Although March Madness kicks off Thursday, there won’t be any basketball talk on this week’s rewind.
Instead, NY mobile sports betting hangs around, Forbes recognizes hotels taking safety seriously in a post-COVID landscape, and the Barstool Sportsbook preps for its anticipated debut in Illinois.
Also, don’t forget opening day for Major League Baseball is 17 days away!
On the rewind:
NY mobile sports betting gets a second wind
The NY General Assembly has given mobile New York sports betting life after including it in its one-house budget proposal released this past weekend. The proposal differs from Gov. Andrew Cuomo’s state-lottery approach. The Assembly proposal permits two mobile skins per casino and a $12 million licensing fee. Additionally, off-track betting facilities could host betting kiosks.
The takeaway: NY lawmakers have included mobile sports betting in previous budget proposals, and this one seems no different. The positive is, this proposal is much more inclusive than the sports betting monopoly Cuomo envisions.
Forbes travel guide for hotels following safety protocols
Now that casino resorts across the US are opening back up, customers might be wondering about which health and safety protocols hotels are keeping up with. If you were looking for a resource to follow such a thing, well, you’re in luck.
Hotels around the US that complete and maintain a list of global health guidelines will be awarded the Sharecare VERIFIED Forbes Travel Guide Badge. Thus far, 10 casino resorts have made the Forbes list, including a pair of casinos under the Live! Brand owned and operated by The Cordish Companies.
The takeaway: Now that states are increasing capacity limits and traveling picks up, it’s beneficial to have a list of hotels that continue to prioritize health and safety. Regardless if Forbes recognizes them, hopefully, casino resorts across the US continue to implement and uphold safety standards.
Maine tribe supports casino bill
A bill to allow Maine‘s four federally recognized tribes to open casinos will be heard by the Committee on Veterans and Legal Affairs Wednesday. So far, only the Houlton Band of Maliseet Indians have come out in support of the bill.
Because of the Maine Indian Claims Settlement Act of 19080, the federal Indian Gaming Regulatory Act (IGRA) does not apply to tribes in the state. This could be a building block to tribal sports betting in Maine further down the road.
The takeaway: If passed, the bill doesn’t automatically give tribes the right to open casinos. What it does is give them the chance to negotiate with the federal government to do so.
Wyoming house passes sports betting bill
This might be small potatoes for some but a whole feast for residents of Wyoming.
The Wyoming House of Representatives passed a bill that would legalize WY online sports betting. The bill gives authority to the Wyoming Gaming Commission to develop rules and oversee the industry. Next up is a discussion in the state Senate.
The takeaway: Wyoming has a few neighboring states that have hopped on the sports betting train. Colorado to the south is the most prominent one. Since Colorado has mobile sports betting and remote registration, all Wyoming residents need to do to begin betting is cross the state border. Perhaps lawmakers finally want to keep those tax dollars in-state.
Ohio sports betting stays alive
Never has a state dragged its feet so much on its way to legalizing sports betting than Ohio. Over a six-week stretch, lawmakers have met five times to discuss sports betting in Ohio, and that’s just this year. The most recent meeting had several witnesses testify as to what the sports betting market should look like.
Everyone from Gov. Mike DeWine, professional sports teams to operators like DraftKings and JACK Entertainment are on board. But still, lawmakers continue to debate and discuss the proper framework for legalization.
The takeaway: I suppose there is nothing wrong with taking one’s time and making sure the framework is suitable to the needs of the state. However, it shouldn’t be that hard to look at states like Michigan, Illinois, and New Jersey to get a sense of how to do things properly.
Barstool sportsbook eyes Illinois debut
To round out this week’s rewind we head back to Illinois, where the Barstool Sportsbook is set to debut.
According to Barstool founder Dave Portnoy, the app will launch Thursday at noon, just in time for March Madness betting. This will be the sixth mobile sportsbook in Illinois. The state is already home to DraftKings, FanDuel, BetRivers, PointsBet, and William Hill.
The takeaway: Barstool has performed well in Pennsylvania and Michigan, where it is the No.3 operator in each state behind DraftKings and FanDuel. The company does come with a cult following, which could help it easily climb the Illinois ranks.
This week’s Market Teasers include the parent company of FanDuel Sportsbook, the S&P 500 betting on casinos, and Bitcoin being used at Major League Baseball stadiums.
$PDYPY | $117.65 | +4.81% change
- Flutter is listed on the London Stock Exchange, but there are whispers that the company could consider taking FanDuel stock to Wall Street. For the moment, everything is very speculative. However, the No. 1 sports betting operator in the US would be foolish not to entertain the idea, right?
$CZR | $101.97 | +1.37% change
- Meet the newest member of the S&P 500, Caesars Entertainment. The company and Penn National Gaming ($PENN) were announced as incoming members on Friday. Caesars will soon combine with William Hill, creating an online sports betting powerhouse. Shares have risen 550% in the past 12-months, and with retail locations opening back up, the company is in a good position for a strong 2021.
$BTC | $56,516.07 | -5.71% change
- MLB’s Oakland Athletics announced customers can purchase suites for one Bitcoin for the upcoming 2021 season. A’s president Dave Kaval said, “We invite our fans to become the first Bitcoin suite holders in sports.” Permitting cryptocurrency as a form of payment inside ballparks is quite the statement. What else can crypto be used for? Sports betting, anyone?
** Market Teasers is not financial advice, nor am I a financial advisor. All figures were taken at March 15th’s market open.