Gambling in the USA
US Supreme Court ruling and Blockchain growth may launch sports gambling into mainstream
Bookies or bookmakers were names so because they once carried a hard-bound ledger – or book – to track the various bets they took on sporting events.
So it is natural for Blockchain, the 21st century ledger that only exists in cyberspace, to revelutionalise betting, especially now that the U.S. Supreme Court has legalised sports gambling.
The ruling basically allows individual states to decide whether or not to approve gambling.
The states are unlikely to extend the ban on batting, given the potential amount of money (and tax revenue) at stake. Illegal gambling in the United States reportedly amounts to $150 billion a year.
Any large amounts of money changing hands requires payments technology that ensures speed and accuracy of transactions. But Blockchain seems especially well suited to sports gambling. The technology can provide global transparency and legitimacy to a black market industry people consider particularly opaque and shady, given gambling’s previous ties with organised crime and mysterious entities in Panama and Costa Rica.
“There have been numerous documented cases in which providers of illegal gambling have been found to cheat customers on payouts, cheat the U.S. government by not paying taxes on profits and using illicit profits to support other forms of organized crime activity,” according to a report by the American Gaming Association and Virginia Commonwealth University. “In this way, illegal gambling operations support organized crime and victimize others, rather than benefit patrons.”
The report identified groups like the Armenian Power Group, Costa Nostra families in New York and Philadelphia, and the Outlaws Motorcycle Group as complicit in illegal gambling.
The growing adoption of cryptocurrencies and Blockchain, as we noted in our previous report, combined with the Supreme Court ruling could transform gambling in the United States into a fully legitimate industry.
Even before the high court ruling, gamblers have already been employing Blockchain and cryptocurrencies to wager on sporting events.
In e-sports, for example, people can use digital coins to bet on professional players who compete on sports video games.
Billionaire and Dallas Mavericks owner Mark Cuban last year backed Seattle e-sports startup Unikrn’s $30 million plus initial coin offering. Gamblers can use UnikoinGold digital coins, about one billion in circulation, to bet on online games like League of Legends, Defense Against the Ancients (Dota) and CounterStrike.
“Growth in gambling is going to accelerate,” Cuban told CoinDesk. “Unikrn is better positioned than any other company to leverage that growth not only with their core business , but with blockchain.”
Venture capitalists have already been pouring money into e-sports. From 2013 to 2016, investment in e-sports startups more than quadrupled to $1.5 billion from $309 million, according to CB Insights research firm.
Blockchain could be the industry’s missing piece. The technology not only provides transparency and security to transactions but also accuracy. A big problem in gambling is that parties could renege on bets or cancel them all together after the match. With Blockchain, no one can alter a record without consensus from the entire community.
“There is one ingredient that stands out in steering token gambling towards a presidential state, Blockchain,” according to a report by Esports Insider. “Essentially an ecosystem for cryptocurrency transactions, this advanced software maintains a clear and concise history of all crypto interactions in a lightning-fast, public, and accurate manner.”
FansUnited, a social sports betting platform in Vancouver, rolled out its own digital currency called FansUnite Token (FAN) based on the Ethereum smart contract platform. The goal is to ensure accuracy of the bets on the five major sports leagues (Major League Baseball, National Basketball Association, National Football League, National Hockey League and FIFA) and speed deposits and withdrawals of funds.
“Traditionally, connecting customers with inherent utility in a gambling product required expensive gateways controlled by firms that don’t have the customers best interests in mind,” the company said in a blog post last fall. Especially for North American bettors, depositing money into an offshore bookie is often a disappointing and risky move.
FAN is “a token which avoids all of the troublesome payment problems associated with legacy gambling,” FansUnited continued. “By connecting FAN value directly to Ethereum, we are betting on the stability and future value of the Ethereum roadmap. Smart contracts are a natural fit for sports gambling, ensuring contracts are honored exactly as entered — no reneging or canceling of bets.”
The Supreme Court ruling will likely lead to an explosion in sports gambling. So sports gambling will need technologies like Blockchain and cryptocurrencies to speed the mainstreaming of activities that have long lurked in the shadows.
Source: sharespost.com
Gambling in the USA
Gaming Americas Weekly Roundup – April 8-14
Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.
Latest News
FanDuel Group, the premier online gaming company in North America and an Official Partner of Churchill Downs Inc., announced five time Entertainer of the Year Luke Bryan and Grammy award-winning R&B singer Ne-Yo as the headlining performers at FanDuel’s inaugural Kentucky Derby Party. The exclusive, invite-only event will take place on Friday, May 3 at Paristown Arts and Entertainment District in Louisville, Kentucky from 7:00 PM to 12:00 AM.
TPI, a leading provider of innovative player communication solutions for the casino industry, has appointed Joe Tingson as its new Vice President of Customer Success. With his unparalleled dedication to his customers, Joe will play a pivotal role as a leader for our digital Customer Success and Product teams.
PrizePicks, the largest daily fantasy sports operator in North America, has announced plans for its new 33,000 square foot Atlanta Headquarters, which will be located in the Star Metals Building in Midtown Atlanta. The company plans to grow its workforce by 1000 new jobs over the next seven years, the economic impact of which will be $25M to the state of Georgia.
Century Casinos Inc. has announced that it opened its hotel in Cape Girardeau, Missouri, The Riverview. The Riverview is a 69 room, six-story building with 68,000 square feet that is adjacent to and connected with Century Casino Cape Girardeau. The project cost $30.5 million and was financed with cash on hand.
Churchill Downs Incorporated (CDI) has announced the opening of Terre Haute Casino Resort in Terre Haute, Indiana. The $290 million investment includes a casino floor with 1000 slot machines, 36 table games, and a state-of-the-art sportsbook. The 400,000-square-foot entertainment venue also features regionally inspired bars and restaurants including: Four Cornered Steakhouse, Rockwood Bar & Grill, The Soda Shoppe, Crossroads Center Bar and High Limit Bar.
Bragg Gaming Group Inc., a global B2B gaming technology and content provider, announced that Chief Financial Officer (CFO), Ronen Kannor, has notified Bragg’s board of directors (Board) that he will resign from his position to pursue other career opportunities, effective June 3, 2024. The Company confirms that the search for a replacement CFO has commenced.
Partnerships
EQL Games has partnered with global aggregation leader and NeoGames company, Pariplay, to provide the Virginia Lottery, through an agreement with NeoPollard Interactive, with a series of eInstant iLottery games for their industry-leading digital platform.
JACK Entertainment LLC announced the selection of Konami Gaming Inc.’s SYNKROS to power industry-leading systems technology across its 1.5 million square feet of casino entertainment space. The Ohio-based gaming operator’s portfolio includes a combined 2600+ gaming machines and 85 table games at JACK Cleveland Casino in downtown Cleveland, and at JACK Thistledown Racino, located approximately 10 miles to the southeast.
PrizePicks, the largest daily fantasy sports operator in North America, announced that the company has reunited with the Atlanta Braves as the club’s Official Daily Fantasy Sports Partner for the 2024 season. The partnership extends a longstanding relationship that dates back to 2020, with the two Atlanta-based companies continuing to work together on unique opportunities for their dedicated fans.
Gambling in the USA
Gaming Americas Weekly Roundup – April 1-7
Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.
Latest News
International Game Technology PLC (IGT) announced that it will showcase its performance-focused portfolio of games and solutions for tribal casinos at the Indian Gaming Tradeshow & Convention (IGA) 2024, April 9-11 in Anaheim, Calif. Under the theme “We’ve Got Game,” IGT’s booth #536 will feature a compelling array of gaming solutions designed to engage players and drive growth.
Caesars Sportsbook announced its receipt of the prestigious RG Check accreditation from the Responsible Gambling Council (RGC). The certification includes an assessment of Caesars Sportsbook’s commitment to Responsible Gaming, including areas such as player and Team Member education, public awareness advertisements and funding for organisations dedicated to Responsible Gaming research, awareness and education.
Veriff, a global identity verification (IDV) provider, announced the appointment of Jeffrey Guy as President and COO. Jeffrey brings a wealth of leadership experience at technology companies in driving profitable growth and expanding product portfolio. Before Veriff, he was Chief Operating Officer at DigitalOcean, a publicly traded cloud computing platform provider.
GAN Limited announced that Mr. Brian Chang has recently been named the Company’s Chief Financial Officer. Mr. Chang had previously been serving in an interim capacity. Mr. Chang will be focused on guiding the Company towards a timely closing with Sega Sammy Creation Inc. (Sega Sammy).
Partnerships
The Commerce Casino & Hotel, home to the largest poker room in the world, has announced an exciting partnership with the richest, most prestigious and longest-running poker series – the World Series of Poker (WSOP). This collaboration signifies a pivotal moment for the poker community, bringing together two powerhouses to elevate the poker experience for players and fans worldwide.
BetRivers, powered by Rush Street Interactive, a leading US-based online betting and gaming company, has announced its partnership as the title sponsor for the upcoming NASCAR Xfinity Series Dash 4 Cash race at Dover Motor Speedway. The BetRivers 200, set for Saturday, April 27, is being undertaken with the Delaware Lottery and marks the beginning of a thrilling new chapter in NASCAR history, as RSI commits to the long-term support of this top tier sporting event.
Elys BMG Group Inc., an interactive gaming and sports betting technology company, announced the completion of its sportsbook installation at The Ugly Mug restaurant and bar situated at 723 8th St SE, in Washington, DC. This collaboration underscores Elys’ commitment to providing unparalleled sports wagering experiences for small and local businesses across America.
SCCG Management has announced a strategic partnership with mkodo, a leading technology provider in the iGaming space. This collaboration is set to distribute mkodo’s innovative geolocation product, GeoLocs and other leading solutions across the US and key global markets, including Brazil, leveraging SCCG’s robust market presence and industry expertise.
Prove Identity Inc. announced a strategic partnership with BetMGM, a sports betting and iGaming leader, to enhance the security and user experience for BetMGM customers through the cutting-edge Prove Pre-Fill identity solution. Prove Pre-Fill accelerates digital consumer onboarding by up to 79% and is used by more than 1000 businesses globally across diversified industries, including 9 of the top 10 banks.
Gambling in the USA
Gaming Americas Weekly Roundup – March 25-31
Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.
Latest News
Bragg Gaming Group is now registered as an approved service provider by the Peruvian Ministry of Foreign Trade and Tourism, allowing for the distribution of online casino games, including Bragg’s proprietary and exclusive games portfolio, via the Bragg HUB aggregation platform to operators in the soon-to-be-launched LatAm iGaming market.
PENN Entertainment announced that its Board of Directors has appointed Anuj Dhanda to the Board, subject to customary regulatory approvals. Mr. Dhanda’s appointment expands the size of the Board to ten members, nine of whom satisfy the standards for director independence under the current Listing Rules of the NASDAQ Stock Market.
SlotsCalendar has launched its tailor-made platform for American users: https://www.slotscalendar.us. The brand’s clear aim is to provide a digital environment where impartial and informative content is optimised specifically for the American market.
MGM Resorts International announced that it proposes to offer $750,000,000 in aggregate principal amount of senior notes due 2032. The Company intends to use the net proceeds from the offering of the notes to repay existing indebtedness, including its outstanding 6.750% senior notes due 2025. Pending such use, the Company may invest the net proceeds in short-term interest-bearing accounts, securities, or similar investments.
Genius Sports Limited, the official data, technology and commercial partner that powers the ecosystem connecting sports, betting and media, announced that it has been certified by the State of Wisconsin Division of Gaming as a gaming-related contractor with immediate effect.
Win Systems is going to participate in the next edition of GAT with its exclusive distributor in Colombia, Comercializadora Selan S.A.S. The event will be held in Cartagena de India on April 10–11, and the company’s booth will be A11.
Pragmatic Play is set to make another appearance at a Latin American exhibition, at GAT Expo in Cartagena de Indias, Colombia. The gaming provider will be on stand A31 and A32 to showcase its diverse portfolio, including Slots, Live Casino, Virtual Sports and Bingo content, alongside its new Sportsbook offering.
Partnerships
DraftKings announced an expanded relationship with Kindbridge Behavioural Health to provide access to therapy and treatment for problem gaming in every jurisdiction where DraftKings operates its online sportsbook and iGaming products. DraftKings and Kindbridge originally joined forces in September 2023 to launch a pilot programme to deliver personalised support for sports bettors in Colorado.
The Connecticut Lottery, in partnership with Fanatics Betting and Gaming, the online and retail sports betting subsidiary of Fanatics Holdings, has opened a new retail sportsbook location at Total Mortgage Arena in Bridgeport. The exciting new location is more than 2300 square feet and features betting windows, self-service betting kiosks from Suzohapp and high-definition TVs situated all around the sportsbook.
The Texas Lottery and Texas Motor Speedway have joined together again to rev up luck for lottery players and racing fans through the new LUCKY 7s scratch ticket game. The new $5 game features chances to win a $100,000 top prize and integrates a series of promotional second-chance drawings. The drawings give players with non-winning tickets a chance to win exclusive Texas Motor Speedway prizes.
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