Mar 25, 2022
Weekly Roundup 3/25/22
It's an exciting week in the world of sports betting, including the fervor of March Madness and numerous developments in state and provincial legislation regarding legal betting. Let's dive in!
March Madness Offers Continue from Online Sportsbooks
The final 16 teams are left in the NCAA Men's Basketball Final, and futures bettors across the country are looking for value. Sportsbooks like DraftKings and BetMGM are offering lines on this historic tournament, and as we whittle down the contestants, they're adjusting their lines to reflect the current standings.
Numerous online sportsbooks are adding some additional value by offering welcome offers specific to the March Madness tournament, round by round. Today, users can get online with a modicum of safe, legal sportsbooks to bet on the tournament, and first time users can benefit from some unique bonuses.
If you're looking to place a safe, legal bet on March Madness, take a look at the following special offers provided by some top books in the country:
Available in: AZ, CO, IA, IN, LA, MI, NJ, NY, PA, TN, VA, WV, WY
Available in: AZ, CO, CT, IA, IL, IN, LA, MI, NJ, NY, PA, TN, VA, WY, WV
Available in: AZ, CO, CT, IA, IL, IN, LA, MI, NJ, NY, PA, TN, VA, WV, WY
Available in: AZ, CO
Kentucky, Maine, Missouri Inch Closer to Sports Betting Laws
Several states in the US are currently making attempts to legalize sports betting in some form, and three are getting close enough to make headlines.
Kentucky might be a hard sell for sports betting, but as the home of Churchill Downs and the famed Kentucky Derby, they're no stranger to legal betting on events. When a state wants to legalize anything, a legislator will draft a bill to be considered by their colleagues.
From there, the bill will pass through special committees (usually a budget committee) and if it gets considered, can often pass to the opposing side of the bicameral legislature. (There are exceptions, but this tends to be the rule). If the bill can get approval from the entire state legislature by a majority, it goes to the governor, who can sign or veto the bill.
The most recent push in Kentucky is HB 606, which would legalize sports betting, fantasy sports, and online poker, has gotten farther than any other bill in recent memory. However, recent comments from Senate Majority Leader Damon Thayer cast a pallor on betting hopes: the Senator indicates that there's a lot of doubt that the bill will pass due to a lot of "anti-betting sentiment" in the legislature. Still, groups like KY Sports Betting Now are hopeful:
Next up is Maine, which has two bills up for consideration, both of which attempting to legislate sports betting in the Pine Tree State. LD 585 allows two local casinos to offer sports betting, while LD 1352 extends that ability to numerous facilities in the state. No bill is perfect, and Governor Janet Mills' counsel Jerry Reid had this to say in a recent op-ed:
We have identified online sports betting, which is already the subject of a bill pending in the legislature and which many states have legalized already, as an avenue to fulfill the Tribes’ desire for gaming opportunities while avoiding the issues associated with building new casinos. We are now working together on legislation that would make the Tribes, rather than out-of-state corporate gaming interests, the primary beneficiary of online sports wagering in Maine.Jerry Reid, counsel to Maine Governor Janet Mills
Last up is Missouri, which also has two bills up for consideration, both of which are making considerable progress where previous bills have failed. House Bills 2502 and 2556 have both been approved by the Committee on Public Policy, and now go on to full consideration from the MO House of Representatives. If the bills can pass that chamber, it's on to the Senate, and with further success to Governor Mike Parson's desk.
Should these bills pass, online sports betting would be available on both collegiate and professional teams. The tax rate for sports betting would be a modest 10% under the conditions of the bills.
Bet365 to Launch in Ontario
Bet365 is an international platform offering sports and casino betting, and its reputation as a global provider will continue with the addition of Ontario. The Canadian province is at the precipice of launching commercial sports betting, and bet365 has recently been granted a license with the AGCO, Ontario's alcohol and gaming commission.
In addition to the Ontario launch slated for April 2022, bet365 continues to stay abreast of the hottest events in sports. This year, for the 2022 March Madness tournament, the operator had a free challenge available to 18+ users who wanted to try their hand at calling the 68-team bracket, with a top prize of $6 million. Entries are now closed, but expect more from this international betting service when Ontario's commercial licenses take effect next month.
Written by Chris Altman, our US Sports Betting Industry Expert.
The featured image for this post was sourced on Unsplash via Dan Carlson.