Connect with us
SIS

Gambling in the USA

Can sports betting boost US gaming growth in 2018?

Niji Narayan

Published

on

Can sports betting boost US gaming growth in 2018?
Reading Time: 2 minutes

 

The US Supreme Court’s decision to allow the country’s state administrations to decide on whether to allow sports betting on each state or not has understandably made gambling companies happy. The major gaming companies in the country, such as MGM Resorts, Boyd Gaming, and Caesars Entertainment, have all shown the intention to venture quickly into the field to reap early-bird benefits.

In spite of the much hype about the development, sports betting does not produce much profit share for the business of casinos – at least as things stand now.  In Nevada, sports betting winning for casinos amounted to $329.1 million, which is small compared the winnings from games such as baccarat and blackjack, amounting to $1.24 billion and $1.17 billion, respectively.

Still, all the gaming companies are excited about sports betting growth in the long-term.

One of the most challenging things for gaming companies is engaging customers when they’re not in a casino. Marketing emails are often the most contact a gaming company has with customers when they’re away.

Sports betting could change customers’ engagement with gaming companies, particularly if online betting spreads. Customers could make mobile bets on their casino accounts from anywhere in a state, and gaming companies will likely expand their betting options now that gambling is legal for a wider audience.

Overseas gambling may be a model for the industry in the U.S. In the U.K., gamblers can bet on much more than traditional sports results, like who wins a game, the line, or over/under total score. They can bet on how many shots a player will take in a basketball game, who will score the first touchdown of a football game, or how many touches a player gets in a soccer game. Increased betting options are possible simply because there are more people gambling and casinos have the data to make these bets possible. It’s data that drove MGM’s deal with the NBA, where it sees a lot of potential for increased engagement with customers.

Sports betting is also about boosting the overall volume of wagers for casinos. If there is very little volume, it does not make sense to take complex bets or even make your own odds for a game. But if volume increases, it makes financial sense to buy data and hire oddsmakers for the sports book. It’ll snowball as more people start betting on sports.

Keep in mind that illegal sports betting is already a big business today outside of casinos. Bets on sports total around $150 billion each year according to the American Gaming Association, but it’s mostly underground. Some of this betting will move from bookies to legal casinos in states that open up for sports betting, effectively shifting volume from illegal locations to legal ones.

 

Source: fool.com

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.

Continue Reading
Advertisement
Comments

Gambling in the USA

GeoComply Receives Full Approval as a Sports Wagering Supplier in West Virginia

George Miller

Published

on

GeoComply Receives Full Approval as a Sports Wagering Supplier in West Virginia
Reading Time: 1 minute

 

GeoComply  announced that it has received full approval as a sports wagering supplier in West Virginia for its geolocation compliance solution. GeoComply was granted interim approval in 2018 prior to receiving full approval from the West Virginia Lottery, which regulates all forms of gaming and gambling in the state.

“Geolocation compliance technology is one of the cornerstones of online sports wagering and we’re really happy to have received full approval from the West Virginia Lottery,” says David Briggs, CEO of GeoComply Solutions. “With almost 60% of residents living close to the West Virginia border, it’s critically important to utilize accurate and reliable geolocation technology to ensure the state fully monetizes their potential sports wagering market. We’re excited to be joining our partners including William Hill, FanDuel, DraftKings and IGT who also received approval in order to move online sports wagering forward in West Virginia.”

About GeoComply Solutions:

GeoComply is a global leader in geolocation technology. Since launching in 2011, GeoComply has quickly become the iGaming industry’s trusted solution for reliable, secure, and accurate geolocation services. GeoComply currently supports regulated online casino, poker, sports betting, lottery, ADW, and DFS operators in 42 US states to ensure compliance with state and federal regulations. For more information, please visit GeoComply.com

About The West Virginia Lottery:

The West Virginia Lottery regulates limited video lottery, sports wagering, video lottery and table games at the state’s four racetrack casinos and the Greenbrier Resort as well as selling more than 40 different instant games a year, offers the popular in-state online drawing games of Keno, Daily 3, Daily 4, and Cash 25, offers the Multi-State Lottery games of Powerball®, Mega Millions® and Hot Lotto.

Continue Reading

Gambling in the USA

New Jersey Gambling Regulators Impose a Fine of $10K on PokerStars

Niji Narayan

Published

on

New Jersey Gambling Regulators Imposes a Fine of $10K on PokerStars
Reading Time: 1 minute

 

New Jersey gambling regulators have slapped a fine of $10,000 on PokerStars for accepting bets on New Jersey college basketball teams, which violated the state’s sports betting law.

According to the documents filed by the state, PokerStars accepted 216 wagers on a game involving Rutgers and Eastern Michigan University totalling more than $2,700.

The company also took a single bet on a game involving Monmouth University and the University of Pennsylvania, whose value was not disclosed.

The fine comes as New Jersey lawmakers are considering a bill that would set fines starting at $20,000 and ranging up to $100,000 for companies that take prohibited bets on New Jersey college teams.

Continue Reading

Gambling in the USA

Iowa House Passes Sports Betting Bill

Niji Narayan

Published

on

Iowa House Passes the Bill to Legalise Sports Betting
Photo Source: Bitcoinist.com
Reading Time: 1 minute

 

The Iowa House has passed a bill for legalising betting on sporting events and fantasy sports. The bill has been sent the governor for consideration.

The Senate gave its approval and the bill now goes to Gov. Kim Reynolds who has said she will await the final version of the bill to decide whether she will sign it.

The bill authorises the Iowa Racing and Gaming Commission to establish rules for betting on professional, collegiate and international sporting events, including motor racing.

The bill also legalises fantasy sports contests and internet fantasy sports betting but delays betting based on college sporting event statistics until May 2020.

The commission regulates the 19 state-licensed casinos in Iowa. Once the rules are set up by the commission as early as this summer sports bets can be placed at casinos or on a mobile application they establish.

Sports betting would be limited to those 21 and older, and the bill sets a 6.75% tax on net receipts. Taxes and licensing fees could bring in estimated annual revenue of $2.3 million to $4 million annually.

 

Continue Reading
Advertisement
NSoft

Global Gaming Industry Newsletter – Weekly Digest (sent every Wednesday)

Please select all the ways you would like to hear from European Gaming Media and Events:

You can unsubscribe at any time by clicking the link in the footer of our emails. For information about our privacy practices, please visit our website.

We use Mailchimp as our marketing platform. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. Learn more about Mailchimp's privacy practices here. Read more about European Gaming Media and Event's Privacy Policy and Terms of Service.

Subscribe to our News via Email

Enter your email address to subscribe to our news and receive notifications of new posts by email.

Latest by author

Trending

Notice for AdBlock users

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.