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Category Archives: Sports Betting

‘March Madness’ Sports Betting Is Big Business – Investopedia

Posted: March 29, 2024 at 2:48 am

Key Takeaways

The National Collegiate Athletic Association's (NCAA) 2024 Division 1 college basketball tournaments, known as "March Madness," kicked off this week, sending fans and sports betting outlets into a frenzy. The event also may benefit the stocks of some companies in the sports betting industry.

Bettors are expected to legally wager as much as $2.72 billion on "March Madness" this year, according to the American Gaming Association (AGA). That figure appears to exclude bets with friends and family and office brackets, which were counted as part of the AGA's previous surveys on March Madness betting.

"It wasn't that long ago where, if you wanted to place a bet, you either had to go to the casino sportsbook in Nevada or you had to participate in the more casual betting among friends," AGA Vice President of Research Dave Forman told CBS News in an interview. "[Online betting] has driven a lot of new people into that legal market."

The number of bettors across sports has steadily increased in recent years as regulatory legislation in 38 states and the District of Columbia has relaxed.

In 2023, 75% of fans bet for the first time on March Madness, one market research firm reported.

Last year, the AGA forecast 68 million Americans would wager as much as $15.5 billion on the tournament, which encompasses more than 100 games played by men's and women's teams in a three-week span. Of that number, 31 million planned to place a sports bet via online wagers, traditional sports books, or a bookie, while 21.5 million planned to "bet casually with friends."

For comparison, last year's NFL Super Bowlthe one game in U.S. sports with the heaviest betsenticed 50 million adults to bet $16 billion. This year, with the Super Bowl fittingly played in Las Vegas, that figure jumped to 68 million bettors wagering $23.1 billion, according to sports network ESPN.

Part of the impetus for more bets on March Madness is rising interest in women's college basketball.

The success of talented players such as Caitlin Clark of the University of Iowa and Angel Reese of Louisiana State University has sparked a near tripling in the number of bets placed on women's college basketball this season compared with last year, according to Caesars Sportsbook.

As the NCAA basketball tournaments were about to begin, stock analysts at Jefferies in a March 13 research note said gaming "investor interest remains focused on the burgeoning U.S. market, where the state legalization," along with promotions and the path to profitability are still debated.

Bank of America Securities analysts in a mid-February research note highlighted DraftKings Inc. (DKNG); BetMGM, owned by MGM Resorts International (MGM); and PENN Entertainment Inc. (PENN), which runs ESPNBet, as gaming companies to watch.

UPDATEMarch 24, 2024: This article has been updated with a photo from a second-round game.

'March Madness' Sports Betting Is Big Business - Investopedia

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Get $250 in bonus bets for UNC vs. Alabama with this NC sports betting bonus before tonight’s 9:39 p.m. ET tip-off – syracuse.com

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Get $250 in bonus bets for UNC vs. Alabama with this NC sports betting bonus before tonight's 9:39 p.m. ET tip-off syracuse.com

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Get $250 in bonus bets for UNC vs. Alabama with this NC sports betting bonus before tonight's 9:39 p.m. ET tip-off - syracuse.com

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IGA executive director confident of California sports betting with tribal help – iGaming Business

Posted: at 2:48 am

Jason Giles, executive director of the Indian Gaming Association (IGA), believes there could yet be online sports betting in California, though he also believes the help of tribes is vital to any legalisation.

Another attempt to legalise sports betting in California failed in January after two ballots aiming to grant tribes exclusive rights were scrapped following fierce tribal opposition in the state.

Eagle1 Acquisitions Corp, the group of backers for a proposition to legalise sports betting in California, had made several amendments to its ballot initiative in December in a bid to gain increased tribal support, however the efforts ultimately failed.

In response, the California Nations Indian Gaming Association (CNIGA) stated the failure should serve as a warning against future attempts to legalise sports betting in the state without tribal involvement.

However, Giles believes there could be more success when the next chance to launch a legalisation effort comes around in 2026, pointing to the 2027 Super Bowl in Los Angeles as a key reason to get a sports betting bill over the line before then.

There is most certainly a path to online sports betting in California and it starts with the tribes, Giles told iGB ahead of the Indian Gaming Tradeshow and Convention, set to be hosted at the Anaheim Convention Centre in California between April 8-11. I dont think it is inevitable as some people have said recently, but we are seeing positive signs, such as the decision by FanDuel and DraftKings to engage with us at our tradeshow in Anaheim.

We are not putting a timescale on when tribes will exercise their sovereign authority and look for that path forward with the state, commercial gaming, and the tribal community. It is more important to put measures in place that maintain the sustainability of our communities and the tribal gaming industry.

2023 proved to be a key year in the tribal nations fight for sovereignty in the US as state governments looked to increase their control over Indian country.

Tribes earned a key victory during the summer as a federal appeals court reinstated a compact between the state of Florida and the Seminole Tribe, effectively creating a tribal monopoly in the state for statewide mobile sports betting.

In September, the full US Court of Appeals for the District of Columbia opted against rehearing that case, and the Seminole Tribe relaunched mobile betting in Florida in November with its operator Hard Rock Bet. The Florida Supreme Court then rejected a motion from pari-mutuel betting operator West Flagler Associates to suspend Hard Rock Bet.

Tribes then received another big boost in February 2024 as the Department of the Interior (DOI) announced updated federal regulations, similar to those seen in Florida, that boost the clarity and transparency of Indian gaming compacts.

Giles hailed the impact of the DOIs move, stating: We are pleased that the Biden-Harris administration is demonstrating commitment to Indian country. Were also very hopeful that they will provide a strong platform for business growth.

Indian Country is stronger than ever and will, through our tribal leadership, continue to defend the rights of tribal communities.

The National Indian Gaming Commissions annual report showed revenues in 2022 rose 4.9% to $40.9bn (33.0bn/38.2bn). That $1.9bn year-on-year gain is the highest ever recorded.

Tribal gaming has certainly bounced back from the impacts of the Covid-19 pandemic, setting the sector up for a prosperous future.

Giles is confident tribal gaming will continue to fare well, while outlining it will work with those who respect its values and offer new ideas.

Tribal gaming will remain strong through a robust regulatory framework and by taking a sustainable, long-term approach to the industrys future, Giles added.

Tribal communities are open for business and open to new ideas and innovation. We are looking to work with companies who not only understand Indian Country, but who can bring new ideas and new technologies so that we can continue to offer world-class experiences for customers.

Despite the continued strength of the Indian gaming sector, fears are still lingering over politicians and other commercial gaming interests looking to get in on the tribal success.

For Giles, however, he is steadfast in his confidence that tribal gaming will continue to fend off its competitors, as long as the community works together.

Protection will be at its strongest if tribes remain united against anyone who seeks to undermine tribal sovereignty, Giles continued. The tribal gaming industry is very successful and has built a highly sustainable industry.

That isnt to say that we are not interested in speaking to these companies and their representatives. I firmly believe that a co-operative approach borne out of a respect for our tribal governments and institutions will be beneficial to everyone.

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IGA executive director confident of California sports betting with tribal help - iGaming Business

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Georgia Sports Betting Legislation Fails Once Again – Winners and Whiners

Posted: at 2:48 am

Its official: Georgia sports betting will have to wait at least one more year.

Once again, the Georgia legislature considered bills that would legalize sports betting in the Peach State. However, the 2024 legislative session ended Thursday without any of those bills making enough progress.

Companion pieces of legislation were approved by the Georgia Senate earlier this year. SB 386 and SR 579 would have authorized a vote on Election Day to authorize changes to the states constitution and bring Georgia sports betting to life.

This two-part initiative was similar in nature to one of several Georgia sports betting ideas bandied about during the 2023 legislative session. At that time, the consideration of multiple bills at once almost certainly stymied the prospects of any of them becoming laws.

However, even with just one idea on the table this time around, the issue was once again tabled. SB 386 and SR 579 were approved by the Georgia House Committee on Higher Education, but did not make it past the House Rules Committee.

That committee had several chances to discuss the bills during its last day of meetings. However, other items took precedent, and legislation to bring the best online sportsbooks to Georgia was left on the cutting room floor.

The next Georgia legislative session convenes in early-2025, after a new batch of elections this November. Its safe to assume Georgia sports betting will once again be a hot topic.

If its outright legalized by the House and Senate in 2025, a launch in late-2025 or early-2026 is likely. However, a scenario involving an Election Day vote seems far more likely. If such a vote is scheduled for November of 2025, legalization wont come until at least mid-2026.

For now, those in Georgia dont have many options. Georgians in the southern part of the state can hop over the border to Florida, which relaunched its sports betting industries in late-2023. However, thats a several-hour drive for residents of major cities such as Atlanta, Macon, and Savannah. Those in Atlanta, in fact, are much closer to Georgias border with Tennessee, another legal sports betting state.

South Carolina, Georgias neighbor to the northeast, is also without legal sports betting. The same can be said for Alabama, to the west. Alabama sports betting legislation was briefly considered as part of a wide-ranging gambling bill, but language pertaining to sportsbooks was removed from the bill early in the process.

Andrew Champagne is a Senior Editor at Raketech. A passionate storyteller, handicapper, and analyst, Andrew lives in Northern California's Bay Area. He can often be found planning his next trip to Las Vegas, bowling reasonably well, or golfing incredibly poorly.

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Georgia Sports Betting Legislation Fails Once Again - Winners and Whiners

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Sports Betting Scandals: Ohtani Fallout and NCAA Prop Betting Ban – SportsGrid

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Sports Betting Scandals: Ohtani Fallout and NCAA Prop Betting Ban SportsGrid

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Sports Betting Scandals: Ohtani Fallout and NCAA Prop Betting Ban - SportsGrid

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Sports betting won’t be legal in Georgia after lawmakers couldn’t agree on how to spend taxes – The Caledonian-Record

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Sports betting won't be legal in Georgia after lawmakers couldn't agree on how to spend taxes - The Caledonian-Record

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Survey finds majority of Canadians want immediate nationwide sports betting ad ban – EGR Global

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A new survey has found that 59% of Canadians support an immediate nationwide ban on sports betting advertising.

The survey, conducted by market research firm Maru Public Opinion, found this viewpoint was most likely to be held by those aged over 55, with 64% of the older demographic calling for this immediate ban, compared to 56% of the younger cohort.

This answer was also broken down by region, with those living in Atlantic Canada leading the way at 62%, followed by Quebec/Alberta at 60%, Manitoba/Saskatchewan at 59%, Ontario at 58%, and British Colombia at 56%.

The poll also found that seven in 10 Canadians want current athletes and celebrities banned from gambling advertising, and two-thirds of those surveyed believe ads should not be allowed during live sports broadcasts.

According to Maru, this opinion is likely to be held by males (67%), those aged over 55 (72%), with a university education (69%), and an income above C$100,000 (68%). When compared to other provinces in Canada, those in Atlantic Canada (78%) are most likely to share this viewpoint.

Elsewhere in the survey results, three-quarters of respondents say children and young people should be protected from sports betting adverts, and 72% fear young adults will amass large amounts of debt with the current availability of sports betting in Canada.

Just under two-thirds (62%) of people believe operators are not acting responsibly with their advertising at the moment, and just over half (53%) think there should be more government oversight and regulation of the ads.

One in six people surveyed say they have wagered online on a professional sporting event, with a third being young Canadians compared to 17% of those aged between 35 and 54. In terms of the gender split, 27% of men say they have bet online compared to 7% of women.

Of those who bet, 24% said that betting on sports makes them want to watch more sports.

The findings come from a survey of 1,534 Canadian adults who are Maru Voice Canada online panelists between February 7 and 8.

The legalized market went live in Ontario in April 2022. The latest handle figures released by iGaming Ontario, a subsidiary of the Alcohol and Gaming Commission of Ontario, reveal that sports betting accounted for C$3.1bn of Ontarios C$17.2bn handle in Q3 2023.

Survey finds majority of Canadians want immediate nationwide sports betting ad ban - EGR Global

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Sports gambling has gotten out of control – The Philadelphia Inquirer

Posted: at 2:48 am

First and final thoughts

Maybe Im the wrong guy to write about this topic. I dont bet on sports. Never really have. Ive led a fantasy-football-free life, and I havent played fantasy baseball since high school, back when it was called rotisserie baseball, which for me was a more appropriate term. I was too sentimental in building my rosters, loading up on my favorite players without regard for any analytics, my friends and competitors roasting me as if I were rotating above a hot grill. I stopped filling out March Madness brackets in college, back when I couldnt appreciate the wonderful randomness of the NCAA Tournament. As someone who fancied himself a college hoops quasi-expert, I was just tired of losing pools to people who based their picks on each teams mascot. The Minnesota Golden Gophers vs. the Montana State Bobcats? Im going with MSU, of course. Dont bobcats eat gophers?

READ MORE: Kyle Neptune has to make some changes to resurrect Villanova. The boosters will have to get used to them.

Now that we have that hefty disclaimer out of the way, can we acknowledge that the warm embrace in which professional and college sports now hold gambling is getting more than a little yucky? There have been plenty of concerning anecdotes and stories lately, and those anecdotes and stories are developing into a trend, and that trend doesnt look good because its revealing the potential for and possibility of corruption.

There is Dodgers superstar Shohei Ohtani, who may or may not have wired millions of dollars to a bookmaker to pay off debts that may or may not belong to Ohtanis interpreter. There is the Temple mens basketball team, which was flagged by a gambling watchdog group based on some strange movement on the betting lines of some of the Owls games. There is Cleveland Cavaliers coach J.B. Bickerstaff, who said last week that he has been threatened by gamblers and that he routinely hears fans shouting at him to make in-game decisions that will influence point spreads. There is ESPNs Rece Davis, who capped a gambling segment on College GameDay by saying that one bet was a risk-free investment a line that Davis said later was a joke.

Its not new, of course, to note that gambling has always been a part of sports. Whats new and disconcerting, though, is the speed with which the public stances of these institutions the leagues and the NCAA have gone from Gambling is terrible and immoral to Gambling is awesome and makes us money, but hey youd better watch it. (The same goes for plenty of media that broadcast and cover sports, too.)

Sports betting is legal in more than half the country though not in California, which is part of the alleged problem for Ohtani and Id like to think I have a healthy libertarian streak. But its worth remembering that theres a difference between something being legal and something being good or even reputable. Create an environment where sports betting is not just accepted but encouraged and promoted, and youre going to get what weve seen recently. And its not going to stop. And it will get worse. Sometimes guardrails exist not to stop a particular activity from happening but to temper it, to keep it under some control and maintain moderation, to make sure a useful and appropriate stigma is attached to its abuse. Seems like sports ought to think about rebuilding a few of those guardrails.

The Florida Panthers entered Monday tied for first place in the NHLs Atlantic Division, and they had allowed just 173 goals this season, which is tied for the fewest in the league. Their goaltenders ought to be familiar to hockey fans around here: Sergei Bobrovsky and Anthony Stolarz.

The Flyers signed Bobrovsky as an undrafted free agent in 2010 and picked Stolarz in the second round of the 2012 draft. Now the two of them have combined for a .919 save percentage for a team that reached the Stanley Cup Final last season and might win the Cup this season. When someone cites a general lack of patience as a reason that the Flyers have gone nearly 49 years without a championship, Bobrovsky and Stolarz are just one example of it.

John Tortorella benched his captain and initially sent one of his assistant coaches to explain why. Kim Mulkey, LSUs womens basketball coach, threatened to sue a Washington Post reporter over a story that hasnt been published yet. After the 76ers beat the Clippers on Sunday, James Harden ducked out of Crypto.com Arena before anyone could ask him a question.

Who knew us irrelevant media members could have such tough-talking coaches and athletes quaking in their boots?

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Sports gambling has gotten out of control - The Philadelphia Inquirer

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Best Sports Betting Apps in the US in March 2024 – Gaming Today

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Best Sports Betting Apps in the US in March 2024 Gaming Today

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Best Sports Betting Apps in the US in March 2024 - Gaming Today

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Authorizing sports betting in Georgia may lack needed votes from lawmakers – goskagit.com

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Authorizing sports betting in Georgia may lack needed votes from lawmakers - goskagit.com

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Page 3«..234 5..10 20..»

Category Archives: Sports Betting

‘March Madness’ Sports Betting Is Big Business – Investopedia

Get $250 in bonus bets for UNC vs. Alabama with this NC sports betting bonus before tonight’s 9:39 p.m. ET tip-off – syracuse.com

IGA executive director confident of California sports betting with tribal help – iGaming Business

Georgia Sports Betting Legislation Fails Once Again – Winners and Whiners

Sports Betting Scandals: Ohtani Fallout and NCAA Prop Betting Ban – SportsGrid

Sports betting won’t be legal in Georgia after lawmakers couldn’t agree on how to spend taxes – The Caledonian-Record

Survey finds majority of Canadians want immediate nationwide sports betting ad ban – EGR Global

Sports gambling has gotten out of control – The Philadelphia Inquirer

Best Sports Betting Apps in the US in March 2024 – Gaming Today

Authorizing sports betting in Georgia may lack needed votes from lawmakers – goskagit.com

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