Sports Betting Updated: Massachusetts Affirms Support
Let's dive into this week's sports betting roundup, catching you up on the latest headlines, fresh news, and key stories across the U.S.
Massachusetts Makes a Big Splash
Massachusetts took a significant step last week, launching digital sports betting on March 10. Becoming the 24th state to legalize sports betting, it's a big move for the industry. With the upcoming NCAA Tournament looming, the timing couldn't be more perfect. Though Massachusetts won't break the billion-dollar monthly handle like Ohio, the new market still presents plenty of opportunities for operators.
Top industry players, including FanDuel and DraftKings, already started online operations Friday, with others set to join in the coming weeks. The state's unique regulations, such as allowing most but not all betting on in-state collegiate sports, may cause a few hiccups. However, Sports Handle will keep you updated on any developments.
Regulators Crack Down on Addiction
This week's conference in NYC emphasized a crackdown on betting ads, as regulators try to rein in the industry and address concerns over addiction. Several stories from our network highlight this trend, including:
- Conference review: Crackdown on betting ads dominates conversation in NYC
- No B.S.: Simmons' Ringer podcasts slow down problematic FanDuel ad reads
- Four states, four ways to look at changing sports betting advertising
- Politicians poke at sports betting ads but pander to lotteries and their cute groundhogs
More Than Just Sports Betting
As the NFL and sports betting continue to intertwine, the league has become a year-round machine for betting and fantasy sports. Other stories from this week include:
- Legal sports betting efforts in Georgia fall short in 2023
- Another Indiana iGaming bill fails to make it out of committee
- Minnesota wagering bill still faces challenges
- Kentucky digital sports betting bill gets out of committee
- Illinois bill to add responsible gambling pop-up message passes Senate committee
On the Horizon
Several exciting developments are on the horizon for Virginia, as Betr was granted a sports wagering license. Additionally, Colorado denies reports that it's considering WWE wagering, while Michigan's Gaming Control Board confirms no direct talks with WWE on betting markets.
Problems and Solutions
As the industry evolves, it faces growing pains, such as problem gambling. Michigan sees an attorney become the voice for the state's most desperate gambling addicts. Meanwhile, Washington state looks to double the amount of money dedicated to problem gambling treatment.
Industry Metrics and Trends
Oklahoma makes legislative progress, with the House Committee on Appropriations and Budgets advancing an amended version of HB 1027. The bill could allow for statewide mobile wagering with tribes in charge.
The NBA also revealed that it generated $8.2 billion in revenue in 2021-2022, while the NHL reported record revenue of $5.2 billion in the same period. NBA TV, meanwhile, recorded its highest rated All-Star Weekend ever.
From all the madness and chaos of this market, one thing is certain - it's never dull in the world of sports betting. Stay tuned to Sports Handle as we continue to monitor the ever-evolving landscape of U.S. sports betting.
Enrichment Data:
Massachusetts' new regulations focus on stricter advertising standards for the sports betting industry. Here's a closer look at the state's current and proposed rules regarding advertising:
Current Regulations
- Legal Status: Sports betting has been legal in Massachusetts since early 2023, with a 20% tax rate on gross sports wagering revenue.
- Advertising Freedom: No specific restrictions were initially placed on advertising during the legalization process.
Proposed Regulations
- Advertising Restrictions: A new bill, the "Bettor Health Act," proposes banning sports betting advertisements during live game broadcasts. This aligns with a 2024 report from the Massachusetts Gaming Commission recommending limits on the intensity and frequency of sports gambling advertising.
- Increased Taxation: The proposed bill also includes increasing the tax rate on online betting platforms from 20% to 51%, with some of these funds potentially going towards public addiction services.
As Massachusetts attempts to balance public health concerns and industry interests, the proposed regulations could drastically affect how sports betting companies operate in the state.
- Massachusetts has stepped into the sports betting arena, launching digital sports betting on March 10, with FanDuel and DraftKings among the top players already operational.
- Regulators are now cracking down on betting ads, emphasizing the need for stricter regulations in the industry as concerns over addiction rise.
- In the new sports betting market, Massachusetts has unique regulations that allow most but not all betting on in-state collegiate sports.
- The NFL, intertwined with sports betting, continues to evolve as a year-round machine for betting and fantasy sports.
- Virginia sees Betr granted a sports wagering license, while Colorado refutes reports of considering WWE wagering, and Michigan's Gaming Control Board confirms no direct talks on betting markets with WWE.
- Michigan sees its attorney advocating for gambling addicts, while Washington state looks to double the amount of money dedicated to problem gambling treatment.
- The sports betting industry faces growing pains, such as problem gambling, but also reports record revenue, with the NBA generating $8.2 billion and the NHL recording $5.2 billion in 2021-2022.
