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Caesars Donates Over $4 Million to Oppose Missouri Sports Betting Initiative

Betting News
written by Betting News

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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Sports NewsDaily Fantasy SportsSports BettingAnnouncements

HoldCrunch CEO Highlights DraftKings and FanDuel Revenue Potential Amid Tax Increases

Betting News
written by Betting News

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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NFLDaily Fantasy SportsSports Betting

Jigsaw’s Crazy Props for Sept. 22

Tony Cutillo
written by Tony Cutillo

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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Sports NewsDaily Fantasy SportsSports BettingAnnouncements

Kalshi’s US Election Betting Temporarily Halted as Court Injunction Continues

Betting News
written by Betting News

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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Sports NewsDaily Fantasy SportsSports BettingAnnouncements

MLBPI Sues Top Sportsbooks Over Unauthorized Use of Player Images

Betting News
written by Betting News

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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Daily Fantasy SportsNFLSports Betting

Jigsaw’s Crazy Props for Sept. 19

Tony Cutillo
written by Tony Cutillo

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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Sports NewsDaily Fantasy SportsSports BettingAnnouncements

Caesars to Replace GambetDC as Operator for Washington DC Sports Betting Kiosks

Betting News
written by Betting News

Caesars will officially take over Washington DC sports betting kiosks from Intralot, as announced by the Office of Lottery and Gaming (OLG) on Monday. This shift marks a significant change in DC’s sports betting landscape, with Caesars now responsible for providing kiosks to up to 53 DC Lottery retailers by October 1st.

In addition to installing sports wagering kiosks, Caesars may also place point-of-sale terminals at retailers for customers to cash out their betting tickets.

Policy Shift in Washington DC Sports Betting

The change comes after the DC Council amended its sports betting policies in June 2023 as part of the 2025 fiscal budget. These changes eliminated the GambetDC app from the market and opened the District of Columbia to licensed sports betting brands like Caesars, BetMGM, and FanDuel, allowing them to offer their mobile betting apps across the entire district. Previously, mobile betting from these operators was limited to a two-block radius around their partnered sports venue.

With the new rules, DC residents can now use licensed brands like Caesars throughout the District, offering more choices for sports betting enthusiasts.

Caesars’ Financial Agreement with the DC Lottery

Under the terms of the deal, Caesars will share 40% of gross gaming revenue with the OLG for exclusive rights to operate the sports betting kiosks in the district. Additionally, both Caesars and the OLG will pay retailer commissions:

  • 2.5% for sports betting retail sales
  • 0.5% for sports betting winnings cashed at retail locations

Caesars will also pay a 1% commission on verified cash deposits made at licensed retailers for mobile betting accounts.

All costs associated with operating the kiosks will be covered by Caesars, meaning that if there is any financial loss in a given month, the company will be responsible for paying the overage.

GambetDC’s Struggles and the Transition to Caesars

The transition from GambetDC to Caesars marks the end of a troubled run for GambetDC, which faced significant challenges since its launch in May 2020. Despite the district-wide availability of the GambetDC app, many bettors preferred to use in-person William Hill betting kiosks (now owned by Caesars) during the Covid-19 pandemic, given GambetDC’s less competitive odds.

GambetDC’s business model aimed to hold around 20%, leading to odds that differed significantly from other US sports betting operators. This prompted criticisms from bettors and consistent missed financial projections, requiring the DC Lottery to repeatedly defend the product before the DC Council.

Future of DC Sports Betting with Caesars

The switch to Caesars marks a new chapter for Washington DC’s sports betting market, which now aligns more closely with other US jurisdictions that have embraced private operators. With Caesars managing the kiosks and entering the mobile market without the previous restrictions, DC sports bettors can expect a more competitive and streamlined experience moving forward.

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