Insight
UNITED STATES Sports-betting
AT A GLANCE Gambling Expansion Possible in
California l
Online Sports Betting Goes Live
in Illinois l
Mobile Sports Betting Bill Passes
Judicial Committee in Georgia l
Lawmakers still Divided over
Regulatory Body in Ohio l
Court of Appeals Hears Wire Act
Case l
Scientific Games to Expand in
Colorado l
Roar Digital Making Headway in
Oregon l
Esports Entertainment Group to
Expand in the US l
State Tracker California
State Sen. Bill Dodd and Assemblyman Adam Gray are lobbying to put a constitutional amendment on the November ballot that would allow horse racetracks and casinos run by American Indian tribes to also offer sports wagering, both at their locations and online. Tribal casinos would also allow be allowed to offer craps and roulette.
Revenue generated by the newly regulated sports betting industry would be used to raise revenues in order to help the state face the effects of COVID-19 (coronavirus) on state finances. The coronavirus
Fantasy sports & Esports
Esports Entertainment Group has announced the formation of a new wholly owned subsidiary, “GMBL New Jersey Inc.” Te group has announced that it will pursue gambling licenses throughout the United States that will further the company’s esports gambling market. Te company expects to make its first such application with the State of New Jersey where its US operations will be based.
“Today’s announcement marks yet another significant milestone and provides the market with even greater
P28 NEWSWIRE / INTERACTIVE / MARKET DATA
It would take a two-thirds legislative vote to put the measure on the ballot, and a majority of voters would then have to approve.
In January state lawmakers held a preliminary hearing on sports betting - the first hearing on the issue in the state. Lawmakers collected information from industry experts. Dodd and Gray, who served as Committee chairs, said that they would look to introduce a sports betting bill that was expected to include online betting.
According to the new proposals the state would impose a 10 per cent tax on gross revenue for onsite gambling and a 15 per cent tax on mobile or online wagering. The expansion of gambling in the state could mean an additional $500m to $700m, with at least $200m in the first year going to state coffers.
“Revenue from sports wagering will help us avoid teacher layoffs and painful cuts. At the same time, it will allow us to regulate a practice that happens anyway,” Dodd said in a statement.
“Gambling is the last thing on the minds of many hardworking families during this time of crisis,” Gray said. “However, the legalisation of sports wagering will create much needed revenue for programs in education and public safety at a
US Sports-Betting Update
has severely weakened California’s economy, wiping out billions in anticipated revenue from taxes. The recession means that the government will need to make cuts in order to balance the state budget.
time when the state is facing down a $50bn deficit. We can put an end to this black market and restore critical public funding – that’s a win- win."
State Tracker Georgia
A mobile sports betting has been passed by Special Judiciary Committee in Georgia by 5-2 vote. House Bill 93 will put The Georgia Lottery Corporation in charge of sports betting. In further signs that governments could begin to legalise sports betting bills due to the affect coronavirus has had on state coffers, revenue generated by the industry will go towards scholarship and pre-kindergarten programmes.
The Georgia General Assembly recently convened again after a three-month coronavirus pandemic suspension. Sen. Burt Jones had filed a mobile sports bill in the Senate but the onset of the pandemic closed debate.
Now Georgia is looking at proposals that would drastically cut spending by as much as $3.6bn. HB 93 requires a sportsbook to apply for a $50,000 application fee to operate in the state. The sports betting licensing fee will stand at $900,000 per year.
“This is exactly the time to legalise sports wagering in Georgia,” Jen Jordan Senate Chair of Special Judiciary, said in a statement. “Whether it’s fantasy football leagues or tournament brackets, Georgians are currently wagering in an illegal market without
insight as to our growth strategy,” said Grant Johnson, CEO of Esports Entertainment Group. “Te US market represents a very big opportunity for us and thanks to the continued support of our valued shareholders, we intend to aggressively pursue it in 2020 and beyond."
Te company holds a license to conduct online gambling and 18-plus gaming on a global basis in Malta and Curacao, Kingdom of the Netherlands and is able to accept wagers from over 149 jurisdictions including Canada, Japan, Germany and South Africa. Esports Entertainment offers fantasy, pools, fixed odds and exchange style wagering on esports events in a licensed, regulated and secure platform to the global esports
protections. We need to bring it into the light where it can be transparent and regulated. And with over a billion dollars in cuts to K-12 education (from kindergarten to 12th grade) in this state, finding new streams of revenue is critical. This bill will provide badly needed dollars when we need them the most.”
State Tracker Ohio
Sports betting has taken a further step to becoming a reality in Ohio after the House approved HB194. The bipartisan bill, which found wide support in the house, would put the industry under control of the Ohio Lottery Commission.
The bill allows for a wide expansion of the market. Under the bill four casinos, seven racinos and kiosks at fraternal and veterans organisations with full liquor licenses would be allowed to offer sports betting. One of the primary sponsors of the House bill Dave Greenspan said estimates show sports betting would raise about $15m in taxes the first year and around $50m annually over time.
However disagreement continues to persist over whether it should be the Casino Control Commission or the Lottery Commission which should oversee sports betting in the state. The senate bill would give control to the Ohio Casino Commission and would also permit the state’s 11 casinos and racinos to offer legal sports wagering to consumers in the state but would limit the sports betting to more traditional gambling locations.
audience at
vie.gg. In addition, Esports Entertainment intends to offer users from around the world the ability to participate in multi-player mobile and PC video game tournaments for cash prizes.
Esports Entertainment Group became the first esports betting company to launch an initial public offering (IPO) on the NASDAQ Capital Market in April. Investors participating in the Esports Entertainment Group’s public offering of securities which was consummated exercised a total of 439,844 warrants at a price of $4.25 per share for gross proceeds of approximately $1,860,000 as of May 22, 2020. Te company said that it is now in a strong position to execute its plan.
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