REGST1 Archives - National Football Post

New Jersey Sports Betting Handle Surges to $261M, Revenue ‘Just’ $11M As Bettors Exact Revenge

Posted on 15 November 2018 | by Brett Smiley

The good news for the New Jersey sportsbooks in the newly released revenue report for October is a large jump in handle from $186 million in September to $261 in October. The downside is that the bettors took a bigger bite of the books this month than usual, cutting revenue by more than half month-over-month from $24 million in September to “just” $11.7 million in October.

Overall that spells a 4.4 percent hold, down from 13 percent in Sept., which may be partly attributable to baseball (more on this below) and perhaps moreso a lot of “public” teams covering the spread in October NFL contests. The rise in betting handle is almost entirely attributable to the mobile/one sector, which grew from $105 million in September to $174 million in October. On-site sports betting inched up from $79 million in the prior month to $86 million.

Resorts Digital continues to lead the way by a lap on the revenue front, reporting $5.1 million in October, which is nearly half of the entire haul across all sportsbooks for the month. An arm of Resorts Casino, Resorts Digital figures represent DraftKings Sportsbook as well as BetStarsNJ.com. We can no longer parse out which side is driving what, but based on prior figures we can safely say that DraftKings is responsible for the lion’s as well as the cub’s share. Let’s dig in a litter deeper now.

October Brick-and-Mortar Sportsbook Revenue:

Bally’s: $303K
Borgata: $120K
Golden Nugget: $46K
Harrah’s: $104K
Meadowlands (FanDuel Sportsbook): $1.1 million
Monmouth Park: $606K
Ocean Resort: $438K
Resorts: $97K
Tropicana: $15K

A spokesperson for FanDuel Sportsboook said: “Demand for the FanDuel Sportsbook continues to outpace our expectations with online handle 2.5 times higher than September and continued double digit growth in retail handle. It was an exciting month for bettors who won at a high rate on football and benefitted from our industry-leading pricing and odds boosts.”

October Online Sportsbook Revenue:

Bally’s (combination of CaesarsCasino & 888sport): $108K
Borgata (PlayMGM): $67K
FanDuel Sportsbook (Meadowlands): $2.43 million
Golden Nugget (PlaySugarHouse): $151K
Monmouth Park (William Hill and PlaySugarHouse): $609K
Ocean Resort (William Hill): $385K
Resorts Digital (combination of DK Sportsbook and BetStarsNJ.com): $5.1 million

How November Elections And A Court Ruling Will Impact Legal New York Sports Betting

Posted on 9 November 2018 | by Brett Smiley

Tuesday’s election results and a recent New York State Supreme Court ruling are both likely to impact the ability of state residents to soon enter a full-fledged, regulated sports wagering market, according to a New York legislator and a prominent local gaming attorney.

New Yorkers have a “better than 50 percent chance” to be able to legally bet on sports in 2019, Democratic Assemblyman Member J. Gary Pretlow (89th District), told Sports Handle this week, despite the recent court decision that ruled part of the legislation legalizing Daily Fantasy Sports (DFS) was unconstitutional and would require voter approval in a statewide referendum.

Pretlow is the state lawmaker sponsoring a bill to legalize sports betting in the Empire State, and plans to bring it up again in the state’s next legislative session in January.

Key Sports Betting Lawmakers: Who Survived the Election, and Who’s Out

Posted on 7 November 2018 | by Jill Dorson

The post Key Sports Betting Lawmakers: Who Survived the Election, and Who’s Out appeared first on SportsHandle.

Besides the 36 gubernatorial races decided on Tuesday, the Nov. 6 elections will have an impact on the future of sports betting in some states. Several key lawmakers in states actively considering legalizing sports betting lost their seats or were term-limited out, while others retained their posts and may see their influence elevate.

In Indiana, two key legislators, Ben Smaltz, whose Public Policy Committee held an intensive hearing on sports betting last month, hasn’t filed legislation, but could be a key drive. So could Ron Alting, Smaltz’s Senate counterpart. Both held off Democratic challengers to retain their seats.

In Kentucky, Adam Koenig, who retained his seat with 55 percent of the vote, hasn’t filed a bill yet, but hosted a comprehensive hearinghttps://sportshandle.com/ky-lawmakers-closing-in-on-sports-betting-bill-to-pass-in-19-hone-in-on-final-key-issues/ in October and appears to have taken the point on sports betting in the Bluegrass State. And in Massachusetts, chairman of the Committee on Economic Development and Emerging Technologies Joe Wagner, who ran unopposed, is carrying the torch.

Top New Jersey Regulator Calls Out Pro Leagues ‘Fear Mongering’ on Sports Betting

Posted on 10 October 2018 | by Brett Smiley

New Jersey Division of Gaming Enforcement Director (DGE) David Rebuck on Tuesday offered his blunt assessment of the NFL’s characterization of the state of sports betting in the U.S.: “Nonsense.”

The NFL’s stance, voiced again at House of Representatives hearing on Sept. 27, was that states legalizing sports wagering are now engaging in a “regulatory race to the bottom,” which Rebuck called “fear mongering” and “nonsense.”

Rebuck’s remarks came during a Global Gaming Expo (G2E) panel in Las Vegas alongside Pennsylvania’s Susan Hensel, Director of Licensing for the state’s gaming control board, and Matthew Morgan, Director of Gaming Affairs for the Chickasaw Nation. Rebuck’s criticism focused in part on the “integrity fee” as well as Major League Baseball and NBA’s efforts at compelling lawmakers to require state-licensed sportsbooks to use “official league data” for grading wagers, which he framed as fundamentally anti-business, and a mandate that New Jersey unequivocally will not implement.

Here’s What Happened at the House Judiciary Hearing on Sports Betting

Posted on 27 September 2018 | by Brett Smiley

A House Judiciary subcommittee hearing titled “Post-PASPA: An Examination of Sports Betting in America” proceeded on Thursday under the shadow of a more high-profile hearing in the Senate.

Little new ground was covered during the one-and-a-half hour session that largely afforded the five witnesses an opportunity to reiterate their main positions underscored in the written statements submitted prior to the session.

Chairman of the House Judiciary Committee’s Subcommittee on Crime, Terrorism, Homeland Security and Investigations, Jim Sensenbrenner (R-WI), began by noting “This is just the beginning of the conversation,” and concluded by opining that “for Congress to do nothing” on the matter would be the worst possible outcome. What follows is a synopsis of highlights and lowlights.

Nevada Representative Dina Titus to Congress: No Need to Reinvent Wheel on Sports Betting

Posted on 26 September 2018 | by Brett Smiley

The post Nevada Representative Dina Titus to Congress: No Need to Reinvent Wheel on Sports Betting appeared first on SportsHandle.

Nevada Representative Dina Titus (NV-1) has been on record many times reiterating her distaste for a federal framework for sports betting. After all, the state of Nevada has had legal casino-style gaming, including sports betting, since 1949. With nearly 70 years of experience under its belt, Nevada doesn’t need any (or want) any input from, well, novices. As the old saying goes, if ain’t broke, don’t fix it.

“I don’t think it’s a very good idea, it’s reinventing the wheel,” Titus told Sports Handle on Tuesday. “Nevada has been doing this for a long time and we do it very well. You’re going to have to start from whole cloth if you start from the federal level. The more states that move into this, and there are five already, the less appetite there would be for a federal framework.”

But with just about a month remaining in the current Congressional session, mid-term elections looming in November, and much bigger fish to fry — the Kavanaugh hearings, balancing the budget, settling the latest version of the farm bill — Congress is again dipping its toes into the world of sports betting.

Congressional Hearing on Sports Betting Slated For Sept. 27

Posted on 20 September 2018 | by Brett Smiley

The post Congressional Hearing on Sports Betting Slated For Sept. 27 appeared first on SportsHandle.

The Congressional hearing on sports betting, which was postponed in late June, is back on the docket.

Staff for the House Judiciary Committee on Thursday confirmed that the hearing “Post-PASPA: An Examination of Sports Betting in America” is slated for 10 a.m. ET on Sept. 27 before the U.S. House of Representatives House Judiciary Subcommittee on Crime, Terrorism, Homeland Security, and Investigations. News of the hearing was first reported by ESPN’s David Purdum.

A full list of parties testifying is not immediately available. The American Gaming Association confirmed that Sara Slane Senior Vice President of Public Affairs, will be testifying on behalf of the gaming industry. “Legal, regulated sports betting will enable increased transparency and enhance protections for consumers and betting and game integrity,” Slane said. “We look forward to discussing the U.S. gaming industry’s core principles for legalized sports betting with the Judiciary Committee at next week’s hearing.”

Examining The FanDuel Sportsbook Ticketing Snafu Through The Eyes of Nevada

Posted on 19 September 2018 | by Brett Smiley

The post Examining The FanDuel Sportsbook Ticketing Snafu Through The Eyes of Nevada appeared first on SportsHandle.

Sports bettors in emerging markets are continuing to discover some of the vagaries of sporting wagering. Among them are situations when an “accepted” bet may not always be a bet, and what happens to a “wins/losses” totals bet if a team ends up with a postponed game that’s not rescheduled.

FanDuel Sportsbook, operating at The Meadowlands Racetrack, has refused to honor a $110 live betting ticket on the Broncos to defeat the Raiders on Sunday — a wager that would have paid more than $82,000. The company says the extremely large odds on the bet were caused by an error in the oddsmaking process. “The wager in question involved an obvious pricing error inadvertently generated by our in-game pricing system,” a FanDuel spokesperson said in a statement.

The bettor, who identified himself to News 12 New Jersey as Anthony Prince, made his wager over the counter at the sportsbook at the Meadowlands with Denver trailing the Raiders 19-17 late in the fourth quarter. The Broncos then arrived comfortably in field goal range, especially given the high altitude in Denver, when Broncos QB Case Keenum completed a pass down to Oakland 18-yard line. However, as FanDuel updated the live betting odds to reflect Denver as a -600 favorite the company says an error in the live-odds feed caused the Broncos to be posted as 750-1 (+75,000) underdogs to win the game.

AGA to Schumer: Sports Betting Doesn’t Need Federal Oversight

Posted on 13 September 2018 | by Jill Dorson

The post AGA to Schumer: Sports Betting Doesn’t Need Federal Oversight appeared first on SportsHandle.

“Additional federal engagement is not warranted at this time.”

Those words close the first paragraph of the American Gaming Association‘s latest volley in the discussion about the creation of federal sports betting regulation. The AGA, a national trade group, has been on the front lines in working with stakeholders to streamline the legislative process as sports betting becomes legal in more and more states.

On Thursday, it released a letter sent to Democratic Senator Chuck Schumer (New York), in response to Schumer’s call for a federal framework that would, among other things, require sportsbooks to use “official” league data and would allow the professional sports leagues a voice in determining what kinds of bets could be placed. The letter is intended as a reply to Schumer’s staff, which requested additional information from the AGA following an Aug. 2 meeting.

Are Western States Lagging on Sports Betting? Mountain States

Posted on 17 August 2018 | by National Football Post

The post Are Western States Lagging on Sports Betting? Mountain States appeared first on SportsHandle and was written by Robert H. Mann.

This story is the second of two detailing the latest situations in the west. To read the first installment on the status in the West Coast states, click here.

Six states have either legalized sports betting or issued licenses for companies to offer sports betting since the Supreme Court on May 14 struck down the Professional and Amateur Sports Protection Act, making sports betting a states’ rights issue. All of those states are located in the east or south. Activity with regard to sports betting has been remarkably limited in the western states.

To no one’s shock, as the more western states see the revenue being generated in newly opened eastern sports betting markets, such as New Jersey and Delaware, legislators are growing increasingly eager to access, for their own jurisdictions, the tax dollars that sports betting can generate. Some states will require a change in gambling laws, others may need a state constitutional amendment in which voters could decide the issue.

As East Coast States Go Full Speed Ahead, When or Will Colorado or New Mexico Legal Sports Betting Arrive?

Arizona

Arizona, like many of its western neighbors, is a state where tribal gaming is dominant. After PAPSA was overturned, government officials, including governor Doug Ducey, quickly acknowledged that new laws would be needed to legalize sports betting and that this presented an opportunity to look at all tribal compacts in Arizona with the goal of modernizing and updating them.

Arizona has gaming compacts with more than 20 tribes that limit the types and number of games allowed at casinos and require the tribes to contribute 1-8 percent of gaming revenue to state and local governments. The state has taken in more than $1 billion since 2002, when casino gambling became legal in the state.

“This ruling (overturning PAPSA) gives Arizona options that could benefit our citizens and our general fund,” Ducey tweeted in May.

Attorney general Mark Brnovich, a former director of the state Department of Gaming, filed an amicus brief with the court last September, arguing the ban had violated states’ rights.

The next legislative session in Arizona begins on Jan. 14, 2019.

Brnovich said Arizona law generally bans gambling, with exceptions for things like the lottery, horse racing and compacts with tribes. Social gambling between friends is legal, but betting organized by a third party that takes a cut of the money is not.

The attorney general reminded residents in May that online gambling in the form of sports fantasy leagues run by third parties is illegal under Arizona law. However, online gambling in the form of casino games is legal in the state.

To see how the other seven states are approaching sports betting visit SportsHandle through the link below.

Are Western States Lagging? Mountain States Update