Sports Betting Beat - June 24, 2021
This is your sports betting industry news for Thursday June 24, 2021.
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Sports Illustrated
Sports Illustrated to enter online sports betting with UK's 888
(Reuters) - British online betting firm 888 Holdings Plc 888.L said on Thursday that it has entered into a partnership with the Sports Illustrated brand to offer an online sports betting service in the United States later this year.
The deal will give London-listed 888 exclusive rights to the Sports Illustrated (SI) brand, known for its eponymous sports magazine. In return, SI parent Authentic Brands Group will receive a licensing fee and a minority passive interest in 888.
The new sports betting service, branded SI Sportsbook, should launch in Colorado in the second half of the year, with other states to follow, 888 said, giving the company access to millions of U.S. sports fans.
For 888, the deal comes at a time when online betting demand is high, thanks to people stuck indoors because of the pandemic looking for new avenues of entertainment.
The British company, much like other online betting firms, has been increasing its foothold in the United States, tapping rapidly growing betting market since a ban on sports betting was lifted in 2018.
"On the face of it, this agreement provides 888 with a platform to take its (business-to-consumer) strategy in the U.S. to the next level, by giving access to a Sports brand with a long history, nationwide awareness," analysts at Stifel said in a note.
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Maine
Maine sports betting bill heads for second chance on Governor's desk
The Maine House and Senate both approved sports betting legislation late last week, giving Governor Janet Mills a decision on ME sports betting for the second time. She vetoed a previous sports betting bill last year.
She said at that time:
“While legalized sports gambling may attract some revenue to the state coffers, the same economic premise in theory would justify legalizing all forms of gambling: betting on the weather, spelling bees and school board elections, for instance.”
June 28 is the date to watch as Mills has 10 days to act.
One potential stumbling block: Legislature adjourns for the year before the 10 days expires, which would mean the bill does not become law at this time.
Mattress Mack
‘Mattress Mack’ bet could bring biggest payout in US sports betting history
70-year-old Jim “Mattress Mack” McIngvale placed a $2 million wager to win $20 million on the Houston Astros at 10-1 to win the World Series, William Hill confirmed Tuesday. He is a Houston business owner known for placing huge widely reported wagers.
The bet though was placed in Indiana on the William Hill app there.
- Chris Costigan, Gambling911.com Publisher
