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Online Gambling, Sports, Sports Betting, US Legislation

Wyoming Online Sports Betting Bill Voted Down by Legislators

Brian WalkerBy Brian Walker

Person Browsing a Sports Betting Site on a Tablet
The Wyoming House of Representatives rejected a bill which would have legalized online sports betting in the state.

By a vote of 28-32 on the third reading during their March 9th session, the House defeated House Bill 133 based on ethical grounds. Sponsored by six representatives and two senators, the bill progressed through the House Committee last week before making it to the floor.

Could Damage People’s Lives

The House acknowledged that Wyoming online sports betting could have created a $449M market, they argued that the legalization of online sports betting could damage people’s lives. Rep. Evan Simpson of Lincoln County said that addictions will happen if the bill is passed and gambling addiction damages not only lives but also families.

Sheridan County Rep. Mark Jenings meanwhile, contended that online sports betting is a vice and it is the House’s constitutional duty to protect its constituents against vices. Sheridan referenced Section 20 of the Wyoming Constitution for his argument. Meanwhile, Fremont’s Rep. Andi Clifford said that she opposed the bill because representatives from the Eastern Shoshone Tribe were not included during the discussions.

House Bill 133

The Wyoming Gaming Commission was supposed to regulate Wyoming online sports betting. Only online gambling was to be legalized not only to bring people out of the unregulated online sports betting market but also to eliminate in-person sports wagering that involves bookkeepers in Wyoming.

House Bill 133 would have required sports betting operators to remit 10% of their online sports wagering revenues to the state. Before the bill was defeated, the legislators considered an amendment that would have directed the state’s collections to the state’s School Foundation Program instead of the General Fund. That proposal would’ve helped solve the structural deficit for education funding.

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Online Gambling, Sports, Sports Betting, US Legislation

Colorado Sports Betting Sets State Record With $326M in January 2021

Brian WalkerBy Brian Walker

Colorado Casinos
Colorado sports betting continues to soar high as January 2021 figures reveal a record $326.9M worth of bets were made for the said calendar month.

The number easily tops Colorado sports betting’s previous high of $284.6M which was set in December 2020 or a 14% increase from the previous month. It also translated to a $1.1M tax revenue for Colorado which was an increase of more than 125% from the previous month.

Basketball is Top Sport

Professional Football is the top sport for betting in the United States but that isn’t the case in Colorado. According to the January figures, basketball is the driving force behind Colorado sports betting with the NBA amassing a total of $88M in total bets. College basketball was third on the list, bringing a total handle of $39M.

The NFL ranked second to the NBA with more than $75M of wagers but with Super Bowl LV concluding the league’s latest season, there will be very little pro football bets made between now and Fall. Table tennis is a surprise market in Colorado with a total of $11.8M bets made during the previous month.

Retail Betting is Picking Up

The pandemic has seen punters utilize online sports betting and that has also been the case in the Boulder State with 98% of all January 2021 wagers placed made via the internet. However, the in-person handle saw a slight increase as retail betting produced $7.5M in January bets, which was double the December figures.

The reason behind the uptick in in-person betting is the gradual lifting of restrictions and limitations that were put in place at the onset of the COVID-19 pandemic. With these slowly getting removed, the retail sportsbooks in Black Hawk, Central City, and Cripple Creek have seen an increase in sports bets taken.

Gaining on the Leaders

Sports betting has been up and running in the Boulder State for the past nine months and it has seen a total of more than $1.5 B in sports bets placed. The tremendous growth since inception has seen Colorado sports betting gain on the leaders in the industry.

New Jersey continues to break records month after month and is the top sports betting state in the U.S. The Garden State raked in a massive $958M in January. Nevada is also gaining on New Jersey but is still in second place. Meanwhile, Pennsylvania and Illinois are ranked 3rd and 4th, respectively.

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Casino, Sports Betting

Penn National Gaming Secures Partnership With NY Casino

James MurrayBy James Murray

New York

There has been a huge amount of attention placed on Penn National Gaming over the past few years. This company was founded in the 1960s and now owns and operates 43 different gambling venues around the United States. This week, news broke that Penn scored an exciting new partnership with a major NY casino.

This is a huge move for this company. New York is currently in the process of getting its online sports betting industry up and running. Today, we’ll talk about what Penn’s move into this state means moving forward.

Let’s get into it!

New York is Still Working to Approve Online Sports Betting Legislation

New York is home to a huge professional sports industry. It’s no surprise that many lawmakers here immediately began looking into sports betting regulations after PASPA was struck down in May of 2018. Finally, in 2019, the first legal sports wager was finally placed here.

Things weren’t perfect, though. New York went against many recommendations and only decided to legalize land-based sports betting. Sportsbooks opened in various casinos across the state, yet many of them struggled to generate revenue.

Online sports betting has proven to be a far more lucrative industry. Neighboring New Jersey has a regulated internet sports betting industry set in place. Throughout 2020, this state set numerous new sports betting handle records from its online betting operations.

Many have been pushing New York to finally begin allowing online sports gambling. Many lawmakers agree and have been working to draft legislation that allows this form of wagering. Even Governor Cuomo believes it’s a necessity, yet wants to ensure the state benefits from such a move.

A sports betting bill is currently making its way through the state’s legislative process. Under this bill, up to 14 different sports betting operators would have the ability to gain an online license here. There are some issues arising, yet most feel online sports gambling will finally become available in New York this year.

Some major gaming companies are now making the move into this state. That includes Penn National Gaming, which is already banking on online gambling options becoming available here soon.

Here’s What We Know About Penn National Gaming Moving into New York

There has been a lot of media coverage on Penn National Gaming in recent years. Much of that has to do with the company’s investment into Barstool Sports. Back in January of 2019, this company invested an astounding $163 million into Barstool for a 36% stake in the company.

Penn Gaming has also been working hard to expand in recent years. In 2015, for example, it purchased the popular Tropicana Hotel-Casino in Las Vegas. In 2019, the company purchased two more major properties in conjunction with VICI Properties.

Now, Penn seems focused on New York. News broke this week that the company has agreed to a new partnership with Rivers Casino & Resort in Schenectady. This 20-year deal gives Penn access to the New York mobile sports betting and casino market.

Jon Kaplowitz, Penn National’s Sr. Vice President of Interactive Gaming, expressed his excitement about breaking into New York in an official statement this week.

“Gaining potential access to what could become one of the nation’s most lucrative sports betting markets has been a major priority for our Company,” he said. “We are hopeful that the New York State Assembly will follow those leading revenue producing states that allow for multiple skins for mobile sports betting. A state the size of New York certainly warrants open competition and a free market approach.” 

This is a huge move for Penn Gaming. This company has seen tremendous success breaking into new markets in recent months including Michigan. Most agree that New York has the largest online sports betting market in the US.

As of now, New York still has not approved any legislation to allow online sports betting. Once that changes, however, Penn Gaming will have the ability to launch an internet sportsbook here. Stay tuned for more updates over the next few weeks!

Online Sports Betting Revenue Continues Increasing Around the US

New York seems to be just months away from getting its online sports betting operations up and running. The states that have already done so are profiting in a big way. Online sports betting revenue is surging around the country right now.

That includes the aforementioned state of Michigan. Online sports betting didn’t become available here until the final ten days of January. In those ten days, the state saw an online sports betting handle of $113 million.

New Jersey is also seeing impressive online sports betting revenue figures right now. The regulated sportsbooks here earned an astounding $82.6 million in January. Analysts expect even higher figures in February due to the Super Bowl.

Many different states are now working hard to legalize and regulate their online sports betting industries. That includes California and Arizona. Many analysts expect nearly every state to have a sports betting industry set in place by 2025.

Penn National Gaming is getting ahead of the game by breaking into New York. It is likely to pay off as soon as online sports gambling gets approved here.

When do you think New York will begin allowing online sports betting? Let us know in the comments section below!

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Lottery, Online Gambling, Sports, Sports Betting

New Kansas Sports Betting Bill Introduced in State Senate

Brian WalkerBy Brian Walker

Sportsbook
A new Kansas sports betting bill was introduced in the Senate last Tuesday.

The new bill, SB 84, resembles last year’s offering – SB 283, which the senate passed 23-15 but never got a hearing in the house.

Like last year’s proposal, the Kansas Lottery would be key regulator for Kansas sports betting. Similarly, the state would impose a 7.5% tax for in-person sports bets and 10% for online wagers. Bettors would be at least 21 years old and must be physically present within the state lines. Betting on all collegiate and professional sports is permitted and it does not require the use of official league data nor does it mention any kind of payment to the professional leagues.

Up to 12 Legal Online Sports Betting Options

The proposal will also allow the state’s four commercial casinos to open a retail sportsbook at their properties and have up to three online skins ( providers), meaning the state could have up to a dozen legal online sports betting operators.

Kansas’ native American gaming tribes are also allowed to renegotiate their government deals to include Kansas sports betting as well. The bill would also allow the Kansas Lottery to have some skin in the game by contracting with an existing gaming facility manager for sports betting.

The Kansas Speedway in Kansas City will be permitted to open an area for online sports betting but would not be allowed to accept in-person wagers. That’s because adjacent to the track is the Hollywood Casino which, under the bill, can accept in-person bets.

A Process to be Followed

Like in every other state which offers legal sports betting, there is a process to be followed. Officials would have to come up with and finalize rules before Kansas sports betting commences. The Law requires the regulators to complete the process on or before October 31, 2021.

The Senate Committee on Federal and State Affairs, which introduced the bill, currently has jurisdiction over the bill. It isn’t scheduled to discuss SB 84 this week but is expected to tackle it as early as next month.

Should the bill pass the initial committee, it will have to go through several committees before a vote before the Senate. If it is approved by the Senate, the House would have to agree on a similar version before it will be sent to Gov. Laura Kelly for her signature.

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Michigan, Online Gambling, Sports Betting

Michigan to Launch Online Sports Betting on January 22

Brian WalkerBy Brian Walker

Odds Board and Money

Bettors in the Wolverine State will finally be able to place legal online sports bets on January 22 after officials revealed the launch on Tuesday.

In a statement, the Michigan Gaming Control Board authorized nine gambling operators to start accepting online sports bets at noon of Friday, January 22nd. Per MGCB executive director Richard S. Kalm:

“The Michigan Gaming Control Board and the state’s commercial and tribal casinos will begin a new era Jan. 22 with the launch of regulated online gaming and sports betting. Michigan residents love sports and, judging by inquiries we’ve received, eagerly anticipate using mobile devices to place bets through the commercial and tribal casinos. Online gaming and sports betting will provide the casinos with new ways to engage with customers while the state and local communities will benefit from taxes and payments on wagering revenue.”

Just in Time For the NFL Conference Championship Games

Michigan legalized sports betting in 2019 but up until 11:59 a.m. of Friday, January 22nd, punters had to place their bets in person at retail venues. However, that will change later this week with the launch of legal Michigan online sports betting which is just in time for Sunday’s NFL Conference championship games.

The nine legal Michigan online sports betting operators that are set to go live on Friday are DraftKings, WilliamHill, FanDuel, Golden Nugget Online Gaming, Rush Street, BetMGM, Wynn, and Barstool Sports. According to the MGCB, more operators are expected to receive authorization in the coming weeks.

A Lucrative Revenue Source

Friday’s launch comes 12 months after Gov. Gretchen Whitmer signed a bill to legalize online gambling in the Wolverine State. The commencement of legal Michigan sports betting should be a lucrative revenue source for the state’s casino industry which struggled in 2020 because of the coronavirus pandemic.

The three casinos in Detroit saw a 56% decrease in combined annual revenue in 2020. The MGCB says that legal Michigan sports betting and online gaming could be a way for casinos to make up for the losses they suffered due to the pandemic. At the same time, it will generate tax revenue for Detroit and the state.

Online Tax Rates

Legal Michigan online sports betting will be taxed at 8.4% which is one of the lowest in the United States. The tax rate and payment rate for internet gaming ranges from 20% to 28%. For Detroit casinos, 30% of all online gambling taxes will be allocated to the city while 65% will be allocated to the state Internet Sports Betting Fund or the state Internet Gaming Fund. The other 5% will go the Michigan Agriculture Equine Industry Development, capped at $3M per year from each tax source.

Meanwhile, 90% of legal Michigan online sports betting tax collections of Tribal casinos will go to the Internet Sports Betting Fund while 10% will go to the Michigan Strategic Fund. As for Tribal online gaming payments, 20 % will go to local jurisdiction governing body for services, 70% to the Internet Gaming Fund, and 10% to the Michigan Strategic Fund.

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Connecticut, Sports Betting

Foxwoods Casino Resort is Getting Ready to Offer Sports Betting

James MurrayBy James Murray

Thinking Man Holding Money With Sports Equipment

Connecticut is one of many states that has yet to approve sports betting legislation. That isn’t stopping some of the casinos here from expressing interest in this new industry, though. Reports have just surfaced that claim the Foxwoods Casino Resort has signed a deal with DraftKings to offer online sports betting in the future.

Many expect Connecticut to finally legalize and regulate internet sports betting in 2021. The Foxwoods Casino certainly feels the launch of this industry in the state is just around the corner. Today, we’ll talk about this casino’s deal with DraftKings.

Let’s get into it!

Connecticut Fails to Approve Sports Betting Bill in 2020

The United States is now home to one of the largest and most profitable sports betting industries in the world. It’s incredible when considering this industry is only a few years old. It wasn’t until mid-2018 that states other than Nevada were able to offer sports betting options.

Several more states approved bills to legalize sports betting in 2020. That includes Louisiana, South Dakota, and Maryland. Most analysts expect these states to see major revenue earnings as soon as their regulated sportsbooks go live.

Some felt that Connecticut would choose to get its sports betting industry up and running this year. Many lawmakers here have been pointing at the potential for major earnings for the state. Unfortunately, no bills were passed before the end of the legislative session in November.

Some of the commercial gaming entities here have blamed Native American tribes for failing to approve this industry. These officials claim the tribes are looking for exclusive rights to sports betting options. It’s the same issue that’s led to delays getting California’s sports betting industry operational.

Negotiations between these two groups are ongoing. No real progress has been made yet, and hope for Connecticut to legalize sports betting in 2020 is now dead. Proponents of this industry are now pushing to get things approved next year.

It seems the Native American tribes here are expecting this industry to launch in 2021. One of Connecticut’s biggest casinos has just signed a new deal with one of the world’s biggest sports betting companies.

Foxwoods Casino Resort Signs New Deal With DraftKings

Connecticut is home to only two major Class III casinos. That includes the Foxwoods Casino Resort in Ledyard and the Mohegan Sun in Uncasville. Both of these properties are operated by Native American tribes.

New reports claim that the Foxwoods Casino has just signed a new deal with DraftKings. Under this new deal, the Foxwoods Casino will have the right to launch online sports betting options through DraftKings once legislation is approved. This deal also allows for this casino to offer daily fantasy sports options.

Foxwoods has been pushing hard to get Connecticut’s sports betting industry operational. The owners of this property are now taking matters into their own hands and clearly expect online sports betting to be approved in 2021.

Rodney Butler, chairman of the Mashantucket Pequot Tribe which owns Foxwoods, released a statement on this new deal to the media this week.

“We’ve proven our ability to shape the future of gaming time and time again, and now we’re ready to drive sports wagering and online gaming for the state of Connecticut,” Butler said. “Working through the tribal gaming compacts, we will help bolster our economy with much-needed revenue and virtual entertainment.”

Foxwoods has been hit hard by the pandemic. The casino’s revenue figures remain far lower every month this year than they were in 2019. With Covid-19 cases rising steadily in Connecticut, many expect revenue to continue dropping for the next few months.

Online sports betting could help to bring this casino some much-needed money. We’ll continue offering updates on this situation over the next few months!

States Continue to See Big Earnings From Sports Betting Options

More than half of the US has now approved bills to allow sports betting. It’s easy to see why. This is proving to be an extremely profitable industry and is helping to bring states money via taxes at a time when it’s desperately needed.

Land-based casino revenue continues to drop. Online sports betting revenue, however, has been steadily rising throughout the year. Several states have recently begun seeing record-earnings from their sports betting platforms.

That includes Colorado. Lawmakers here approved sports betting legislation back in 2019 and launched the first sportsbooks in May of 2020. In October, Colorado saw an incredible $17.4 million in sports betting revenue. That’s up more than $10 million from the month prior.

Pennsylvania also saw a major increase in sports betting revenue. New reports claim this state saw more than $47 million in revenue from this industry in October. Pennsylvania’s October sports betting industry also saw more than $500 million in sports betting handle.

Every state is taking a close look at this industry now. It seems highly likely that Connecticut will legalize and regulate this form of gambling next year. That’s great news for the Foxwoods Casino Resort and its new partner DraftKings.

Do you expect Connecticut to legalize online sports betting in 2021? Let us know in the comments section below!

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news, Pennsylvania, Sports Betting

Online Sports Betting in PA Continues to Bring in Revenue

Nickolas BransonBy Nickolas Branson

Sports betting first became available in Pennsylvania in late 2018. Over the past couple of years, this industry has grown extremely popular here. New reports show that online sports betting in PA makes up for about 90% of all sports wagers placed.PA State Seal

This isn’t much of a surprise. Online gambling is growing more popular around the entire country. Now is the perfect time to check out how much revenue Pennsylvania’s sports betting industry is managing to bring in.

Let’s get into it!

Pennsylvania’s Gambling Revenue Continues to Fluctuate

Not long ago, Pennsylvania took a somewhat hardline stance towards the gambling industry. This is no longer the case. Today, just about all forms of gambling are available here. Revenue from this industry has fluctuated since these new gambling options became available.

In May of 2018, the Supreme Court struck down PASPA. This gave every state in the country the ability to legalize and regulate sports betting. Lawmakers in Pennsylvania immediately began taking steps to open this sports betting industry and by November of that year, it became legal.

That wasn’t the only form of gambling to recently become available here. In November of 2019, lawmakers here started allowing online poker. This form of gambling has grown extremely popular in just a few months.

Pennsylvania’s gambling industry is growing bigger every single month. It has a lot of competition, though. New York, New Jersey, and Delaware all have surging gambling industries, as well.

This week, sports betting revenue reports became available here. Let’s take a look at how much this industry is managing to bring in.

Revenue From Online Sports Betting in PA is Surging

Sports betting is growing more popular every single month. This is especially true in Pennsylvania. Last month, sports betting revenue here hit a new record.

More than $384 million was spent on sports wagers last month. These wagers were placed through the state’s eight online sports betting sites and 12 land-based betting venues. Revenue from this industry came out to $31.6 million in January.

Many believe that Super Bowl bets placed in January helped to increase revenue here. Interestingly, close to 90% of all the sports wagers placed in Pennsylvania last month were done online. FanDuel’s online sportsbook continues to be the biggest revenue earner for the state.

Land-based sports betting revenue actually dropped last month by 11.8%. This is the lowest revenue from brick and mortar sports betting venues since September. It’s clear that online sports betting in PA is beginning to take over.

Gambling competition remains very high in the northeast of the country. New York, in particular, is working hard to improve its gambling industry.

New York Continues Looking at Gambling Expansion Plans

New York is another state that’s only recently begun to embrace the gambling industry. Over the past decade, a huge number of casinos have opened in the Upstate area of New York. Unfortunately, the large number of gaming venues in this state is making it hard for the casinos here to be profitable.

To help with things, lawmakers in this state decided to legalize sports betting. Hope was that it would draw in more people to the state’s land-based casinos. That hasn’t necessarily been the case.

Things do seem to be improving, though. Each of the four casinos in Upstate New York is starting to see revenue increases. Resorts World Catskills, one of the biggest casinos in the state, saw its revenue increase by 48% last year. Lottery ticket sales are decreasing here.

State officials continue discussing the possibility of allowing sports bets to be placed online. Lawmakers in New York are beginning to see how much revenue is being earned from online sports betting in PA. Many believe that online sports wagering will become legal here within a year or two.

Pennsylvania’s sports betting industry continues to grow. Other states are beginning to take notice. We’ll need to wait and see how much revenue from this industry grows for the rest of the year.

Stay tuned for more Pennsylvania gambling news over the next few months!

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Michigan

Online Sports Betting in Michigan Likely Delayed Until 2021

Joy NoelBy Joy Noel

Mobile Sports Gambling, Computer In BackgroundMichigan regulators, who are familiar with the previous implementation of new gambling regulations in Michigan, expect it to take approximately one year to solidify the rules for the industry – online poker, online casino games, sports betting, and fantasy sports.

The targeted 2021 completion of the online rules are based on the time it took to develop other rule sets in the past, said Mary Kay Bean, a spokeswoman for the Michigan Gaming Control Board.

While Detroit’s three commercial casinos, as well as the state’s 24 tribal casinos, will all need to obtain the proper mobile sports bettor operating licenses for online gambling, it’s the agency’s goal to launch on-site sports betting this spring.

“We are at a very early stage of this process,” Bean said, according to the Associated Press. “The agency must establish several sets of administrative rules, which pass through many levels of review. The timing of implementation depends not only on our agency but also on decisions other departments, agencies and the Legislature make along the way.”

The rules process could require public hearings, public comments, and regulatory impact statements. In addition, the rules must then lead to a licensing process, which will include vetting and ultimately issuing those licenses.

How Michigan Is Preparing for Legalized Sports Betting

MGM Grand Detroit has prepared for the update by opening their $6 million sports bar, Moneyline, last October. It will have betting windows and self-service kiosks once approved. But Detroit won’t be the only place it will be available.

“We view sports betting as another nice entity that will drive more people to our property,” Mike Bean, the CEO of Saginaw Chippewa Gaming Enterprises with locations in Mount Pleasant and Standish, said, according to the news wire. “Our biggest question right now is when is it all going to be ready?

Penn National Gaming Inc. is the new operator of the Greektown Casino. There have been decades-long agreements with four internet gaming operators because the organization aims to bring sports betting to its 41 locations in 19 states. Two of their locations could potentially operate in the state of Michigan.

“We’re envisioning what (sports betting) could look like if it were passed,” said Eric Schippers, Penn National senior vice president of public affairs. “Michigan is leaving a lot of money on the table it could be generating in tax revenue and benefits that could be funded from this. There’s natural pressure to strike while it’s hot. We’re hopeful Michigan won’t allow itself to get left behind.”

How Does Michigan’s Timeline Fare With Other States?

Pennsylvania, as a point of reference, took approximately two years before its first online poker site was able to launch, but that was on the long-tail of the required amount of time, almost excessively so. One year is more realistic, according to most industry analysts and experts.

The timeline largely is the standard in other states that have legalized online gaming and sports betting, said Rep. Brandt Iden, R-Oshtemo Township, who spearheaded the online gaming package. A similar package took six to eight months to implement in Indiana, he said.

“I’d like it to be a little bit quicker, but that’s probably the timeline,” Iden said.

The in-person sports betting timeline is a good step forward, he said, but it’s not likely the state will experience significant tax revenue until online gambling piece is up and running.

“Until we’re fully integrated online, I don’t think we’ll be able to capitalize on revenue. But from a consumer protection standpoint, from getting players interested, certainly getting up and going in person is helpful,” Iden said.

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Atlantic City

Expanding Casino Gaming Beyond Atlantic City Isn’t the Best Bet

Joy NoelBy Joy Noel

Atlantic City Casino BoardwalkIt’s a new year, and one where New Jersey is reconsidering expanding its gambling footprint past Atlantic City’s shores. While the statewide referendum to expand casino gaming outside Atlantic City ended in strong defeat in 2016, the idea of it still lingers.

When the question of casino expansion was on the 2016 ballot, it was met mainly with disinterest. Around 77% of voters said “no” the referendum question that stated:

“Do you approve amending the Constitution to permit casino gambling in two additional counties in this State? At present, casino gambling is allowed only in Atlantic City in Atlantic County. Only one casino in each of the two counties would be permitted. Each casino is to be located in a town that is at least 72 miles from Atlantic City. The amendment would allow certain persons to apply first for a casino license. “

At the start of the new two-year legislative session last week, both the Assembly and Senate reintroduced resolutions that support allowing casino gaming in other areas of New Jersey.

The reintroduced resolutions vary and address permitting casino gambling in certain North Jersey counties, as well as supporting the legalization of two gambling parlors outside of Atlantic City.

That makes five resolutions in total filed in the Assembly and one in the Senate that would expand gaming, in some form or another, outside Atlantic City.

What’s Making New Jersey Reconsider?

It’s possible that lawmakers are excited about the prospect of more New Yorkers swarming to a full-scale North New Jersey casino that’s closer to the New York border. The thinking behind it is this: If New Yorkers are willing to cross the New Jersey border to place online sports bets, how much more could they attract it if there were a casino available for players?

With the success of sports betting and online gambling being at an all-time high across the country, it created speculation for a bigger push for a North New Jersey casino last year, though it never materialized.

Why It Wouldn’t Be the Best Bet for Atlantic City

Roger Gros, the publisher of Global Gaming Business Magazine, believes now’s not the time to entertain ideas about casino expansion, especially in North Jersey.

“That would be a terrible idea. It would really kind of destroy the progress Atlantic City has made over the past few years.

Any kind of increased land-based competition in New Jersey would completely reverse that positivity and start Atlantic City on a downward spiral once again.”

While Atlantic City casinos are now doing better than they have been for years, some of them continue to struggle. Bad months at the brick-and-mortar casinos can be made up by revenue from online games though, Gros said.

He pointed out that there continues to be discussions about having casinos in New York City and “that will happen eventually.” If a North Jersey casino sees any increase in profit, that may just draw action away from Atlantic City, it would likely only be at the beginning and wouldn’t be as impactful over the long term.

“We just had a referendum two years ago on this very subject: 4 out of 5 voters rejected it and now the politicians want to bring it back? That is the height of insolence,” he said. “What we should really concentrate on is really expanding the internet online and mobile sports betting.”

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Tennessee

Tennessee Lottery Finalizing Sports Betting Regulations in February

Joy NoelBy Joy Noel

Tennessee State Flag: Blue Circle, White Stars, Red BackgroundSix months after online sports betting became legal in Tennessee, state lottery officials are still finalizing the rules governing how licensees will operate. The Tennessee Education Lottery Corp.’s Board of Directors is scheduled to meet in Nashville on Feb. 19. That immediately follows the TEL Sports Wagering Advisory Council meeting to further discuss the draft regulations the lottery released in late November.

Dave Smith, TEL Communications Director, gave this public comment:

“The goal is the TEL Board of Directors votes on the rules and regulations at its February 19 meeting.”

It’s unsure whether lottery officially will be able to take applications after the meeting adjourn. State Rep. Rick Staples, who sponsored the bill legalizing sports betting in Tennessee, and other leaders are hopeful that they can start taking applications next month and start product rollouts beginning in March.

Tennessee to Exclusively Take Online Sports Betting Applications

In a stark contrast to how every other state that has legalized sports betting in the US has operated, Tennessee decided to go exclusively go with online sports betting applications, not requiring brick-and-mortar establishments.

The Tennessee Sports Gaming Act, passed by state legislators last spring, did not legalize physical gambling locations Currently, the state does not have any casinos. Because of this, lawmakers placed sports betting under the TEL’s discretion.

The Gaming Act enforces the following rules: Players must be at least 21 years of age and physically present in the state in order to place a bet, operators will need to pay an annual $750,000 licensing fee, and the state will impose a 20% tax on licensees’ adjusted gross income.

Sports Bettor’s Criticism Over Proposed Hold Rule

Tennessee’s innovative approach to sports betting, with the acknowledgement of how much mobile applications dominate in states that allow both retail and online establishments, has received high praise. Whereas other states, the handle for online betting far exceeds the amount brick-and-mortar sportsbooks take. In some cases, it’s as wide as an 80/20 split.

What’s not receiving critical acclaim amongst sports bettors however, is the proposed hold rate. The proposed rule would require sportsbooks to cap payouts at 85 percent. The resulting 15 percent hold is up to three times as much as the average rate for the sports wagering industry.

Robert Walker, Director of Sports Book Operations for US Bookmaking, tweeted this about the proposed hold tying into the Tennessee Lottery:

Other Concerns

Other aspects of Tennessee’s sports betting that have drawn criticism are its requirement for using official league data and its high tax rate.

Tennessee is one of only three states that requires sportsbooks to use official league data to score live betting opportunities, joining Illinois and Michigan. However, Tennessee’s law allows for an exception if the league cannot provide the data under “commercially reasonable terms.”

The state is also planning to tax licensees at 20% of their adjusted gross revenue every month. Out of all the states that generate its sports betting income off of taxes, that rate is a bit lower in comparison to Pennsylvania’s 36%.