Welcome to iGB’s State of the Union, a look at the biggest North American sports betting stories we’ve covered over the week and briefs on others we found interesting.
Mass regulators will allow bets on Tyson-Paul
Massachusetts regulators Thursday (7 November) decided not to ban betting on the Jake Paul-Mike Tyson exhibition boxing match set for 15 November. Citing safety and rules changes as positives, the commissioners unanimously believe the fight falls within the bounds of allowed markets in the state bet menu.
The Tyson-Paul bout, which will air on Netflix, will feature two-minute rounds rather than the standard three minutes. Boxers will also wear 14-ounce gloves vs. 10-ounce gloves.
“The rules changes are trending toward safety, which was very influential for me,” said commissioner Nakisha Skinner. Her thoughts echoed those of her fellow commissioners.
Commissioner Eileen O’Brien did say that the exhibition raises another question for her. “Flagged for me by this and by the fact that some states don’t allow exhibitions to go as a matter of course, we currently do,” she said. “I would like to say to sports wagering and the rest of us that we might want to have parameters on this going forward.”
So far, regulators in Colorado, Pennsylvania and Vermont have banned betting on the event. The latter two cited the 31-year age difference between the fighters as a concern.
Colorado voters remove cap on wagering tax collections
Colorado voters on 5 November approved Proposition JJ, which will allow the state to direct all sports betting tax revenue (less some set costs and fees) to water projects in the state. Under previous law, up to $29 million (£22.4 million/€27 million) in betting tax revenue could be directed to such projects, and anything above that was sent back to operators.
But 76% of voters on the statewide referendum agreed to remove the cap. The idea to lift the cap came earlier this year as sports betting tax revenue has been consistently growing since betting went live in May 2020. At the end of the most recent fiscal year on 30 June, the Colorado Division of Revenue reported taxes of $29.9 million from sports betting, meaning that $900,000 was returned to operators.
Colorado is the only state in the nation that directs sports betting proceeds to water projects. Wagering platforms are taxed at 10% of adjusted gross revenue.
Maryland town rejects casino idea
Voters in Chesapeake Beach, Maryland, about an hour from Washington, DC, on election night rejected the idea of putting a casino in their town. The question — “Do you support the State of Maryland permitting expanded gaming (i.e., additional electronic bingo machines, casino slots, table gaming) to venue(s) in the Town of Chesapeake Beach?” — was on the ballot so lawmakers could gauge interest. But 76% of town voters said “no.”
Local voters in 2020 also rejected the idea. Chesapeake Beach already has some gambling — gray-market machines can be found in establishments around the town and county. They are allowed because Anne Arundel and Calvert counties were grandfathered in after state lawmakers banned such machines. Chesapeake Beach is in Calvert County.
Penn says it’s ‘well positioned’ in Missouri
Penn Entertainment owns three land-based casinos in Missouri, and after voters there approved statewide digital betting, executives say the company is “well positioned” in a state that has “real sports fans.” Missouri is the only state in 2024 to legalise any kind of expansion of gambling. Amendment 2 allow for up to 20 digital betting licenses, sets a 10% tax rate and requires that betting go live by December 2025.
For Penn, the latest interpretation of the initiative by the Missouri Gaming Commission is critical. The regulator told iGB last weekend that every physical casino location will be eligible for a digital licence. That would mean that Penn could have up to three platforms. Casesars also owns three land-based casinos in the state.
“Overall, this is good news for us, good news for ESPN Bet,” Penn CEO Jay Snowden said on the company’s third-quarter earnings call Thursday (7 November). “We think we have a good database we can access across the state.”
Worth the read
We’re a little late to this story, but it’s a good one. We’ve all read about athletes getting harassed for having “bad” games, but how about medical staff? On Sportico in October, Dan Bernstein revealed that doctors treating high-level athletes are being tracked down by bettors who want the inside track. Read the full story here.
In other news …
SI Sportsbook is delaying its Michigan exit until early 2025, owner Evoke revealed in its Q3 report in late October. According to the report, the company wrote that it expects the “Conclusion of sale of New Jersey and Virginia businesses with full exit from US B2C now expected in Q1 2025 with the sale of Colorado and Michigan.”
Hard Rock Bet this week launched betting on eSoccer in Florida, the company announced. Consumers will be able to bet on top players competing in the upcoming FC 24. The market is available only in Florida.
BetMGM is now offering interstate online poker player pools, according to a Wednesday (6 November) PlayMichigan story. BetMGM has merged player pools in Michigan and New Jersey, and is the third company to offer multi-state pools.
ICYMI on iGB
DraftKings: Revenue up in Q3, but Q4 already a struggle
Penn says much to look forward to besides missing Q3 financial targets
Bally’s: Q3 revenue flat, but company has eye to future
Wynn misses Q3 targets but Al Marjan project on track
Prediction markets were big winners of presidential election
Missouri voters legalise statewide digital betting by a hair
Missouri voters say no to a new casino
Petersburg voters approve Live! casino
Arkansas voters pull back casino licence in Ozarks
