Last Updated Jul 26, 2021, 17:55 PM

Weekly News - 07/16/2021

THIS WEEK IN SPORTS BETTING

Best US Sportsbooks · Weekly Update

July 16th, 2021 Weekly Report

This week in sports betting news: BlueBet from Australia is going to enter the Iowa market, Florida sees some big lobbying from major US operators, Wyoming is starting its application process for sports betting, and the potential of betting on the Olympics is becoming buzzworthy news.

If you want to find out more on some major topics not covered in this article you can check out the rest of VegasInsider with our exclusive BetMGM bonus codeDraftKings promo code or bet365 promo code for example!

CONTENTS

AUSTRALIAN BOOKMAKER BLUEBET TO ENTER IOWA MARKET

In a deal with Q Casino, which is overseen by the Dubuque Racing Association of Iowa, BlueBet has signed a “skin agreement”. Based on state law, a casino or sports venue that is able to purchase a sports betting license can choose a partner to operate their sports betting platforms. This agreement is sometimes referred to as a “skin agreement”; in the world of sports betting, individual brands like BlueBet, DraftKings or BetMGM are sometimes referred to as “skins”.

BlueBet is an Australian sports betting company that hasn’t made many waves in their home market, but hopes to take advantage of the massive changes happening in the US. Their plan, according to BlueBet executive chair Michael Sullivan, is to expand into smaller markets that are still establishing sports betting, such as Virginia, Iowa, MarylandTennessee, and Colorado.

It looks like the company is already on their way to expanding, as we’ve seen with the recent agreements in the Hawkeye State. More details to come as the operator secures licenses and starts offering sports betting here in the US.

DRAFTKINGS, FANDUEL CONTRIBUTE $20 MILLION FOR FLORIDA SPORTS BETTING PUSH

In Florida, the Seminole Tribe and the House of Representatives came to an agreement to amend tribal compacts and allow for sports betting. That process is still under review by the US Department of the Interior: as there are changes being made to a tribal agreement, the federal government must have their say.

As that process unfolds, numerous lobbying groups and interested parties are throwing their weight (and money) behind a legal, regulated betting framework which benefits the state at large. DraftKings and FanDuel are two such interested parties, who recently gave $20 million towards Florida Education Champions, a PAC (political action committee).

Florida Education Champions was formed in the hopes of promoting a legal sports betting market that benefits, you guessed it, education. Right now, the law is already passed, so FEC hopes to get a constitutional amendment vote on November 2021’s ballot that specifies a tax benefit for education and allows for betting at tribal facilities, pari-mutuels, sports venues, and online.

However, this amendment won’t take effect right away, so even if it passes, it will be 2022 before we see sports betting revenues start to funnel into FL’s education budget.

WYOMING MOVES FORWARD WITH MOBILE SPORTS BETTING

The process of legalizing sports betting in the US often follows a similar course. We’re seeing that course play out in Wyoming as we speak, as now the Wyoming Gaming Commission is in its public comment phase with regards to sports betting licensing. In most states, a law will pass, after which a commission will take the reins.

This commission must issue a set of rules for operators to follow in order to apply for sports betting licenses in a given state. Before those rules are finalized, a “draft” is created, and the public is allowed to comment on it.

Often, the “public” includes lobbyists, executives from sports betting companies, and citizen’s action groups. In Wyoming, that public comment period is in effect until July 31st, after which the Wyoming Gaming Commission is expected to issue their ruleset. Soon after that, if all goes according to plan, licenses should be available for operators to start offering online sports betting in the Cowboy State.

OLYMPICS BETTING - COULD IT BE BIG MONEY?

Starting on July 23rd, 2021, the 2020 Olympics will begin in earnest in Tokyo. Like many of the tournaments and events in 2021, this Summer Olympiad is designated as 2020’s contest due to the essential shutdown of global sporting events last year. Many industry experts are noting the explosion of legal sports betting applications and platforms in the US and abroad, and the question is: how much money will be made from Olympics betting this year?

As the Olympics is a quadrennial event, one happening every four years, there was only one state allowing for bets on the previous Olympiads: Nevada. Now that betting is more widespread after the repeal of PASPA, it’s expected that there is money to be made by offering bets on this historic international contest- but not likely that much.

Odds are already floating around the internet, with BetMGM for example listing odds for Gold Medal Totals. However, there are two factors at play when it comes to the US betting public wagering money on the Olympics: time and familiarity. With regards to time, Tokyo is 16 hours ahead of the West Coast and 13 hours ahead of the East Coast, which means that many bettors simply won’t be free to make bets during events or want to wake up to watch them live.

With regards to familiarity: most US bettors aren’t aware of the star athletes from other countries (with the exception of soccer), and betting on the Olympics is a new and unfamiliar thing for the majority of the betting public. Opinions are mixed, but the majority voice is that betting on the 2020 Tokyo Olympics isn’t going to take off like a rocket. Instead, it might be a nice way for sportsbooks to keep the lights on in the typically-slow summer months.

Written by Chris Altman, our US Sports Betting Industry expert.

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