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   | Domenica 18 Luglio 2021 - 17:10
legalizing sports betting:
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п»їLegal Sports Betting Is Bigger than Ever -- But COVID Could Hurt Bets on the Big Game.
Sports betting is more popular, and legal, than ever, and one of biggest draws for bettors every year is wagering on the Big Game. But, like everything else right now, COVID-19 is having an impact on football betting this year.
In the video below, we'll take a closer look at why wagers on Sunday's game will likely be lower than usual, and how online sports betting -- fueled by companies like DraftKings (NASDAQ: DKNG) -- are scratching an itch for those wanting to place bets during socially distant times.
Chris Neiger has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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FanDuel CEO says the pandemic could force more states to legalize sports betting.
Weston Blasi.
FanDuel’s CEO Matt King on what betting on sports — and politics — will look like in the future.
Matt King, chief executive officer for FanDuel Group.
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FanDuel CEO Matt King joked with MarketWatch that the Super Bowl should fall into the “essential travel” recommendations from the CDC.
King, the head of the New York-based bookmaker and daily fantasy sports site since 2017, is an annual attendee of the big game, but this year decided it “didn’t make sense” to go. Like millions of other NFL fans, King will be watching the Chiefs take on the Bucs on TV.
In an interview with MarketWatch, King weighed in on how the pandemic is accelerating sports betting, FanDuel’s interest in becoming a public company, and if legal sports betting in New York state is a “game-changer.”
MarketWatch: Is FanDuel doing any physical events for the Super Bowl this year?
King: It’s pretty limited this year. Last year we did a bunch of events with players and some events with a few of our partners that are down there. A series of smaller things.
MarketWatch: Do you anticipate more money being wagered on the Super Bowl this year than in past years?
King: Yeah there’s going to be a lot more. Obviously we are in a lot more states, that’s the tailwind, but even the states that we’ve been operating in the last two years are up significantly this year.
MarketWatch: What are your total bet projections for the game?
King: Our business is up dramatically. I’m not sure we are disclosing our specific projections but it’ll be by far the biggest game on record for us. Many orders of magnitude up year-over-year. The statistic I can give you because it’s on the tip of my tongue is that in the first 28 days of 2021, we’ve done $1 billion in handle on the sportsbook. We didn’t hit $1 billion in handle in 2020 until Q4.
MarketWatch: Any particular growth areas in your business that you’re seeing? Something like live-betting for example?
King: The live-betting has been pretty popular since day one. I would say the big story this year is going to be our same-game parlay product. This is where you can bet on multiple things happening in the same game and we are really the only ones in the market that offers it. The Super Bowl is perfect for same-game parlay betting. It allows people to say “here are the three guys who I think are going to score a touchdown.” The customer acceptance of the product so far this year has been off the charts.
MarketWatch: Florida, the state where the Super Bowl is, was close to legalizing sports betting in 2020, but it never happened. How closely are you watching new states attempting to legalize gambling?
King: Our head lawyer once gave me a good piece of advice which was “the chances of passing any law is 50/50 until it actually passes.” It’s either going to pass or it’s not and I’ve taken that to heart. The way we look at the world is we think about the total number of states that are considering sportsbetting and we assume that some percentage of those are going to pass. It’s just hard to predict which ones are going to get it over the goal line. We are confident that you’re going to see a number of states pass it this year, we just don’t know which ones.
MarketWatch: The four states with the highest populations: California, Texas, New York and Florida have not legalized sports betting yet, do you see those states as game-changers for your business?
King: We certainly see every new state as a market opportunity, and obviously the bigger the state the bigger the market opportunity. But, the real change is what is already happening. Sportsbetting is becoming part of the narrative around sports. It’s embedded in how we talk about sports and even in those big states it’s a bit of a when — not if — question because people are understanding the size of scope of the illegal market and the fact that it’s just common sense legislation to try and put it out of business. I don’t necessarily view them as game-changers because the reality is we are already in the middle of the game. Certainly a big state will accelerate things.
MarketWatch: Do you think the pandemic will force states to legalize sports betting faster?
King: I think it will be the case. I think it will be the case for sports betting and igaming. You have two things going on. One is the fiscal pressures for any individual state are greater than they have ever been. I do think states will look for ways to help them claw out of fiscal holes that were created by the pandemic. But the other thing is more states passed laws around sports betting and igaming and demonstrated that they are win-win common sense legislation. It allows consumers to do what they love, and it generates tax revenue for the state and puts an illegal market out of business. It’s a pretty easy choice to make.
MarketWatch: Are you guys advertising during the Super Bowl this year?
King: We are not going to be during the game. We didn’t think it made sense to do a Super Bowl ad this year.
MarketWatch: Do you think the NFL would like an ad for a sportsbook during the game?
King: The NFL approves all ads for the game, (laughs) so they are not going to let a sportsbook ad go during the game at this point.
King: Our focus is on the fan, and where we focus on winning is in delivering the best product and best fan experience on the market. When we get customer feedback and look at the market share reports, it’s clear we have the number one business out there. And that makes us very proud. Stock prices, as we’ve seen over the last few weeks (laughs) can be somewhat ephemeral.
MarketWatch: What about from a “high tide raises all boats” line of thinking?
King: From a perspective of people understanding more about the industry and how it’s additive to the sports ecosystem, that’s a good thing. So anything that does that is a good thing. It’s also a big market. We don’t look at things as a zero-sum game; we look at it as we are in the early innings of a big business game. That competition breeds innovation.
MarketWatch: In our interview last year, we discussed the idea of FanDuel as a public company. Is going public something that you have discussed with your team?
MarketWatch: Is election betting something you’re interested in?
King: I think clearly people find election betting as an interesting way to engage in politics. There’s a lot of legal restrictions in the U.S. that don’t exist in Europe. Our focus has been offering free to play games on the presidential debates. We can see there’s a lot of interest in it. But I think it will be a long time before we see a big election betting market here.
MarketWatch: So the 2024 and 2028 presidential elections, you don’t anticipate election betting by then?
King: I don’t think it will be a big thing mostly because regulations will continue to restrict the market and I don’t see those regulations changing. The demand is definitely there though.
MarketWatch: Who do the sportsbooks need to win?
King: The Super Bowl is not about making or losing money as we talked about last year. It’s about giving fans a phenomenal experience. More of the bets are on the Chiefs, so if the Chiefs win and cover the spread we are going to lose a few bucks. The same is true if it’s a very high scoring game, which is pretty typical.
MarketWatch: What is sports betting like 10 years from now?
King: I think it’s less about sports betting in isolation and more about the convergence of things like sports betting and gaming in general with sports and sports media. It’s safe to say that all the sports rights owners are trying to find new ways to engage fans. I think you’re going to see some great stuff for the next generation fan experience. You may see new ways to watch sports, a more customized experience.
MarketWatch: A gamification of the actual games?
King: The ability to pop in and out of games more easily based on moments that matter. Reduced latency in the streaming feeds. You’ll see some alternative broadcasters, whether it’s your favorite Twitch personality announcing the game or somebody who may take a more betting oriented look at the game. A more build-your-own experience versus having to consume the same broadcast that 20 million other people are watching.
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7 States to Watch for Sports Betting Legalization in 2021.
Lev Radin/Pacific Press/LightRocket via Getty Images. Pictured: Andrew Cuomo and a New York Islanders hat.
Virginia and Washington legalized sports betting bills in 2020 while Maryland, Louisiana and South Dakota approved ballot measures that could bring legal wagering as early as 2021.
Heading into the new year, at least a dozen states are expected to take up sports betting legislation — some with existing retail betting with eyes on online expansion, and others with no sports gambling at all yet.
Here are seven states to watch in 2021:
New York: Sports betting is already legal in New York but only at retail sportsbooks, which have combined for only a few million dollars in revenue since wagering began last year. Legalizing statewide mobile wagering could help position New York as the nation’s most lucrative market.
Home to the nation’s largest metro area and fourth-largest population overall, New York will, once again, be a major focal point for legalization efforts in 2021. Statewide mobile legislation has faltered in the legislature each of the past two years, but facing a multibillion-dollar budget shortfall, elected officials may finally have enough political momentum to pass an online betting bill.
Connecticut: Connecticut may be the most likely state to approve legal betting, with some lawmakers already claiming it’s all but a done deal. The state’s two casinos already have sports betting deals in place ahead of a possible legislation effort and it appears politicians and gaming stakeholders are on the same page for what a potential legal market would look like.
As officials seem closer than ever to a deal, the biggest question may be the number of operators allowed to enter the state. Foxwoods and the Mohegan Sun casinos may be content to only allow one mobile sportsbook apiece, but this could shut out many of the nation’s top sports betting brands and hinder the market’s revenue potential.
Massachusetts: It seemed Massachusetts would join Rhode Island and New Hampshire this year among the ranks of New England states with legal betting, but legislation fell short again in 2020. Republican Gov. Charlie Baker and the Democratic-controlled legislature are both on board, but there are still key details that have not been resolved.
Among those is the legalization of betting on college sports, which has been opposed by the state’s Division I universities. Additionally, Massachusetts casinos may also try to limit operators to themselves. Support remains for legal wagering, but until these key issues are resolved, it could be another lost year for legal betting.
Ohio: Ohio was another state that entered 2020 with seemingly strong odds for legal sports betting. A bill passed the House in May, but was never taken up by the Senate, which also failed to advance a sports betting bill of its own.
Elected officials are again supportive of legalization efforts, but key questions such as how many licenses will be available and which body will regulate potential sportsbooks need to be answered. What is known is that statewide mobile wagering will be legal in neighboring Michigan, Indiana, Pennsylvania and West Virginia once the 2021 session begins.
Missouri: Three sports betting bills have already been filed for the 2021 session, coming off a 2020 session when multiple proposals were also introduced. Sports betting hopes were dashed when the COVID-19 pandemic curtailed this year’s legislative session but baring another unforeseen development, it appears legalization will be another topic of conversation in the statehouse.
As with all other states, officials will still have to agree on key issues such as tax rates. But with Republicans in the GOP-dominated legislature already onboard, it appears there’s a good chance some sort of retail and mobile betting options will be approved in Missouri next year.
Arizona: Though statewide mobile betting may not be imminent, Arizona could be another state with legal wagering as early as 2021. The state’s Native American casino operators and elected officials have floated a tribal-only path to legalization in recent years and indications are another legislative proposal is in the works.
A retail-only market would mean less revenue for operators and state coffers, but it could be the easiest path to any legal betting options in Arizona. A successful brick-and-mortar market could spark interest in online options down the road in a state with a growing population and a franchise in all four major professional U.S. sports leagues.
Texas: Arguably the longest odds of any state in this group, Texas has shown signs that legal sports betting could be a possibility. Casino companies such as Las Vegas Sands have already hired lobbyists ahead of the 2021 session to push for the state’s first commercial casinos and there could be more interest than ever in Austin as Texas faces a budget shortfall of its own.
While sports betting faces steep political headwinds in a state without many existing gaming options, it will remain an intriguing possibility in the nation’s second-most populated state.
Legalizing sports betting back for study.
COLUMBUS — The on-again, off-again drive to legalize sports betting in Ohio that hit a brick wall in late 2020 is making a comeback.
The Ohio Senate will soon begin hearings by a committee into the pros and cons of legalizing gambling on professional and college sports.
Rep. Brigid Kelly, D- Cincinnati, was a co-sponsor of the plan that passed the Ohio House of Representatives late last year. The legislative session ended in December without it going to the Senate floor for a vote. She is optimistic it has a chance to pass in the new legislative session.
“If folks want to engage in sports betting they should be able to do it right here in a way that is safe for consumers and ultimately will benefit the kids throughout the state of Ohio,” Kelly said.
Her bill would have set aside funding for kids’ extracurricular activities in schools.
Kelly noted that the state of Indiana opened sports betting in late 2019. Before COVID hit and casinos were shut down for a time it was bringing in about $1 million a month in new tax revenues. And other states are adopting it too.
“We are being left behind. Everyone around us is passing sports betting and capitalizing on the opportunity for folks to play and those are resources that we can reinvest instead of Ohioans being forced to cross state borders and spend their money in other places,” Kelly said.
The newly created Senate Select Committee on Gaming will be chaired by Sen. Kirk Schuring, R-Canton. " I think it can be do it in a fair and equitable way but what that is going to look like, I can’t say because we need to let the process work,” Schuring said.
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