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п»їVirus may reduce total Super Bowl bets, but online to surge.
ATLANTIC CITY, N.J. (AP) — Here’s one more thing the coronavirus pandemic has ruined for at least some people: betting on the Super Bowl.
The American Gaming Association, the gambling industry’s national trade group, released a report Tuesday predicting that the number of people planning to make a bet on the big game will decrease this year.
That’s largely because many people still haven’t returned to work settings, where office pools and squares pools are often circulated and filled out, as well as because fewer people are planning to make bets at in-person sports books, including casinos and horse tracks.
But at the same time, the report predicts that the rapid growth of legal sports betting in the U.S. should easily smash records in terms of the amount wagered online — the manner in which most sports bets are made.
The AGA report says 23.2 million Americans plan to bet on the game that pits defending champions Patrick Mahomes and the Kansas City Chiefs against Tom Brady and the Tampa Bay Buccaneers. That would be a decline of 12% from last year’s levels.
It says the $4.3 billion they are projected to wager, both legally and otherwise, would be down 38% from last year’s Super Bowl.
But it also forecast a record 7.6 million Americans betting with online sportsbooks, up 63% from last year.
“COVID-19 has disrupted everything about American work and recreation, and we can expect the patterns of betting on this year’s Super Bowl to reflect this reality,” said David Schwartz, a gambling historian at the University of Nevada Las Vegas. “It is likely that, with many Americans working remotely, betting in office pools will be down. Bettors may also not place bets in sportsbooks before and during the game. But with the increased prevalence of legal online betting options, it is likely that the level of bets placed with state-regulated sportsbooks will increase. ”
Johnny Avello, head of sportsbook at DraftKings said he expects “huge numbers” from the game.
“Let’s face it, this matchup is about as pretty as you can get: the defending champions against a guy who’s been there before,” he said. “It just looks like a winner all around.”
Jay Croucher, head of trading at PointsBet, said that while the amount wagered at in-person locations “might inevitably decrease due to the current landscape, this will ultimately be more than outweighed by what we expect to be record numbers for online wagering on the Super Bowl.”
And Adrian Vella, managing director of the Tipico sportsbook, said conditions are perfect for record-breaking online betting this year, including so-called “prop” bets on the performance of individual players.
“With the Super Bowl just a few days away, novelty game props and player prop single bets are coming in fast and furious, indicating a surge in casual bets by fans stuck at home from the snow, quarantine, or both,” he said.
Half of the 50 states have legalized sports betting, with markets up and running in time for this year’s Super Bowl in 21 of them.
The number of Americans saying they will bet casually with friends, or in a pool or squares contest is forecast to decline by 3.6 million, or 18%.
The survey of nearly 2,200 adults by Morning Consult was done Jan. 25-27, and has a margin of error of plus or minus 2 percentage points.
Bally’s buys sports betting tech company, closes AC purchase.
ATLANTIC CITY, N.J. (AP) — Bally’s Corp. has purchased a sports betting technology company for $125 million and has finalized the purchase of a casino in Atlantic City.
The transactions, both announced Wednesday night, give the Rhode Island company formerly known as Twin River Worldwide Holdings a solid place in the sports betting and physical casino markets as it rapidly expands across the U.S.
Bally’s bought Bet.Works, a sports betting platform provider to operators in New Jersey, Iowa, Indiana and Colorado.
“This is the next step in our company’s evolution,” said Soo Kim, chairman of the company’s Board of Directors. “By combining our expanding national footprint of casinos, the recently acquired Bally’s brand, and Bet.Works’ proprietary technology stack, we have evolved in just a few short years from a regional casino operator into the first U.S. gaming company committed to serving our customers with an omni-channel approach, combining the best of our physical properties with a superior online experience.”
Over the past two years, Bally’s has been on a buying spree with the goal of transforming from a small regional casino company to a national player in the gambling industry. It will have 14 casinos in 10 states once all pending transactions are completed.
The company also recently bought the Bally’s brand and renamed itself.
It finalized its purchase of Bally’s casino in Atlantic City from Caesars Entertainment and a related entity, VICI Properties, for $25 million.
In a research note issued shortly before the latest transactions were announced, the Macquarie Group said sports betting and internet gambling will be key strengths for Bally’s.
“A two-property company less than 5 years ago, the $900 million market cap Bally’s Corp. has completely transformed the portfolio to 14 assets through $950 million of spending in the last two years,” the firm wrote. “We believe online gaming is the hidden treasure of the company.”
Bally’s buys sports betting tech company, closes AC purchase.
ATLANTIC CITY, N.J. — Bally’s Corp. has purchased a sports betting technology company for $125 million and has finalized the purchase of a casino in Atlantic City.
The transactions, both announced Wednesday night, give the Rhode Island company formerly known as Twin River Worldwide Holdings a solid place in the sports betting and physical casino markets as it rapidly expands across the U.S.
Bally's bought Bet.Works, a sports betting platform provider to operators in New Jersey, Iowa, Indiana and Colorado.
“This is the next step in our company’s evolution,” said Soo Kim, chairman of the company's Board of Directors. “By combining our expanding national footprint of casinos, the recently acquired Bally’s brand, and Bet.Works’ proprietary technology stack, we have evolved in just a few short years from a regional casino operator into the first U.S. gaming company committed to serving our customers with an omni-channel approach, combining the best of our physical properties with a superior online experience.”
Over the past two years, Bally’s has been on a buying spree with the goal of transforming from a small regional casino company to a national player in the gambling industry. It will have 14 casinos in 10 states once all pending transactions are completed.
The company also recently bought the Bally's brand and renamed itself.
A record year for New Jersey sports betting.
ATLANTIC CITY, N.J. (AP) - New Jersey took nearly $1 billion worth of sports bets in December, an encouraging finish to a year in which coronavirus closures and restrictions sent overall gambling revenue down nearly 17%.
Over $6 billion worth of bets were placed last year in New Jersey, which won a U.S. Supreme Court case in 2018 that cleared the way for the ongoing expansion of legalized sports betting in America.
Figures released Wednesday by the New Jersey Division of Gaming Enforcement show the state’s nine casinos and three horse tracks that accept sports bets took in over $996 million worth of such wagers in December, the latest in a string of monthly records for U.S. sports betting.
Slot and table games revenue for the casinos, including internet betting, was $2.64 billion in 2020. When sports betting revenue is added, New Jersey saw more than $2.88 billion in revenue for the year.
That represented a decline of 16.9% in a year in which the casinos were closed for 3ВЅ months. Even when they were allowed to reopen in July, they had to restrict operations to 25% of capacity - limits that remain in place today.
Only one casino, the Golden Nugget, took in more money in 2020 than it did in 2019. It won more than $415 million, an increase of nearly 10% over the previous year.
Harrah’s had the biggest decline in 2020, down 46.8% to $166.3 million. Resorts was close behind, down 43.8% to $100.2 million. Caesars was down an identical 43.8% to $152.3 million.
Tropicana was down 33.8% to $231.5 million; Borgata, the last of the nine casinos to reopen last year, was down 27.6% to $577.3 million; Hard Rock was down 17% to $290.5 million, and Ocean was down 10.1% to $214.1 million.
New Jersey has led the nation for months in the amount of money bet on sports within its borders. With the NFL playoffs underway in the run-up to the Super Bowl, January 2021 is almost certain to eclipse the $1 billion mark for total amount of money wagered, known in the industry as “handle.”
But that number is separate from, and much larger than, sports betting revenue, or the amount of money sports books keep after paying out winning bets and other expenses.
New Jersey’s casinos and horse tracks kept just under $400 million in sports betting revenue last year, an increase of over 33% from a year earlier.
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