Insight
UNITED STATES Sports-betting
US Sports-Betting Update AT A GLANCE
Sports Betting Surges in Indiana l
Michigan Advances with Sports
Betting Legislation l
Top Teams Want Sports Betting
in Georgia l
Sports Betting Ballot a Close Call
in Colorado l
Constitutional Amendment Proposed by Tribes for California
Sports Betting l
Morgan Stanley Makes Bold
Prediction for US market l
Chris Christie Warns of Federal interference
State Tracker Indiana
The second month of legal sports betting has seen a huge increase now that online gambling has been launched. According to the Indiana Gaming Commission the state accepted nearly $91.7m in mobile and via land based betting in October. More than half of that money was wagered online. Leading the pack was DraftKings which took in more than $39.3 million in October. Rush Street Interactive’'s online sportsbook took in more than $6.2m in October, while FanDuel's took in more than $2.3m.
American football was the most popular with people in the state betting more than $41m on the sport in October. Nearly $10.5m was bet on baseball and $6.2 million on basketball in October, even though the NBA regular season did not begin until the end of the month. In adjusted gross revenue for the sportsbooks mobile and retail bets
National News
Panellists at the NYC Sports Betting Investor Summit, sponsored by Morgan Stanley and hosted by Clarion Gaming, said that the industry has grown quickly since PASPA was overturned. According to the Associated Press Executives from MGM Resorts, Hard Rock and Mohegan Sun all issued predictions in the $6 billion to
P32 NEWSWIRE / INTERACTIVE / MARKET DATA
in October yielded more than $11.5m. The state reaped in almost $1.1m in tax revenue.
State Tracker Michigan
The Michigan House of Representatives has passed legislation that legalizes sports betting, internet gaming and gambling on fantasy sports. The sports betting bill legalizes passed on a bipartisan vote of 63-45. The bill calls for an 8.75 per cent tax on sports betting, plus a 3.25 per cent tax for casinos in Detroit. Tax for online sports betting will be substantially higher and will eventually stand at 23 per cent after a gradual phase in.
However Governor Gretchen Whitmer is still to approve of the proposed changes. The governor believes that allowing sports betting could negatively impact state lottery revenues a portion of which goes to schools via the School Aid Fund and that the new tax rate is too low. Her predecessor Governor Rick Snyder vetoed a bill which would have allowed for online gaming in January via Detroit's three casinos and tribal casinos. Brandt Iden, who has been leading the charge for regulated gaming, said that he was disappointed that the governor still remains opposed to the bill.
"We’ve been working on this for ten months and time and again we’ve offered the governor an opportunity to provide feedback and she told us she was too busy to engage with us," he said. "We had the votes today and we wanted to move the package forward ... And you know what they say in the old adage, 'The House always wins.'"
The bill is now in the Senate with lawmakers hoping to find a middle ground on how sports betting will be taxed before it goes to the governor’s desk for approval.
State Tracker Georgia
The chief executives of Atlanta's top four professional sports teams want the General Assembly to legalize sports betting in Georgia. Presidents of the Atlanta Braves, Atlanta Falcons, Atlanta Hawks and Atlanta United have formed the Georgia Professional Sports Integrity Alliance and sent a letter to state lawmakers asking them to legalise online and mobile sports betting. "Georgia is the 12th largest state for illegal wagering," the franchise presidents wrote. "It is not going away. That is why we must ensure the industry is above-board and transparent."
Atlanta Braves President and CEO Derek Schiller said this is the first time the franchises have come together on a policy issue. "We felt it was important that we formed this alliance so that we could advise the Legislature if they're going to consider drafting legislation," Schiller told The Atlanta Journal- Constitution. The coalition's goal is "ensuring that this activity — that is happening already — gets regulated in the right way and for us, most importantly, that we ensure that the integrity of the sport is preserved."
State Tracker Colorado
Colorado will allow for land based and online betting from next May. Casinos in Cripple Creek, Central City and Black Hawk, will offer sports betting on site as well as online/mobile betting. It was a close call in the ballot with the yes votes winning by a two per cent margin.
Colorado offers commercial casino gaming at 33 facilities in the three historic towns which were approved for gaming by voters in a 1990 state-wide ballot initiative. The state has been eyeing sports betting as a way to raise additional tax income
$8 billion range. Investment firm Morgan Stanley predicted that the U.S. market will generate almost $7 billion in revenue by 2025 if every state in the nation has legalized it by then. Tat's an increase from an estimate of $5 billion the company had issued less than a year ago. Panellists predicted as many as 10 new operators may soon join the market.
Te sports betting sector is extremely dynamic with
for the state for some time and there was cross party consensus on the issue. The Colorado Department of Revenue (DOR) had already carried out an in depth study on sports betting. Dan Hartman, Director for the Division of Gaming said: “We look forward to continuing to work with our gaming industry partners to establish responsible standards for sports betting, as they endeavour to bring the highest- quality content to the sports bettor.” The vote makes Colorado the 19th state to legalise sports gambling. The new tax revenue will be slated for water conservation projects.
State Tracker California
Eighteen tribes led by the Pechanga Band of Luiseño Indians have put forward an initiative that would allow sports betting in California. The tribes want a constitutional amendment to change California Sports Betting laws. Under current rules the state allows for card rooms, tribal gaming and race tracks, all of which have a vested interest in how sports betting develops in the state. An amendment to the state constitution would be needed where voters could be asked next if they want to permit licensed gambling establishments to offer betting on professional, college and some amateur sports, at tribal gaming casinos and licensed racetracks.
“Californians should have the choice to participate in sports wagering at highly regulated, safe and experienced gaming locations,” Mark Macarro chairman of the Pechanga tribal council said in a statement. “We are very proud to see tribes from across California come together for this effort, which represents an incremental but important step toward giving Californians the freedom to participate in this new activity in a responsible manner.”
tremendous investment opportunities for institutional investors. Based on Morgan Stanley research, there should be “$216 billion legally waged on sports by 2025 in the U.S. which would result in an additional $11 billion in revenue for casino operators, equivalent to all of North America's movie box office sales in 2017.” Te Sports Betting Investor Summit, Featured Leading Analysts, Fund Managers and key operators discussing investment trends.
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