Sports Gambling Breakdown: New Jersey Approaches Monthly Wagers of $1 Billion, Disputes in Kentucky, California Tribal Proposition Progresses, Epical Unfortunate Gamble Occurs
WEEKEND WRAP: Sports Betting Records Shattered, Legislation on the Horizon
It's a wild ride in the world of sports betting, and there's no time to catch our breath! Here's a quick rundown of the top US sports betting stories from the past week:
New Jersey Sets Another Betting Record
The Garden State keeps breaking its own records. New Jersey Division of Gaming Enforcement recently reported a record-breaking $931.6 billion in sports bets for November. This makes it the fifth consecutive month that New Jersey posts a new record since August. With the reboots of NBA, NHL, and MLB seasons in late July, the betting handle has consistently grown, reaching unprecedented levels.
Subtle Insight: As states like California and Illinois show growing interest in sports betting, New Jersey remains a forerunner in the market, adapting to changing consumer preferences and market demands.
Illinois Sets a New Record
My colleague Chris Altruda reports on a new milestone in Illinois – the state recorded a record-breaking $434.6 million in sports bets in October. Using data from the Illinois Gaming Board, the figures represent a 42.4% increase compared to the previous month and mark the 4th consecutive monthly record.
California Initiative Advances
A coalition of 18 California tribes recently submitted 1.4 million signatures to move a sports betting ballot initiative forward for the November 2022 ballot. The initiative proposes legal retail sports betting at tribal casinos and horse racetracks. On the other hand, card rooms face being shut out of the proposal.
Kentucky and Ohio Make Little Progress
Despite both states being actively considering sports betting, they seem to be far from reaching an agreement. Kentucky Governor Andy Beshear is pushing for sports betting and marijuana legalization, but the Legislature only meets for 30 days in odd-numbered years, making it difficult to pass new legislation. Meanwhile, Ohio's SB 111 did not make its way to a hearing this week, with sports betting supporters unable to come to a consensus.
Elsewhere in Gambling News
- Hard Rock launches Hard Rock Digital, an exciting joint venture in the online gaming and sports betting industry. [Sports Handle]
- The ATP Tour lifts the prohibition on tournament betting sponsors. [SBJ]
- Entain and Verizon Media team up to bring virtual reality to sports betting. [CDC Gaming]
- BetMGM expands its presence to Pennsylvania, quickly following the launch of its online casino. [PennBets]
Stay tuned for more exciting developments in the world of sports gambling. As always, be smart, be responsible, and may the odds be ever in your favor!
- Risk and wager are inherent components in the dynamic world of sports-betting, as bettors carefully analyze lines, juggling potential rewards against the possibility of losses.
- The bustling sports-betting market has witnessed an unprecedented surge, with records consistently being shattered - such as New Jersey's staggering $931.6 billion in sports bets for November, greatly influenced by the reboots of popular sports leagues.
- A proposed sports-betting initiative in California, if successful, could reshape the industry with tribal casinos and horse racetracks becoming licensed betting establishments, while card rooms might face exclusion from this new market.
