SportsHandle: That was the week that was in US sports betting

SportsHandle and friends deliver another round-up of the week’s big developments in US sports betting.
Image source: Shutterstock

SportsHandle and friends deliver another round-up of the week’s big developments in US sports betting.

Missouri Pro Teams, Casinos Make Deal To Back Sports Betting

Six Missouri pro sports teams and existing casino operators in the state came to an agreement Wednesday to back sports betting legislation that would allow for statewide mobile wagering tethered to existing gaming locations. The agreement is the first of its kind in the U.S., where operators and professional franchises will be walking in lockstep in an effort to get a sports betting bill legalized.

Full story here.

New York Expects $250M In Online Sports Gambling Revenue This Year

New York is expecting online sports gambling to provide more than $1 billion in revenue to the state within three years of going legal.

Gov. Kathy Hochul’s office said in its budget proposal released on Tuesday that the operators licensed in New York are expected to provide $249 million in revenue to the state in 2022, including $200 million already collected in licensing fees. The projection is $357 million for 2023, $465 million for 2024, $493 million for 2025, $509 million for 2026, and $518 million in 2027.

Full story here.

Wagr Opens In Tennessee, Becoming First Peer-To-Peer Platform To Launch

A new era in sports betting in America may have just begun, as Wagr has officially launched in Tennessee, making it the first state in which a peer-to-peer betting platform is offered.

Additionally, the company announced it had just completed its Series A funding round, raising $12 million. The investment includes money from New England Patriots owner Robert Kraft’s Kraft Group as well as from Pear Ventures, which is the fund of Alexis Ohanian, the founder of Reddit.

Full story here.

Michigan Sportsbooks Set Another Monthly Handle Record In December

Pop the champagne for the third month in a row, as Michigan sportsbooks have set another handle record with December betting volume of $484.6 million. The sportsbooks’ handle surpassed November’s high water mark of $473.8 million, according to numbers released Tuesday by the Michigan Gaming Control Board.

Full story here.

NY Bill Looks To Prevent Online Sportsbooks From Seeking Lower Tax Rate

The early figures on mobile sports betting in New York are staggering, providing longtime state Assemblyman J. Gary Pretlow with optimism that the Empire State will become the nation’s most robust market for online sports wagering.

On Monday, New York Gov. Kathy Hochul’s administration disclosed that bettors wagered approximately $150 million in legal sports wagers on Jan. 8-9, the first weekend of mobile sports betting across the state. By Jan. 17, the 10th day of mobile sports betting in New York, there were 1.2 million active sports betting accounts statewide, as New Yorkers added more accounts than bettors in Pennsylvania and New Jersey combined, according to Vancouver-based geolocation security company GeoComply.

Full story here.

Great Canadian Gaming Report Opposes Open iGaming Market In Ontario

With the launch of Ontario‘s open iGaming market imminent, a new report is predicting steep financial losses for the province and municipalities as a result of potentially opening up the market to private operators.

Sports Handle has obtained a 130-page report from HLT Advisory, a gambling industry firm, that predicts the Ontario government could sacrifice $550 million per annum for the next five years for a total of $2.8 billion by shifting to an open market model. The report was sponsored by Great Canadian Gaming, which owns many of the major casinos in Ontario, such as Casino Woodbine, Casino Ajax, and Pickering Casino Resort.

Full story here.