Monthly Archives: March 2022

We've always bet on sports, but now the Minnesota state government could get involved.

MINNEAPOLIS After years of rejecting sports betting, state governments across the country are embracing it. With a brand new bill officially on the table with support from both DFL and Republican lawmakers it looks like Minnesota could soon follow suit.

Whether its been a friendly wager between friends, Super Bowl squares or fantasy teams, sports betting has been around since sport was invented.

Doug Terfehr of Maxim Bet says the difference right now is wagering on sports is going mainstream. Its something thats been a part of culture sports culture just not legalized, and just not regulated and just not in a way that benefited the states, so they get the tax returns on that, he said.

Sports betting is legal in 33 states, and 19 of those have come on board in the last year. According to a Morning Consult survey, 18% of adults 21 and older bet on sports at least once a month accounting for more than 52.7 billion dollars throughout the year.

Terfehr believes beyond that, Minnesota has a good reason to get on board. The state is surrounded by other states that are legal. Just to your south Iowa did $2 billion in sports betting last year.

That means more eyes and interest on sports. Historically, there is a high correlation between a sporting events viewership and the number of bets placed on that event, which is why leagues arent shying away from gambling partnerships.

Legalized sports betting has been the one missing piece of the puzzle from the sports fans perspective. according to Terfehr. When you look at it from the different things that you can bet on now, it does make it a lot more entertaining and thats where it does help sports and kind of helps the fan have something to look forward to the very end.

Of course, legalizing sports wagering comes with its problems. Its estimated roughly 2% of Americans are addicted to gambling, which is one of the reasons the shift to legalization has been a slow process.

Most states do put a percentage of their profits to programs that help with addiction, and some have built-in guidelines to help with limits.

Theres things to do to make sure people are betting responsibly," Terfehr said. "Its a very important topic, making sure that they are setting limits, that they go into any sports betting with a game plan there is a process to that.

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Sports betting catching on nationwide - KARE11.com

CLEVELAND (WJW) As the MAC Championship tipped off in Cleveland Thursday, preparations were underway for Ohioans to legallybeton sports, including college sports, next year at this time.

Casinos, professional sports teams and state regulators are planning for legalized sportsbetting to begin in Ohio on Jan. 1, 2023.

The tournament time is a huge time of year for sportsbetting, said Adam Suliman, Vice President of Sports and Digital with JACK Entertainment.

Suliman said JACK Entertainment began preparing for sportsbetting months before Ohio lawmakers voted to legalize it in December, including by designing a retail location and mobile app.

Construction is set to begin soon on a retail sports book on the first floor of the JACK Cleveland Casino.

If youve ever been to Las Vegas and seen a sportsbook there, you can take that and shrink it a little bit, Suliman said.

A larger share ofbetting is expected to be done digitally through mobile apps. JACK this week launched itsBetJACK app, which lets users learn and practice sportsbetting without wagering real money before gaming officially launches statewide.

This is essentially a free-to-play sportsbook. It has all the different sportsbetting markets you would typically see in a real money environment, however its risk free, Suliman said.

Last month, Caesars Sportsbook and the Cleveland Cavaliers announced they are partnering to offer sportsbetting, with plans for a retail location at Rocket Mortgage FieldHouse.

The Cavs said the sportsbook will cover more than 10,000 square feet of the ground-level atrium, inthe northwest corner of the arena.Betting windows for wagering will be open year-round.

The Ohio Casino Control Commission, which will regulate sportsbetting, said sportsbetting will go live statewide at the start of next year.

It was an intentional choice to make sure we have time to implement the law the way its meant to be done, Communications Director Jessica Franks said.

The Commission is currently working through the rule-making process before accepting applications in the summer or fall and then granting operator licenses.

The Commission is currently in the process of drafting all of the various rules and applications, Franks said.

According to poll results brought to you by Emerson College, Your Local Election Headquarters and The Hill, a majority 49.8% of Ohioans surveyed said they think gambling on professional sports should be legal, while 29.7% opposed it.

But a majority opposedbetting on college sports. 48.7% of respondents said they think gambling on college sports should not be legal, while 36.3% said it should be legal.

Gambling isnt risk-free, said Mike Buzzelli, Associate Director of Problem Gambling Network of Ohio. It is certainly a form of safe entertainment for most, but some can develop problems.

Ohios neighboring states of Michigan, Pennsylvania and Indiana previously legalized sportsbetting. Buzzelli said calls to problem gambling hotlines have surged by as much as 50% in some states when sportsbetting went live.

Under the law approved by the Ohio Legislature, 2% of state tax revenue from sportsbetting will go into a fund for problem gambling prevention, treatment and support.

Because it will be so available, it takes those folks that may be on the verge of problematic play and it might tip them, Buzzelli said.

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Preparations underway for legal sports betting in Ohio next year - WJW FOX 8 News Cleveland

The Illinois Gaming Board reported a record monthly sports betting handle of $867.5 million for January, moving the states all-time legal wagering within $250 million of the $10 billion mark.

The handle was the 14th-highest monthly amount reported of any state in the post-PASPA era that started in June 2018, bettering the Illinois mark of $840.4 million established in October. Illinois has three of the top 20 all-time totals, even with only six mobile operators accepting wagers.

BetMGM, which launched Saturday to coincide with the start of remote registration in the state, could give the Prairie State a chance at a $1 billion handle in March with the NCAA Tournament likely to spur more action.

The Illinois board reported an adjusted gross revenue total of $66.2 million, which ranks 11th nationally and within the state itself is behind only the $79.3 million generated by operators in November. Overall gross gaming revenue totaled close to $65.3 million as Caesars posted a loss on the mobile side and Casino Queen did likewise for retail wagering.

The adjusted revenue was nearly double Decembers amount of $33.7 million, as the 7.6% hold in January was more than 3 full percentage points higher than the previous month. Taxes from operator revenue came close to $10 million, as Illinois became the third state along with Pennsylvania and New Jersey to surpass $100 million in tax receipts from sports betting in the post-PASPA era dating to 2018.

Illinois was the fastest to the $100 million benchmark of the three states, doing so in 22 months from launch compared to 27 for Pennsylvania and 32 for New Jersey. Illinois tax rate of 15% on adjusted revenue is less than half that of the Keystone State and slightly higher than what the Garden State levies for online revenue.

Cook County received $754,574 from the additional 2% tax on revenue from wagers placed in Chicago and the surrounding areas.

The Illinois report increased national handle reported for the first month of the year to nearly $9.3 billion, with Arizona the lone state yet to provide figures. It would take a notable effort from the Copper State to get the total to $10 billion, considering it set its all-time high for handle in December with just shy of a half-billion.

While DraftKings remained atop the Illinois handle leaderboard with close to $283.7 million, that was a slide of 2.3% compared to December. FanDuel significantly closed the gap of nearly $60 million between the two from the close of 2021, as its handle surged 12.4% to an all-time high of $259.1 million.

FanDuel was not alone among operators posting record handles in a busy January. BetRivers improved 16.5% to an all-time monthly high of $135.8 million, and PointsBet had the highest month-over-month percentage increase among the sextet of sites in January as its handle reached a record $74.5 million, 54.6% better than December.

Barstool Sportsbook posted a 13.9% increase in clearing $60 million for the third time in four months, while Caesars ticked 9.7% higher to $15 million.

Caesars, though, posted the largest single-month loss of any mobile operator in Illinois history, as bettors came out nearly $800,000 ahead. It was the third time Caesars/William Hill posted a loss in 17 months of operation.

FanDuel again rode the strength of its parlay offerings to the top revenue spot for January, claiming more than $25.5 million. Nearly $17 million of that came via parlay wagering and the 22.1% win rate on those bets.

DraftKings also reached eight-figure revenue totals via parlay wagering, with the $10.2 million accounting for more than half its $19.4 million overall revenue. BetRivers totaled $10.2 million in revenue as football and basketball wagers accounted for more than $7 million of that total, compared to the $815,000 via parlays.

Despite the sizable increase in handle, PointsBets revenue climbed just 5.1% to nearly $4.3 million. Barstools $3.9 million in revenue was its highest since the $5.1 million accumulated in its first month of operation in March 2021, and it represented a 65.2% increase from December.

For overall revenue numbers by category, parlays accounted for more than half that amount at $33.5 million, with the hold a sturdy 18.2%. Basketball and football were the other notable revenue drivers at $12.6 million and $10.9 million, respectively, while tennis emerged as a surprising fourth with just shy of $3.3 million.

Located near the Missouri border in East St. Louis, Casino Queen appears to have taken a beating from those still loyal to the Super Bowl champion Rams. The retail tether to DraftKings paid out over $1 million more than the $5.8 million in football wagers it accepted, contributing to an overall monthly loss of $445,588 in January.

It was the largest monthly loss for any retail sportsbook recorded in the state since launch and more than double the $204,095 Grand Victoria Casino in Elgin lost in December. Casino Queen, however, did smash its all-time monthly high for handle with more than $9.5 million.

Rivers Casino remained the bell cow for retail handle, but its $11.8 million in wagers was a steep 30% falloff from its record $16.8 million in December. The overall retail handle was a record $38.4 million as operators reported nearly $2.8 million in adjusted revenue. The gross retail revenue was more than $2.9 million as Grand Victoria, Hawthorne Race Course, and Hollywood Casino in Aurora were allowed to carry over losses from December.

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Illinois Posts Record $867.5 Million Sports Betting Handle In January - Sports Handle

STATEN ISLAND, N.Y. -- Tired of betting day by day? Looking for a longterm bet with a potentially huge payout?

Welcome to the world of future bets.

Want to bet on March Madness?

See the best NYC Sports Betting sites

Like the name implies, future bets allow gamblers to wager on longterm outcomes that wont be decide until a later date.

Most future bets center around end-of-season results, like which team will win their division, which team will finish with the best regular season record or which team will ultimately be crowned champion.

Because the field is so wide for future bets, with numerous teams all capable of finishing with the best record or winning the championship, bettors will typically receive plus-money odds when betting futures, even when wagering on the projected best teams.

{Bet $5 and win $200 in free bets at DraftKings}

For example, lets take a look at the futures odds for the 2022 MLB World Series.

The Los Angeles Dodgers are currently listed as the favorites to win the upcoming World Series, according to the latest odds from FanDuel.

However, despite being viewed as the most likely winner, the odds are still listed at +600, meaning a $100 wager would win $600, should the Dodgers take home the title.

And the odds only get more and more lucrative as you go down the line and bet on other contenders, dark horses or long shots.

For example, the Chicago Cubs are currently listed at +15000, meaning a $100 bet would result in a $15,000 win, assuming the team were to go on an unforeseen run to the title.

Like all other odds, futures odds are set by determining the projected probability of an outcome and then setting corresponding odds based on that projected probability.

The +600 odds being offered on the Los Angeles Dodgers means sports books are currently projecting the team to have a 14.29% of winning the World Series, while the +15000 odds on the Chicago Cubs means that teams World Series chances are projected to be just 0.66%.

Note: Online/mobile sports betting is now legal in New York state, but wagers on in-state college teams, such as St. Johns and Wagner College, are still prohibited for both home and road games even if played in another state.

If you or a loved one has questions or needs to talk to a professional about gambling, call 1-800-GAMBLER or visit 1800gambler.net for more information.

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NYC sports betting: What is a future bet? How do they work? - SILive.com

Arkansas guard Moses Moody (5) drives to the hoop against Georgia defender P.J. Horne (24) during the second half of an NCAA college basketball game Saturday, Jan. 9, 2021, in Fayetteville, Ark. (AP Photo/Michael Woods)

Arkansas residents still cannot place online sports bets from their phones, but one state casino has made Arkansas online sports betting a reality for bettors.

Southland Casino Racing launched an online sportsbook through its website on Saturday, March 5, and is accepting bets from PC and Mac web browsers. It accepted its first bets over the weekend, but the casino is still waiting approval to launch its online sportsbook app for mobile phones.

The Betly online sportsbook will make it even easier for our patrons, all Arkansas residents and visitors to the state to wager on their favorite teams, said David Wolf, president and general manager of Southland Casino Racing, in a press release. Many patrons are already using our Betly sportsbook kiosks at Southland, so the online sportsbook will be a familiar and convenient extension of our sports betting experience.

The Arkansas Joint Budget Committee approved sports betting on Tuesday, Feb. 22, and it became legal on Friday, March 4. However, Arkansas casinos are still scrambling to receive approval from Google and Apple to launch their own sportsbook apps for mobile betting.

Carlton Saffa, chief marketing officer of Saracen Casino,toldSports Betting Dime last week that Saracen Casinos Bet Saracen sportsbook app has been completed and is awaiting final authorization from Google and Apple before the app can go live. While the launch date is unknown, Saffa said it would be before the start of the NCAA March Madness tournament on March 15.

Southland Casino Racing finds itself in the same situation. Its Betly sportsbook mobile phone app is still awaiting approval for launch.

Delaware North, a global hospitality and entertainment company, developed Southland Casino Racings Betly online sportsbook app through Gamewise, a joint venture company that launched in July 2021.

We strived to make Betly very fun, user friendly and unintimidating as an ideal first experience for people wanting to get into sports betting, said Luisa Woods, vice president of marketing for Delaware Norths gaming division, in a press release.

Arkansas casinos will likely have to use and develop their own online sportsbooks rather than partnering with a national online sportsbook company to use their technology. Arkansas included a 51% sports betting revenue clause in their approved sports betting bill, which requires that state casinos keep at least 51% of sports betting revenue if partnered with an online sportsbook company. Online sportsbooks typically keep between 85% to 95% of revenue in partnerships with casinos in other states.

The rule will likely initially keep the large online sportsbook companies out of the state, which is why the Arkansas casinos are relying on their own designed sportsbook apps.

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Arkansas Online Sports Betting Is Live, but Only Through Websites Currently - Sports Betting Dime

The Betfred USA Sports division of Betfred Group has launched mobile sports betting in the state of Arizona through a partnership with tribal facility the We-Ko-Pa Casino Resort.

Players in Arizona can now download the Betfred Sports-branded app and place pre-event and in-play bets on a wide range of professional and college sports competitions.

The launch comes after Betfred agreed amarket access dealwith We-Ko-Pa in August of last year.

The app will support an existing retail sports betting offering at a temporary facility at the WKP Sports & Entertainment Sports Bar, with a permanent sportsbook scheduled to open at the We-Ko-Pa Casino later this year.

Three months ago, the We-Ko-Pa Casino Resort and Betfred Sports introduced sports betting kiosks at our beautiful desert gaming destination, and most recently opened a temporary full-service sportsbook, We-Ko-Pa general manager Mary Ketterling said.

Adding mobile apps is one more way we can offer Arizonans an easy, user-friendly and unparalleled sports betting experience.

Betfred Sports chief operating officer Bryan Bennett added: We look forward to offering customers in the entire state unique experiences that they cant access on any other platform. Our team has worked diligently to bring this to fruition.

Betfred also offers sports betting in Iowa, Pennsylvania, Louisiana, Washington and Colorado, with regulatory approval also pending in Nevada and Virginia.

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Betfred expands US presence with sports betting launch in Arizona - iGaming Business

Nevada could see about $441 million in sports betting handle from March Madness in 2022, according to analysis by Gaming Today. With projected revenues of $25.6 million for sportsbooks during the mens NCAA Tournament, based on an estimated hold percentage of 5.8%, this would net about $1.7 million in tax revenue for the state.

We project total sports betting handle for the state in March 2022 to hit $1.103 billion, with college basketball accounting for about 40% of that figure.

Nevada sports betting is highly seasonal. Fueled by football and college basketball, it has a clear peak season that runs from September to March. On a month-to-month basis, the states sportsbooks have seen explosive growth during the current peak season compared the last years peak season. For example, January 2022 saw $1.1 billion in total, up from $646.7 million in January 2021 and $502.5 million January 2020.

November has seen a similar pattern, with 2021 handle for the month reaching $1.1 billion, up from $609.4 million in 2020 and $614.1 million in 2019. Other months have followed the same year-over-year trajectory, too, so we project a similar bump for March 2022.*

*the 2020 NCAA Tournament was cancelled.

March Madness is one of the largest sources of revenue for sportsbooks. Due to the sheer number of games, the NCAA Tournament generates more betting handle than the Super Bowl. Over four years from 2017 to 2021 (excluding 2020 COVID aberrations), March sports betting handle in Nevada has been 27% higher than the average month.

In fact, March and January typically jockey as the months with the largest sports betting handle in Nevada, followed closely by November, October, and September.

The mens NCAA Tournament features 67 games over a three-week span, and the madness of March really begins in the weeks prior with conference basketball tournaments commanding the attention of bettors. Like the Super Bowl, March Madness drives engagement among even casual sports fans, who are busy filling out brackets for pools with friends and co-workers.

When the U.S. Supreme Court struck down PASPA in 2018, some analysts forecasted a decline in Nevadas sports betting industry. But Nevadas handle and revenue numbers continue to increase.

In fact, legalization may be having the opposite effect on Nevada than anticipated. Sports betting legalization in new markets has encouraged technological advancement among Las Vegas sportsbooks (i.e. better apps and enhanced wagering menus). Sports betting legalization has also led to increased awareness and education about sports betting among sports fans. So, more tourists are comfortable at Nevadas sportsbooks than ever before.

With that massive push [of new legal sports betting] comes a general awareness that sports betting is legal, Brett Abarbanel, director of research at UNLVs International Gaming Institute, told NBC News after this years Super Bowl. Now, having that awareness, you realize perhaps these legal opportunities exist.

Nevada has a long history of sports betting, so it has a mature market to project with. We took the average handle from September 2020 to August 2021 to get an accurate fiscal year of data. This followed the drop in revenue caused by COVID closings, so the year of data was not distorted by major sport cancellations or sportsbook closures.

During 2020s post-COVID recovery fiscal year, peak season monthly handle grew by an average of 72% over the previous year. For example, December 2021 handle was 71.8% higher than December 2020.

Monthly sports betting handle during the current peak season grew by an average of 72% from the previous year. Since other peak months already experienced similar explosive growth, we applied that growth rate to March 2021 handle. This put projected March 2022 handle in the same range as the current peak season.

Since BetMGM is the online sportsbook of more than a dozen Las Vegas hotel and casino properties, it serves as a decent gauge for Nevadas overall market.

NCAA basketball comprises about 40-50% of BetMGMs total March handle, according to estimates the company emailed to Gaming Today. We used the low end of that range to project March Madness handle for Nevada sportsbooks overall. So, we took 40% of our estimated $1.103 billion and arrived at about $441 million.

Finally, we took Nevada sportsbooks average hold of about 5.8% over the past five years to estimate taxable income (we excluded March 2020 to June 2020 due to COVID aberrations.) Then we applied Nevadas 6.75% tax rate to projected sportsbook revenue to estimate state tax revenue from March Madness alone.

Overall, our projections leaned conservatively. The average 72% monthly increase in sports betting handle has been relatively consistent from September to January. So, thats the increase we used to get from March 2021 handle to March 2022 handle, as March figures to be in line with the current seasons pace.

For our analysis, we reached out to industry sources and used publically available data from Nevada. Where Nevada-specific data was unavailable, we pulled data from other markets and news stories.

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March Madness Set To Lift Nevada Sports Betting Handle To $1B Month - Gaming Today

The 2022 SEC tournament starts on Wednesday, March 9th from the T-Mobile Arena in Las Vegas, Nevada, with two first-round games. The top-seeded Auburn Tigers are lined at odds of +275 at Georgia sports betting site BetOnline and will face the winner of Texas A&M vs. Florida in round three. Meanwhile, the Kentucky Wildcats are the betting favorite to win the SEC tournament at odds of +200, with their tournament tipping off on Thursday evening. While Georgia sports betting is still not fully regulated, betting on March Madness in Georgia while collecting free bets and sportsbook bonuses is still quite easy.

Continue reading further to find out more information on how to bet on the SEC Tournament in Georgia.

Georgia sports betting is still not state-regulated, despite college basketball bettings wide popularity in the Peach State. While Georgia sports betting is still not endorsed by state law, it is still possible to bet on college basketball in Georgia. For a step-by-step guide on how to bet on the SEC tournament in Georgia, check out the instructions below.

Despite being the number three seed in the tournament, the Kentucky Wildcats are the top favorite to win the SEC tournament at odds of +200. Top-seeded Auburn are currently lined at odds of +275, as the second-highest favorite in the tournament, while the Tennessee Volunteers are the number two seed in the tournament, slightly behind the pack at odds of 4-1.

To find out the all betting odds for the 2022 SEC Tournament, check out the table below via BetOnline

The first round of the SEC tournament kicks off on Wednesday, March 9th from the T-Mobile Arena in Las Vegas. Missouri vs. Ole Miss is the first match-up of the day, with the winner advancing to take on LSU in round two on Thursday. Vanderbilt vs. Georgia is the second match-up of the first round, with the winner advancing to take on Alabama in round two. On Thursday, Texas A&M vs. Florida is the first match-up of round two, with the winner advancing to take on top-seeded Auburn. While South Carolina vs. Mississippi State is the second scheduled match-up of the second round, with the winner advancing to take on Tennessee in round three on Friday.

With the current format of the NCAA Conference post-season, betting on the SEC Tournament in Georgia is as easy as ever before. If youre not into betting the outright match-up winners, a number of Georgia sportsbooks offer a wide variety of alternative betting markets on each and every game in the SEC Tournament, and all throughout March Madness.

To learn more about some of the best Georgia sportsbooks available for betting on college basketball, continue reading now.

Bet on college basketball in Georgia with BetOnline this week and get in on some of the best offers available for the SEC Tournament. BetOnline is far and away one of the best Georgia sportsbooks available for betting on March Madness, and residents of Georgia who sign-up now will receive a 50% welcome bonus of up to $1,000 as well as a risk-free wager of up to $50 when placing their first wager on the SEC tournament from their mobile device.

Step into the action with BetOnline right now by following the link below.

XBet has a number of great offers for Georgia sports betting fans ahead of the SEC Tournament and March Madness. GA residents who register with XBet now will receive a complimentary ten-dollar online casino chip, as well as a massive matched welcome bonus of up to $500 for betting on the SEC tournament in Georgia. XBet has made a name for itself for offering customers a simple and easy experience when it comes to betting on college basketball in Georgia.

To get started with XBet now, click the link below.

While betting on college basketball conference tournament futures, you should always be making a case against the betting favorite. In the case of the SEC tournament, the Kentucky Wildcats are lined as the favorites at odds of 2-1, despite both Auburn and Tennessee being seeded as higher-ranked teams. The Tennessee Volunteers hold wins over both Kentucky and Auburn, making them an easy pick to win the entire tournament at odds of +400.

To place your free SEC Tournament bets with BetOnline today, click the link below now.

The Best College Basketball Betting Sites for March Madness

5 Bookmakers that match your criteria...

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How to Bet on the SEC Tournament in GA | Georgia Sports Betting Guide - Basketball Insiders