This week’s State of the Union, in partnership with Segev LLP, covers legislative developments in Iowa and New York, as well as New Jersey’s monthly figures for April.
Iowa Gov greenlights betting bill
Iowa Governor Kim Reynolds has signed off on a bill that legalises sports betting in the US state.
Senate File 617, which passed the Iowa House of Representatives and Senate last month, will permit in-person, online and mobile sports betting in Iowa.
The bill went back and forth between the House and Senate due to a number of late amendments by the Senate, some of which the House and accepted and others rejected.
NY sports betting bill progresses
The New York Senate Racing, Gaming and Wagering Committee has unanimously voted to advance a bill that would legalise in-person and mobile sports betting in the state.
Introduced in January by Senator Joseph Addabbo, Senate Bill 17 passed the Committee by a vote of 6-0 and will now progress forward to the Senate Finance Committee for further debate.
Should the bill come into law, there would be two different tax rates for the type of bets placed in New York. Casinos that secure a licence would pay tax at 8.5% on gross in-person wagering revenue, while mobile sports betting would be taxed at a rate of 12%.
Ceasars in sports betting content deal with ESPN
US casino giant Caesars Entertainment has joined forces with sports television network ESPN for an initiative to bring sports betting news and content to fans worldwide.
Caesars will serve as ESPN’s official odds data supplier across television and digital, receiving associated attribution, advertising and sponsorship benefits in return.
The arrangement will also see a new ESPN-branded studio established at the operator’s LINQ Hotel & Casino (pictured) in Las Vegas, Nevada, opening its doors in 2020.
AGA sets of marketing code of conduct
As the number of states legalising sports betting gathers pace, the American Gaming Association (AGA) has issued a code of conduct its members have pledged to follow in relation to the marketing of sports betting.
The AGA released its Responsible Marketing Code for Sports Wagering today, on the one-year anniversary of the Supreme Court striking down the Professional and Amateur Sports Protection Act.
The code outlines a series of measures which aim to restrict underage gambling, promote responsible gambling and make sure both digital and traditional marketing is appropriate for audiences.
Bill Miller, president and chief executive officer of the American Gaming Association said: “The gaming industry has an obligation to extend our decades-long commitment to responsibility to this growing sector, and that’s exactly what this effort codifies.
NJ market grows despite sports decline
Gaming revenue in New Jersey was up 23.8% year-on-year to $265.4m in April, driven by increases across all segments with the exception of online poker.
Sports betting accounted for $21.2m of the $50.9m of revenue added since the comparable period last year, which preceded the launch of online and land-based wagering in the Garden State following last May’s repeal of PASPA.
The $21.2m monthly return however represented a 33% month-over-month decline on March’s record figure of $31.7m.
Sports betting market leader FanDuel accounted for approximately 57% of total wagering revenues via licensing partner Meadowlands, keeping it well ahead of DraftKings/Resorts Digital with 22.5%.
DC sports betting legislation enters into effect
The sports betting legislation enacted by the Washington DC Council in January has now formally passed into law, following a 60-day congressional review.
This paves the way for the roll-out of mobile wagering in the city, powered by the DC Lottery’s main supplier Intralot.
Chhabra named CEO of Fox Bet venture
The Stars Group has appointed its chief corporate development officer, Robin Chhabra, as CEO of its new US sports betting joint venture with Fox Sports, Fox Bet.
Chhabra has been with Stars Group since September 2017, prior to which he was group director of strategy and corporate development at William Hill for seven-and-a-half years.
Earlier in his career, Chhabra also had a three-year spell as director of corporate development at Inspired Gaming Group.