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link http sports betting informa 4 months 2 weeks ago #31654

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п»їArizona to embrace sports betting in deal with tribes.
PHOENIX (AP) — Arizonans would be allowed to bet on professional and college sports at tribal casinos and at sites owned by pro sports teams under a proposal that is part of an update to the state’s deal that allows Native American tribes to run casinos.
The wide-ranging proposal introduced in the Arizona House on Monday would also allow bets to be placed online, fantasy sports wagering, and add limited Keno games at off-track betting locations and social clubs like the American Legion.
The proposal introduced by Republican Rep. Jeff Weninger of Chandler has been anticipated since GOP Gov. Doug Ducey announced “an opportunity for a modernized gaming compact that will bring in more revenue for our tribal nations and our state budget,” in his State of the State address last month. Ducey has been working on a new deal with tribes for several years, hoping it can boost state revenue by allowing gambling outside of tribal-run casinos.
That’s just what the deal does, Weninger said Tuesday, although the anticipated revenue hasn’t been released.
“With that comes tax revenue without raising taxes, and allows us to keep our tax rates low,” Weninger said in an interview.
The biggest part of the plan would allow pro sports teams like the Phoenix Coyotes, Arizona Diamondbacks and Arizona Cardinals run sports betting operations at their respective venues, at a retail location within a quarter mile and online. There would be 10 licenses awarded to sports, which could include professional golf and even NASCAR, Weninger said.
Tribes would also get 10 licenses and could run sports books at two dozen tribal casinos in the state.
The tribes, which have fiercely protected their exclusive right to most gambling in the state under the gaming compact approved by the state’s voters in 2002, get the right to build some new casinos under an updated deal. And in a big win, they would also be allowed to greatly expand their exclusive gambling offerings, adding games like Baccarat and craps to existing offerings of slot machines, blackjack and poker.
And there are options for online gambling as well, allowing growing online gambling sites like Draft Kings to piggyback on the licenses.
Fantasy sports gambling also is embraced by Weninger’s proposal. The state would allow any company that meets it standards to run fantasy sports gambling operations.
Both the legislation and a 20-year extension of the state’s gaming compact with tribes must be adopted for either to go into effect.
Getchen Conger, Ducey’s deputy chief of staff, said the deal will help tribes and pro sport teams that have struggled during the coronavirus pandemic. And the plan is certain to boost state revenue, but it will take some time for the amount to become clear, especially revenue from gambling on sporting events.
“This is the million-dollar question,” Conger said. “It really depends on what the uptake is on the event wagering.”
The state gets a cut of the gambling profit, which will go to the general fund. Money from tribal gaming goes to special state accounts and local governments. In the fiscal year that ended on June 30, 2020, tribes brought in nearly $2 billion in gambling revenue and the state received $102 million, according to a Department of Gaming report , while cities received $13 million.


Michigan Enters Online Sports Betting Game, With Barstool And DraftKings Ready To Roll.
Michigan's highly anticipated launch of online sports betting is set to happen on Friday, Jan. 22. Nine companies have been approved to launch online sports betting offerings, according to Roundhill Investments.
Penn National: The Barstool Sportsbook app from Penn National Gaming (NASDAQ: PENN) will launch on Friday, with an iCasino offering from Penn expected to launch shortly after.
Penn is partnering with The Barstool Fund, an organization created by Barstool Sports founder Dave Portnoy to help struggling small businesses during the pandemic. Penn will match first-time deposits of Michigan customers who wager an equal or higher amount than their initial first-time deposit during the first weekend with a donation to the fund.
Barstool led all sportsbooks by revenue in the state of Pennsylvania in December, according to Roundhill Investments. The state took in a record high for sports betting handle during the month.
"I definitely believe Barstool will have success in Michigan for a few reasons," Roundhill’s Matias Dorta told Benzinga. "One, Barstool has a large base in Michigan. Two, Penn National Gaming owns one of the most popular casinos in the state, Greektown."
Portnoy went to the University of Michigan and there's a strong presence of “stoolies” around Ann Arbor, Dorta added. Greektown Casino will be able to host interactive in-person events with fans in the future.
DraftKings: A mobile app from DraftKings Inc (NASDAQ: DKNG) will launch on Friday, an online sports betting and an iGaming offering that will include blackjack, roulette, baccarat and more.
The company is the official sports betting and casino partner for the Detroit Pistons. Customers will be able to play team-specific bets and free to play pools. On Friday, customers can double their money if the Pistons score a three-point shot.
The company will now offer online sports betting in 11 states, more than any competitor in the industry.
Other Stocks to Watch: Other stocks to watch with approved online sports betting offerings in Michigan are FanDuel, Golden Nugget Online (NASDAQ: GNOG), BetMGM, William Hill and Bet Rivers from Rush Street Interactive (NYSE: RSI).
BetMGM is a joint venture partially owned by MGM Resorts International (NYSE: MGM), which Dorta picked as another stock that could be positioned to succeed in Michigan.
“MGM has a large database of Michigan gamblers because they own the biggest casino in the state, the MGM Grand Detroit,” Dorta said.
BetMGM is the official betting partner of the Detroit Lions and Detroit Red Wings.
The Roundhill Sports Betting & iGaming ETF (NYSE: BETZ) is a pure-play investment option to get exposure to several of the companies launching online sports betting in Michigan.


US sports bet revenue could hit $3B in 2021; NY backs mobile.
Revenue from sports betting could reach $2.6 billion to $3.1 billion this year.
Fox News Flash top headlines for January 6.
On a day when New York's governor did an about-face and embraced mobile sports betting as a way to deal with financial losses stemming from the coronavirus pandemic, a company that tracks gambling legislation and performance predicted that revenue from legal sports betting could reach $3.1 billion in 2021 and as much as $10 billion within five years.
VIXIO GamblingCompliance issued a report Wednesday projecting that at least six and as many as 14 additional states will legalize or expand sports betting in 2021. That fits with projections by numerous analysts that nearly half the country may have legalized sports betting by the end of this year.
The company estimated that revenue from sports betting would reach $2.6 billion to $3.1 billion this year, an increase of as much as 100% over the $1.55 billion it estimates will have been generated from sports betting in 2020 (December figures have not yet been reported from most states).
By 2025, that figure could hit $10 billion, the report said.
Sports betting revenue represents money remaining after sportsbooks pay off winning bets and other expenses. It is separate from — and much less than — the total amount wagered on sports, which is called "handle." States collect taxes on the amount of money their sportsbooks retain from sports betting, not on the total amount wagered.
The report came as New York Gov. Andrew Cuomo reversed his long-held opposition to mobile sports betting, opening the possibility of a lucrative new market in one of the nation's most populous states. It also could take a big bite out of New Jersey's leading position in the national sports betting market; about 20% of New Jersey's sports bets are placed by New Yorkers crossing the state line.
At a news conference, the Democratic governor proposed having New York run sports betting operations to maximize tax revenue.
"At a time when New York faces a historic budget deficit due to the COVID-19 pandemic, the current online sports wagering structure incentivizes a large segment of New York residents to travel out of state to make online sports wagers or continue to patronize black markets," he said. "New York has the potential to be the largest sports wagering market in the United States, and by legalizing online sports betting, we aim to keep millions of dollars in revenue here at home, which will only strengthen our ability to rebuild from the COVID-19 crisis."
He called on the New York State Gaming Commission to issue a request for proposals to select and license a sports operator or platform to offer mobile sports wagering in the state.
Yaniv Sherman, head of commercial development at 888 Holdings, a sports betting company, welcomed a possible full-scale entrance of New York to the national market.
"New York has always been the critical, strategic and much-anticipated component of any U.S. online gambling agenda, and it represents one of the top three states in terms of economic potential," he said. "It’s no surprise that this is moving on the back of budget deficits in states like New York, and I think it’s a great way of bringing tax dollars from offshore operations to the city and state coffers."
Likewise, Adam Greenblatt, CEO of BetMGM, said his company is eager to enter New York's expanded market, saying Cuomo's move "has the potential to bring leaking tax dollars back to New York from offshore books and nearby states."
Sara Slane, a gambling analyst and former official with the American Gaming Association, predicted New York quickly would become a top-tier state in the sports betting market.
"Gov. Cuomo’s embrace of mobile sports betting immediately positions New York to soon lead all other states and generate significant revenue for state coffers," she said. "New York, with a population of nearly 20 million, dwarfs any other state with legal betting and should have no problem regularly topping $1 billion a month in wagers."
New York, like most states, expects to have a smoking crater where its budget used to be due to the economic impact of the coronavirus pandemic. That is expected to play a large part in additional states considering or enacting sports betting legislation this year.
The report predicted an aggressive campaign to legalize online sports betting in Texas this year, with team owners allied with DraftKings, FanDuel and BetMGM to press for legalization. That would require a constitutional amendment and a stateside referendum.
It forecast renewed legislative efforts to enact sports betting in Massachusetts, Georgia, Ohio and North Carolina, among others, while noting that sports betting efforts in Florida and California remain complicated by the impact they would have on tribal gambling operations and rights.


What Is Middling in Sports Betting? How to Middle a Point Spread.
Zach Bolinger/Icon Sportswire via Getty Image. Pictured: Christian McCaffrey.
Sports betting lines aren’t stuck in one place permanently. Oddsmakers can move lines however they’d like leading up to a game, and they do so for a variety of reasons (liability, injuries, weather, etc.).
Because of that, it’s possible that the line at which you made a bet is not the same as the line being currently offered by the market. In some cases — like if you make a point spread bet at -5 and the line moves to -7 — your bet will become a lot more valuable based on the new number.
And in such cases, the opportunity arises to go for the middle .
What Is a Middle in Sports Betting?
A middle is a betting strategy in which a bettor places wagers on both sides of the same bet at different lines, attempting to win both, and ensuring that at least one of them will win.
The opportunity arises when a line has moved since the original bet was placed. Take the following example:
The possible outcomes are laid out below (and are assuming -110 juice on all bets).
Is Middling Profitable?
This question unfortunately doesn’t come with a simple answer, as the answer depends on how frequently your attempts actually result in a middle.
Since in each middle attempt (again, assuming standard -110 juice for this argument) you will either lose 0.09 units or gain 1.82 units, you need to hit the middle in about one out of every 21 (1.82 / 0.09 = 20.2) attempts to break even, or about 4.8% of the time.
In a sport like football, therefore, you should always be aware of which number you are attempting to land on, since some (like 3, for example) are much more likely to be final-score margins than others (like, say, 9).
Since the NFL moved the extra point back in 2015, only four margins of victory have been more frequent than 4.8% — 3, 6, 7 and 14.
Can You Middle a Moneyline?
In a moneyline sport, the term “middle” is less often used, but the equivalent strategy would be an arbitrage.
In such a case, an example bet may look like this:
The possible outcomes using a 1.35-unit bet on the Red Sox are below.




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