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Massachusetts wrapped up summer with a strong performance in sports betting, recording $447.3 million in total handle for August 2024, according to the Massachusetts Gaming Commission. The state reported more than $33.3 million in taxable gaming revenue for the month, with a hold of 7.7%, and collected $6.6 million in sports betting tax revenue.

Massachusetts Sports Betting Growth

The total sports betting handle in August marked a 36% increase compared to August 2023, which saw a handle of $305.7 million. This growth led to the state collecting an additional $2 million in tax revenue compared to last year, bringing the total for August 2024 to $6,601,433.

The summer months are generally slower for sports betting, but Massachusetts ended the season on a high note, preparing for the lucrative football season. Historically, the majority of sports betting revenue is generated in the fall and winter months when NFL and college football seasons are in full swing.

Since its launch in January 2023 (in-person) and March 2023 (online), Massachusetts has collected approximately $173.25 million in total sports betting taxes.

DraftKings Maintains Dominance in Massachusetts

DraftKings, headquartered in Massachusetts, continued its dominance in the state’s online sports betting market. The operator reported an impressive $229.4 million in online sports betting handle for August 2024, nearly double FanDuel’s $118.2 million handle.

DraftKings also led in taxable gaming revenue, reporting $16.2 million, edging out FanDuel’s $10.7 million. In terms of tax contributions, DraftKings generated $3.2 million for the state, while FanDuel contributed $2.1 million.

Other Operators’ Performance

While DraftKings and FanDuel led the market, other operators also contributed to the state’s robust sports betting activity. Here’s a breakdown of the online sports betting handle and taxable gaming revenue for August:

  • BetMGM: $31,118,524 in handle, $2,274,818 in taxable gaming revenue
  • Caesars Sportsbook: $15,998,314 in handle, $674,279 in taxable gaming revenue
  • ESPN BET: $16,679,915 in handle, $1,322,444 in taxable gaming revenue
  • Fanatics Betting and Gaming: $25,859,712 in handle, $1,551,728 in taxable gaming revenue

Caesars Sportsbook and Bally Bet were the only two operators generating less than $1 million in taxable gaming revenue, with Caesars posting a 4.46% hold on $15.99 million in handle.

Looking Ahead to Football Season

With football season now in full swing, Massachusetts is well-positioned to see further growth in both handle and tax revenues in the coming months. The state’s gaming commission and operators expect a surge in betting activity as NFL and college football dominate the fall sports calendar.

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Caesars Entertainment has contributed more than $4 million to a campaign aimed at defeating the Missouri sports betting ballot initiative scheduled for the Nov. 5 general election. Through its three Missouri-based casinos, Caesars donated $4,156,202.79 to the Missourians Against the Deceptive Online Gambling Amendment, a campaign actively opposing the initiative.

Caesars’ Opposition to the Ballot Initiative

Reports indicate that Caesars is against the proposed initiative, which would limit the company to a single online sportsbook license if sports betting is approved in the state. According to filings with the Missouri Ethics Commission, Caesars made four significant contributions to the opposition campaign through its corporate entity and casinos, as follows:

  • Caesars Enterprise Services: $156,202.79
  • Tropicana St. Louis: $1,300,000
  • Harrah’s North Kansas: $1,400,000
  • Isle of Capri Boonville: $1,300,000

Opposition’s Standpoint

A press release from the campaign suggests the Amendment 2 initiative mainly benefits out-of-state corporations. Brooke Foster, a spokesperson for Missourians Against the Deceptive Online Gambling Amendment, called the measure “deceptive” and argued that it would not serve the best interests of Missouri.
“This deceptive measure was written by and for the financial benefit of its out-of-state corporate sponsors and funders,” Foster said.

Details of the Ballot Initiative

Under the proposed measure, Missouri’s casinos would receive one online sports betting license, with two untethered licenses available for other sports betting companies. Caesars’ opposition likely stems from this limitation, as previous sports betting bills in the state allowed for multiple online betting skins per casino.

If passed, each Missouri sports team and casino would be eligible for one retail and one online sports betting license. These entities could partner with one online sports betting operator.

Lawsuit Fails to Stop Initiative

Opposition to the ballot initiative has grown, especially after a lawsuit aimed at removing the sports betting question from the ballot was defeated. The lawsuit, filed on Aug. 21 by Jacqueline Wood and Blake Lawrence, alleged that Secretary of State Jay Ashcroft incorrectly calculated valid signatures needed to get the initiative on the ballot. The judge ruled in favor of the initiative’s proponents.

FanDuel Supports the Initiative

On the other side of the debate, FanDuel contributed $1.5 million to the Winning for Missouri Education campaign, which supports the ballot initiative. FanDuel and DraftKings, who would be eligible for untethered online sports betting licenses if the initiative passes, have donated a combined total of $11.55 million to support the measure.

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DraftKings and FanDuel are well-positioned to absorb tax increases while maintaining their “product superiority,” according to HoldCrunch CEO Tom Johnson. In a conversation with Barry Jonas of Truist Securities, Johnson explained that both operators could raise prices across the board, potentially adding $240 million in revenue, more than doubling the expected tax hike costs.

However, Johnson anticipates any price changes will be gradual, with both companies likely moving in tandem rather than making sudden adjustments. He also highlighted that HoldCrunch would closely monitor NBA odds this year, as FanDuel’s more favorable odds during the 2023-24 season led to DraftKings losing handle share.

ESPN Bet’s Strong Debut

Penn Entertainment is taking a more disciplined approach with ESPN Bet, focusing less on heavy promotions. Analysts noted that ESPN Bet’s competitive pricing during NFL Week 1 is a positive sign for the platform’s future. Jonas expressed optimism, maintaining a buy rating on Penn’s stock, citing ESPN Bet’s growth potential as a key driver for share price upside.

Overview of Other Sports Betting Operators

Jonas provided a brief overview of several other operators:

  • BetMGM: Maintained competitive odds throughout the year, just behind the market leaders.
  • Caesars: “Returned to the pack” with a higher hold margin, resulting in reduced handle share.
  • Fanatics: Noted for the “least favorable odds” and operating with the highest hold since June.

Flutter Investor Day on the Horizon

Flutter, the parent company of FanDuel, will host an investor day on September 25 in New York City. The event will focus on future growth potential and capital allocation opportunities. Additionally, Flutter is expected to discuss its 56% stake in NSX Group, a top operator in Brazil’s sports betting market, which Flutter purchased for $350 million.

Key Industry Developments

  • BetMGM & Gannett Partnership: BetMGM became the preferred sportsbook partner for USA TODAY Sports, providing betting odds across the USA TODAY Network, which spans over 200 markets.
  • Fanatics Launches in DC: Fanatics debuted its mobile sportsbook in Washington DC, partnering with the Washington Spirit soccer team. The launch comes as DC’s sports betting market undergoes changes, allowing mobile sportsbooks to operate across the district.
  • Olympic Betting Surge: FanDuel reported that betting on the 2024 Summer Olympics tripled compared to the Tokyo 2021 games, with women’s sports making up 24% of the total handle.
  • Caesars Launches in Maine: Caesars placed the first retail sports bets in Maine, partnered with First Tracks Investments at Oddfellahs sports venue.
  • DraftKings Opens Kentucky Sportsbook: DraftKings opened a new sportsbook at The Mint Gaming Hall Bowling Green in Kentucky, featuring kiosks, betting windows, and a sports lounge.

Steady Growth and Strategic Adjustments Expected

With a growing market and new partnerships, DraftKings and FanDuel are expected to continue dominating the US sports betting scene. As they gradually adjust their pricing strategies to account for rising taxes, the focus remains on product innovation and customer acquisition, particularly as the NFL season kicks into high gear.

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Tony “Jigsaw” Cutillo breaks down his Favorite Props for Sunday Night Football on the Plus Money Prop Train!

Tony Cutillo has been covering and playing Fantasy Football for 25+ years. Not only is it his passion, it’s his job. This passion has allowed me to be featured on networks like VSIN, SiriusXM, NBC, CBS, and various nationwide radio stations. He will be using his experience, unique logic, and unrivaled energy to help you win your league!

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Kalshi, an online platform that offers prediction markets for trading event contracts, briefly allowed US election betting last Thursday before the DC Circuit Court of Appeals reinstated an injunction against the company. The decision came just hours after the court initially ruled that Kalshi could offer election betting on its platform.

Kalshi provides markets for a range of events, including jobs numbers, federal rate cuts, Grammy nominations, and US elections. The ruling allows the Commodity Futures Trading Commission (CFTC) and the court to further examine whether election betting on Kalshi’s platform is lawful.

CFTC Pushes for Injunction Continuation

In a motion supporting the injunction, the CFTC emphasized that the court should have the chance to fully review the district court’s decision, which they believe allowed election betting unlawfully. The CFTC stated:
“This Court should have the opportunity to review the district court’s missteps in allowing this election gambling to take place.”

The case will continue on Thursday, where both sides will present their arguments before a panel of three Circuit judges. Each party will have 15 minutes to make their case.

Background of the Election Betting Case

In September 2023, the CFTC informed Kalshi that it could not offer 2024 election betting, arguing that it would be similar to unlawful gaming and go against the public interest. While several market behavior academics supported Kalshi’s offering, there was also substantial public opposition, including complaints from several members of Congress.

Kalshi had previously applied to offer election contracts in August 2022, but withdrew the application just days before a decision was expected.

At the heart of the case is whether election betting constitutes unlawful gaming. The district court, which initially ruled in favor of Kalshi, determined that the CFTC had not demonstrated a strong likelihood of success because it misconstrued key terms, including “gaming” and “unlawful activity.”

The CFTC contends that the court’s definition of gaming is incorrect, arguing that election betting should fall under the category of unlawful activity because it is restricted by 22 state statutes.

In its argument to maintain the injunction, the CFTC also raised concerns about the integrity of elections. The commission cited previous incidents of market manipulation on other betting platforms, such as PredictIt and Polymarket, where traders tried to influence outcomes and manipulate public perception of elections.

Election Integrity Concerns

The CFTC pointed to instances where market manipulation harmed the integrity of election-related betting. This includes an incident where a fake poll showing Kid Rock ahead of a sitting senator affected the price on PredictIt. Another example involved heavy bets on Vice President Kamala Harris on Polymarket, with traders attempting to sway outcomes. In 2012, a trader reportedly bet millions on Mitt Romney to make the US presidential election seem closer than it actually was.

What’s Next?

As the case proceeds, both sides will have the opportunity to present their arguments and defend their positions. The decision from Thursday’s hearing will likely have significant implications for the future of election betting in the United States.

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The Major League Baseball Players Inc. (MLBPI) has filed lawsuits against several major sports betting companies, accusing them of the unauthorized use of MLB players’ images on their platforms. The lawsuits target top sportsbooks, including FanDuel, Underdog Sports, DraftKings, and bet365.

MLBPI’s Claims Against Sportsbooks

In the lawsuits, filed on September 16 in both New York and Pennsylvania, the MLB Players Association’s for-profit arm alleges the “knowing and deliberate misappropriation” of player images for commercial purposes without proper licensing or consent. The organization claims that since early 2024, these companies have been prominently featuring images of nearly every active MLB player on their websites and mobile apps.

The MLBPI argues that while users can place bets without seeing player images, these sportsbooks use them to enhance consumer appeal and drive more bets. This unauthorized use, the lawsuits claim, goes beyond providing mere information and crosses into promotional territory.

Importance of Player Image Rights

A spokesperson for the players emphasized the significance of controlling the commercial use of player names, images, and likenesses:
“For professional athletes, the ability to control the commercial use of their names, images, and likenesses is a crucial return on their substantial career investment.”

While some companies, such as FanDuel, reportedly have limited rights to use player likenesses in their advertising, the MLBPI contends that these rights do not extend to in-app use on betting platforms without proper licensing. The lawsuit accuses the sportsbooks of violating state right of publicity laws and seeks compensatory and punitive damages. The MLBPI also requests injunctive relief to prevent further unauthorized use of player images.

This lawsuit follows a similar legal action by the NFL Players Association, which sued DraftKings for non-payment of fees after the closure of its Reignmakers NFT product. These legal battles underscore growing tensions between professional sports unions and betting companies over the use of player likenesses in the booming sports betting and fantasy sports markets.

As the litigation progresses, the outcome could have significant implications for how sportsbooks navigate the use of player images in their platforms and promotional materials.

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Tony “Jigsaw” Cutillo breaks down his Favorite Props for Thursday Night Football on the Plus Money Prop Train! #thursdaynightfootball #nflbetting #nflpredictions

Tony Cutillo has been covering and playing Fantasy Football for 25+ years. Not only is it his passion, it’s his job. This passion has allowed me to be featured on networks like VSIN, SiriusXM, NBC, CBS, and various nationwide radio stations. He will be using his experience, unique logic, and unrivaled energy to help you win your league!

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