Sports Betting News: 'US Gaming Companies Need to Look at Asia', Louisiana Bill Doesn't Pass
Look to Asia
In an interview with Becky Liggero of CalvinAyre.com, Keith McDonnell of KMigaming talked about the "explosive" US sports betting market but also suggested it would be wise for US gaming companies to consider well established markets in Asia that are making "multiples" what New Jersey is in current weekly handle.
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“A lot of the focus has been on what’s happening in the U.S. and quite rightly, its been a seismic shift over the past 12 months. Now that the U.S. has woken up to sports betting and online gambling, what opportunities exist for those operators overseas?” McDonnell posed.
“When you look overseas, there’s mature, established, very large markets there that are generating high levels of revenue now."
From CalvinAyre.com:
McDonnell, who has a wealth of knowledge and experience in the Asian market, explained how regulated, listed companies have historically found the lack of regulation in the coveted Asian market to be a real barrier, but its doesn’t have to be that way.
“It is a barrier, but its not an uncircumventable one and I think with the right corporate structuring and partnerships in place with local partners, those sorts of things can be tackled,” McDonnell explained.
“The issue is there’s a lot to be considered and tackled within the U.S. for these U.S. companies, but I would suggest they maybe should spend some time thinking about the opportunities that exist overseas as well,” he advised.
Read More of the Interview Here
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House Rejects Louisiana Sports Betting Regulatory Structure
At 65-27, the tally came up five votes shy of the 70 needed for House Bill 587 to progress. That bill looks to set up the tax and regulatory structure for sports betting.
A number of lawmakers were absent, so Rep. Joseph Marino, chief sponsor, does plan to bring the bill back up for vote some time next week.
The bill requires that no casino can engage in sports betting, if legalized, until some sort of regulatory mechanics are approved.
Casinos would be required to pay a $50,000 fee and buy a $50,000 operating permit while paying 13% taxes on net proceeds from sports wagering.
- Aaron Goldstein, Gambling911.com
