SportsHandle and friends deliver another round-up of the week’s big developments in US sports betting.
A New Sports League-Sportsbook Business Relationship May Be On The Way In Massachusetts
There’s a curious new clause in the latest Massachusetts sports betting bill concerning relationships between sports leagues and to-be-licensed sportsbooks. Based on our knowledge of sports wagering legislation across the country, if passed, this clause and the type of commercial relationship it would expressly permit, would be a first.
Here’s Section 11(g) of House Bill 4879, which is currently on the House floor (emphasis added):
(g) A sports governing body may enter into commercial agreements with a sports wagering operator or other entity in which such sports governing body may share in the amount bet or revenues derived from sports wagering on sporting events of such sports governing body. A sports governing body shall not be required to obtain a license or any other approval from the commission to lawfully accept such amounts or revenues.
Full story here.
Colorado Sees Sharp Uptick In Sports Betting Handle For June
More sportsbooks, a bigger handle, and a continued affinity for table tennis marked the Colorado sports betting revenue report for the month of June released Tuesday by the Colorado Department of Revenue’s Gaming Division.
The state agency reported a handle of slightly more than $38.1 million for June, an increase of 49% compared to its initial report for May. In contrast to the initial month when four sportsbooks launched May 1 and two more began operations mid-month, Colorado had six mobile operators and one retail sportsbook in operation in June.
Full story here.
Rush Street To Go Public, Becoming Latest Sports Betting Operator To Join SPAC Party
Rush Street Interactive entered into a definitive merger agreement with dMY Technology Group Inc. on Monday, becoming the latest prominent sports betting operator to forego a traditional path for going public by joining forces with a special-purpose acquisition company.
The deal values the Chicago-based sports-and-casino betting company at approximately $1.78 billion, according to the company, or a multiple of 5.6x of Rush Street’s projected 2021 revenue of $320 million. Founded in 2012, Rush Street Interactive (RSI) owns the distinction of becoming the first company to launch legal online sportsbooks both in Pennsylvania, through the PlaySugarHouse.com brand, and in Indiana, under BetRivers.
Full story here.
Pritzker’s Choice To Roll Back Remote Sports Betting Registration In Illinois ‘Terrible’
Reaction from Illinois stakeholders to Gov. J.B. Pritzker’s decision to end the period of remote registration for legal sports wagering accounts, less than two months after he initially allowed it to begin, was swift and harsh on Sunday. Operators told Sports Handle they were caught off guard by the decision, a consultant called the move part of an ongoing “tug of war,” and a local radio personality on Twitter called the move “terrible” and a series of words we, ahem, can’t print here (but check the tweet down below).
Full story here.
FanDuel And DraftKings May Face Formidable Mobile Sports Betting Rival This Fall
FanDuel and DraftKings have continued to dominate the online sports betting marketplace in the U.S. in 2020, even as the COVID-19 global pandemic has created upheaval in countless industries.
According to a report issued last week by Vixio Gambling Compliance (the new “first name” was added in January as part of a rebranding), FanDuel held 40% of that market in the second quarter of 2020 in New Jersey, Pennsylvania, Indiana, Iowa, and West Virginia. That’s the same as the percentage from the fourth quarter of 2019 and one point higher than in the first three months of this year.
Full story here.
Greektown and MotorCity Casinos in Detroit, Michigan to Reopen Next Wednesday
The Greektown Casino Hotel and MotorCity Casino in Detroit both said they will reopen Aug. 5, the earliest possible date allowed under an executive order signed by Michigan Gov. Gretchen Whitmer late Wednesday. Representatives from the city’s third casino, MGM Grand Detroit, told MiBets.com that the establishment would “announce their reopening date soon.”
Full story here.
