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Race to Capitalize on U.S. Sports Betting Set to Continue in 2019 says GamblingCompliance

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The number of U.S. states with legally approved sports betting will more than double in 2019 from 9 to 18 or more as lawmakers capitalize on last year’s U.S. Supreme Court ruling that overturned a federal ban, according to a report published today by GamblingCompliance.

As many as 33 states are expected to consider bills to regulate sports wagering during their 2019 legislative sessions, the ‘2019 U.S. Sports Betting Outlook’ report predicts. Of those, between six and 13 states are tipped to pass legislation, while other states are expected to move forward this year under the terms of laws already on the statute books.

Leading the pack of states most likely to pass bills or adopt implementing regulations are New YorkMichiganIndianaArkansasKentucky and Connecticut, plus the District of Columbia. Other key states to watch include IllinoisMassachusetts and Ohio, but the odds remain stacked against any federal legislation in Congress that might halt the spread of new enabling laws.

Still, getting bills over the goal-line will not prove to be an easy task for state lawmakers.

“Several prominent states will pass bills in 2019, but none of them will find the discussions straightforward or free from lobbying conflict – and lawmakers will invariably find sports betting to be a more complicated issue than they anticipated,” said James Kilsby, Managing Director – Americas for GamblingCompliance and an author of the report.

“If the story of 2018 was the running battle between major sports leagues and gaming interests over sports betting policy, then the lobbying field will be even more crowded this year as the needs of state lotteries, Indian tribes and non-casino sports brands come into play in state houses across the country,” Kilsby said.

GamblingCompliance’s U.S. Sports Betting Tracker, the industry’s go-to analysis service, projects legal sports wagering in the U.S. to be worth approximately $648m in revenue* in 2019, versus an estimated $400m in 2018. Total revenues should then grow to $1bn+ in 2020 and could even exceed $2bn if legislative trends follow GamblingCompliance’s most optimistic scenario for this year.

Elsewhere, the GamblingCompliance report identifies six common legal and lobbying obstacles that will weigh on state legislative processes. It also highlights key market trends to monitor in 2019.

Revenue is the amount retained by sports-wagering operators after all winnings bets are paid. Revenue is not handle, or the total amount staked by bettors.

About GamblingCompliance
Based in London and Washington D.C., GamblingCompliance is the leading provider of independent business intelligence to the global sports betting industry. Our U.S. Sports Betting Tracker service provides the perspective that gaming and sports industry executives, advisers and investors need to capitalize on the emergence of a major new market that is set to become the largest in the world within just a few years. For more information, visit https://gamblingcompliance.com/us-sports-betting

For a free copy of the report, please click here.

Source: Latest News at European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Race to Capitalize on U.S. Sports Betting Set to Continue in 2019 says GamblingCompliance

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UNITE HERE Warns About Potential Gaming Tax Revenue Declines, Job Cuts, and Other Problems of Proposed Merger of Eldorado Resorts and Caesars Entertainment

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Eldorado Resorts and Caesars Entertainment jointly announced a proposed transaction to combine the two corporations, pending shareholder and regulatory approvals. The deal is to be based on $7.2 billion of new debt financing and $500 million of cuts and other “synergies.” UNITE HERE, the hospitality workers union, represents approximately 25,000 workers at Caesars and Eldorado properties.

UNITE HERE-represented union casinos accounted for approximately 68% of the pro forma $30 billion combined Caesars-Eldorado EBITDAR in 2018. These 22 UNITE HERE union casinos altogether include over 50% of the combined company’s total hotel rooms, over 30% of its total slots, and nearly 40% of its total table games. UNITE HERE locals are currently in contract negotiations with Eldorado at Circus Circus Reno and Isle Pompano Beach. Contracts at six additional UNITE HERE union casinos in the combined Caesars and Eldorado portfolio will expire in 2020, including four properties in Atlantic City.

UNITE HERE issued the following statement from President D. Taylor:

“UNITE HERE has had a positive relationship with Caesars Entertainment over the years, and 25,000 union members have been excited to help the company reinvest and rebuild as it recovers from the disastrous leveraged buyout led by Apollo and TPG. It is in this context that we approach the proposed sale of the company with great concern.

Yesterday, Eldorado announced cost-savings of $500 million in the first year of the combined company. Where are they going to cut? We will not stand by idly if the proposed Caesars-Eldorado transaction will lead to significant job losses, worse wages and benefits for our members, and lower state gaming tax receipts in the many communities where members we represent work and live. Casinos operating under privileged licenses are meant to create significant benefits for host communities, including family-sustaining jobs and local government funding based on gaming taxes.

We will support changes at Caesars that preserve the company’s long-term financial health and provide a sustainable path to good jobs in vibrant gaming markets across the country.”

2018, 7,700 UNITE HERE members went on a multi-city strike at Marriott hotels across the United States and won historic settlements in Boston, Detroit, San Francisco, San Jose, Oakland, San Diego, and Hawaii.

UNITE HERE represents over 300,000 hospitality workers in gaming, hotel, and food service industries in North America and provides analysis from the perspective of those who work in these industries.

 

Source: UNITE HERE

Source: Latest News at European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: UNITE HERE Warns About Potential Gaming Tax Revenue Declines, Job Cuts, and Other Problems of Proposed Merger of Eldorado Resorts and Caesars Entertainment

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UK NHS to Open Gambling Clinic for Children

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The UK’s NHS is going to open its first gambling clinic for children.

According to the Gambling Commission, there are 55,000 children classed as having a gambling problem in Britain. The Commission also found that a total of 450,000 are gambling regularly.

“This action shows just how seriously the NHS takes the threat of gambling addiction, even in young people. The links between problem gambling and stress, depression and mental health problems are growing and there are too many stories of lives lost and families destroyed,” Simon Stevens, the NHS England chief executive said.

The move was welcomed by Carolyn Harris, the Labour MP for Swansea East, who said attitudes around problem gambling was at last shifting. “For too long the industry has dismissed problem gambling but now is the time for polluters to pay,” she said.

“The clinic will open as part of a new network of services for addicts being rolled out as part of the NHS Long Term Plan. Specialist face-to-face NHS treatment for gambling addiction has only been available in London but is being made available across the country as part of the new strategy,” NHS England said.

Source: Latest News at European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: UK NHS to Open Gambling Clinic for Children

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Mobile Betting Bill Fails to Progress Through New York Assembly

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Senator Joseph Addabbo’s mobile betting bill has failed to progress through the New York Assembly. The legislative session saw S17 fail to progress beyond the Assembly Standing Committee on Codes.

Addabbo tweeted that he saw no clear reason why the state could not implement mobile sports betting in 2019. Failure to do so would see the state miss out on around $75m in revenue, funding for education, and both job creation and retention.

“NY will be stuck like a disabled car on the shoulder, while we allow an illegal sports betting business in our state thrive and idly watch other neighboring states pass us up with enormous revenue gains from mobile sports betting,” Addabbo said.

Source: Latest News at European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Mobile Betting Bill Fails to Progress Through New York Assembly

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