Back for another dose of gambling news after the 4th of July weekend? Well, you’re in luck because PlayUSA has you covered.
This week, Wisconsin joins the sports betting ranks, WynnBET enters the Arizona sports betting market, and the FanDuel Sportsbook finds its way into Connecticut.
On the rewind:
Wisconsin preps for sports betting
Oh, baby! Wisconsin sports betting is becoming a reality.
After six months of negotiations, Gov. Tony Evers and the Oneida Nation agreed to bring sports betting to the tribe’s casinos in northeast Wisconsin.
But wait, there’s more.
The Forest County Potawatomi Community, which operates a casino in Milwaukee, also intends on offering sports betting at their casinos.
Each deal is subject to state and tribal compacts which the US Department of the Interior must approve. So, there is still a bit of paperwork that needs to be done before people can start placing bets on the Green Bay Packers.
Regardless, it appears the state was tired of losing tax dollars to neighboring Illinois.
The takeaway: The deal only allows for in-person sports betting so, there is still room for improvement. Perhaps down the line, a reworked compact could include mobile wagering. But for now, those intent on placing futures bets on the Packers are in luck.
Commercial sports betting still in play in North Carolina
We know NC sports betting already exists at the two Cherokee casinos. But legislation to permit online sports betting and retail betting at facilities that host sporting events is still on the table.
Senate President Pro Tem Phil Berger told the Carolina Journal, he expects lawmakers to discuss sports betting later this year.
The bill, SB 688, which currently resides in the Senate Committee on Rules and Operations, would allow for 12 online licenses and facilities like Bank of America Stadium (Carolina Panthers) and the Spectrum Center (Charlotte Hornets) to open sportsbooks.
The takeaway: Mobile wagering would do nicely in North Carolina. The state is a college basketball mecca with schools like UNC, Duke, NC State, and Wake Forest — and those are just the tip of the iceberg.
WynnBET enters Arizona betting market
The San Carlos Apache Tribe has a new sports betting partner: WynnBET.
Wynn Resorts announced it would operate sports betting at the tribe’s two casinos: Apache Gold Casino and Apache Sky Casino.
Along with WynnBET, there are additional top-of-the-line sportsbook deals in place, including the Phoenix Suns (NBA) and FanDuel, Phoenix Mercury (WNBA) and Bally Bet, and Arizona Diamondbacks (MLB) and Caesars.
The takeaway: This is homerun for WynnBET. The company gets in on the ground floor and doesn’t have to play catch up. The retail footprint may be small, but if Wynn can capitalize on mobile wagering, it should keep pace with FanDuel and the other operators entering the market.
Mohegan drops Kambi, selects FanDuel instead
I feel for Kambi. The company reminds me of Josh Rosen, the former #1 pick for the Arizona Cardinals. Rosen was hailed as the savior of Arizona but was shipped out after one season in favor of another #1 pick, Kyler Murray.
Kambi, much like Rosen, didn’t get a chance to prove itself. The company was in line to run CT sports betting at Mohegan Sun properties until the tribe amended its agreement and gave Kambi the boot. However, it’s not a total loss for Kambi. The company will still receive the revenue projected from the original agreement, which can be viewed as a plus.
But now, the door is open for the tribe to partner with a bigger name brand, in this case, Kyler Murray, aka FanDuel.
The takeaway: Two of the largest sports betting brands, DraftKings and FanDuel, will now operate in Connecticut. All that’s left is to see who the Connecticut Lottery will partner with. There are still big names on the table like Caesars, PointsBet, and MGM.
This week on Market Teasers, we have a couple of familiar faces. First, Wynn Resorts returns after a pair of deals in Arizona and Colorado. While Bally’s Corp. secured a first-of-its-kind sports betting deal with the Phoenix Mercury of the WNBA.
Wynn Resorts, Limited
$WYNN | $112.93 | -3.40% change
- High off its market access deal in Arizona, Wynn Resorts also secured a deal to become the official sports betting partner of the Colorado Rockies (MLB). Over the last five days of trading, the stock has seen a slight decline dropping from $122 per share on 7/2 down to $112 per share on 7/7.
$BALY | $49.76 | -4.01% change
- Bally’s entered its 15th state (Arizona) after becoming the first sports betting operator to partner with a WNBA franchise. The company also finished its casino rebrand project in Colorado, rebranding its three properties to Bally’s Black Hawk. Bally’s stock has been hovering around $48 per share since Dec. 2020, with a bullish mid-term grade.
** Market Teasers is not financial advice, nor am I a financial advisor. All figures were taken on July 7, market close.