SportsHandle: the week that was in US sports betting

SportsHandle and friends deliver another round-up of the week’s big developments in US sports betting
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It’s Friday on SBC Americas so once more our colleagues over at SportsHandle and friends deliver another round-up of the week’s big developments in US sports betting.

Schuetz: Asymmetric Skills Make For Mismatches In Gaming Regulation

In December 2007, I agreed to become a consultant to the Kansas Lottery Commission to assist them in introducing casino gaming in the state. My initial agreement with the commission was to work for 90 days, with an option for them to extend for an additional 60 days. But the arrangement went well beyond this time frame, for December 2007 was the start of what was to become known as the Great Recession.

My primary assignment for Kansas was to evaluate the financial wherewithal of those firms submitting bids — first to ensure that they could deliver on their promises, and second, to attest to the managerial competence of the bidding companies to operate a casino facility.

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Inside The Discussion Around Allowing Betting On The Special Olympics

When word spread last month that an offshore sportsbook was taking action on the Special Olympics World Games Berlin 2023, I had an immediate, visceral reaction.

So did plenty of respected people who are connected to the legalized sports betting world. The Twitter takes were many and quick from consultantswriters, and more, and the disapproval ran deep. To bet on the Special Olympics? That takes a special kind of degenerate. And to offer odds on the Special Olympics? Well, that’s just pure evil.

I’m paraphrasing, but that was the gist of the discussion.

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BetMGM Delivers Profitability Ahead Of Schedule, Hitting Milestone In Second Quarter

Ahead of this week’s 2023 first-half business update, BetMGM guided toward profitability for the final six months of the calendar year.

The subject of profitability is a sensitive one for major sportsbooks as Wall Street pressures leading operators to turn a profit in the fifth year since the U.S. Supreme Court’s historic PASPA ruling. On Wednesday, BetMGM demonstrated to investors that it is ahead of schedule.

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TransUnion Report: College Loan Repayments May Impact Sportsbook Industry

When the U.S. Supreme Court struck down President Joe Biden’s student debt forgiveness program, there was plenty of ink spilled on how it may have a ripple effect on the housing market, the job market, and even when the millennial and Gen Z generations may start families.

Presumably, not a lot of people were thinking about the sports betting industry.

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Gaming Expansion Going Nowhere In Oklahoma As Politicians Fight Among Themselves

In Oklahoma, a long-simmering brouhaha between Gov. Kevin Stitt and Indian Country is now pitting state leaders against one another.

Attorney General Gentner Drummond — at the request of Senate and House leadership — agreed Tuesday to represent the state in a fight against the U.S. Department of the Interior. The move means that Drummond will file to replace the attorney backed by Stitt in a case that argues that the DOI was out of bounds when it “deemed approved” a group of compacts between Stitt and two of the state’s smaller tribes in 2020.

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National Online Casino Revenue Totals $482 Million For June, Up 24% Over 2022

The six states that offer regulated internet casino gaming combined to generate $482.1 million in gross revenue for the month of June, a 24.3% increase compared to last year.

Michigan paced the group with $151 million, with New Jersey close behind at $149.3 million. Pennsylvania was the only other state to reach nine figures at $135.4 million, while ConnecticutWest Virginia, and Delaware generated $46.3 million among them. The Nutmeg State accounted for more than two-thirds that amount, with $31.6 million in gross operator winnings.

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What Happens To Problem Gamblers In Washington D.C. After Budget Cut?

Washington D.C.’s 2024 fiscal year budget removed $200,000 of annual funding for problem gambling resources generated by sports betting revenue, a move that was strongly opposed by responsible gambling advocates. 

“In their decision to repeal funding for vital health services, D.C. leaves thousands of people without help or hope,” consultant Brianne Doura-Schawohl previously told Sports Handle

Washington D.C.’s Department of Behavioral Health disagrees, believing it can still offer the necessary resources for problem gamblers in the District. 

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Massachusetts Regulator Issues Fines To MGM, PENN, And Wynn

The Massachusetts Gaming Commission Tuesday issued three fines totaling $50,000 to the state’s three casinos, following hearings earlier in the summer regarding their respective sportsbooks offering wagers on unapproved markets. MGM Springfield (BetMGM) and Plainridge Park (Barstool Sportsbook) were each fined $20,000 for violations, while Encore Boston Harbor (WynnBET) was fined $10,000.

Retail sportsbooks at all three casinos took bets on Massachusetts college basketball teams in the early going after retail wagering went live Jan. 31, which is not legal unless the teams are playing in a tournament with four or more participants. All three sportsbooks self-reported the violations, and all were essentially administrative errors.

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