Happy Monday, everyone – especially to those companies involved in the biggest sports betting news of the year with a deadline today.
Even setting New York aside there is plenty going on in the industry as the latest episode of the LSR Podcast explains.
Make sure to follow @LSPReport on Twitter for all the latest updates on the US sports betting industry.
Top sports betting news: NY deadline today
It’s decision day for five of the six mobile NY sports betting bidders.
Those bidders need to amend their applications to approve the tax rates released by the New York State Gaming Commission last week. At least one bidder proposed a 64% tax rate for up to five sportsbooks. That tax rate falls to 35% if 13 of the 14 sportsbooks that bid win licenses.
The dropoff from 64% likely will not be that far, though. While New York regulators can approve more than the minimum four operators, they will stop licensing operators once there is no longer any benefit to the state.
The most likely scenario seems to be 12 operators as most, which would lead to a 50% tax. Adding a 13th brand, only to see the other 12 operators keep an additional 15% of gross gaming revenue, does not make sense from a financial perspective.
The NYSGC has not said when the winning bidders will be announced.
Will Virginia update on additional sportsbook licenses?
The Virginia Lottery has been fairly quiet about the additional five sports betting licenses opened up by new legislation this year, but that could change at its board meeting Wednesday.
Sports betting is not specifically mentioned on the agenda but there will be an update from Deputy Director of Gaming Compliance Gina Smith.
Last week’s top sports betting news: NJ breaks $1 billion monthly handle
The official tally was $1.011 billion, up 35.1% from last September’s handle. Sports betting revenue was $82.4 million for an 8.2% hold and $10.2 million in taxes.
NJ is well ahead of the second-overall market for the month, Pennsylvania, which hit $578.8 million in handle last month. Nevada sportsbooks, which took $575.1 million in bets last September, will report its results this week.
One FL sports betting lawsuit dismissed
A Florida cardroom operator saw a lawsuit aimed to stop sports betting in Florida dismissed in the state last week.
It is hardly the end of the issue, though. West Flagler also has another lawsuit filed in Washington DC concerning the actions of the feds that approved the compact. That case has a Nov. 5 hearing.
The Northern Florida District Court ruled cardrooms “lack standing to sue the governor or secretary because their actions are not fairly traceable to any alleged harm.”
Sports betting could have launched this month but various reports suggest delays of different lengths.
California mayors support operator-backed initiative
- Bally Bet
- DraftKings Sportsbook
- Fanatics Betting & Gaming
- FanDuel Sportsbook
- Penn National‘s Barstool Sportsbook
The mayors of Fresno, Long Beach, Oakland and Sacramento threw their support behind the initiative because it designates a portion of tax revenue to fight homelessness.
Other top sports betting stories at LSR
- Connecticut launched online CT sportsbooks and casino games throughout the state last week following a successful soft-launch period.
- DraftKings can take until Nov. 16 to iron out specifics of its $22.5 billion offer for Entain.
- Louisiana sports betting is aiming for a Nov. 1 retail start, according to Louisiana Gaming Control Board Chairman Ronnie Johns. The Caesars Sportsbook app went live already to take registrations and deposits.
- The National Council on Problem Gambling and the NFL announced a multimillion-dollar campaign for responsible gambling.
- Rush Street Interactive’s BetRivers launched free-to-play games in Canada and received approval to launch sports betting in Arizona.