It’s time once again to recap the latest gambling stories making the rounds across the US.
This week, Florida sports betting dominates the airwaves, another online casino operator launches in Michigan, and gambling destination Las Vegas inches towards normalcy.
On the rewind:
Florida sports betting — a reality?
But the saga down in the Sunshine State is far from over. The new 30-year compact must still be approved by the state legislature and the federal government. With that said, this is still a monumental achievement worth potentially $6 billion in new revenue through 2030.
The takeaway: Are Democrats willing to give DeSantis this historic victory so close to reelection? Probably not. This means sports betting is still an uphill battle. The special session is set for May 17, at which point we will find out if a deal has truly been struck.
12th online casino launches in Michigan
Parx, in partnership with the Gun Lake Band of Potawatomi Indians, will only offer online casino games. However, there is a potential it may branch out into sports betting at a later date.
Online gambling produced $95.1 million in revenue in March, while MI online sports betting generated an additional $32.3 million. Subtract bettors’ free play incentives, and Michigan online gaming revenue was roughly $107.7 million for March.
The takeaway: The online casino market is dominated by three operators, BetMGM, DraftKings, and FanDuel. However, online gambling is only four months old. Parx isn’t going to bolt to the No. 1 spot overnight, but it can and will be competitive.
Sports betting bill pops up in North Carolina
What’s that? North Carolina is looking to expand its sports betting laws?
A new North Carolina sports betting bill aims to legalize both retail and online sports betting beyond tribal casinos.
The Eastern Band of Cherokee Indians launched retail sports betting at their two North Carolina casinos in March.
The bill would permit 12 online licenses while also allowing sports facilities with a capacity of over 17,000 to operate sports betting.
The takeaway: North Carolina wants a piece of the sports betting pie after watching its neighbors Tennessee and Virginia collect revenue. The introduction of a bill means nothing. However, it is a step in the right direction.
Capacity levels increase in Las Vegas
Beginning May 1, casinos on the Las Vegas Strip will be able to increase their capacity limits to 80%.
The new order, issued by Gaming Board Chairman Brin Gibson, pertains to casinos throughout Nevada.
Additionally, social distancing measures will be reduced from six feet to three feet. Lastly, once 60% of the area’s eligible population receives at least one dose of the COVID-19 vaccine, occupancy can return to 100%.
The takeaway: Things will not instantly return to normal. Casinos will still have to comply with state mask and face-covering requirements. But a small sense of normalcy is returning to the Las Vegas Strip.
A pair of under-the-radar sports betting operators make this week’s Market Teasers list. First up, theScore, which is live in four states and has the launch of Canada sports betting to look forward to. Then, we have PointsBet, which is slowly picking up steam after gaining market access in Pennsylvania and Mississippi.
Score Media and Gaming Inc.
$SCR | $17.83 | -0.47% change
- The biggest advantage the Toronto-based company has going for it is the Canadian Parliament is moving forward with legalizing sports betting. While not a major market, Canada does have value, especially when it comes to hockey.
PointsBet Holdings Limited
$PBTHF | $9.85 | 0.31% change
- PointsBet has quickly become a solid performer in the US sports betting market. PointsBet functions like a 6th man off the bench. The company gives you quality minutes, provides a user-friendly product, making it a bullish buy, according to market analysts.
** Market Teasers is not financial advice, nor am I a financial advisor. All figures were taken on April 27, market open.