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It’s time to make sports betting a sure thing.
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Will this be the year state lawmakers finally legalize sports betting?
State Sen. Brendan Crighton believes the odds may have finally shifted in its favor.
The Lynn Democrat’s updated version of his previous sports-betting proposal includes a higher tax rate and a significant increase in licensing fees that he said will generate needed revenue for Massachusetts even before a wager is placed.
He feels there’s reason to believe the Senate will seriously consider passage this session, despite leadership’s indifference over the past two years.
Senate members of the Committee on Economic Development and Emerging Technologies abstained in the last session from voting to advance a sports betting bill drafted by that panel, and Senate leaders likewise passed on a House-backed sports wagering proposal tacked on to a major economic development bill in July.
“Sports betting is alive and well in Massachusetts, but unfortunately we’re letting money go down the drain to the black market and states that have legalized,” Crighton said.
A jump-start is clearly what this proposal needs.
Even a full-court press via a letter signed by all five major Massachusetts professional sports teams, gaming companies and a powerful labor union last November couldn’t persuade the Legislature to act.
Absent an agreement at the time on a tax rate or structure for wagers, that group estimated Massachusetts could pull in about $50 million a year from sports betting. Gov. Charlie Baker has previously estimated annual revenue of $35 million, while the House estimated revenue of about $20 million.
Sen. Eric Lesser, who last session co-chaired the committee that studied sports betting, plans to file his own bill in the coming weeks.
Legalized sports betting currently operates in the District of Columbia and 19 states, including New Hampshire and Rhode Island.
Crighton’s latest bill would create an opportunity for the state’s two casinos in Everett and Springfield, the slots parlor in Plainville, horse-racing license holders and mobile platforms like the Boston-based DraftKings to host in-person and online sports betting.
Should thoroughbred racing return to Massachusetts, tracks would also be eligible to join the industry, which would be regulated and overseen by the Massachusetts Gaming Commission.
Prospective license holders would need to pony up a $10 million licensing fee, up from a high of $1 million in Crighton’s original bill; the tax rate also would increase to 15%, an increase over Crighton’s originally proposed 12.5%.
Crighton’s bill would allow betting on professional and college sports, but not on in-state collegiate teams.
Some other bills filed last session, including one by Gov. Baker, excluded college sports, but Baker recently told the State House News Service he’d accept a framework that included betting on college sports because it’s already happening in neighboring states.
House Speaker Ron Mariano, who blamed the Senate for the failure to legalize sports betting last year, has promised to bring up the issue early in the new legislative session.
Massachusetts can’t continue to sit on the sidelines and watch neighboring states siphon wagering tax dollars that this state vitally needs in this COVID-created, revenue-challenged environment.
Without legislative action, you can bet those receipts will continue to flow into New Hampshire, New York and Rhode Island.
The CEO of the sports-betting app BetMGM breaks down his outlook for the industry — and shares 3 pieces of advice for investors targeting the sector.
This story is available exclusively to Insider subscribers. Become an Insider and start reading now.
BetMGM is a sports betting platform backed by an equal shareholder partnership with MGM Resorts and Entain. The CEO explains the key differentiators of the platform vs competitors and the MGM/Entain partnership. He also shares his outlook on the sports betting industry and 3 pieces of advice for investors. Visit the Business section of Insider for more stories.
BetMGM, the sports betting and iGaming platform, is betting big on partnerships.
The platform is backed by an equal shareholder partnership from MGM Resorts (MGM) and Entain (GMVHY).
Most recently BetMGM partnered up with 2019 world series champions, the Washington Nationals, which gives the firm exclusive jurisdiction over the stadium and the surrounding two block radius, said CEO of BetMGM, Adam Greenblatt.
The strategy enables the platform to gain access to sports fans in Washington, but also fans from neighboring states, who come to watch their team at National Park and download the app to bet at the game.
The shareholder partnership with MGM Resorts and Entain provides the firm an edge to compete with the likes of FanDuel and DraftKings (DKNG).
MGM Resorts provides real-life rewards to customers, such as a night at the Bellagio hotel in Las Vegas, which will become even more attractive once the economy fully reopens after COVID. Entain provides access to a large group of technologists, who can help to quickly develop the product.
BetMGM's product is geared toward both new and sophisticated bettors and is ranked in the top ten in the sports category on the Apple app store, with an average rating of 4.8 stars, based on around 16,200 reviews.
For the new customers, Greenblatt said they are able to edit bets after they are made and use a generator to create parlays, which are a cumulative series of bets.
"You make your selections and the app will automatically generate a parlay to suit your selection, if you want to bet this with this kind of pay out," Greenblatt said.
For more experienced bettors, there is the option to automatically cash out, or sell part of the parlay back in real time, Greenblatt said. The feature is similar to a stock-trading platform, he added. The difference is that this product is all about entertainment.
There are definitely parallels in the emotional connection between betting and trading, Greenblatt said. However, the underlying activity is very different, he added.
"Nobody loves stock X as much as they love their team," Greenblatt said.
MGM & Entain Partnership.
MGM Resorts recently unsuccessfully pursued a merger with Entain.
But Greenblatt explained a merger wouldn't have altered BetMGM's operations by much.
"Where does it sit in what organization?" Greenblatt said. "Frankly, I'm not so concerned about that, because what I do know is that there won't be changes which disrupt, or put at risk, our spectacular momentum currently."
The firm is not lacking focus from either shareholder and has received tremendous support, Greenblatt said.
A research report from Morgan Stanley released on February 1 highlighted the same positive view on the partnership as it explored how potential consolidation could play out in the sector.
" Though the offer was rejected, we think it will continue to provide valuation support for Entain, and that both partners will continue to explore ways of achieving maximum value for the BetMGM JV (of which they currently own 50% each)," said Morgan Stanley equity analyst, Ed Young.
The analysts are expecting M&A to continue to play a role, as companies position themselves in the online gambling sector.
Competing with top players.
Greenblatt said the partnership has enabled the firm to work with a small-company mindset, but with big-company capabilities.
The whole industry is becoming a big-company game, Greenblatt said, because of the costs of market access, lobbying, technology, compliance, testing, third-party providers, leagues and licence fees in every state.
It's not for the faint hearted, he said.
"This is why I believe we're in the sweet spot, because we have MGM resorts and Entain's big-company capabilities and resources, but have this speedboat to get things to market and ensure that we're as relevant as we can be on a state-by-state basis," Greenblatt said.
He predicts 2021 is the year when the narrative changes around competition and whoever is in the leadership position starts to feel less comfortable.
"So is there space for a new entrant?" Greenblatt said. "Of course there is. Is it very, very difficult, very time consuming? And very complex? Yes."
Advice for investors.
For investors interested in the sports betting sector, Greenblatt gives 3 pieces of advice:
1) Be selective.
Understand how difficult and expensive it is to operate in this market, Greenblatt said.
"Unless you've got the recipe to compete at the very, very highest level, which includes balance sheet - but it's not exclusively balance sheet," Greenblatt said. "I think you'll find that there'll be some casualties."
2) Long-term differentiators will be critical.
3) Understand market share doesn't mean profitability.
"Don't assume that 1% of market share means that there is a profitable business behind it, because of all the costs of participation," Greenblatt said.
The outlook.
The US sports-betting total addressable market is expected to go from less than $1 billion in 2018, to an expected $15 billion in 2025, according to Morgan Stanley.
Young said the pace of state liberalization has accelerated and early-stage revenues have beaten expectations.
So, where will sports betting be in five to 10 years?
"I think in five years, we will see the US as the biggest sports betting and iGaming market, digitally in the world," Greenblatt said.
On the regulatory front, BetMGM is currently live in 10 digital states and 5 retail states.
Greenblatt expects regulation will continue to take place on a state-by-state basis, and around 30 to 40 states to have adopted sports betting legislation in five to 10 years. He also sees four to six national operators, with the potential niche players in some regional pockets, or particular states, where there is already brand recognition, or physical assets and presence.
Longer term, Greenblatt expects further consolidation, which is in line with recent reports from investment banks, such as Morgan Stanley and Goldman Sachs. He also thinks there could be the potential for shared liquidity in the sector, which would allow nationwide digital jackpots. However, that prospect is dependent on potential changes to the 1961 Wire Act.
"We'll see the US reclaim its place as the leading poker market worldwide, once we have shared liquidity to support it," Greenblatt said. "And it'll be great for iGaming, because of the customer experience and potential life-changing wins."
It’s all About the Numbers with Sports Betting Statistics.
So much of sports betting comes down to numbers: there are numbers in the odds of who’s going to win, numbers in the stats that help drive victory or defeat, and numbers to help influence individual statistics. Numbers drive sports betting results. The more you know, the more likely you are to win.
Too often, however, we tend not to focus on the exact numbers behind sports betting statistics, and instead look at the bigger picture. That can be useful, but getting the skinny on the latest sports betting stats and trends can be tremendously helpful to your betting success.
We’ll take a look at some of the numbers behind sports betting stats to help you better understand them.
General Sports Betting Stats.
Sports betting accounts for 30-40% of global gambling revenue Over 45% of all sports bets are placed via mobile phone The US sports betting market has a market cap of between $60-73 billion Over 50% of US citizens have placed a bet on a sporting event at least once Only 18 of the 50 states having officially legalized sports betting In 2019, Nevada handled a total of $5.32 billion in sports bets eSports is fastest-growing sector of sports betting by volume The top sporting events to bet on in the US include football, basketball, and baseball.
Which Sports are Most the Popular to Bet On?
Sports betting is possible on nearly every sport, but the top sporting events to bet on in the US include football, basketball, and baseball.
Not surprisingly, America’s favorite sport to put money down on is football. The best way to measure this is by the amount of money bet on a particular sport. This is referred to as the drop, and research by the UNLV Center for Gaming Research has tracked this amount since 1992. Football has been the most-bet-on sport since the UNLV Center started recording data. In fact, it’s been the most popular sport by at least $200,000 every year — some years, that number balloons to over $500,000.
The second most popular sport has been a close race between basketball and baseball. Despite the closeness, basketball has been in the lead in every year except 1998 and 1999. Those years were part of baseball’s golden age, when home runs were flying out of the park at record rates. Since 2009, however, basketball has begun to pull away, securing itself as the second most popular sport in the country. In 2019, for example, they closed the gap with football, clocking in at just $185,259 behind.
Why People Bet on Sports.
Why bet on sports? Well, for one, it’s fun — it makes games more enjoyable, especially if you don’t have a particular rooting interest. Whether you bet $1, $100, or even more, having a stake in the game makes watching it more interesting and entertaining. Professional sports bettors aim for a win rate of 55% to keep betting sustainable and profitable. For the average bettor, a win rate of at least 52.4% is considered good as you are able to break even.
There has been research that shows that any kind of victory in gambling leads to the release of dopamine , a chemical in the brain that helps us feel good. These are some of the happy hormones, so in some ways, betting on sports is a way to increase our happiness. Of course, that happiness is increased only if you end up winning, which doesn’t always happen. But the possibility that you might win is exciting in itself — and it’s why people keep coming back.
Another fun perk of sports betting is that it is a communal activity. Many friends bet together, sometimes on opposing teams, which can be a fun rivalry. In person, watching with strangers who have the same betting interests can form fast friendships and create a sense of community. If you are sports betting in Vegas, the communal action just gets even better when the sportsbook energy is high and the technology is top-notch.
It’s also fun to test your knowledge . Many follow sports so closely and know a lot about it; betting on it puts that knowledge to task. How much do you really know? When you win, you get bragging rights. If you lose, it might be time to study up a bit more.
In all, it’s about increasing your happiness and having more fun.
Betting on Sports in Vegas.
Now that you’ve got the basics down of how sports betting stats work, you’re ready to start wagering. Circa | Sports is the ultimate sportsbook in Las Vegas for sports betting. Stop by Golden Gate , the D , or soon at Circa Resort & Casino in Downtown Las Vegas to place your bets in person. Can’t make it into the sportsbook? Download the Circa | Sports app on iOS or Android to have your bookie right in your pocket and bet wherever you are in Vegas. Whether in person or on the app, join Circa | Sports for your premier place to bet on sports.
Sports Betting Explained: What’s A Prop Bet?
With sports betting becoming more popular by the day, Super Bowl 55 is in line to be the event with the largest volume of wagering in history. It should be noted that sports betting is not legal in every state in the U.S. just yet, but with more and more states adding legal wagering to their docket, the level of interest is sky-high.
To that end, we are continuing a series of explainers on sports betting, following up on a general introduction to the space that explains different kinds of wagers, how odds are calculated, and much more. The second installment is timely when considering the Super Bowl as the backdrop, and it centers on the wide world of prop betting.
What is a prop bet, exactly?
The most common wagers on a sporting event are covered in our general intro, and they are directly linked to the outcome/score of the game. Those wagers include point spreads, over/under totals, and money lines but, again, they are focused on the actual result of the contest in a big-picture sense.
Prop bets (or proposition bets) are wagers that are not directly linked to the overall score or outcome. There are many ways to examine this space, but prop bets gained notoriety from the Super Bowl in many cases, with all eyes fixed on a single game and bookmakers looking for creative ways to entice the public into sinking more money into the action. Prop bets are still far less common than standard point spread bets or total bets, but they are gaining steam, especially in the world of offshore betting, and can be a lot of fun.
Standard Game Props.
At this point in 2021, game props are available well beyond the Super Bowl, but they can be quite simple and also a bit more complicated. One type of game prop would be an over/under listing on the longest pass play of the game (over/under 27.5 yards, for example). That means a handicapper could wager on either side of that number for the longest pass play, and the same applies for wagers like shortest touchdown, longest touchdown, total penalty yardage, and more.
That encompasses a great deal of the game prop market, but there are others to consider. For example, a prominent Super Bowl bet is whether the game will go to overtime, with “yes” and “no” offered. These yes/no bets are very easy to track, simply because it is clear whether the event takes place or not. Finally, there are team vs. team wagers that fall under a similar umbrella. Which team will have more rushing yards? Which team will score first? Which team will score last? Which team will kick more field goals? All of these bets could be (or have been) available for any game, with the bettor given the option to choose a side.
Player Props.
This may be oversimplified, but player props basically encompass any wager dictated by the performances of individual players. For example, a popular Super Bowl bet is which player will score the first touchdown, with sportsbooks offering sometimes long odds on various players, with only one able to cash a winning ticket. This could also be applied to basketball with which player scores the first (or last) point of the game, or to baseball with the first/last/most home runs of the night.
Those are broad bets that could pay lofty odds if things break just a certain way, but there are also more common over/under bets. The Super Bowl is, again, a good example here, with the ability to wager on the over/under for passing yards from Tom Brady or Patrick Mahomes. Bookmakers build lines for yards (passing, receiving, rushing, etc.), receptions, completions, carries, touchdowns and much more in the football space, with points, rebounds and assists in basketball and hits, strikeouts, and home runs in baseball. This is a more efficient market in recent years, simply because many smart people are now finding value, but these can also be entertaining and a way to track a “game within the game.”
Exotics.
This is the area where a gigantic game, i.e. the Super Bowl, really shines. One of the more famous examples is a large market on just how long the national anthem will be, from start to finish, before kick-off. Another could be tied to the coin toss, with people able to wager on “heads” versus “tails.” It can even be as weird as tracking what words the announcers say, or what color someone’s shoes are, or whether the Gatorade poured over the winning coach’s head is green, orange, blue, or a different color.
Yes, this is hilarious and often weird. Yes, it can also be delightful, but it certainly trends more to the “entertainment purposes only” genre of sports handicapping.
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