SportsHandle and friends deliver another round-up of the week’s big developments in US sports betting.
Ohio Sports Betting Heading To House Floor
Ohio’s House Finance Committee on Wednesday moved sports betting forward, and sources say the amended version of HB 194 will be on the House floor Thursday, expected to pass.
The bill, which passed out of the committee with no debate, would allow for casinos, horse racetracks, VFWs, and other fraternal organizations to apply for licenses. The tax rate would be set at 10% of gross gaming revenue and the Ohio Lottery would be the regulator. The bill does not include any kind of fee to the professional leagues or require the use of official league data.
Full story here.
Can iGaming Grow And Where Does It Go From Here?
A new revenue stream.
It is a simple four-word sentence, but rarely has it taken on more importance for state governments than at this moment. With budgets cratered due to the COVID-19 pandemic, statehouses are looking anywhere and everywhere for ways to address their respective shortfalls.
For example, the state of Illinois passed a $40 billion budget last weekend that overhauled tax rates for a potential casino in downtown Chicago, but state lawmakers are still counting on an estimated $5 billion in federal funds that can be repaid in addition to $3.5 billion in aid already received. The legalization of sports betting that came when Gov. J.B. Pritzker signed a gaming expansion bill into law last June never had a chance to produce any sort of tax revenue windfall — BetRivers Sportsbook was closed due to the pandemic within one week of its opening in March.
Full story here.
Rule Of Threes? Louisiana Third In 2020 to Send Sports Betting To Voters
For the second time in two years, Louisiana voters will go to the polls with a chance to legalize a form of sports gaming. In 2018, voters in 47 of 64 parishes chose to make daily fantasy legal, and this November, they’ll get a chance to decide if sports betting should be allowed.
The Louisiana House voted 71-24 Wednesday evening to pass SB 130 and send the following referendum to voters:
The ballot for the election shall state as follows:
“PROPOSITION TO AUTHORIZE SPORTS WAGERING ACTIVITIES. Shall sports wagering activities and operations be permitted in the parish of _________________?
YES ( ) NO ( )”
The bill moved easily through the Senate and then House since being pre-filed in February. The bill is only three pages long and does nothing other than lay out the referendum language. According to local media reports, the bill still needs Gov. John Bel Edwards’ signature before it can be placed on the ballot.
Full story here.
PA Trending Toward Becoming The Top State In Sports Betting, Online Gaming
Nevada is the sports betting capital of America. And New Jersey is our nation’s online gambling capital.
But if either of those states takes a quick, nervous glance in its rearview mirror, it’ll see Pennsylvania closing the distance rapidly.
While the far-reaching impacts of the COVID-19 crisis have rendered many states’ gambling revenue numbers less instructive than they would otherwise be, there still is much to be gleaned from the March and April reports. And particularly in Pennsylvania, we can see clear evidence of an online casino/poker industry that is growing more rapidly than any other and a sports betting business that is perhaps ready to move into the pole position as soon as the next month or two.
Full story here.
Sports Returning As U.S. Betting Handle Surpasses $22B Since PASPA Fall
Symbolically, May was a great month for the legal U.S. sports betting industry and the legions of bettors across the country. It marked the return of live sports on American soil, highlighted by mixed martial arts, car racing, and golf.
The UFC kicked things off with a card on May 9 in Florida that sportsbooks said compared to a full weekend of NBA games. The prelims were on ESPN, and the main card was on pay-per-view. The betting handle, which can’t be quantified more precisely until May revenue reports are out, spoke to the pent-up demand for wagering.
Full story here.
