Sports Betting Update: Florida's Unexpected Debut, New York's Licensing Rumors, California's Referendum Discussions, Plus More Insights
California and Florida are seeing a surge in sports betting initiatives, with both states potentially opening up to statewide mobile wagering.
In California, a mobile sports betting initiative backed by the tribes is gaining traction. The California Attorney General's Office has issued a title and summary for a proposed initiative that allows for statewide mobile wagering, and proponents are currently in the signature-gathering process. The proposal, which got a title and summary several weeks ago, could lead to a decision on competition in the California market.
Meanwhile, a separate group of cities and card rooms in California are also pushing for an initiative that includes statewide mobile wagering and retail wagering at card rooms, horse race tracks, tribal casinos, and professional sports venues. The specific tribes supporting this initiative have not been identified.
In Florida, the Seminole Tribe launched its Hard Rock Sportsbook online betting app on Monday, amidst potential legal challenges. Experts believe the legal battle against the Seminole Tribe's online betting app is a futile effort, but a legal battle may still be alleged.
Meanwhile, DraftKings and FanDuel are leading a ballot initiative in Florida that could allow voters to decide on competition in the market.
Elsewhere, Connecticut is seeing a surge in sports betting activity, with GeoComply confirming that New York bettors continue to flock to the state, particularly in or near the towns of Stamford and Greenwich.
In New York, Penn National Gaming CEO has expressed concern about the sports betting tax plan, calling it a "margin killer." On the other hand, DraftKings is confident in its strategy for profitability if granted a license in New York.
Iowa smashed its sports betting handle record with $280.9M in October, a testament to the growing popularity of sports betting across the United States.
In California, the commercial operators' initiative requires those operators to be tethered to tribal casinos. With four sports betting-related initiatives potentially on the ballot in California, the future of sports betting in the state is shaping up to be an interesting one.
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