July 30, 2024 – FairOdds Network

July 30, 2024

Nebraska lawmakers could be first in US in 2024 to legalise or expand gambling

Nearly seven months into the year, no US jurisdiction has legalised or expanded gambling. Will Nebraska be the first?
Nebraska’s state legislature started a special session last week and, on Wednesday (30 July), the general affairs committee will debate five bills that could legalise digital sports betting and daily fantasy sports.

At the heart of the move to legalise digital sports betting is Nebraska’s high property taxes, which fund education. According to one of the bills, the state ranks among the top 10 in the US in “property tax burden” and “relies more heavily on local property taxes to support public education” than other states. The goal is reduce property taxes by using online sports betting revenue to defray the costs to homeowners.

Nebraskans approved an expansion of gaming in November 2020. At that time, it wasn’t clear whether or not that expansion included sports betting – retail or digital. But lawmakers eventually decided that in-person wagering met the criteria. ..

July 30, 2024

Analysts: Sports wagering calendar gives insight to markets, revenues

The US sports betting calendar is the same every year and handle and revenues typically follow suit. But there are other trends to be gleaned from the cycles as well, analysts said on a webinar on Tuesday (30 July).
The session, entitled “A Year in the Life of Sports Betting”, was presented by Geoff Atkinson and Matt Roob. Atkinson is the marketing research manager for Management Science Associates and Roob is senior vice-president of financial analysis for Spectrum Gaming Capital. Throughout the presentation, the analysts used graphs and data compiled using the Spectrumetrix data service.

Atkinson began the discussion by breaking down graphs from states that report wagering figures for individual sports. The examples included Illinois, Mississippi, Nevada, South Dakota, Oregon and Montana.

Overall, the states showed similar patterns according to the US sports schedule.

Totals are lowest in the summer when baseball is the only major sport in season. Then in the fall, the start o..

July 30, 2024

PrizePicks reportedly considering M&A, funding options

PrizePicks has tapped investment bank Moelis & Co to explore potential mergers and acquisitions, according to industry sources.
The Atlanta-based company – and the self-proclaimed largest daily fantasy sports (DFS) operator in North America – isn’t actively seeking a full-scale sale. It’s evidently keen on expanding and strengthening its footprint through strategic partnerships or acquisitions and potentially has an eye on raising a war chest to compete in regulated online sports betting with the likes of market leaders DraftKings and FanDuel.

Bloombergwas the first to report the rumour involving Moelis & Co’s involvement, although so far it’s light on details.

PrizePicks stands out in the DFS landscape with its unique approach to gaming. Unlike traditional DFS platforms where users draft entire teams, PrizePicks allows users to predict the over/under on individual player statistics and fantasy scores. PrizePicks recently found its way back into several regulated markets, which could..

July 30, 2024

Improved online hold helps Colorado sports betting GGR soar in June

Gross gaming revenue from Colorado sports betting increased 206.5% year-on-year thanks to a much improved hold, while there was a significant increase in amounts wagered on soccer that coincided with the start of the second Copa América held in the US.
Handle for June increased 12.8% year-on-year to $350.4m according to the Colorado Division of Gaming. Online handle made up $348.9m of the total with $1.5m wagered through Colorado retail sportsbooks.

While baseball ($104.5m) and basketball ($59.2m) generated the highest handle, soccer enjoyed a particularly strong month. Amounts wagered on soccer more than doubled to $27.6m, with the Copa America kicking off from 20 June, while table tennis also increased significantly to $15.1m.

High hold leads to revenue spike for Colorado sports betting
After winnings of $322.2m were paid out, gross gaming revenue came to $28.2m for the month, an 8.05% hold. That far surpassed the $9.2m in GGR and 2.97% hold recorded for June 2023.

Once free bet..

July 30, 2024

Caesars’ Big Brazil and Sportingbet apply for Brazil licences

Sportingbet and Caesars Sportsbook’s Big Brazil have submitted their licence applications in Brazil, becoming the fourth and fifth operators to do so.
Sportingbet applied for a Brazil sports betting and igaming licence on Thursday (25 July). The following day, Caesars Sportsbook’s licensee Big Brazil joined Sportingbet, Betano, Superbet and Rei do Pitaco in submitting its application.

In applying during the initial 90-day window of preference, Sportingbet and Big Brazil have ensured their applications will be prioritised by the ministry of finance’s Secretariat of Prizes and Bets (SPA).

The SPA guarantees that operators who submit their applications by the 20 August deadline will have their applications processed by 1 January 2025, the anticipated launch date of the legal market.

Licences will last for five years and will cost BRL30m (£4.6m/€5.4m/$5.9m) in fees. Those who receive a licence will be able to offer gambling via three skins. Meanwhile, operators who fail to secure a lice..

July 30, 2024

Insider who tried to wager $100,000 on Alabama baseball sentenced

The Indiana businessman who attempted to wager $100,000 on an Alabama-LSU college baseball game last year was sentenced on Monday (28 July) to eight months in prison and three and a half years of supervised probation.
Bert Neff, who received a text from former Alabama baseball coach Brad Bohanan saying that Alabama had pulled its starting pitcher, walked into an MGM casino in Ohio on 28 April 2023 and attempted to place a $100,000 bet based on the information.

MGM employees refused the bet, but allowed Neff to lay down $15,000 on LSU to win. The attempt to wager $100,000 and the ensuing $15,000 bet were considered suspicious by MGM employees. The bets were quickly flagged and, within days, markets on LSU-Alabama baseball were suspended. Within a week, Bohanan was fired.

Bohanan has not been charged. But the NCAA sanctioned him for 15 years.

Neff, whose son played baseball at Cincinnati when the bet was placed, wasn’t charged for wagering with inside information. Federal authorit..

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