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п»їArizona to embrace sports betting in deal with tribes.
PHOENIX (AP) — Arizonans would be allowed to bet on professional and college sports at tribal casinos and at sites owned by pro sports teams under a proposal that is part of an update to the state’s deal that allows Native American tribes to run casinos.
The wide-ranging proposal introduced in the Arizona House on Monday would also allow bets to be placed online, fantasy sports wagering, and add limited Keno games at off-track betting locations and social clubs like the American Legion.
The proposal introduced by Republican Rep. Jeff Weninger of Chandler has been anticipated since GOP Gov. Doug Ducey announced “an opportunity for a modernized gaming compact that will bring in more revenue for our tribal nations and our state budget,” in his State of the State address last month. Ducey has been working on a new deal with tribes for several years, hoping it can boost state revenue by allowing gambling outside of tribal-run casinos.
That’s just what the deal does, Weninger said Tuesday, although the anticipated revenue hasn’t been released.
“With that comes tax revenue without raising taxes, and allows us to keep our tax rates low,” Weninger said in an interview.
The biggest part of the plan would allow pro sports teams like the Phoenix Coyotes, Arizona Diamondbacks and Arizona Cardinals run sports betting operations at their respective venues, at a retail location within a quarter mile and online. There would be 10 licenses awarded to sports, which could include professional golf and even NASCAR, Weninger said.
Tribes would also get 10 licenses and could run sports books at two dozen tribal casinos in the state.
The tribes, which have fiercely protected their exclusive right to most gambling in the state under the gaming compact approved by the state’s voters in 2002, get the right to build some new casinos under an updated deal. And in a big win, they would also be allowed to greatly expand their exclusive gambling offerings, adding games like Baccarat and craps to existing offerings of slot machines, blackjack and poker.
And there are options for online gambling as well, allowing growing online gambling sites like Draft Kings to piggyback on the licenses.
Fantasy sports gambling also is embraced by Weninger’s proposal. The state would allow any company that meets it standards to run fantasy sports gambling operations.
Both the legislation and a 20-year extension of the state’s gaming compact with tribes must be adopted for either to go into effect.
Getchen Conger, Ducey’s deputy chief of staff, said the deal will help tribes and pro sport teams that have struggled during the coronavirus pandemic. And the plan is certain to boost state revenue, but it will take some time for the amount to become clear, especially revenue from gambling on sporting events.
“This is the million-dollar question,” Conger said. “It really depends on what the uptake is on the event wagering.”
The state gets a cut of the gambling profit, which will go to the general fund. Money from tribal gaming goes to special state accounts and local governments. In the fiscal year that ended on June 30, 2020, tribes brought in nearly $2 billion in gambling revenue and the state received $102 million, according to a Department of Gaming report , while cities received $13 million.
New York governor boosts sports betting, cannabis to help pandemic-battered economy.
By Reuters Staff.
NEW YORK (Reuters) - New York Governor Andrew Cuomo, facing an economic chasm resulting from COVID-19 shutdowns, wants to follow neighboring New Jersey in legalizing mobile sports betting and recreational marijuana to help his state regain its financial footing.
After years of resisting the legalization of online sports betting, the governor will push for the lucrative measure in his State of the State address next week.
“New York has the potential to be the largest sports wagering market in the United States and by legalizing online sports betting we aim to keep millions of dollars of tax revenue here at home, which will only strengthen our ability to rebuild from the COVID-19 crisis,” Cuomo said in a statement.
Under his proposal, the New York State Gaming Commission would select a sports operator or platform that has partnered with an existing licensed casino. However, unlike some other states’ online betting schemes, New York’s would be administered so that a greater portion of the revenue goes into state coffers rather than to the casino, Cuomo said.
“We want to do so the way we do the lottery, where the state gets the revenues,” Cuomo told a press conference.
Online sports betting in New York was estimated to bring the state as much as $500 million a year, Cuomo’s administration said.
Another revenue stream that will be pushed by Cuomo is the legalization of recreational marijuana, which was expected to eventually generate more than $300 million in tax revenue.
“The governor’s proposal builds on years of work to understand and decriminalize cannabis for adult use,” the Cuomo administration said in a statement.
“Decades of cannabis prohibition have failed to achieve public health and safety goals and have led to unjust arrests and convictions particularly in communities of color.”
In 2019, Cuomo signed legislation to decriminalize unlawful possession of marijuana.
Voters in New Jersey in November legalized marijuana for recreational use.
The likelihood that online sports betting may help New York close its multibillion-dollar budget gap is highlighted by the success across the Hudson River, with New Jersey’s sports betting handle, or total amount wagered, in November amounting to $931.6 million. At the same time, New Jersey’s sports books recorded $50.6 million in revenue and $6.2 million in taxes.
An estimated 20 percent of New Jersey’s sports betting revenue comes from New Yorkers who cross bridges and tunnels to bet.
Reporting by Barbara Goldberg, Editing by Nick Zieminski and Steve Orlofsky.
Online gaming, sports betting off to roaring start in Michigan.
In-person sports betting in Michigan launched in March. Last week, bettors were able to place wagers online. (Photo by Edward Pevos | MLive)
Watching last weekend’s NFL conference championship games and other sporting events was a more enthralling experience than usual for Jack Abate, of Royal Oak.
Abate, 31, was one of thousands of Michiganders to take advantage of the highly anticipated launch of online gaming and sports betting in the state. At noon Friday, 10 Michigan casinos and their platform providers went live, offering either online sports betting, online gaming, or both.
By all accounts, the first few days were a huge success.
“There were no real reports of any outages -- maybe some lag here and there -- but nothing overly out of the norm in that regard. And also you had a great weekend for an opening. You had the conference championship games and you had the added bonus of a high-profile UFC fight (Dustin Poirier vs. Conor McGregor). So all in all, with the exception of maybe starting on Super Bowl Friday or the first round of the NCAA Tournament, you’re not going to get a much better opening slot.”
Michigan Gaming Control Board executive director Richard Kalm said revenue and wagering numbers from the opening weekend are not yet available, but there was a high level of activity.
Michigan and Virginia both launched online gambling late last week and combined for 7.5 million online gambling transactions across 400,000 accounts, according to data from GeoComply, which provides geolocation tracking services for the internet gaming industry.
Michigan and Virginia accounted for 25 percent of the overall volume last weekend across the U.S. market, which encompasses 17 states with legal online betting.
With Virginia launching just two operators, Altruda estimated two-thirds of the weekend’s new accounts and transactions were from Michigan.
Abate was one of many to partake in the jam-packed sports weekend. He said he signed up with two operators and placed about 10 or 12 bets, wagering on the moneyline and points total for the football games while focusing on props and various boost bets on basketball and hockey games.
“It kind of gives you a little bit more incentive to tune into a game that you may not have paid attention otherwise,” Abate said. “I’m not a big fancy guy for basketball, hockey or baseball, but now with online sports betting, it makes it a little bit more enjoyable to maybe turn on a game when any of my teams aren’t playing and sit down and watch maybe root for an over/under, a prop bet or something like that.
“Moving forward, I think people are gonna tune in to maybe an offseason sport that they may not be into as much now they can put some money on the line, have a little bit more skin in the game.”
Mike Raffensperger, chief marketing officer of FanDuel, which operates an online sportsbook and casino in nine other states, said he is encouraged by the company’s start in Michigan.
“Honestly, it was a kick-(butt) weekend,” Raffensperger told MLive. “I think our projections have proven right. Michigan has launched with incredible fanfare. I think we have exceeded our expectations in terms of consumer appetite for both our sports betting and our online casino product.”
Raffensperger declined to share specific numbers but said Michigan was “one of if not our most successful state launch.”
Penn National Gaming, Inc. which has partnered with Barstool Sportsbook, said on Twitter that it received more than $2 million in first-time deposits from players over the weekend.
Meanwhile, BetMGM reported that it had more than 200,000 successful logins by customers and more than 2 million casino spins in the first seven hours of going live.
“BetMGM’s launch in Michigan has been our strongest launch yet, by some margin,” BetMGM CEO Adam Greenblatt said in a statement. “The strength of demand has been impressive in both sports and gaming.”
Some of the most popular promotions were near-lock bets some operators were offering. For example, DraftKings offered a prop bet where consumers could double their money (up to a certain amount) if the Pistons made a single 3-pointer in one of their recent games.
FanDuel paid more than $1.7 million to Michigan customers on odds boost wins over the weekend, such as doubling the consumers’ money if the Pistons scored more than 10 points in the first quarter.
“They made it really fun and easy, whether it was your first time gambling or whether you’re a seasoned guy at sportsbook,” Abate said. “With tailoring things specific to Michigan, like Pistons prop bets or Red Wings, Michigan basketball and all that, I enjoyed that. The boosts made it fun.”
The online sports betting rate in Michigan is 8.4% after winnings are paid out, one of the lowest among states with legal sports betting. The tax and payment rate for internet gaming ranges from about 20% to 28%, depending on how much money a casino generates from online gambling.
Because of the competitive tax rates in the state, operators are enticed by the market. Kalm said five more operators are expected to receive MGCB approval shortly, giving consumers more options.
Overall, Altruda believes Michigan will be a top-five market in the country, along with New Jersey, Pennsylvania, Illinois and Nevada. He said he expects Michigan to reach a monthly handle of about $500 million, but noted that could vary based on different sports seasons.
Online gaming has the potential to bring in tens of thousands of dollars in tax revenue for the state, but Kalm said more time is needed to get an accurate projection.
“You’re going to need a longer picture at this,” he told MLive. “It’s a few weeks before the Super Bowl. It was a big betting weekend for the football playoffs, March Madness is coming, so there’s a lot of activity going on. You really have to look at this on a quarterly basis, spread it out a little bit more to see where Michigan is going to be and how they are going to compare to other states and what the actual revenue numbers are. And we don’t have all our operators up yet.”
Regardless, launching before the Super Bowl was paramount.
“It’s huge in the sense that you’re getting in the largest single betting sports event of the year,” Altruda said. “You’re getting attention, you’re attracting eyeballs, you’re going to get the normal sports bettors, but you’re also going to get the average sports bettors. The ability to attract the average bettor, who may only place one or two wagers at the same time, is now a registered user that you can reach out to and still draw from as a potential base in addition to the sports fans who are going to make multiple bets daily, monthly.”
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Barron's.
Technology Research Reports.
Online Sports Betting Keeps Gaining Momentum. DraftKings Stock Is Up 6%.
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The website home screen for DraftKings is displayed on a laptop computer.
DraftKings is expected to report earnings results around Feb. 26. An analyst at Benchmark has raised his bar.
Analyst Mike Hickey increased his price target for DraftKings stock (ticker: DKNG) to $66 from $60 in a note on Sunday. He has a Buy rating on the stock, and expects the company to deliver a strong performance during its fiscal fourth quarter, while raising expectations for the year to come.
“The online sports betting and online casino markets have demonstrated remarkable growth,” Hickey wrote.
DraftKings stock is up about 212% since it went public via a merger with a special-purpose acquisition company in April. Though sports stalled early in the Covid-19 pandemic, the company has grown its offerings in the states that have legalized online sports betting and mobile casino games. After sports returned over the summer, more-developed markets like New Jersey saw record monthly online sports betting in the fall.
Analysts have also pointed to budget shortfalls as a spark that could lead more states to allow online sports betting to help plug budget gaps amid Covid-19.
“Regulatory momentum has been extremely encouraging and we anticipate revenue step up catalysts from ongoing state legalization,” Hickey writes. “DKNG should extend market share leadership from brand awareness and player acquisition investments.”
For the fiscal fourth quarter, Hickey anticipates revenue of $222 million, compared to consensus estimates of around $232 million. Looking beyond, he forecasts revenue of $843 million in the 2021 fiscal year.
DraftKings stock rose 1% on Monday but popped another 6.3% to $58.15 in after hours trading.
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