Last Updated May 20, 2022, 1:51 PM
Weekly News - 04/27/2021
THIS WEEK IN LEGAL SPORTS BETTING — FLORIDA SPORTS BETTING NEWS!
|Best US Sportsbooks · Weekly Update|
April 27th, 2021 Weekly Report
So many states are making moves to legalize sports betting, it’s hard to keep up! It appears that more and more states are seeing legal US sports betting as a way to add money to their states. Which means, even if your state does not have legal sports betting yet, it could be on the way. Keep reading to see all the sports betting moves taking place this week!
If you want to find our more on some major topics not covered in this article you can check out the rest of VegasInsider with our exclusive bet365 bonus code, BetMGM bonus code or William Hill promo code for example!
STATES LOOKING TO MAKE MOVES: FLORIDA SPORTS BETTING COMING SOON?
A few days ago, Florida sports betting advocates saw a big win for their cause. On Friday, Florida Governor Ron DeSantis signed a new gaming compact with the Seminole Tribe in the state. This new gaming compact marks a big step forward for mobile Florida sports betting and its legalization.
As of right now, the new gaming compact still needs to be approved by both the legislature as well as the federal government. Plus, the compact could still face legal challenges in the court system. But, this is still a win when it comes to legalizing mobile sports betting for the third-largest market in the country.
The new gaming compact between the state of Florida and the Seminole Tribe is supposed to last for 30 years. According to Florida State Senator Wilton Simpson, the new agreement covers state-wide online sports betting in a partnership with the pari-mutuels. However, the terms as they apply to skins and the tax rate are still not clear. It appears that multiple skins may be a possibility and that the Seminole Tribe may receive a cut of every bet.
One report said that the operators of pari-mutuels may be able to operate mobile sports betting sites in exchange for the tribe receiving a 55% cut of the revenue. As of right now, there are currently thirty five pari-mutuel operators in the state of Florida.
Florida State Senator Simpson also has said that the new gaming compact would bring $6 billion into the state in new revenue through the year 2030. But, that is including other gaming revenues in addition to Florida sports betting.
The new gaming compact now needs to be approved by the Florida legislature, which only has a few days left in its regular session. This means that the approval process could take place in a special session that would continue through the month of May. The special session will also allow the legislature to discuss other gaming bills in order to full address legal betting in Florida.
One Senate Bill, SB 7076, would authorize the creation of a five member Gaming Control Commission. Another Senate Bill, SB 7080, would decouple gaming licenses. Which means, cardroom licensees and pari-mutuel licensees would no longer be required to offer harness racing, quarter-horse racing, or jai alai.
The deal for Florida sports betting has been pushed in order to find a new stream of revenue for the state. Mobile sports betting in Florida could come sooner than proponents once thought as a result!
WHERE DOES CANADA SPORTS BETTING STAND?
Some legal sports betting fans in the US are curious as to where sports betting stands with our neighbors in the north. And, as of this writing, there is a bill that would repeal the ban on single-game sports betting that is making its way through the Canadian legislature.
This past Thursday, the House of Commons adopted C-218, which would enable provincial governments to regulate Canadian sports betting. This marks a good avenue for revenue in the country. Now, the Canada sports betting bill will be making its way to the Canadan Senate. Politicians in Canada hope this move will show clear support for legal Canadian sports betting to their constituents.
This bill would allow the regulation of Canadian sports betting to take place at the provincial level. The bill was introduced back in early 2020 as a private member bill. Then, it was introduced as government legislation later on in November 2020. Next, the second reading of the bill passed a vote of 303 to 15 back in February 2021. Up until that point, there was a competing piece of legislation, C-13, that ended up being left behind.
As of right now, parts of Canada already have legal sports betting. But, this legal sports betting is only through parlays using the lottery. Of the $242 million in gross gaming revenue that was generated in 2019, only 1% of that total was brought in by sports betting.
The Toronto-based sports betting company theScore looks like it will be one of the first sports betting companies to capitalize on legal Canada sports betting. And, there are other operators who are eyeing the market.
BetMGM also has indicated its intention to move into the Canada sports betting market as soon as it is able. Earlier in 2021, sports betting titan DraftKings expanded its NFL daily fantasy sports deal to include Canada. And, Caesars, who has just closed on a deal to acquire sports betting stalwart William Hill, already has Caesars Windsor in operation in Ontario.
NEXT STEPS IN CONNECTICUT SPORTS BETTING
As of this writing, there is only one remaining license to be doled out in order to become a Connecticut sports betting operator. And, this license has received a lot of interest from different companies.
The Connecticut Lottery has received fifteen responses by its Friday deadline to its request for qualifications. The hope by the state is to have legal Connecticut sports betting up and ready in time for the beginning of the regular NFL season. This is the closest the state has come to legalizing sports betting. And, this is largely in part because of the expanded gaming agreement that Connecticut’s two tribal gaming partners and Connecticut Governor Ned Lamont’s office reached last month.
So, you may be wondering what the next steps are in the journey towards legal Connecticut sports betting. An amended compact still needs to be approved by the Connecticut state legislature. Per the agreement, one of Connecticut’s three online betting skins would be given to the Connecticut Lottery. Plus, up to fifteen retail betting locations.
As of now, the next step for the Connecticut Lottery has begun. The Connecticut Lottery is expected to invite interested companies to give their responses this week. Then, finalists in the process will be asked to submit formal business plans as early as this coming Monday. If everything continues at this same pace, the Connecticut Lottery will be choosing a sports betting partner as soon as May 17th.
Currently, the Connecticut Lottery is not telling the public which companies have applied for skins. There is currently no scoring system in the state of Connecticut for the applications. This differs from the upcoming model for NY mobile sports betting as well as the bidding process when it came to New Hampshire sports betting.
There are four main factors that will be looked into when it comes to this process. These are: the product when it comes to its pricing and the app that is offered, the acquisition of customers as well as their retention, the company’s sports betting experience, as well as their responsible gaming practices.
Connecticut sports betting regulations still need to be drawn up, so only the broader details about sports betting in the state are currently known. The state’s two tribal partners, the Mohegan Tribe and the Mashantucket Pequot will be taxed at a rate of 13.75% for their sports betting revenue.
The Mohegan Tribe has already partnered with sports betting operator Kambi while The Mashantucket Pequot have already partnered with DraftKings. The sports betting partner for the Connecticut Lottery will need to have its own revenue-share rate.
As you can see, big things are happening in the sports betting markets all over! Not only have we seen movement towards Florida sports betting, but we have seen potential Canada sports betting expansions. Plus, Connecticut sports betting is even closer to launching than ever before. Come back every week for the latest in legal US sports betting news!
Written by Allie Nelson, our US Sports Betting Industry Expert. You can learn more about our author's expertise.