Weekly News – Weekly Roundup 5/6/2022
Yesterday was not Mexican Independence Day. That's in September, and has to do with Mexico's independence over Spain. It's easy to get the details wrong in this crazy, mixed-up world, which is why on this hallowed Hangover Day (aka the day after Cinco de Mayo), we've got the finer points of what's happening in the sports betting industry. Without further ado...
California Dreamin' (Of Being Able to Place a Legal Sports Bet)
There are a lot of moving parts here, so forgive the terrible reference as we break down what's really happening with the competing ballot initiatives up for vote in November. Californians will have the option between two qualified ballot initiatives, each with different goals:
- The Tribal Sports Wagering Act, which will empower local tribes to offer sports betting in-person at their casinos; and
- the Californians for Solutions to Homelessness and Mental Health Support, which is a formalized way for sportsbooks like DraftKings, FanDuel, and BetMGM to say: "California would be a huge moneymaker for us, so we promise to earmark 85% of taxable revenue to go towards solving the homelessness crisis in the state if you let us offer online betting there."
Tribal entities will still get a kickback for facilitating online sports betting under the second, commercial initiative, but the 15% shared by participating tribal gaming councils pales in comparison to what they'd be taking in if betting could only be done on tribal land as enforced and regulated by the Tribal Sports Wagering Act. Plus, the $100 million price tag for a licensing fee and a requirement for any operator to be live in at least 10 states before being considered an eligible applicant means that the price of entry is prohibitively steep for most operators.
As is fitting for such a dynamic, diverse state, the conversation is never as simple as it seems, and one or the other initiative has the most support in California depending on who you ask. Each interested party has conducted third-party research, and guess what? The poll done by the tribes determined that Californians do not want mobile sports betting, and the poll conducted by the commercial operators determined that (surprise) Californians do want mobile sports betting.
As the situation progresses, it will become more clear which initiative will win enough support to move legislators towards formally legalizing online sports betting, but we're gonna have to wait until the votes are tallied in November 2022 before we can tell you whether or not you'll be able to bet online in the Golden State. Any ballot initiative that clears the 50% threshold can be considered, but with a third initiative with a July deadline, competition will be steep in Cali.
Kentucky Derby Show Parlays - Ruin Your Friendships The Easy Way
Show parlays are the new bet on the block when it comes to betting on horses. If you're looking to strain your personal relationships just in time for the Kentucky Derby, this might be the bet for you. TwinSpires is offering this boutique bet type for this weekend's famed race.
How does a show parlay work? What you essentially do is pool your money with a group of friends. Say your pool is $1 per person, and there are ten people in your pool. The first person in your pool places a $10 show bet (for the horse to finish in first, second, or third) on the chosen horse in your pool. If that show bet pays off, the next person bets all the winnings on the next race, and so on
Basically, show parlays can either build up to a big payout for you and a group of friends, or a massive disappointment when your buddy decides to go for the four-year old stallion that lied about his age named John Tries His Best. They're not for the faint of heart, but for a bit of extra excitement come Derby day, show parlays are an interesting new bet type to try.
Kansas Sports Betting Almost a Legal Reality
Are there any other cultural references to Kansas besides the one? Well, Auntie Em, we are in Kansas, and now that the KS House has indicated their support for the Senate's sports betting proposal (SB 84), all that's left is for Governor Laura Kelly to sign.
This bill had quite a bit of bounce to it: proposals were rejected by the House before the bill was finally amended enough to get approval from both sides. The tallies came in finally at near 2am on April 29th, and once Kelly signs the bill as expected, we're finally going to get legal sports betting in Kansas! It will take some time before the Kansas Racing and Gaming Commission can issue licenses, so look to 2023 for the earliest you'd be able to bet on sports in the Sunflower State.
Written by Chris Altman, our US sports betting industry expert.
The featured image for this post was sourced on Getty Images.
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