The gambling industry saw a positive start to 2022 in January and February, thanks to the opening of new sports betting markets online, as well as optimism about Brazil’s legislation and, of course, Super Bowl.
New York online sports betting market goes live
New York State launched its online betting platform for sports on January 8th, and that marked the beginning of a new year.
New York State Gaming Commission has confirmed that four of the nine licensed operators, Caesars Sportsbook DraftKings FanDuel and FanDuel were approved by the New York State Gaming Commission to allow mobile betting to be launched in New York State the very first day.
While New Jersey has a more well-established sports betting market, the market was launched at a 51% tax rate.
FanDuel, determined to be the best sportsbook in New York, began a multiyear partnershipwith the Buffalo Bills. This made FanDuel an official mobile betting partner for the NFL. The NFL team also had a partnership with Caesars .
The New York sports market was launched two weeks later and had accepted more than $1bn of bets. After its first month, it recorded the largest single-month betting volume after wagering $1.6bn at its sportsbooks.
Louisiana launched its online betting market on January 28th. DraftKings and FanDuel were the initial operators to go live in Louisiana. Caesars and BetMGM also had a 15% tax rate.
GeoComply reported that more than 3.4 million geolocation transactions were made at the Pelican States’ online sportsbooks between January 28th and January 30th.
Brazil’s Gambling Regulation: Optimism
Brazil’s first months of 2022 saw it begin legalizing gambling. The Chamber of Deputies approved a bill to regulate this industry. Bill 442/91 was approved by 246 voters, with 202 voting against and two abstentions.
“The goal of the bill is to protect and prevent players,” said Felipe Carreras, who was the bill’s Deputy.
The regulation will enable the state to collect higher taxes by exploitation of gambling and games, as well as provide greater resources for the development and implementation of social policies in the states and localities, strengthening our fiscal federalism.
Carreras approved the establishment of a regulatory body that would report to the Ministry of Economy. It would be responsible for authorizing and licensing gaming activities.
The legalization of marijuana could generate $3.9bn annually in taxes and create 200,000 new jobs. It also formalized 450,000 additional jobs.
BtoBet also published an report showing optimism about Brazil’s market. It called it “a sleeping giant” and explored its potential for growth.
New records set by Super Bowl betting
Sportsbooks enjoy high levels of activity during the Super Bowl, and the Big Game which saw the Los Angeles Rams beat the Cincinnati Bengals brought record sales to several states.
The Nevada Gaming Control Board stated that $179.8m had been wagered on Super Bowl LVI at Silver State’s 179 betting sites.
This new Super Bowl handle record was set by the state for the last ten years. It beat the $158.6m wager on the 2018 Super Bowl, when the Philadelphia Eagles defeated the New England Patriots.
The New Jersey Division of Gaming Enforcement has reported$143.7m of wagers made on the Big Game. This is 22.4% more than the $117.4m that was wagered on Super Bowl LIV when the Tampa Bay Buccaneers beat the Kansas City Chiefs.