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Washington D.C.’s Sports Betting System Faces Scrutiny Amid Transition from Intralot and GambetDC

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written by Betting News

Washington D.C.’s sports betting landscape is undergoing significant changes, moving away from Intralot and GambetDC. However, the gaming company may still encounter challenges within the District.

Intralot, which powered GambetDC and manages the District’s lottery system, appears to be under investigation by Washington D.C. Attorney General Brian Schwalb, according to a report from Washington City Paper. The exact scope of the investigation remains unclear, but Schwalb has requested documents from Intralot as part of what seems to be an ongoing inquiry. The focus may involve allegations that the contractor and its subcontractors failed to fulfill promised work.

Intralot has faced significant scrutiny in recent years due to GambetDC’s failure to meet expectations. The sports betting app struggled to generate substantial revenue for the District, and notably, its iOS app ceased functioning on Super Bowl Sunday in 2022.

Several Washington D.C. council members have long criticized the decision to award Intralot a sole-source contract for sports betting. The system was only switched recently, allowing multiple betting apps like DraftKings and FanDuel to enter the District’s mobile betting market.

In 2019, The Washington Post reported that Veterans Services Corporation (VSC) was not meeting its subcontractor responsibilities with Intralot. The report highlighted that VSC CEO Emmanuel Bailey did not have any employees at VSC, raising legitimate concerns about the subcontractor’s capabilities.

It is uncertain whether the current D.C. investigation is concentrating on VSC’s performance with Intralot or other aspects of Intralot’s management of Washington D.C.’s sports betting.

Interestingly, VSC now operates a sports betting app in Maryland. The app has been criticized for its poor odds and subpar interface, generating just $130,000 in handle in the state in June, the lowest among Maryland’s betting apps.

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New York Sports Betting Surges: A Record-Breaking July

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written by Betting News

New York State’s sports betting landscape reached new heights in July, as mobile sportsbooks and retail locations together amassed a staggering $140.9 million in revenue, marking a significant 33.5% increase from the previous year. This surge in revenue was propelled by a robust collective hold rate of 11.1% across the state’s nine mobile operators, making it the fourth-highest in the 31 months since mobile wagering was introduced in the Empire State.

In terms of betting volume, New Yorkers wagered a total of $1.27 billion in July, up 31% from the same period last year. This marks a significant rebound, as it was the first time in nearly two years that monthly wagering did not breach the billion-dollar threshold.

The state’s revenue boost is reflected in its tax collections, with $71.6 million garnered in July alone, contributing to a national record post-PASPA with over $6 billion in total tax revenue, of which New York’s contribution exceeds 35%.

Fanatics Sportsbook has shown impressive performance, achieving an 11.7% win rate in July and setting a new revenue record for any licensee at $8.9 million. Meanwhile, FanDuel continues to dominate the market with $59.3 million in revenue from $482.5 million in bets, maintaining a strong hold rate above 12% for the second time this year.

DraftKings also reported substantial earnings with $48 million in revenue, attributing to a 10.5% hold rate, while Caesars and BetMGM rounded out the top performers, nearly reaching the 10% hold mark themselves.

July also saw the exit of WynnBET from the New York market, as it ceased operations on July 29. Despite never capturing more than 1% of the market share, WynnBET’s departure paves the way for PENN Entertainment to introduce ESPN BET, anticipated to launch before the college football season begins.

With the NFL season approaching, betting activity is expected to soar, potentially pushing the total annual handle past the $20 billion mark. The success of New York’s sports betting market not only highlights the robust appetite among bettors but also underscores the significant revenue and tax benefits it brings to the state.

This dynamic growth in New York’s sports betting sector positions it as a leading market in the U.S., driving both consumer engagement and substantial fiscal contributions through strategic market expansions and regulatory enhancements.

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Major Crackdown on Illegal Sports Betting Networks in California

Betting News
written by Betting News

Mathew Bowyer, a key figure in one of the largest illegal sports betting rings in the U.S., has admitted guilt to several federal charges. This confession comes as part of a broad investigation into unlawful gambling operations within California. Bowyer’s illegal activities involved notable sums, including transactions with Ippei Mizuhara, the former translator for Los Angeles Dodgers’ star Shohei Ohtani.

On August 9, Bowyer pled guilty to operating an illegal gambling business, transactional money laundering, and filing a false tax return. Although he faces up to 18 years in prison under federal guidelines, cooperation with authorities may reduce his sentence to 30-37 months, his attorney Diane Bass revealed.

The plea occurred amid the MLB pennant races and just before the NFL season, highlighting the timing’s significance. Bowyer’s operation, running unlicensed for over five years until October 2023, involved over 700 bettors and amassed unreported income of $4.03 million in 2022 alone.

The probe also extends to other figures, including Mizuhara, who has already pleaded guilty to embezzling over $16 million from Ohtani to cover gambling debts. The MLB has declared Ohtani a victim in this scheme.

The upcoming months are pivotal as Bowyer’s sentencing is scheduled for February 7, 2025, just days before the Super Bowl. This case underscores ongoing concerns about the intersection of illegal and legal sports betting markets, a hot topic in upcoming industry conferences.

Federal prosecutors remain tight-lipped about further indictments, but the industry watches closely as this significant case unfolds, potentially setting precedents for the handling of similar cases in the future.

This case and its developments are critical for anyone involved in sports betting, legal or otherwise, and underscore the importance of regulatory compliance and the impact of illegal operations on the sports industry.

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Surge in Maryland’s Sports Betting Market Generates Over $60 Million in Tax Revenues

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written by Betting News

The sports betting market in Maryland has seen a healthy expansion, contributing significantly to the state’s tax revenues. According to the Maryland Lottery and Gaming Control Agency, more than $60.3 million was generated from sports betting tax in the fiscal year of July 1, 2023 to June 30, 2024. This formed part of the state’s overall gaming tax revenues of $1.585 billion.

The sum made this period the second-highest single-year gaming tax revenue contribution to the state, falling just short of the previous fiscal year’s record $1.589 billion. This figure encompassed $824 million from casino gaming, $699.6 million from lottery proceeds, and $61.3 million from both sports wagering and daily fantasy sports combined.

Of note, the fiscal year 2024 was the first full year for online sports betting in Maryland, previously having only been active for seven months in 2023. Sports betting tax revenues are channeled into the Blueprint for Maryland’s Future Fund, aimed at bolstering public education programs.

During the year, the sports betting sector experienced significant growth, with three retail sportsbook outlets and two mobile sports wagering platforms launching. In total, 13 retail locations and 12 mobile platforms were operational during the fiscal year.

The total sports betting handle for 2024 reported by Maryland Lottery and Gaming was $5,374,116,452. Online sports betting led the charge, amassing more than $5.19 billion in handle, notably surpassing retail sports betting, which handled a total of $180,622,269.

Online sports betting also drove the revenue numbers for the Blueprint for Maryland’s Future Fund, contributing $58,069,256 in tax revenues compared to $2,242,200 from retail sports betting. The state’s sports betting for the FY 2024 resulted in a 10.6% hold rate.

Excess sports wagering prizes, which amounted to $985,862 during the fiscal year, are earmarked for supporting responsible gaming programs.

The year in review was the second biggest year of gaming contributions to the state, as reported by the Maryland Lottery and Gaming Control Agency. On average, the combination of the lottery, casinos, sports wagering, and daily fantasy sports provided an average of $4.3 million daily to state programs and services.

John Martin, the Director of Maryland Lottery and Gaming, praised the performance. He stated, “Despite the exceptional results from FY 2023 setting a challenging benchmark, FY 2024 also delivered a robust performance. With the launch of a new daily lottery game and the continuous expansion of the sports wagering market, we are proud to facilitate funds for vital state programs.”

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The Economic Impact of Casinos and Sports Betting on State Tax Revenues

Betting News
written by Betting News

Key Takeaways

  • Pennsylvania leads in casino tax revenue, collecting $2.3 billion in 2024.
  • States like Nebraska and Virginia see dramatic increases in tax revenue from newly approved commercial casinos.
  • New York tops sports betting tax revenue with over $2 billion.

Tax Revenue from Casinos

Recent data from the American Gaming Association (AGA) highlights the substantial tax revenue generated by commercial casinos across the United States. In 2023, Pennsylvania emerged as the top state for casino tax revenue, collecting a remarkable $2.3 billion. This was closely followed by New York with $2.1 billion and Nevada with $1.2 billion.

States that have recently introduced commercial casino gaming, such as Nebraska and Virginia, have experienced significant growth in tax revenue. Nebraska saw a staggering 535% increase, while Virginia‘s tax revenue surged by 161% between 2022 and 2023.

Tax Revenue from Sports Betting

Sports betting has also become a major contributor to state tax revenues. According to Legal Sports Report, New York leads the pack, collecting over $2 billion in sports betting taxes. Pennsylvania follows with $615 million, and New Jersey with $541 million.

In terms of sports betting handle, New Jersey tops the list with over $51 billion in bets, followed by New York at $45 billion and Nevada at $41 billion.

Professional handicapper Raphael Esparza notes that the future growth of sports betting in newly legalized states is uncertain. He emphasizes the need for bookmakers to innovate to retain customers, suggesting that offering a wider range of betting options, such as presidential odds or entertainment bets, could drive growth.

Spending in Casinos

Customer spending in casinos also shows impressive growth. In 2023, Nebraska and Virginia recorded the highest increases in customer spending, with growth rates of 535% and 98%, respectively. Nationwide, casino customer spending grew by over 10%, reaching $66.7 billion, which translates to $14.7 billion in taxes.

Nevada remains the leader in total customer spending, with $15.5 billion spent in its casinos. This accounts for nearly one-quarter of all casino spending in the U.S. Pennsylvania and New Jersey follow with $5.9 billion and $5.8 billion, respectively.

Future Outlook and Recommendations

For sports bettors, Esparza offers some cautionary advice: “Parlay bets paid my salary working in the Vegas books, so that is my number one not to do,” he warns. He advises bettors to “Play smartly and get the number you want. If that number is not there, then pass or watch ‘live’ betting numbers.”

Looking ahead, the expansion of legalized sports betting across the U.S. appears to be slowing. Esparza points out that no new states passed sports betting legislation in the 2024 legislative season. Missouri might be the next state to legalize sports betting, but residents of California, Texas, and Georgia may have to wait longer.

The data underscores the significant role that commercial casinos and sports betting play in generating state tax revenue. Pennsylvania, New York, and Nevada are leaders in total tax revenue from casinos. Additionally, sports betting has emerged as a major revenue source, with New York, Pennsylvania, and New Jersey leading in tax collections and betting handle. As more states consider legalizing commercial casinos and sports betting, the trend of increasing tax revenue and customer spending is likely to continue, benefiting state economies and providing valuable insights for policymakers.

However, as Esparza’s comments suggest, the future of the industry may depend on innovation in betting products and careful navigation of legislative hurdles. States and betting operators will need to balance the potential for revenue growth with responsible gambling practices and evolving consumer preferences.

Methodology

This study utilizes data from the American Gaming Association (AGA) and Legal Sports Report to analyze tax revenue and growth in the commercial casino and sports betting industries. The AGA provides comprehensive data on casino operations, including tax revenue, customer spending, and year-over-year growth. Legal Sports Report offers detailed insights into sports betting tax revenue and betting handle. The data was collected and analyzed to identify trends and significant changes in the industry. The focus was on states with the highest tax revenue and those with notable growth due to recent approvals of commercial casino gaming and sports betting.

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Massachusetts Gaming Commission Seeks Transparency in Sports Betting Limits

Betting News
written by Betting News

The Massachusetts Gaming Commission (MGC) had planned to meet on Wednesday for an agenda-setting session, where it was expected to set an official date for a second discussion on sports betting limits. However, on Tuesday, the MGC announced the cancellation of the meeting.

The date for the highly anticipated second discussion on sports betting limits remains undecided. However, it could be established during the MGC’s public meeting on August 15 or the agenda-setting meeting on August 21. In May, the MGC hosted a roundtable discussion on sports betting limits, but the absence of most well-known sports betting operators angered commissioners.

Bally Bet was the sole operator to attend the initial meeting.

Other prominent betting apps, such as DraftKings and FanDuel, have indicated their intention to participate in the second discussion. Despite this, some commissioners remain skeptical about whether these operators will share sufficient information publicly to ensure a productive conversation.

The commissioners also plan to include the perspectives of bettors in the discussion, similar to the first meeting. Some prominent bettors have expressed frustration with major betting apps for limiting their wagers with minimal to no explanation regarding the reasons behind these limits.

The MGC hopes that this discussion will enhance transparency around the practice of limiting sports bettors. In a recent meeting, the commission also suggested the possibility of implementing regulations related to this practice.

By addressing these issues, the MGC aims to foster a more open and fair sports betting environment in Massachusetts.

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PrizePicks Appoints Mike Ybarra as New CEO, Marking a New Era of Growth

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PrizePicks has announced the appointment of Mike Ybarra, former President of Blizzard Entertainment, as its new Chief Executive Officer. Ybarra steps into the role following Adam Wexler, the Co-Founder and CEO, who will now serve as Executive Chairman of the Board and an advisor to Mike. Ybarra will also join the Board of Directors.

With over 25 years of leadership experience in the technology and entertainment industries, including his tenure as President at Blizzard Entertainment and nearly two decades at Microsoft in development, product management, and leadership roles, Ybarra is well-positioned to lead PrizePicks. His expertise in managing and growing popular gaming products and services uniquely qualifies him to guide the company at this pivotal time.

Thanks to Adam Wexler’s tireless efforts since founding the company, PrizePicks has grown from a startup to the leading independent daily fantasy sports (DFS) company in the U.S. This leadership change will not alter the company’s core values. PrizePicks will continue to focus on innovation and maintaining a fan-first mentality in all its endeavors.

The future looks promising for PrizePicks, as the company stands on the brink of one of the most dynamic and transformative periods in the industry’s history. The confidence in Mike Ybarra’s blend of experience and industry knowledge is high, as he leads the company into its next growth phase.

PrizePicks’ success has always been a collective effort, heavily relying on partnerships to drive the industry forward. Together with its partners, the company has disrupted the DFS space with innovative games that fans love, and this is just the beginning.

During this leadership transition, PrizePicks will continue its operations without disruption, ensuring seamless service on its platform. PrizePicks thanks its supporters for their continued backing during this exciting time of change and growth.

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Bet365 Ordered to Refund Over $500,000 to New Jersey Bettors for Payout Errors

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Bet365 has been mandated to refund more than $500,000 to winning bettors in New Jersey after paying them at less favorable odds for nearly three years.

In a July letter to the company’s legal counsel, the New Jersey Division of Gaming Enforcement (NJDGE) gave bet365 until August 1 to reimburse $519,323.32 to 199 New Jersey customers. An audit revealed that the company had “unilaterally revised odds for a significant number of wagers over an extended period of time.”

Neither bet365 nor the NJDGE immediately responded to inquiries about whether customers have been repaid.

In its defense, the company stated that the odds posted were “an obvious error,” a situation where most states allow sportsbooks to adjust payouts. However, New Jersey requires sportsbooks to obtain approval from the regulator first, which bet365 failed to do.

The NJDGE highlighted this requirement in their letter, stating, “bet365 failed, in all instances, to recognize that although bet365’s House Rules were approved by the Division, it was with an express statement and caveat that bet365 was prohibited from voiding any wager without prior Division approval, as is the standard course in Division approval of House Rules and as is set forth in Division regulation N.J.A.C. 13:169N-1.11(d).”

The letter continued, “Moreover, as a sports wagering provider participating in New Jersey’s gaming industry, bet365 is charged with knowledge of the gaming laws, including the Division’s regulation barring unilateral voiding of wagers by operators without the express authorization of the Division.”

The source of these errors remains unclear, as the 13 affected bets covered a variety of sports, leagues, and wager types over a significant time frame. The events ranged from December 2020 to April 2023 and included markets such as table tennis, NFL football, college basketball futures, and golf.

Alongside the payouts, bet365 is required to submit a comprehensive report by August 11 detailing its efforts to identify and rectify failures in its internal software systems and manual trading errors, and to ensure the accuracy of its data feed.

By addressing these issues, bet365 aims to prevent similar incidents in the future and maintain the integrity of its operations within the highly regulated New Jersey sports betting market.

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DraftKings Ends NFT Venture Amid Legal Challenges

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DraftKings, a leader in sports betting, has announced the immediate closure of its NFT business, including the popular Reignmakers game and its NFT Marketplace. This decision follows a legal setback where a federal judge allowed a class-action lawsuit to advance, suggesting that DraftKings’ NFTs might constitute unregistered securities.

The sports gambling giant ventured into the NFT space in mid-2021, capitalizing on the burgeoning interest in digital collectibles spurred by NBA Top Shot among others. Matt Kalish, co-founder of DraftKings, highlighted in an Ark Invest podcast that their initial offerings, especially a Tom Brady-themed collection, were met with enthusiastic reception. However, despite the initial success and expansion into other sports like UFC and PGA through their Reignmakers game, legal challenges have clouded the future of these digital assets.

Recent class action lawsuits have accused DraftKings of violating securities laws, echoing similar challenges faced by other sports-related NFT ventures. Notably, NBA Top Shot opted for a $4 million settlement in a comparable legal entanglement earlier this year.

As DraftKings winds down its NFT operations, it is extending buyout offers to Reignmakers players, ensuring they retain the ability to access and transfer their NFT collections. According to Joel Belfer, who manages the Mint Condition blog focusing on sports collectibles, this development serves as a cautionary tale for companies in the NFT and collectibles arena regarding the importance of stringent legal safeguards.

This strategic retreat reflects DraftKings’ commitment to aligning its operations within the evolving legal framework, underscoring the complexities at the intersection of digital assets and sports entertainment.

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Dapper Labs Settles NBA Top Shot Lawsuit for $4 Million, Clarifying Legal Status

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Dapper Labs, known for pioneering NBA Top Shot collectibles on the blockchain, has agreed to a $4 million settlement in a class-action lawsuit alleging securities law violations. The settlement, still awaiting court approval, aims to reimburse claimants and cover legal expenses, marking a significant step towards legal clarity for Dapper Labs.

Under the terms of the proposed settlement, plaintiffs will relinquish any claims that Dapper Labs’ NBA-themed NFTs constitute securities, aligning with the legal treatment of traditional trading cards.

“Dapper Labs is pleased to resolve this matter, allowing us to focus on creating outstanding experiences for our users,” stated CEO Roham Gharegozlou. He emphasized the decentralized nature of the Flow blockchain and the non-security status of digital collectibles like NBA Top Shot.

The lawsuit, initiated in the U.S. District Court for the Southern District of New York, challenged the classification of NBA Top Shot Moments as unregistered securities, suggesting their value is tied to the success of the platform. Plaintiffs further accused Dapper Labs of market manipulation and delaying withdrawals.

The case gained prominence when a federal judge decided it had sufficient grounds to proceed, pointing to the potential classification of Top Shot NFTs as securities due to their operation on the less decentralized Flow blockchain, in contrast to networks like Bitcoin or Ethereum.

As part of the settlement agreement, Dapper Labs will enact several business modifications, including the transfer of FLOW tokens to the autonomous Flow Foundation and the facilitation of third-party sales of Top Shot NFTs. These adjustments aim to enhance market fairness and streamline the withdrawal process, reinforcing the integrity of the platform.

This resolution provides Dapper Labs with a clearer framework to continue its innovative work in the blockchain space, focusing on user engagement and the expansion of the digital collectibles market.

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