The Week In Sports Betting News: Can An Overseas Powerhouse Dent US Market In Colorado?

Posted on May 26, 2020

Happy Tuesday, everyone. It was an exciting three-day weekend for sports betting with The Match 2.0, NASCAR, Bundesliga soccer and news from multiple leagues about potential restart plans.

It’s been two-and-a-half months since the US’s major sports began to shut down March 11 because of the coronavirus pandemic.

The LSR Podcast covers that and more with the latest episode touching on DraftKings‘ business update, how online gaming will continue to fair as casinos reopen, and whether the initial rush to visit land-based casinos is sustainable.

As always, follow @LSPReport on Twitter for all the latest and breaking news across the sports betting world.

Top sports betting news: bet365 gets Colorado deal

There’s already a lot of interest around the Colorado sports betting market because of its 30-plus licenses, 10% revenue tax, and remote account registration.

But the addition of the world’s largest sports betting operator, bet365, certainly increases that interest. The company is already live in New Jersey and has a market access agreement in New York.

There’s no timeline for the launch, which will come under one of Century Casino‘s licenses in the state. Century is also the partner of another company that hopes to expand beyond just one US state: Circa Sports successfully.

Bet365 hasn’t had the same success in the NJ sports betting market as in European markets like the UK and Italy. The company generates nearly $4 billion in annual sportsbook revenue.

Elsewhere, Colorado added its sixth active mobile sportsbook last week as Fox Bet officially launched.

DraftKings, Fox Bet pick up PA share

Pennsylvania sports betting handle fell 65% in April from March without major sports, but it wasn’t a lost month for everyone.

DraftKings Sportsbook increased its hold on the second-place spot as its handle share increased to 27% from 22% in March. Market-leading FanDuel Sportsbook saw its share drop a percentage point to 41%.

Fox Bet also increased its handle share in PA to 8% from 5% in March.

The decrease in sports betting handle doesn’t mean those bettors aren’t betting. They might have moved those dollars to online casino instead. Pennsylvania’s iGaming handle jumped 59.5% to $1.4 billion in April compared to March.

Leagues could owe over NJ sports betting delay

The New Jersey Thoroughbred Horsemen’s Association could be getting a significant payday soon.

The US Supreme Court is not hearing an appeal of a Third Circuit ruling that said the major US sports leagues could be on the hook for more than $150 million for delaying the launch of sports betting in New Jersey.

The MLB, NBA, NCAA, NFL and NHL all sued to stop Monmouth Park from accepting sports bets back in 2014. The leagues put up $3.4 million in bonds to cover losses from a restraining order.

Since sports betting didn’t launch until June 2018 because of the league’s legal pushback. Furthermore, the association, which operators Monmouth Park, also wants up to $150 million in damages.

The case now returns to the Third Circuit.

Caesars launches mobile Indiana sports betting

Caesars Entertainment launched its mobile Indiana sports betting app on Scientific Games‘ technology, becoming the seventh mobile sportsbook in the state.

It’s the fourth state for Caesars Sportsbook, which is also live in Nevada, New Jersey and Pennsylvania.

There are now 12 sportsbook operators licensed in Indiana after theScore Bet and Unibet received temporary vendor licenses earlier this month. Along with those two, Bet Indiana, Penn National and William Hill have yet to launch.

Matthew Waters Avatar
Written by
Matthew Waters

Matthew Waters is a reporter covering legal sports betting and the gambling industry. Previous stops include Fantini Research and various freelance jobs covering professional and amateur sports in Delaware and the Philadelphia area.

View all posts by Matthew Waters
Privacy Policy