Written By: Kayla Sherrell

The race to legalize sports betting is on. After states like Delaware and Pennsylvania experienced early success, other jurisdictions – including Colorado – are looking to join the second wave of states to legalize gambling on professional sports. Whether legal sportsbooks are coming to Colorado is far from certain, but state officials appear to be approaching the concept with a rational and open mind.

Colorado State Attorney General Looks to Expedite Sports Betting Laws

Until recently, legal experts believed that Colorado’s state constitution would need to be revised in order for sports betting to be legalized. On August 2nd of last year, however, Colorado’s State Attorney General’s Office released an official statement. The statement explained how the legalization of sports betting could be accomplished using a statue rather than a constitutional amendment. This would expedite the legalization process for Colorado gambling enthusiasts, as passing a statue is far quicker and easier than amending a constitution.

Colorado’s decision to start planning the implementation of legal sports betting is a good policy, as states that have gone ahead to legalize gambling on professional sports are raking in dough hand-over-fist. An economics study held by Oxford University estimated that legalized sports betting in Colorado could earn over $300 million in revenue for the state each year. The Colorado Department of Revenue has already started preparing for the arrival of sports betting, and they’re practically counting the gaming-related tax revenues already.

Colorado Legislators Advocate for Sports Betting

Colorado lawmakers are fighting to see sports gambling legalized throughout the state in 2019. State Representatives Cole Wist and Alec Garnet have advocated for the legalization of sportsbooks, arguing that that the payout for legalizing an American pastime that currently takes place illegally behind closed doors is well worth the political risk they may suffer for supporting the concept. And fortunately for Representatives Wist and Garnet, they’re not alone.

Colorado state legislators from both parties have continued to advocate for sports betting to become a legal recreation in the state. However, regardless of this enthusiasm, the legislature is committed to considering voter opinions about finding the best approach to legalization of sports gambling.

Colorado Takes a Cautious Approach

Legalized gambling has been put before Colorado voters multiple times. But, the past eight attempts at legalizing sports betting in Colorado have been all but squashed by the democratic process. Whether advocates in the legislature will be able to convince voters of the potential benefits of sports betting remains to be seen. However, even with voter resistance to legalized sports betting, policymakers are starting to sketch out the details of what sports betting will look like in Colorado’s future.

The Department of Revenue has come to the conclusion that it makes more sense to profit from and regulate sports betting, rather than let it continue on the black market uncontested. And, if the state’s progressive stance on the legalization and taxation of other formerly black-market activities – namely, the legal marijuana industry – serves as a sign of what’s to come, we’re sure to see creative and solution-oriented sports betting laws out of Colorado very soon.

Written By: Kayla Sherrell

Lawmakers in Washington D.C. are used to making history, and on December 18th they did it again by making the nation’s capital the first U.S. jurisdiction without preexisting casinos to authorize sports books. The D.C. Council voted 11-2 to authorize gambling on professional sports through mobile apps and at the city’s sports arenas, stadiums, restaurants, liquor stores, and other private businesses.

D.C. Looks to Cash In on Sports Betting

This past summer, the Supreme Court overturned the federal law prohibiting sports betting outside Nevada. In doing so, the Supreme Court has opened up new avenues for lawmakers and state officials across the nation. As of the time of writing, state and local legislators are scratching their heads, working hard to find new sources of tax revenue from legalized sports betting for to fund critical public projects and constituent communities.

D.C. is looking to cash in on the revenue created by legalized sports betting. The local Office of the Chief Financial Officer estimated that legal sports betting should bring in upwards of $92 million in tax revenue for city coffers over the next four years if operations are taxed at a 10 percent tax bracket. The majority of that tax revenue will likely go to the general fund. However, the bill reserves annually $200,000 for gambling addiction treatment and $1 million for violence prevention and early-childhood care.

Without Casino Gaming, DC’s Lottery Oversees Sports Betting

Washington D.C. does not allow casino gaming, which means it does not have gaming regulations or a commission to enforce them. To ensure that sports betting will be regulated properly in the jurisdiction, however, the new regulate-and-tax wagering policy will be overseen by the D.C. Lottery. Soon, the Lottery will start selling licenses to sports books at D.C.’s stadiums and arenas.

Licenses will be offered for terms of two and five years; a five year license will cost sports books about $250,000, and a two year license will run around $5,000. Currently there is no limit on the number of licenses a sportsbook may purchase. Gamers can place wagers at private businesses and establishments as well as through a mobile application, so there will be plenty of options for D.C.’s gamers. The D.C Lottery will have exclusive rights to operate the mobile betting app available to D.C. residents, which is expected to be the most popular source of sports wagering.

D.C. Joins Growing Number of Pro-Gaming Jurisdictions

Sports betting may have been prohibited by federal law, but by no means did this mean such wagers were uncommon. Sports betting enthusiasts have long advocated for legalization, since people in the U.S. already participate in gambling and wagering on sports and will probably continue to do so whether the recreation is legal or not. Therefore, government officials are looking at the end of the federal prohibition on sports betting as a new opportunity. After all, they may as well tax and regulate the realm of professional sports gambling so that communities could benefit from the extra tax revenue brought in by an activity that is finally rising up from the underground.

Washington D.C. has become the latest jurisdiction to create a legal structure for the regulation and taxation of sports wagering, but it’s certainly not going to be the last. As regulated sports wagering continues to grow across the country, gaming enthusiasts are sure to see new opportunities for wagering every day.

Written By: Kayla Sherrell

Ever since sports betting was legalized in the Garden State, the sports gambling market in New Jersey has been on the rise. Resident gamblers have already shown their support by placing around $1 billion dollars in bets at local casinos and race tracks in just the past 6 months. This has raised approximately $8 million in tax revenue for the New Jersey treasury, and returns are only expected to only go up from there.

Sports betting in New Jersey is booming, and both investors and officials are moving in on this lucrative new industry. Casinos and state officials alike are looking to integrate betting facilities into more sports-related establishments than ever before. And, due to the enthusiasm of New Jersey’s residents over legalized gambling, Garden State hockey fans will soon see a new sports betting lounge in Newark’s Prudential Center.

Devils Fans Get a New Betting Lounge

To the excitement of New Jersey Devils fans, the Prudential Center in Newark recently added the new William Hill Sports Lounge to its facility. The lounge will allow sports fans to make wagers in a comfortable environment with top-of-the-line facilities. And to the thrill of New Jersey gamblers, it’s being run by one of the top sports bookmakers in the country.

William Hill and Harris Blitzer Sports & Entertainment recently signed a multi-year partnership with the owners of the New Jersey Devils professional hockey team. The deal, which was signed in October, will gave the bookmaker a physical presence at the Prudential Center. The William Hill Sports Lounge opened on December 14, and it’s already providing amenities to local sports betters. The agreement also gives the bookmaker rights over some digital and radio broadcasts on the Devils Hockey Network, the Devils’ digital and social media channels, and the Prudential Center’s exterior marquee LED billboard.

William Hill Sports Lounge Makes Its Debut

The William Hill Sports Lounge opened up to take bets the moment the Devils stepped onto the ice on December 14. The lounge’s debut kicked off with a ribbon cutting ceremony, featuring former Devils players Ken Daneyko and Chico Resch. The viewing center featured enormous video screens and featured updated odds on sporting events for fans with mobile betting apps. Updated league-wide odds will continue to be displayed on the gigantic four story tall Prudential Center’s scoreboard, during Devils games.

In addition to having the most current gambling technology out there, several William Hill staffers stay at the ready to answer any questions or address any concerns gamblers may have while enjoying the lounge. But don’t be mistaken, the lounge isn’t your typical velvet-couch scene. The William Hill Sports Lounge is a bit unusual in that it contains no seating area for gamblers. However, this move is much more intentional than it seems at first blush.

The betting scene in New Jersey is thriving, but the state prohibits in-person cash bets. At the Prudential Center, hockey fans are able to bet from their seats while using mobile online sports betting apps. No cash exchanges hands, but customers get the fun and excitement of sports betting in real time. Advancements like this go to show why the Supreme Court overturned the outdated and unnecessary federal ban on sports betting in the first place, and gaming enthusiasts across the country are looking forward to what’s coming next.

Written By: Kayla Sherrell

Missouri lawmakers appear to be intent on imposing some form of fee on licensed sportsbooks. As if gambling isn’t already expensive enough, policymakers in the Midwest are considering adding fees on sportsbooks in addition to what is already paid in taxes, application fees, and other costs. While players and bookmakers are grumbling about these new fees, they’re providing important revenue streams to Missouri’s schools and public oversight.

The Missouri Legislature Proposes a New Sports Betting Bill

Representative Cody Smith recently became the second politician in Missouri to pre-file sports betting legislation, which includes the new fees. Smith’s bill emphasizes that the royalties from this fee will be paid to public universities and used only for athletic compliance.

The sports betting bill has already been pre-filed and will include charging a 1 percent integrity fee, of total sports handle to licensed sportsbooks. Smith’s bill also includes a $5K annual administrative fee and a reinvestigation fee of $10K, which will be used every five years to perform a complete reinvestigation of the certificate holder of the establishment.

Fees Allocated to Athletes

The revenue generated from the integrity fee will be split up into two parts: 25% will be paid to the National Collegiate Athletic Association (NCAA), specifically for the wagers placed on games, the other 75% will go to registered professional leagues. Sports handle estimates that around 25 percent of a typical sportsbooks’ gross revenue would cover the 1 percent fee.

There is an upside to Smith’s sports betting bill. The bill puts sportsbooks in a favorable tax situation by calling for a 6.25 percent of adjusted gross revenue, which is one-half percent lower than Nevada’s. Smith also put in his bill that the tax revenue would be recouped in education and directed toward “Gaming Proceeds and Education Fund.”

Smith’s bill is somewhat unique because it represents the first time a bill has been filed in a U.S. statehouse that specifically targets royalty payments to the NCAA. However, it remains to be seen how Missouri’s laws will function as-passed. Right now, there is a competing bill pending in the Missouri legislature that requires an integrity fee of only 0.5 percent of handle, which would be be siphoned into the ‘Entertainment Facilities Infrastructure Fund’ to build, maintain, and renovate sports or cultural facilities. This goes to show that Missouri – just like the rest of the nation – is still fleshing out it’s approach to regulating and taxing legalized sports betting.

Most States Take a Different Approach

As of the time of writing, eight states in the U.S. have officially legalized sports betting. This became possible only recently after the Supreme Court over-ruled this component of federal anti-gambling policy. However, few if any are following Missouri’s lead.

For the most part, states are competing for new gaming industries, not imposing royalty or integrity fees. Other states have also not indicated their intentions to pay the NCAA or the professional leagues any sort of fee, at least thus far. West Virginia recently rejected the idea outright, and Jim Murren, CEO of MGM Resorts International, spoke out against the notion as well.

Written By: Kayla Sherrell

Legal sports betting has been sweeping across the nation. The Supreme Court overturned a 25-year old federal ban on the practice earlier this year when it struck down the Professional Amateur Sports Protection Act (“PASPA”), which prohibited single-game sports betting outside of the state of Nevada. Since the sports betting has been legalized nationwide, state officials and gaming companies alike are quickly moving to explore opportunities to capitalize on the freshly-minted sports wagering industry. Just recently, this culminated in the U.S Sports Betting Policy Summit in Washington D.C.

Lawmakers Encourage Market Capitalization While Curbing Illegal Gambling

The U.S Sports Betting Policy Summit in Washington D.C. brought together leaders in sports wagering, lawmakers, and sports gambling business insiders to discuss the future of legalized sports betting. The conference on Capitol Hill lasted for nearly four hours and was held by the sports data company Sportradar.

The event featured discussions between several significant casino stake holders and lawmakers including; Ohio State Sen. Bill Coley, Michigan state Rep. Brandt Iden, Vice President of Race and Sports Operations for Stations Casinos: Art Manteris, and Stanton Dodge: Chief Legal Officer for DraftKings.

Lawmakers and leaders discussed some of the best possible ways to capitalize on the termination of the federal ban while simultaneously triumphing over the illegal gambling market. Lawmakers addressed the construction of effective anti-money laundering policies and other current issues in U.S sports betting policy. Likewise, industry leaders discussed thinks like the use and access of data, licensing, integrity fees, and how in-arena betting can blur the lines between gambling in stadiums and casinos.

Gambling Regulators and Industry Insiders Make Strange Bedfellows

States are able to set their own rules and regulations regarding sports betting, and as a result new sports betting bills are popping up left and right. At this rate, we may be looking at a different set of rules and regulations on sports betting across all 50 states.

This concept is a bit unnerving to policy makers and sports gambling enthusiasts, as the fluctuation in rules and regulations can easily lead to confusion and unintentional rule violations. However, absent a sweeping movement towards uniformization, gambling institutes and sports wagering enthusiasts alike may need to familiarize themselves with each state’s laws and regulations. This is particularly true when looking to continue recreating in sports wagering across state lines.

Many regulatory experts raise an eyebrow whenever lawmakers and industry insiders get together to craft policy. However, this approach does have its advantages. By allowing regulated parties to be involved in the rulemaking process, agencies are often able to develop better common-sense regulations. However, Ed Leonsis, majority owner of the NHL’s Washington Capitals and the NBA’s Washington Wizards, warns gambling enthusiasts and lawmakers alike to not become to tangled in the speculating how detrimental legalized sports wagering could be. He instead emphasized how important it is to rely instead on a fact- and data-based perspective, and that the industry should be treated no differently than Wall Street.

Written By: Kayla Sherrell

NASCAR track promoters across the United States are waiting in anticipation to see how the impact of the new regulations and legalization of sports betting will be reflected in the iconic American sport. Everyone involved in the National Association for Stock Car Auto Racing – from promoters, drivers, and crew to the millions of loyal fans – are hopeful that legal sports wagering will provide a much-needed boost to NASCAR’s dwindling fan base. Legal gambling will give spectators a new reason to come to the tracks, and hopefully breath new life into one of America’s favorite past times.

Legalization of Sports Gambling

In the aftermath of the U.S. Supreme Court decision on May 14th which sanctioned states to choose whether or not to permit sports wagering of any kind in their territories, the sports betting scene was drastically altered. The Supreme Court definitively catalyzed this change in scenery by overturning a law that had previously barred the majority of states from permitting the legal wagering on sports.

Many states – including Delaware, Mississippi, and West Virginia – have leapt on the opportunity to endorse full-scale sports betting. This is giving rise to a nationwide competitive industry for sports wagering, and NASCAR wants to make sure it gets in on the action.

NASCAR Maneuvers Toward New Gambling Laws

NASCAR and other sports organizations are reacting to the change in law by putting their own touch-and-go regulations into place, anticipating that sports betting will soon become a very popular recreation. Steve Phelps, the recently-appointed President of NASCAR, announced that the series will be implementing new guidelines concerning sports betting in the rulebook in 2019. He indicated that some rules will be put in place for sponsorship, and may include policies such as barring driver and other team members from betting on NASCAR races.

Despite these restrictions, NASCAR has made some early maneuvers towards embracing sports betting. This includes a prototype program at the Dover International Speedway, which recently opened up an on-site betting kiosk. Dover International Speedway has now become the first and only track to allow sports gambling to take place on its property – and, for the first time, NASCAR fans could legally place bets on the races at a trackside kiosk.

What Does Legal Gambling Mean for NASCAR?

So far, things are looking up for NASCAR due to the legalization of sports betting. The opening of the Dover International Speedway kiosk was reported as a success, with a crowed of fans and gamblers lining up at the kiosk hours before the race.

NASCAR doesn’t just offer spectators the opportunity to bet on their favorite driver to win. To add a new element of excitement, NASCAR’s pilot program allows wagering on who’s going to win, who will win the first or separate segments, or one-on-one bets such as betting between drivers. And to nobody’s surprise, people loved it. Gamblers took advantage of NASCAR’s strategic gambling model and placed bets on more than just the expected winners of the overall race.

The legalization of sports wagering has the potential of retaining fleeting NASCAR fans and attracting new spectators that enjoy gambling. Sports betting will bring new comers to the track, whether they are fans or sponsors, and give them a reason to invest in the sport. But, most importantly, it offers up the opportunity for NASCAR to breathe new life into a classic American sport.