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It's admittedly the slow season, and while sports aren't in the most ample supply, there's still plenty to cover when it comes to betting industry news. Grab your sunnies and slap on some Coppertone, because the Dog Days of Summer are here:
bet365 to Launch in Colorado This Fall
bet365 is an internationally-known sports betting provider that rakes in legal sports betting bucks on nearly every continent. For the last few years, they've sat on their laurels in the US market, focusing elsewhere in markets like Canada, Australia, and the Netherlands while only offering legal sports and casino betting in NJ.
Now, they're finally starting to stretch their legs into the US market by launching in Colorado, expected sometime in September. They're poising themselves to be live by the start of the NFL season, but some have argued that it's a slow rollout: they've had the approval to go live in the Boulder State since last December.
Timelines aside, bet365 will join the ranks of 26 other betting providers currently active in Colorado, but they're likely to pull in a decent share of the market due to their expertise with betting and their name (and branding) being recognizable to most of us whom watch live sports.
Maine Will Launch Sports Betting, But When is Uncertain
Maine was not looking like a contender for legalizing online sports betting, but they were able to get it done despite the fact that the bill has been sitting on the legislative floor since last July. In May 2022, Governor Janet Mills signed bill LB 585 into law, legalizing online sports betting for a number of available licenses, to be purchased by federally recognized tribes and commercial racetracks in the state.
The licenses will be regulated by the Maine Gambling Control Unit headed by Milton Champion. Champion has been very clear that sports betting will not be rolled out quickly in the Pine Tree State. Rumor is, even though the law takes effect on August 2, the MGCU is only in "introductory" discussions with stakeholders about how to proceed.
The current estimates are putting us out at 2023 or even 2024; not surprising, since Governor Mills never really seemed to be that interested in legalizing online sports betting, but can see the forest for the trees and is willing to allow legislators and the MGCU to take the reins and offer legal bets. We'll keep you posted on how things progress in Maine, but it's unlikely that you'll be able to bet this year or even by the time the Super Bowl rolls around next February.
How Much is Sports Betting Worth to California, Dr. Evil?
The answer? One million dollars. Just kidding; it's more like $3 billion, which is more than the entire yearly GDP of Aruba. Long story short, if you're a sports betting provider loking to enter a new state, California is the crown jewel of 'em all.
Because of this lucrative opportunity, the story continues to be contentious. Authorities for federally-recognized tribes in the state have changed track from promoting their own sports betting measure, which will be on the November 2022 ballot, to combatting the so-called "corporate" measure backed by BetMGM, FanDuel, and company tooth and nail.
Experts and analysts have their eyes fixed on the Golden State, because it's simply the biggest potential market on all measures: in terms of number of potential bettors, revenue projections, and more, California is the top target for providers all across the country. The tribes, on the other hand, argue that they've been given exclusivity to offer gambling in the state, and sports betting falls under that umbrella.
Now, both measures (the "corporate" measure that includes online play and the tribal measure for in-person betting at casinos on reservation land) will be on the Nov. 2022 ballot, giving the voting public the option to choose. However, a third option arises: what if both measures are approved? Then, it will likely be up to the legislature to make the call.
Written by Chris Altman, our US sports betting industry expert.