SportsHandle: That was the week that was in US sports betting

SportsHandle and friends deliver another round-up of the week’s big developments in US sports betting.

A Look At 15 Upcoming Michigan Online Gambling Apps To Be Unwrapped In Coming Weeks

You better watch out, you better not cry.

You better not pout, I’m telling you why …

Sportsbooks are coming to town, sportsbooks are coming to town

On-line-sports-books are comingggggg to town!!!

Ahem.

Horrible re-worded renditions of Christmas songs aside, it is true: With the Joint Committee on Legislative Rules giving its blessing to the online gaming regulations put forth by the Michigan Gaming Control Board, we are nearing launch for online gaming and wagering. Will it happen by the end of 2020? Seems entirely possible, based on statements from the MGCB.

Full story here.

Flutter Poised To Own 95% Stake In FanDuel Following Accelerated Acquisition

Flutter announced Thursday that it has entered into a conditional agreement with a group of private equity investors to purchase an additional 37.2% stake in FanDuel for $4.18 billion in a deal that values the U.S. sports betting and daily fantasy sports operator at $11.2 billion.

Flutter, one of the world’s largest gaming companies, initially purchased a 57.8% stake in FanDuel in May 2018, days after the Supreme Court’s historic PASPA decision. Although the 2018 deal gave Flutter the option of purchasing the additional stake in two separate tranches – in 2021 and 2023 – Flutter indicated Thursday that the investors accepted the accelerated deal at a discount to fair market value.

Full story here.

Where Broadcasting Fits In The Sports Betting World

Two-and-a-half years is an interesting length of time, depending on the perspective.

On the one hand, the sports betting industry writ large in the United States — read: Beyond the Las Vegas Strip — is still in its infancy since the Supreme Court struck down PASPA in May 2018. The country is close to the halfway mark in terms of places where it is legal to place wagers vs. not, and ongoing momentum exists for further expansion.

On the other hand, 30 months in the broadcasting industry can be measured in dog years. As sports betting has become more prevalent and socially acceptable, media entities with multimedia platforms are in an escalating arms race — aligning themselves with sportsbook operators and trying to create quality content.

Full story here.

Sportsbooks May Limit Their Growth By Not Being Up Front About Betting Limits

When it comes to sports betting, I’m not a whale. Let’s get that out of the way. But I ain’t a dwarf pygmy goby either (look it up). I’m a solid guppy in the sports betting waters.

But even as a guppy, it’s entirely possible I could’ve found myself in the position Connor Allen found himself in a few weeks back.

It was around 10:45 a.m. the day before the NBA draft, and Allen, a football analyst for 4for4 Football, started hearing whispers the Chicago Bulls were going to go off the board with their No. 4 pick and select Patrick Williams of Florida State. At the time of these whispers, Williams was +3000 to be the No. 4 pick on DraftKings.

Full story here.

Colorado Posts Record $210.7M Sports Betting Handle In October

For the fifth consecutive month since its May launch, sports betting in Colorado set a record in terms of monthly handle. The Dept. of Revenue on Monday released its October report, showing a handle of $210.7 million.

The total was slightly more than $3 million better than September’s handle of $207.7 million, and Colorado became the fifth state to post back-to-back monthly handles exceeding $200 million for September and October.

The sportsbooks across the Centennial State fared better in October than September, generating a combined revenue of $17.4 million — an increase more than four times September’s total of nearly $4.2 million. October’s total accounts for more than 43% of the $40.3 million in revenue generated in the first six months of legalized sports wagering.

Full story here.

BetMGM Fires Shot At Action 24/7 Over Wrestler Jerry Lawler’s ‘King’ Promos

Tennessee’s local upstart sports betting platform has found itself in a lock-up with a national operator after Memphis-based pro wrestler Jerry Lawler posted two tweets of himself dressed as a king with the text “The Real King of Sportsbooks” and a Tennessee Action 24/7 logo.

According to the Tennessee Star, attorney Lindsey A. Williams on behalf of BetMGM sent a cease and desist letter to Tennessee Action 24/7, claiming that BetMGM “owns extensive rights in the trademark THE KING OF SPORTSBOOKS (the ‘BetMGM Mark’) in connection with sports betting services and mobile gaming applications.”

In September, BetMGM rolled out a campaign featuring BetMGM spokesman Jamie Foxx, highlighting the tagline.

Full story here.

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