Now the Bears have certainly found their guy in Mitch Trubisky. He’s tossed his way to 11 touchdowns, only 4 interceptions, and a QBR of 105.6. He’s put together a solid 3-2 start for the Bears, who currently sit atop the NFC North, even though the Vikings and Packers are right behind them. Four of their five games have been decided by less than one score. In those games, they’re 2-2, and allowed both the Packers and Dolphins to stage 4th quarter comebacks that led to losses for the Bears. The rout over the Buccaneers gave Chicago faithful a great deal of hope, but Sunday’s matchup with New England will be a true test for them. They come in as 3 point underdogs, but their explosive offense could prove challenging for the Patriots. Plus Khalil Mack will likely make Tom Brady’s life a bit more difficult.

Alternate lines are available at Sugar House Sportsbook if you live in the state of New Jersey.

Patriots vs. Bears Props

{{CODE_PATRIOTS_AT_BEARS_WEEK7_2018}}

New Jersey Adds Additional 1.25% Tax on Sports Betting Revenue

Less than five months after New Jersey won the Supreme Court battle that allowed its casinos to offer sports betting, taxes are going up. According to the Press of Atlantic City, Governor Phil Murphy signed off on a 1.25 percent sports betting tax increase last week to benefit the state’s ailing Casino Reinvestment Development Agency. That brings the tax on net sports betting revenue to 9.75 percent at brick-and-mortar sports books and 13 percent on mobile and online sports betting.

For comparison, Nevada taxes its sports betting revenue at 6.75 percent, West Virginia at 10 percent and Mississippi at 12 percent. Sportsbooks haven’t opened in Pennsylvania yet, but the rate there will be 36 percent, while Delaware and Rhode Island (which expects to open for sports betting next month) effectively pay more a more than 50 percent tax rate under partnership programs with their state governments.

The CRDA will earmark the funds for “marketing and promotion.” According to the Press of Atlantic City, the additional tax from casino sportsbooks will be used to market Atlantic City specifically while the additional tax revenue generated from Monmouth Park and the Meadowlands Racetrack will be funneled directly to the towns in which the tracks are located.

Read more New Jersey Adds Additional 1.25% Tax on Sports Betting Revenue on SportsHandle.