Welcome back to the PlayUSA Rewind! I hope you’re ready for that mid-week round-up to launch you into the weekend.
On the rewind:
Washington State eyes sports betting legalization
The new WA sports betting rules released by the Washington State Gaming Commission are now being moved to the public comment period.
This is a good sign. Typically, after this phase, rules only go through one or two more iterations with minor tweaks before legalization.
The final draft is expected to be reviewed on July 28, at which point it would go into effect 31 days later.
The takeaway: There is still a long way to go before Washington residents can begin betting on their phones. But, if all goes according to plan, they might be able to start making some futures bets on the newly formed Seattle Kracken (NHL) by the end of 2021.
Louisiana lawmakers give okay to sports betting
After a 33-3 Senate vote, a bill to legalize sports betting in Louisiana is headed to the desk of Gov. John Bel Edwards.
Once signed and implemented, 55 of Louisiana’s 64 parishes will have the ability to place sports bets.
There will be 20 licenses available for casinos and racetracks. If all the licenses are not accounted for, video poker establishments in the parishes where sports betting is legal will get the chance to apply. Mobile sports betting will also be available along with betting kiosks run by the state lottery.
Lastly, let’s not forget about VSiN, which entered into an agreement with Baton Rouge ABC affiliate WBRZ-TV. The agreement allows WBRZ to broadcast sports betting information across the state. VSiN is a betting company owned by Drafkings and is based in Las Vegas.
The takeaway: The goal is to launch before NFL season — which is standard across all US jurisdictions. Louisiana has an excellent chance at accomplishing this task. Why? Because they didn’t muddy the waters with unnecessary red tape and money grab tactics.
BetMGM makes MLB debut at Nationals Park
BetMGM has an official monopoly at Nationals Park, home of the 2019 World Series Champion Washington Nationals.
Yes, at long last, visitors to the ballpark will now have the ability to place bets on their phone, but it can only be down on the BetMGM sportsbook app.
In the Nations Capital, mobile sports betting is technically legal. But, you must be within two blocks of a designated area like Nationals Park or Capital One Arena (William Hill).
The takeaway: BetMGM gets the win on this, even if you don’t like the Nationals. Summer days at the ballpark with the ability to place in-game bets from your mobile device are in high demand.
Massachusetts lawmakers ready for sports betting debate
The time has arrived or will arrive on June 17 for lawmakers to discuss sports betting in Massachusetts.
But if you plan on listening to the joint committee meeting, you better hunker down because the run time is scheduled for four hours. Why? Because there are 19 different sports betting bills up for discussion.
The takeaway: Although there are 19 bills on the mound, only one needs to pass. Massachusetts residents shouldn’t worry that there are so many different opinions this early. Panic should set in if nothing is solved by August.
Connecticut lottery close to selecting sports betting partner
We know there will only be three CT sports betting operators.
Draftkings is partnering with the Mashantucket Pequot, while Kambi has a deal with the Mohegan Indians.
The third and final operator will partner with the state lottery and that decision is expected to be made on June 28.
Back in May, it was reported that the lottery asked five of the original 15 applicants to present their plans. The five were widdled down to four, and now the four will become one.
The takeaway: Whichever company is selected will have the luxury of 15 lottery-owned retail sportsbooks but the unfortunate task of trying to out-perform DraftKings. Hopefully, it’s a company up for the challenge.
This week on Market Teasers — DraftKings Inc. returns to the list but not for a good reason. And, we welcome the first cannabis stock, Canopy Growth Corporation, which could benefit from a new cannabis law signed by Nevada Gov. Steve Sisolak.
Canopy Growth Corporation
$CGC | $24.36 | -0.70% change
- Canopy is one of the top cannabis stocks on the market. However, it’s unknown if they will benefit from the new attraction in Las Vegas — cannabis consumption lounges. These new lounges are expected to pop up by October and could prove beneficial to the industry.
$DKNG | $49.22 | 1.50% change
- It was not a good week for the top sports betting operator. Shares were down 7% after DraftKings was wrapped up in a report by Hindenburg Research which tied the company to “black market operations.” According to a DKNG representative, the report was written by someone attempting to drive the stock down in a “short selling” maneuver.
** Market Teasers is not financial advice, nor am I a financial advisor. All figures were taken on June 16, market close.