Gambling and Sports Betting News Wire - June 25, 2019
Here are today's headlines in the world of gambling and sports betting as they happen - Tuesday June 25, 2019. (for the remainder of this month ONLY)
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West Virginia Sports Betting Market Takes Another Hit
Concerns over the Wire Act and Apple’s new policy have set back mobile sports betting in West Virginia. This follows a law suit filed against one online vendor by the parent company of two West Virginia casinos.
West Virginia casinos had made money in sports wagering for four consecutive weeks, but went on to lose $4000.
Here is what West Virginia has taken in to date with Hollywood Casino seeing the biggest handle at $1,676,329.20. Mountaineer follows with $526,152.90. Greenbrier comes in at $25,418.25.
Handle: $124,880,313.84
Revenue: $11,759,625.71
Taxes: $1,175,962.68
FanDuel, Draftkings and William Hill are all set to begin offering mobile betting at some point though no set date has been announced.
Eldorado/Caesars Acquisition an Even Bigger Deal for Sports Betting
12:44 am ET - Eldorado Casino's announced purchase of Caesars will make the new company the biggest in the gambling realm.
For sports betting, this deal is especially huge.
From SportsHandle.com:
The key additional element to the deal is that Eldorado – to be known as Caesars – when its acquisition is complete already has 20 percent equity stake in William Hill US. Under CEO Joe Asher, William Hill US is the rapidly growing bookmaking company with a wide assortment of operational and marketing deals with sports betting entities nationwide.
Eldorado takes over not only all of the Caesars-branded properties but also the Harrah’s chain. Eldorado and Caesars say they have already identified $500 million in benefits by creating a company with 60 owned, operated and managed casino–resorts across 16 states.
Some of the $500 million in savings is likely to be in sports betting operations. It may take several years, but William Hill is likely to eventually run the books at all the newly formed company’s legal and soon-to-be-legal locations in states such as Indiana. William Hill currently operates a major trading room from its Nevada office that includes a large commitment in personal and space to in-game wagering.
William Hill has a series of operational deals with Penn National Gaming, right now the nation’s largest regional casino operator. British-based William Hill also has its pre-existing deal to take over sportsbooks in current Eldorado marketplaces as they become legal. William Hill also has promotional deals with the NHL and specific deals with the New Jersey Devils and the Vegas Golden Knights.
Then things get really intesting as Caesars has additional deals with ESPN (for broadcasting) and Draftkings (for marketing access).
Sports Handle adds:
Although the sports bettor may not be impacted by this deal right away, many believe one or two dominant operators nationally would have too much control over betting limits and access. Others say that bigger is better and large companies like the new Caesars and MGM will be able to offer bettors more in terms of betting opportunities, including expanded in-game wagering and perks in the form of lodging and food.
Regulatory hurdles will delay and changes right away, but it’s thought that the Eldorado takeover of Caesars certainly will be a major factor in determining what the nascent national U.S. sports betting marketplace will look like.
Our Free Picks Record June 24 (We haven't made picks in a few days)
2019 MLB Record: 17-12-2 (58.6%) - No Plays Over -160
2018-19 College Basketball Record: 12-9 (57.1%)
2018-19 NBA Record: 7-5 (58%)
2018 MLB Record: 45-35 (56.2%)
2018 NBA Record: 12-4-1 (75%)
