It’s information overload everywhere, and there’s not time enough to sleep and eat and stay fully apprised of what’s happening on this crazy blue dot of ours (two out of three ain’t bad).
Here’s the weekend Sports Handle item, “Get a Grip,” recapping the week’s top stories and rounding up key stories in sports betting, gaming, and the world of sports at large. You may have missed them, and they are worth reading.
CT lawmakers moving on sports betting?
According to the Hartford Courant, Connecticut Democrats may pick up the sports betting — and marijuana — baton again in an effort to help fund Governor Ned Lamont’s transportation package without raising tolls.
Sports betting has been the subject of numerous meetings, hearings and discussions in Connecticut, but lawmakers have been unable to come to enough of a consensus to move a bill. Part of the equation is resistance over exclusivity with Native American tribes, in connection with tribal-state compacts.
But regarding the toll system, Democrats have not been able to rally enough support to get something through the legislature, so they are seeking alternatives. The key concern, however, is whether the potential tax revenue that could be generated from either sports betting or marijuana would be enough to pay for Lamont’s package.
Risks, rewards of adding sports betting
NASHVILLE — Experts on sports betting were quick to share the rewards tribal casinos could garner from adding sportsbooks to their repertoire earlier this week at a panel titled “Sports Betting: Where is it now, what’s ahead and where should my property be?” at the TribalNet conference.
In general, the panelists — Chalkline Sports CEO and co-founder Daniel Kustelski, John Holden, assistant professor, Spears School of Business at Oklahoma State, Kevin Slicker, managing partner at GP Gaming Consultants, and Andrew Patterson, vice president of business development at BetGenius are bullish on sports betting. It brings in “a different demographic and a larger draw on Sundays,” said Patterson, whose company works with the tribal Golden Moon Casino in Mississippi. “People are staying to the end of the game, and 40 percent of sports bettors spent on other verticals.”
Patterson drew a laugh when he summed his vision of sports bettors: “We are promiscuous. We like the action, the sweat.”
The panel fielded questions on everything from why a tribal casino would want to add sports betting to what sorts of wagers consumers are interested in. Sports betting has shown to increase casino revenue by 10-15 percent, said Kustelski, who added that “bettors prefer lottery-style wagering, where they can bet $1 to win $100 versus standard sports betting, where you might bet $110 to win $100.”
The positive vibes and enthusiasm around starting a sportsbook weren’t surprising, considering that all of the panelists (with the exception of Holden, who pointed out that just reopening a tribal-state compact comes with risk) have a vested interest in the expansion of sports betting. Despite that, they made it clear that nothing is a sure thing.
“It’s not risk free,” said Kustelski, who also discussed the high cost of customer acquisition. “It’s highly unlikely you’ll lose money over the course of a year, but, of course, you can.”
More of the most important stories
This is October 2019.
Sports Wagering Gross Revenue was $46.4 million for the month
Hold % was 9.5 for the month.
— Sports Handle (@sports_handle) November 14, 2019
UP, UP AND AWAY: NJ sets another record in October, nears half-billion dollars in handle [NJOG]
THUMBS UP: Caesars Entertainment-Eldorado Resorts merger gets shareholder approval [WSJ]
A LITTLE PERSPECTIVE: Reasons not to totally embrace CA’s latest news. [CDCGaming]
LAUNCHED: Yahoo! makes foray into sports betting in conjunction with BetMGM [AwfulAnnouncing]
ESPORTS HAS ARRIVED: FanDuel takes first U.S. bets on eSports. [SportTechie]
FOR SALE? Tribe offers to “buy” gaming rights for all of Alabama. [ALReporter]
SUCCESS: Sports betting is going great at Oregon’s Chinook Winds. [NewportNews]
HINT, IT’S MOBILE: Why New York is lagging in sports betting revenue [NYUp]
NJ sports betting gross revenue for October: $46.4M
NY sports betting gross revenue for October: $2.2M
but NY has way more people, so….. pic.twitter.com/FMLxVqQJb8
— John Brennan (@BergenBrennan) November 14, 2019
SHOW’S OVER: Vegas’ D Casino shuts down shows in favor of sportsbook. [ReviewJournal]
SHOW ME THE MONEY: AC mayor angry city not getting cut of sports betting tax pie. [PAC]
SILVER WAS ON THE MONEY: Revisiting NBA chief’s pro sports betting 2014 op-ed. [ESPN]
WHO’S THE BOSS?: OH lawmakers: Lottery or Casino Commission? [Dispatch]
"Iowa gamblers continue to double down on sports wagering… placing $46.5 million in bets last month that pushed the overall handle for wagers online or in person to $93.6 million"
Fast-growing Iowa sports betting still has 'potential' for growthhttps://t.co/RA14gw4ejS
— Alfonso Straffon 🇨🇷🇺🇸🇲🇽 (@astraffon) November 13, 2019
In the wider world of sports
TIME TO TANK? Should the Warriors just throw in the towel? [SI]
WHO’S NO. 1? Ranking every QB taken in the first round this decade. [Yahoo!Sports]
BLACKBALLED: 5 teams that should seriously consider Kaepernick [SBNation]
— SportsCenter (@SportsCenter) November 15, 2019
NEW SPACE: The Phoenix Suns unveil plans for Talking Stick Arena renovation. [ArenaDigest]
THAT’S PRICEY: Raiders new stadium price tag approaching $2 billion. [LVSportsBiz]