SportsHandle and friends deliver another round-up of the week’s big developments in US sports betting.
Tennessee Sports Betting Rules Include Controversial, Novel ‘Payout Cap’
The Tennessee Education Lottery Corporation Board of Directors in a telephone conference on Wednesday unanimously approved final TN sports betting rules, and in doing so became the first jurisdiction in the U.S. to stipulate how much money legal sportsbook operators may pay out overall on total bets taken. The board has been mulling this provision for months and finally agreed on a 90% cap, or put another way, sportsbooks must “hold” or keep at least 10% of all wagers annually. The concern is the downstream impact on bettors and impact on the way sportsbooks typically do business.
Full story here.
With Major Sports All Paused, NFL Draft Betting Generating Enormous Handle In NJ
A week from Thursday, NFL general managers and their staffs will sit alone at home on their computers and phones and start selecting players in the 2020 NFL draft.
For the past few weeks, New Jersey sports bettors have been doing pretty much the same thing. At home, on their phones and computers, no more or less able to hug (or boo) Roger Goodell than the drafted players will be, gamblers in the Garden State have been getting their picks in.
Full story here.
CO Regulators Approve More Sports Betting Licenses Ahead Of May 1 Live Date
On Thursday, the Colorado Limited Gaming Control Commission (LGCC) issued more than a dozen sports betting licenses completing its latest round of licensing action ahead of the state’s May 1 target to launch legalized sports gambling. Over the last month, the Commission has overcome considerable hurdles posed by the COVID-19 pandemic, conducting a series of meetings virtually while state offices and casinos remain closed.
Full story here.
Virginia’s Northam Sends Sports Betting Back To General Assembly
Virginia Governor Ralph Northam used every available minute up until his April 11 midnight deadline to act on sports betting legislation, and then he neither signed nor let the deadline pass to allow for legal sports betting. Instead, Northam sent SB 384/HB 896 back to the General Assembly with amendments.
According to a Sunday tweet from Representative Marcus Simon, one of the bill sponsors, Northam is sending the bills back with amendments that are “agreeable to both House and Senate patrons.” The amendment file, which was sent to the Senate Sunday, includes several changes to fees, definitions and self-exclusion. It also appears to allow for betting on college sports that take place in the state but do not involve a Virginia team.
Full story here.
SuperBook Set To Enter Colorado Sports Betting Market
The competition for sports betting dollars in the state of Colorado ahead of its May 1 launch date intensified Monday with the announcement that the SuperBook will enter the Centennial State marketplace, through a partnership with The Lodge Casino in Black Hawk.
While there is currently little sports betting action due to the COVID-19 global pandemic, Colorado’s Limited Gaming Control Commission has moved briskly to approve sportsbook licenses in the casino cities of Black Hawk, Cripple Creek and Central City. Assuming the SuperBook receives necessary regulatory approval to operate a mobile sportsbook and a retail sportsbook at The Lodge Casino, it will also usher in a Colorado version of its famed NFL pick ’em SuperContest.
Full story here.
PA Casino Industry’s Losses Offset In Part By 25% Boost In iGaming In March
All signs in March pointed to a surge in online casino play in Pennsylvania to help offset the traditional industry’s shutdown, and now there’s a number to attach to that iGaming increase: 24.5%.
The increased online play was the one bit of good news in figures released by the Pennsylvania Gaming Control Board Thursday showing gaming revenue dropped 51.5% last month compared to March 2019.
Pennsylvania’s eight online gaming sites, meanwhile, combined for $24.3 million in March revenue compared to $19.5 million in February. Online gaming only arrived in Pennsylvania in July, so there is no comparison to last March for it.
Full story here.
