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Gov. Cuomo to embrace online betting says New York could be ˜largest sports wagering market in the United States
Weston Blasi.
Sports betting stocks got a boost in the days after Cuomo said he would support legalized sports wagering in New York.
New York Gov. Andrew Cuomo.
Referenced Symbols.
New York Gov. Andrew Cuomo has decided to push for online sports wagering in his state.
New York has the potential to be the largest sports wagering market in the United States, and by legalizing online sports betting we aim to keep millions of dollars in tax revenue here at home, which will only strengthen our ability to rebuild from the COVID-19 crisis, Cuomo said in a statement.
Cuomo had long pushed back against the idea of legalizing online sports betting, but events surrounding the COVID-19 pandemic seem to have changed his mind.
At a time when New York faces a historic budget deficit due to the COVID-19 pandemic, the current online sports wagering structure incentivizes a large segment of New York residents to travel out of state to make online sports wagers or continue to patronize black markets, Cuomo said.
Cuomo will give more details on the future of online sports wagering in New York during his State of the State address next week.
New Yorks neighbor New Jersey has become an online sports wagering juggernaut in the past year, taking in over $4 billion in sports bets in 2020, according to the state. These bets generated $36.5 million in tax revenue for New Jersey.
Four casinos in upstate New York currently accept sports bets, but those bets are in-person only and only a small fraction of what online betting would be in the state. Over 90% of all bets made in New Jersey are made online, according to public data.
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Michigan legal online gambling and sports betting to start Friday.
Michigan authorities are letting casinos and their partners to allow online sports bets more than a year after gambling was made legal here. Wochit.
Michigan regulators have given the green light for online gambling and online sports betting to start at noon Friday.
The Michigan Gaming Control Board approved the first 10 casinos and their online platform partners to launch at that time, with additional approvals expected in coming days.
The Legislature and Gov. Gretchen Whitmer legalized internet gambling and sports betting in December 2019, and regulators spent all of last year devising rules and ways to monitor and license the new platforms.
DraftKings logo is displayed at the sports betting company headquarters in Boston. (Photo: Charles Krupa, Associated Press)
The minimum age for online gambling and sports betting is 21. Those taking part in sports betting do not need to be Michigan residents, but must be situated within the state's borders when placing bets via smartphone app or computer. Those from Ohio, where online sports betting isn't legal, could therefore use Michigan's new betting apps if they do so in Michigan.
The nine platforms and their associated operators are:
FanDuel, for MotorCity Casino BetMGM/Roar Digital, for MGM Grand Detroit Penn Sports Interactive/ Barstool Sportsbook, for Greektown Casino DraftKings, for the Bay Mills Indian Community William Hill, for the Grand Traverse Band of Ottawa and Chippewa Indians TwinSpires, for the Hannahville Indian Community Golden Nugget Online Gaming, for the Keweenaw Bay Indian Community Rush Street, for the Little River Band of Ottawa Indians Wynn, for the Sault Ste. Marie Tribe of Chippewa Indians PointsBet, for the Lac Vieux Desert tribe.
FanDuel is one of several online sports betting platforms that will go live in Michigan (Photo: FanDuel)
Richard Kalm, executive director of the gaming control board, said the days between Tuesday's authorization and Friday's launch give the online platforms time to do testing and make adjustments. Some platforms, such as FanDuel, DraftKings and BetMGM, have been advertising for weeks and allowing users to sign up, but not place bets.
"Online gaming and sports betting will provide the casinos with new ways to engage with customers while the state and local communities will benefit from taxes and payments on wagering revenue," Kalm said in a statement.
FanDuel's Chief Marketing Officer Mike Raffensperger said that about 90% of the company's users in markets where sports betting is already allowed use FanDuel through its mobile app.
Raffensperger said legalized online sports betting is a good because it brings the activity into the light of day and prevents people from getting outright cheated.
"Frankly speaking, (sports betting) is a marketplace that existed prior to us launching legally," he said. "It just happened in (the) black market and the gray market with offshore accounts where maybe youll get your money out, maybe you wont."
In-person sports betting began in Michigan last March but quickly went dark when the Detroit casinos closed amid the initial surge of the COVID-19 pandemic. The sports betting lounges reopened in the summer, closed again Nov. 18 and have remained open at reduced capacity since Dec. 22.
Man using phone to bet on sports (Photo: scyther5, Getty Images/iStockphoto)
The tax rate and the tribal payment rate for internet sports betting is 8.4%.
The tax and payment rates paid by the casinos for general internet gambling not including sports will range from about 20% to 28%, based on adjusted gross receipts.
Raffensperger of FanDuel said he believes that online sports betting will not result in the closure of the still-new sports-betting lounges in Detroit's casinos.
"There's nothing like the experience of a sports book watching a great game on giant TVs and being there with your friends," he said. COVID has made that difficult . but its a wonderful, fun experience.
Dan Haar: Sports betting, online gambling in reach for CT.
Rodney Butler, chairman of the Mashantucket Pequot Tribal Council, which owns Foxwoods Resort Casino, shown at a forum on gaming expansion at the Legislative Office Building in Hartford, Tuesday, Feb. 11, 2020.
Dan Haar/Hearst Connecticut Media Show More Show Less.
U.S. Rep. Joe Courtney, D-2, left, chats with Chuck Bunnell, chief of staff of the Mohegan Tribe.
Joe Amarante / Hearst CT Media Show More Show Less.
Bobby Valentine and Ted Taylor, president of Sportech Venues, are in awe as the new Bobby V's prepares to open as a Sports Bar, Restaurant, and OTB lounge in Stamford, Conn., on Friday, June 16, 2017.
Matthew Brown / Hearst Connecticut Media Show More Show Less.
It was a fruitful pre-season for teams competing for the right to launch online and sports gambling in Connecticut. Amid the pandemic, coaches and commentators speculated 2021 could yield great results with a breakthrough deal after three years of failure.
Now the regular season has had its first high-profile matchup. On Tuesday, the tribes that run Mohegan Sun and Foxwoods; the company that runs OTB locations; and the Connecticut Lottery Corp. all lined up to mak their cases to the General Assemblys public safety committee, which oversees gaming.
And oh yes, the Connecticut Council on Problem Gambling had a few minutes of airtime. Theyll make a strong argument for controls. But dont worry, the number of lawmakers hellbent on stopping this juggernaut is dwindling.
Four weeks into 2021, everyone still seems to believe this is the year the state will usher in sports betting and casino games for mobile devices and laptops. Were at the 1-yard line and weve just got to punch it in at this point, said Rodney Butler, chairman of the chairman of the Mashantucket Pequot Tribal Council, which runs Foxwoods Resort Casino.
Its a very long one yard. Still, the forces are all in place to make it happen.
We have a coronavirus cash crunch on both sides, bad enough that Foxwoods had to give the state an extra $716,766 in December just to meet its minimum payment under a 29-year-old gaming compact. The agreement calls for each of the tribes to pay the state 25 percent of slot machine revenue or monthly payments at a rate of $80 million a year, whichever is more, and Foxwoods fell just short at the end of 2020.
Thats a first since Foxwoods ramped up and it means the casino is under a lot of pressure.
We have a willing governor and a legislature no longer divided between the tribes and MGM, now that MGM has exited the scene.
And we have surrounding states moving toward their own deals to tax companies that are able to beat money out of residents sitting at home, riding in cars or waiting in line at the supermarket.
All were missing is a deal, or any imminent sign of one but the calendar is the tribes enemy.
The informational hearing looked and felt important but nothing the General Assembly does will matter until and unless Gov. Ned Lamont signs a new online and sports gaming pact with the tribes and anyone else he deems important enough to cut in on the action.
Lamont has dispatched four of his top aides economic czar David Lehman, budget boss Melissa McCaw, chief lawyer Bob Clark and chief of staff Paul Mounds, the captain to do the bidding.
One quick thing while were on the subject of Lamont and the hospitality industry. Governor, you could show goodwill toward ailing restaurants by suspending the 10 p.m. curfew for the Super Bowl on Feb. 7. Just a thought.
No deal yet.
Back to online casinos and sports gambling, no one is packing champagne on ice just yet but Lamonts public comments, most prominently in his Jan. 6, pre-recorded State of the State address, indicate optimism is in the house.
Then again, so is the old stalemate. The Mohegan and Mashantucket Pequot tribes have shown no public willingness to back off their claims that they alone hold the rights to online casino games, which, in their view, include sports betting as well as internet gambling. That knocks out all other players, some of which might file lawsuits tying up the state for years even if the legislature backs the tribes claims.
Thats a hurdle other states dont have. Connecticut promised the tribes an exclusive duopoly on all casino games back in the ˜90s as long as the state collects 25 percent of the gross winnings from slot machines. Those payments peaked in 2006 at more than $400 million, fell to $255 million in fiscal 2019 and dropped to $193 million in the year ending June 30, 2020 and $164 million for all of 2020.
Falling as they are, those dollars matter to the state. And considering the threat from MGM Springfield followed by the shutdown last spring, that $193 million shows the tribal casinos have a whole lot of life left.
Butler, who was a delegate for President Joe Biden, reminded lawmakers that the tribes Foxwoods Resort Casino isnt just another company like, oh, lets say MGM Resorts International or even Aetna. Our shared history in Connecticut doesnt go back a few years, it goes back centuries, he said.
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The Pequots are tied to Connecticut land as immovably as the river that gave the state its name, he might declare. The two tribes did manage to wait out MGM, which no longer wants to build a casino in Bridgeport not that anyone wants to build a casino anyplace in Connecticut these days.
And the tribes have a bill co-sponsored by 17 lawmakers from both parties endorsing pretty much everything they want.
This is a bit of inside baseball but you dont see Reps. Toni Walker, D-New Haven, and Doug Dubitsky, R-Chaplin, lining up as co-sponsors of the same controversial bill very often. I wouldnt have guessed theyd agree the sky is blue.
How it might happen.
Logic would say Lamont can get this done by agreeing to pay a fee to the tribes of a few percentage points of sports betting and the much larger i-gaming. Thats what happened a few years ago with Keno, in which the tribes split a 25 percent cut for a game they dont run. That would allow the Connecticut Lottery to do its thing online and New Haven-based Sportech, which runs the OTB locations and Bobby Vs sports bars, to expand into broader sports betting, online and in-person.
But not so fast. The team of, Mounds, McCaw, Clark and Lehman might not need to pay off the tribes. No one is hurt more by time passing than Foxwoods and Mohegan Sun, which issued a warning on its debt at the end of 2020. That $716,766 Foxwoods had to pay the state last month is a huge deal and it signals that we might see the tribes willing to share the bounty in exchange for a fast deal, with little or no licensing fees.
Ted Taylor would love to see that. Hes president of Sportech in Connecticut. We definitely feel that were at te table, he told me Monday night, ahead of the hearing. Nobody apart from the tribes believes that the tribes have exclusivity.
It takes a wide marketplace to make sports betting work, Taylor has argued for three years now, since the U.S. Supreme Court allowed it to spread. That means more bookmakers in the game, not fewer.
And just over the state lines, were seeing the marketplace line up. New Jersey is minting nearly $200 million a year on the digital gambling habits of its residents and visitors.
Massachusetts seems poised to join in, according to the salivating gaming press; New Yorks gaming commission just produced a report predicting something like $1 billion in revenue for a state deep in the hole from COVID.
Now Lamont is just a couple of weeks away from his deadline to present a budget to lawmakers and he would look strong with gaming deal in hand, preferably one that includes more players while keeping the tribes happy.
Michigan Online Sports Betting and Gaming Launch Date Expected Shortly.
Scott W. Grau/Icon Sportswire via Getty Images. Pictured: Michigan Marching Band flag section.
The wait for Michigan online sports betting, casino gaming and real-money poker is in its final days.
The date and initial operator list for Michigans long-awaited online gaming launch will be announced by Jan. 18 at the latest, said Michigan Gaming Control Board Executive Director Richard Kalm at a meeting Tuesday. Assuming all approvals are met, Michigan residents and visitors will be able to deposit and wager with the first wave of online operators by the end of the month.
Were very close. I wish I could give an exact day and time, but each day that changes, Kalm said. Were gathering information daily. So were very close. Thats the best answer I can give right now.
After more than a year of waiting, Michigans online sports betting launch appears it will be ready to go before the Feb. 7 kickoff to this years Super Bowl, historically the single highest-grossing event for U.S. sportsbooks.
Michigan Launch Comes into Focus.
Though officials at Tuesdays board meeting wouldnt disclose publicly the go live date or initial approved operators, a timeline for online gaming in Michigan is coming into focus.
After MGCB officials grant the go live date, which could come in the next few days, it will still be four or five additional days after that until the first operators can accept bets, Kalm said, during which time mobile operators must pass final testing and certification. Michigans 2019 sports betting law also requires at least one of the states commercial casinos and one of its Native American casinos earn their respective online wagering licenses before betting can begin.
Kalm reaffirmed Tuesday the exact timeline remains in flux, but that should still allow the first bets to be placed before the end of January.
In the meantime, Michigan bettors can begin downloading sportsbook and iGaming apps ahead of the launch. Michigans three commercial casinos along with a dozen tribal casinos have already formalized online sports betting and iGaming partnerships.
Partner operators such as DraftKings, FanDuel, BetMGM, Barstool Sports, PointsBet and William Hill are among the dozen or so sportsbooks expected to go live on or near the official launch date. Retail sports betting began in March 2020, but multiple casino closures due to the COVID-19 pandemic have handicapped wagering options and fueled interest in the online launch, which is projected to make up as 90% or more of total betting handle.
The 10th-largest state by population, Michigan is set to be one of the largest sports betting markets in the country. It will be the second most populated state with both online sports betting and iGaming, trailing only Pennsylvania.
Long Rollout Nears Conclusion.
Signed into law by Gov. Gretchen Whitmer in December 2019, Michigans package of online sports betting, poker, iGaming and daily fantasy regulations underwent more than a year of review, rulemaking and certification. Michigan regulators were required by state law to craft rules, take public comment, submit a financial impact statement and receive final sign off from a state legislative body, a process that wasnt completed until last month.
Kalm said officials turned around the required gaming rules faster than any other set of regulations in his 13 years with the MGCB. Officials also expedited occupational, vendor and supplier licenses, a process Kalm said still took significant time as officials had to not only write and earn certification for their proposed rules, but then license three commercial and 12 tribal gaming operators as well as their affiliates and partners.
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