Author: Casino Connection Staff

Members of a key Maryland state Senate committee heard pleas from business owners last week for inclusion in the coming sports betting business, in addition to those parties authorized for sportsbooks under the sports betting measure passed recently by the state House of Delegates.

The House bill, sponsored by House Speaker Adrienne A. Jones, created several different licenses open for applications—for 10 retail sportsbooks an 15 online/mobile betting licenses. The measure, which passed the House easily on a 129-10 vote, also guaranteed sports betting licenses to each of the state’s six casinos, the Laurel Park thoroughbred racetrack, the Maryland state fairgrounds in Timonium, and Riverboat on the Potomac, an off-track betting facility on the Potomac River.

The bill also allows for in-person betting at Pimlico Race Course in Baltimore on race days and at the stadiums of the Orioles, Ravens and Washington Football Team on game days and during special events.

The bill landed in the state Senate Budget and Taxation Committee, which last week hosted video testimony from business owners and entrepreneurs asking to be added to the list of guaranteed sports betting licenses in the measure.

Representatives from the Chesapeake Beach hotel Rod ‘N’ Reel, Bingo World in Brooklyn Park and Long Shot’s Restaurant & Bar in Frederick each appealed to be added as guaranteed licensees.

The Rod ‘N’ Reel Resort features 24-hour live bingo and bingo machines. In video testimony, owner Mary Lanham said in-person sports betting would be a “perfect match” to the bingo operation, which is undergoing a $30 million renovation and expansion, according to the Baltimore Sun.

Victoria Clemens of Bingo World reported a similar symmetry, saying sports betting would offer customers “a more complete, fun, festive and friendly” experience. Bruce Bereano, lobbyist for Long Shots, testified saying that all off-track betting sites should be able to have sports betting, too. “They already are venues where wagering and betting is going on, and they should therefore be included for the maximization for sports betting in the state,” he said, according to the Sun.

Other testimony before the committee involved the mobile and online licenses, thought to be the most valuable in that the vast majority of legal sports betting in the U.S. has been online and/or mobile.

Some called on the senators to link mobile licenses to all physical licenses. Prominent among those were lobbyists for the two largest casinos in the state, Maryland Live! and MGM National Harbor.

The Georgia House ended its 2021 legislative session without a vote on a bill that would have placed a sports betting amendment on the 2022 ballot. The Senate had passed the ballot measure and enabling legislation a few weeks earlier. Supporters of sports betting can try to pass a bill when the 2022 session starts next January. If lawmakers fail to pass sports wagering legislation then, the earliest legal betting can begin would be 2025. Similar measures failed in 2020.

Two companion bills sponsored by state Senator Jeff Mullis advanced ahead of competing sports betting bills. They would have put legalizing sports wagering on the 2022 ballot, and directed the Georgia Lottery to regulate it following voter approval. The state’s professional sports teams, which had lobbied for the issue for years, supported the bills.

The measure passed the Senate with bipartisan two-thirds super-majorities. But a month later, conservative and anti-gambling Republicans put the brakes on, and Democrats’ opposition to an unrelated Republican-backed bill spelled the end.

In the House, the bills hopped between various committees until a controversial Republican-backed voting regulation bill took center stage.

They passed out of the House Rules committee just a few hours before the House adjourned with no vote on the full floor.

Legalized sports betting still has the support of Georgia’s professional sports teams and affiliates, as well as several members of the Republican caucus that controls both chambers.

Advocates of legal sports betting claimed 2.3 million Georgians already bet on sports every year, illegally. “We’re not creating something new. If we make it legal, we’ll get revenue out of it,” said state Rep. Ron Stephens, chairman of the House committee.

The legislation limited sports wagering to professional sports only and betting only could be done online. Part of the proceeds would have gone to the HOPE Scholarship and pre-kindergarten programs, rural broadband access, rural health care, mental health services and attracting major sporting events to the state.

Here’s a conclusion that could startle followers of gambling-related companies: FanDuel alone could be worth $40 billion should it go public. As it stands, the worth of its parent Flutter Entertainment is $40 billion.

This speaks well of the plan to go the IPO route with FanDuel. Flutter owns 95 percent of the sportsbook. When Flutter revealed the possibility of an IPO, its stock jumped 7 percent, according to Legal Sports Report.

Analysts are near unanimous that FanDuel is undervalued compared to its chief competitor, DraftKings, which trades at 27 times FY21 sales for a $28.5 billion valuation. Yet FanDuel Group expects 30 percent more revenue in FY2021.

Analysts say the undervaluation speaks to Flutter’s listing on a U.K. exchange and not in the U.S. As Bank of America put it in a note to clients on Monday:

“We believe that even a small shareholding list of the FanDuel business in the U.S. could help crystallize the value of the business, boosting Flutter’s overall valuation,” Bank of America told clients.

Peel Hunt analyst Ivor Jones wrote that Fox has the option to buy 18.6 percent of FanDuel from Flutter in July based on fair market value. If the valuation increases through an IPO, Flutter stands to make a lot more from the transaction.

But Numis Securities analyst Richard Stuber wonders whether the stock values are accurate.

“We can certainly see the appeal of a U.S. IPO in the short term, but our key concern is that DraftKings may be overvalued and therefore Flutter would arguably be chasing a short-term bubble,” Stuber said.

Still, neither company is close to turning a positive cash flow, even in the face of competition from more than 10 companies.

Yet Paul Martino, founder of Bullpen Capital, said that the bubble was market-wide rather than just confined to sports betting which works in favor of Flutter making a move.

“The bubble is going to pop regardless of what Flutter does,” Martino said.

The most recent iteration of an Arizona sports betting bill that would allow tribal casinos and professional sports venues to accept the wagers is now dead in the water.

A “strike everything” amendment to SB 1293, filed March 25, didn’t advance due to a typo in the text. “Strike everything” is a technical legislative term that means a bill’s content is stripped and something else substituted. The bill in question started as a refrigerated products bill on the agenda for the House Appropriations Committee.

The typo made the language say that any pro sports venue with more than 150 attendees per year (instead of the intended 150,000 attendees) was eligible for a sports betting license. The amendment’s language had been intended to make Phoenix Raceway eligible for sports betting.

This alarmed the gaming tribes, and so the bill’s progress hit a wall. The tribes felt this was a way to get around the tribal compact amendment they have already negotiated with Governor Doug Ducey.

The tribes had earlier been spooked by an attempt by some lawmakers to mix sports betting with historical horse racing, which they consider would violate their compacts. Supporters of the historical horse racing proposal have pulled back on it to allow sports betting to go forward undiluted with more controversy.

Some lawmakers feel that the waters have been so muddied that Ducey’s compact deal may have to be postponed until 2022. The current session ends April 24.

The Ohio Select Committee on Gaming recently concluded its hearings on sports betting after nine sessions and more than 60 witnesses. Committee Chairman state Rep. Kirk Schuring said he expects a bill to be introduced this month. Earlier this month, Governor Mike DeWine stated legalizing sports betting in Ohio is “inevitable.”

Schuring said he’ll be in close contact with Senate Majority Leader Matt Huffman and committee members to draft sports wagering legislation. “I’ll be working with each individual member, looking for their input and suggestions on how we will build a bill,” he said.

At the final hearing, two speakers addressed e-bingo and six people submitted written testimony about sports betting. Renée Mancino, executive director of Ohio Harness Horsemen’s Association, and Dave Basler, executive director of Ohio Horsemen’s Benevolent and Protective Association, both said horseracing should receive a share of sports betting revenue if it’s legalized in Ohio, since it will impact tracks and horsemen.

Basler noted an average gambler who spends $100 at the racetrack would probably direct half of his wagering to professional sports. “Win or lose, horseracing loses on this proposition. That’s our request, that we receive a portion of the sports wagering to make up for the dilutive effect it’s unquestionably going to have if sports wagering is passed,” he said.

Whether sports betting will be regulated through the Ohio Lottery has yet to be determined, Schuring said. The committee heard from proponents who want the Ohio Lottery Commission to oversee sports betting, reasoning that small, local business which already offer Keno through the lottery also could offer sports wagering to keep and attract customers. Another plus for lottery oversight is that its profits are distributed by law to public schools statewide.

Commercial casinos, however, have lobbied to limit sports betting to their venues. Speaking before the committee, Greg Beswick, chairman of the Fair Gaming Coalition of Ohio, said, “We need to make sure that the gaming product actually helps in every city and every municipality. Unfortunately, we’ve found that the casinos haven’t quite lived up to the billing they gave us when they went on the ballot and became legal in Ohio. We’ve seen them break promises when it comes to jobs and when it comes to development in the state.”

Denis Smith, chairman of Public Education Partners, added, “We need to make sure that the legislature considers the perfect way to house the new industry of sports betting would be through the framework for the already-existing Ohio Lottery and not something prescribed to casinos.”

In an recent emergency hearing in Nashville, Davidson County Chancery Court Judge Patricia Head Moskal ruled the Tennessee Education Lottery must reinstate the license of the sports betting company Tennessee Action 24/7, which was suspended as the company was accused of not doing enough to prevent debit card fraud.

Attorney E. Steele Clayton IV, representing Action 24/7, said the timing of the suspension could not have caused more damage, coinciding with the start of college basketball’s March Madness.

Clayton said Action 24/7’s problems were exaggerated and he filed a lawsuit to overturn the company’s license suspension. Clayton told the court a lottery investigator said the fraud caused “tens if not hundreds of thousands of dollars’ worth of damages,” however, the actual figure was $22,601. He stated the company quickly realized the fraud and took steps to prevent future occurrences.

Clayton’s lawsuit claims Action 24/7’s rights of due process were violated because lottery officials weren’t allowed to hear the company’s testimony during the meeting when the lottery board voted to ratify the suspension.

Clayton noted the company recently had reported numerous cases of debit card fraud to lottery investigators, including one case where an individual made 124 deposits into a gaming account using seven different cards, then placed minimal bets and withdrew most of the money.

At the hearing, Assistant Attorney General Lindsay Sisco argued the board had acted within its rights to immediately protect the public and the integrity of the sports betting system. She also acknowledged that the state’s sports betting system only began in November and there is a learning curve. Clayton said, “I get that there’s a learning curve but while lottery officials are learning our business is being destroyed.” Moskal said, “I appreciate the timing, with the basketball tournament this weekend.”

Clayton noted the damage caused by the suspension could have both immediate and long term impact, since bettors are more likely to stick with the company where they make their first wagers.

In her ruling, Moskal wrote, “Action 24/7 has clearly shown the likelihood that its rights are being violated and it will suffer immediate and irreparable injury.” She ordered that the company’s license to be reinstated while it appeals.

Following the ruling, lottery officials issued a statement noting, “We will continue to work with Action 247 to implement appropriate minimum internal control standards that protect the public interest and minimize risk to the integrity of sports gaming in Tennessee.”

BetMGM last week revealed two new partners, Major League Baseball’s Detroit Tigers and sports audio firm Audacy.

BetMGM has become an official gaming partner of the Tigers under the terms of a multi-year sponsorship agreement.

Highlights of the sponsorship in the gaming category include BetMGM branding on scoreboards throughout Comerica Park, fan-focused promotions, integrated social media content, and more.

“We’re excited to expand our relationship with BetMGM to feature the Detroit Tigers and Comerica Park,” said Peter Kent, senior vice president of corporate partnerships for the Detroit baseball club. “Our fans will enjoy the enhancements this partnership provides to their experience, both at the ballpark and in rooting on the Tigers from home.”

As part of the multi-year deal, BetMGM will be integrated across the Tigers’ digital and social platforms, including the MLB Ballpark App. BetMGM signage will also be prominently featured at Comerica Park, including on the out-of-town scoreboard and the speed pitch LED board.

BetMGM Chief Revenue Officer Matt Prevost said, “From day one, it’s been a priority for us to develop deep relationships with Michigan’s beloved sports teams. We look forward to our partnership with the Detroit Tigers and engaging with their fan base to offer best-in-class promotions and benefits only available on BetMGM.”

David Tsai, president, Midwest Group, MGM Resorts said, “The Detroit Tigers are a central part of the Michigan sports scene and bring an undeniable energy to the city. MGM Grand Detroit is ready to welcome Tigers and sports betting fans to our BetMGM Sports Lounge before, during, and after games for an innovative and exciting experience.”

The BetMGM app is available for download in Michigan on both iOS and Android and accessible via desktop at sports.mi.betmgm.com. As BetMGM continues to expand its platforms to new states, responsible gaming education remains a key focus. BetMGM is proud to provide resources to help customers play responsibly.

On March 30, BetMGM announced a multi-year deal with Audacy, formerly Entercom Communications Corp., making BetMGM a preferred sports betting partner across Audacy’s broadcast stations, the Audacy and Bet QL apps and the BetQL Audio Network.

“Audacy is a leader in sports radio, digital audio and now the direct-to-consumer betting analytics space,” said Matt Prevost, BetMGM’s chief revenue officer. “In Audacy, we’ve found a long-term strategic partner that shares our goals, enabling us to further amplify BetMGM’s reach to sports fans through the most trusted audio personalities and sports betting data and analytics platform in their respective markets today.”

The partnership will bring BetMGM’s sports betting content to millions of sports fans who tune into Audacy’s broadcasts and podcasts. Under the agreement, BetMGM also will receive preferred access to Audacy talent. The partnership comes on the heels of several recent moves made by Audacy in the sports betting space, including the acquisition of sports data and iGaming affiliate platform QL Gaming Group and the launch of the BetQL Audio Network.

“The advent of legalized mobile sports betting has presented an unprecedented opportunity to bring the action closer to the audience than ever before,” said Audacy President of Sports Mike Dee, who promised the deal would give its partners “a direct line of sight to tap into an attentive, fully engaged audience of potential sports bettors.

“We are proud to partner with BetMGM and wish to thank them for their confidence in us as we become one of their largest media partners. In light of our BetQL acquisition and related offerings, we believe this commitment is the latest validation that no other media company offers the wide variety of ways to connect with the sports betting audience the way that we do on a multi-platform basis.”

According to InsideRadio.com, the rebranding of Entercom is part of what the company says has been its three-year effort to reposition itself into a multiplatform audio content and entertainment organization. “Our name no longer fits,” David Field, chairman, president and CEO told the Philadelphia Inquirer. “Entercom reflected radio only. We’ve outgrown it. It’s broader than that, and it also didn’t fit our aspirations.

“Audacy captures our dynamic creativity, outstanding content and innovative spirit as we aspire to build the country’s best audio content and entertainment platform,” Field added.

BetMGM last week revealed two new partners, Major League Baseball’s Detroit Tigers and sports audio firm Audacy.

BetMGM has become an official gaming partner of the Tigers under the terms of a multi-year sponsorship agreement.

Highlights of the sponsorship in the gaming category include BetMGM branding on scoreboards throughout Comerica Park, fan-focused promotions, integrated social media content, and more.

“We’re excited to expand our relationship with BetMGM to feature the Detroit Tigers and Comerica Park,” said Peter Kent, senior vice president of corporate partnerships for the Detroit baseball club. “Our fans will enjoy the enhancements this partnership provides to their experience, both at the ballpark and in rooting on the Tigers from home.”

As part of the multi-year deal, BetMGM will be integrated across the Tigers’ digital and social platforms, including the MLB Ballpark App. BetMGM signage will also be prominently featured at Comerica Park, including on the out-of-town scoreboard and the speed pitch LED board.

BetMGM Chief Revenue Officer Matt Prevost said, “From day one, it’s been a priority for us to develop deep relationships with Michigan’s beloved sports teams. We look forward to our partnership with the Detroit Tigers and engaging with their fan base to offer best-in-class promotions and benefits only available on BetMGM.”

David Tsai, president, Midwest Group, MGM Resorts said, “The Detroit Tigers are a central part of the Michigan sports scene and bring an undeniable energy to the city. MGM Grand Detroit is ready to welcome Tigers and sports betting fans to our BetMGM Sports Lounge before, during, and after games for an innovative and exciting experience.”

The BetMGM app is available for download in Michigan on both iOS and Android and accessible via desktop at sports.mi.betmgm.com. As BetMGM continues to expand its platforms to new states, responsible gaming education remains a key focus. BetMGM is proud to provide resources to help customers play responsibly.

On March 30, BetMGM announced a multi-year deal with Audacy, formerly Entercom Communications Corp., making BetMGM a preferred sports betting partner across Audacy’s broadcast stations, the Audacy and Bet QL apps and the BetQL Audio Network.

“Audacy is a leader in sports radio, digital audio and now the direct-to-consumer betting analytics space,” said Matt Prevost, BetMGM’s chief revenue officer. “In Audacy, we’ve found a long-term strategic partner that shares our goals, enabling us to further amplify BetMGM’s reach to sports fans through the most trusted audio personalities and sports betting data and analytics platform in their respective markets today.”

The partnership will bring BetMGM’s sports betting content to millions of sports fans who tune into Audacy’s broadcasts and podcasts. Under the agreement, BetMGM also will receive preferred access to Audacy talent. The partnership comes on the heels of several recent moves made by Audacy in the sports betting space, including the acquisition of sports data and iGaming affiliate platform QL Gaming Group and the launch of the BetQL Audio Network.

“The advent of legalized mobile sports betting has presented an unprecedented opportunity to bring the action closer to the audience than ever before,” said Audacy President of Sports Mike Dee, who promised the deal would give its partners “a direct line of sight to tap into an attentive, fully engaged audience of potential sports bettors.

“We are proud to partner with BetMGM and wish to thank them for their confidence in us as we become one of their largest media partners. In light of our BetQL acquisition and related offerings, we believe this commitment is the latest validation that no other media company offers the wide variety of ways to connect with the sports betting audience the way that we do on a multi-platform basis.”

According to InsideRadio.com, the rebranding of Entercom is part of what the company says has been its three-year effort to reposition itself into a multiplatform audio content and entertainment organization. “Our name no longer fits,” David Field, chairman, president and CEO told the Philadelphia Inquirer. “Entercom reflected radio only. We’ve outgrown it. It’s broader than that, and it also didn’t fit our aspirations.

“Audacy captures our dynamic creativity, outstanding content and innovative spirit as we aspire to build the country’s best audio content and entertainment platform,” Field added.

SuperDraft, the daily fantasy sports company recently staked by Caesars Entertainment, announced that it is launching a free-to-play sportsbook, its first new product since Caesars invested in the company.

Caesars Entertainment announced in January that it had acquired a minority interest in SuperDraft with the option to acquire 100 percent of the company.

The new free sportsbook app is basically a customer acquisition tool for states where sports betting is not yet legal, to identify possible new users for SuperDraft’s paid fantasy contests, CEO Steve Want gold the Sportico news site. The app’s prizes will include awards that can be redeemed at Caesars properties.

“The first step is to get our product out there to see what kind of traction we can get,” Wang told Sportico. “The next thing is to figure out whether the free-to-play customers have a propensity to wager in some capacity.”

SuperDraft operates in 35 states, catering to around 110,000 registered users.

“We’re not sure whether we’re going to get affiliate fees; it’s yet undefined,” Wang said. “Caesars made a big investment in us to help them build their customer base, and our job is to promote our DFS product and hopefully acquire new users with a sports betting app of some sort.”

Penn National Gaming obtained a temporary permit from the Virginia Lottery on March 17 to allow online sports betting through its Barstool Sportsbook app. The permit requires final regulatory approval, according to Yogonet.

“We look forward to adding Virginia to our portfolio of states where we operate sports betting as we continue our company’s evolution into the leading provider of retail and online gaming, live racing and sports betting entertainment,” said Penn National CEO Jay Snowden.

Virginia becomes the fourth state that includes Penn National’s app since Barstool’s debut last year.

The permit is one of a potential dozen online and mobile sports betting skins that expect to be available in the Commonwealth.

“I’m confident that Virginians will also enjoy engaging with Dave Portnoy, Dan ‘Big Cat’ Katz and other Barstool fan favorites on our Barstool Sportsbook app in the commonwealth,” Snowden said.

A bill that would legalize sports betting has been moved to the Senate floor by the Appropriations Committee after passing in the House 32-28.

Proponents says they are optimistic of passage.

Rep. Tom Walters, who wrote the bill, told lawmakers “These activities are going on, hosted through illegal offshore accounts. There’s no consumer protections, you could place a wager and win, if the bookie can’t pay, you’re out.”

Supporters argued that Wyoming is losing tax money to Colorado, which is one of the most successful sports betting markets in the West.

Under the bill’s provisions online sports betting would be authorized with at least operators would be allowed. They would need to be qualified in at least three other states. Operators will pay $100,000 for a five year license. Wagers would be taxed at 10 percent, which would go into the general fund.

Wyoming is very aware of competition from Colorado, which took a $326.9 million handle in January and from South Dakota, where sports betting was just legalized in Deadwood. Montana also has sports betting through the Montana Lottery.

The Eastern Band of Cherokee Indians recently opened North Carolina’s first legal sportsbooks, the Book, at Harrah’s Cherokee Casino Resort in Cherokee and Harrah’s Cherokee Valley River Casino & Hotel in Murphy. The tribe’s partners in the venture are Caesars Entertainment and William Hill, which Caesars has acquired. Principal Chief Richard Sneed said, “We are excited to offer legal sports betting at the Book, and just in time for March Madness.”

The Book at Harrah’s Cherokee Casino Resort includes reclining chairs for watching sports action on a 90-foot ultra-high definition screen. Gamblers can place their wagers at seven ticket-writer windows and 10 self-service betting kiosks. Private groups can reserve seating in the Fan Cave or Upper Deck.

At Harrah’s Cherokee Valley River Casino & Hotel, the Book features a 32-foot, ultra-high definition screen, four ticket-writer windows and five self-service betting kiosks.

The final game of the 2021 NCAA Tournament is here as the undefeated Gonzaga Bulldogs take on the two-loss Baylor Bears in the National Championship on Monday night. Read below for a full breakdown of how bettors at PlaySugarHouse.com and BetRivers.com are wagering on the title game.

Championship Preview:
9:20 p.m. ET: #1 Gonzaga (-5, -210 ML) vs. #1 Baylor (+165 ML). O/U 160

Gonzaga advanced to the championship game thanks to a 35-foot game-winning buzzer-beater from Jalen Suggs in overtime against UCLA. The Final Four win marked the first time all tournament the Bulldogs were unable to cover. Gonzaga enters the game five-point favorites, marking just the fourth time all season the Bulldogs are favorites of less than double-digits, and are 2-1 ATS in those games.

The public is currently backing Gonzaga to cover with 60% of the spread handle and 53% of the spread bets. More surprising is the fact that the public is currently backing Baylor to win with 72% of the ML handle and 75% of ML bets.

Gonzaga and Baylor account for 47% of the total NCAA Championship futures handle with Gonzaga being responsible for 36% of the handle and Baylor backed by 11%. Entering the Final Four, Suggs was +400 to win the Most Outstanding Player Award, but following his now legendary second-half performance against UCLA, the freshman phenom is now tied for the shortest odds to win the award with teammate Drew Timme, who was +150 prior to the Final Four.

Most Outstanding Player Odds:
Jalen Suggs (GU) +100
Drew Timme (GU) +100
Davion Mitchell (BU) +250
Joel Ayayi (GU) +700
Jared Butler (BU) +700

Notable Futures Bets:
$10,000 on Drew Timme to win MOP (+250)
$8,000 on Baylor to win NCAA Championship (+350)
$5,500 on Baylor to win NCAA Championship (+475)
$4,000 on Gonzaga to win NCAA Championship (+205)

Notable Game Bets:
$7,200 on Gonzaga -3 1H (-114)
$6,000 on Gonzaga ML (-208)
$5,500 on Baylor +5 (-108)
$5,000 on Gonzaga -4.5 (-120)

If you’re in the New Jersey or Philadelphia area you can bet online on the game at PlaySugarHouse.com. And if you are in Indiana BetRivers.com is your site to place a wager.