Sports betting industry news never seems to slow down. It’s an industry that could still grow even more in the future. This is also an industry that seems to dominate headlines, and it is usually for very different reasons.
Here is a look at some of the latest sports betting industry news pieces.
New York Set to Break $1 Billion Mark
The state of New York has been the sports betting leader ever since the state allowed online wagering. Now it has the numbers to back it up. New York continues to post handle numbers of more than $1 billion each month. Now the state will soon go over the $1 billion mark in total revenue.
The total sports betting handle in the month of April was $1.55 billion, and the state was able to haul in more than $70 million in revenue for the month. New York continues to announce sports betting totals on a weekly basis, and the state should go over $1 billion in lifetime revenue at some point in the middle of May.
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One reason that New York has posted such large revenue totals is that the tax rate for sports betting revenue is set at 51%. This high tax rate does have an impact on the bonuses or promotions that are available for each site, but it hasn’t kept bettors from getting in on the action.
The all-time tax revenue generated from sports betting in the United States is just over $3 billion. New York continues to bring in the most each month and will soon have over 33 percent of the entire revenue in this industry.
FanDuel Sportsbook continues to dominate the market in the state of New York, as it accounted for more than 51% of the total handle during the month of April. DraftKings continues to be in second place, but there is a large gap between the two major operators.
College Athletes in Iowa Being Investigated
The Iowa Racing and Gaming Commission has launched an investigation into more than 100 college athletes at the University of Iowa and the Iowa State University. This investigation centers around gambling from certain athletes, which is not allowed by the IRGC or the NCAA.
The Iowa Hawkeyes baseball team is one of the main targets of the investigation. That team was forced to keep players from the lineup over the weekend. This news comes on the heels of the University of Alabama firing its head coach. This was after some strange bets were made during a game with the LSU Tigers.
The athletic department at the University of Iowa confirmed the investigation. It then noted that it was made aware of allegations on May 2. 111 individuals were included in the report, and that includes 26 current student-athletes. When it comes to sports betting industry news, athletes involved has been a hot storyline.
Iowa State is also looking into illegal and criminal gambling with some of its current student-athletes. However, it is unclear how many are involved. Even if the athletes are at least 21 years of age, they are on the banned list when it comes to being able to place a wager on a sporting event.
The NCAA will be launching its own investigation. It could hit both colleges with severe sanctions depending on the findings. It’s unclear if any of the athletes were betting on games in which the player. But even wagering on professional contests is not allowed.
2023 Kentucky Derby Was Betting Success
The Kentucky Derby is always an event that draws plenty of betting action, and the 2023 race set multiple records. The total amount wagered on the 2023 Kentucky Derby was $188.7 million, which shattered the previous record of $179 million.
Churchill Downs Inc. wasted little time in coming out with the report. The big race wasn’t the only one that was popular with the bettors. There are 14 total races that take place on Derby Day. It was estimated that the total handle for the entire day came in at $288.7 million.
The buildup to the Kentucky Derby took a hit as there were seven horses that died during the week at Churchill Downs. Forte was the betting favorite entering the race, but that horse was scratched on Derby Day.
Horse race betting is still not offered on most online sportsbooks. But there were a couple of new options this year. TwinSpires, a product of Churchill Downs, is expected to post the highest total handle on the Kentucky Derby as it is a proven name in the industry.
Caesars Making Moves in Maine
Lawmakers in the state of Maine officially legalized sports betting back in 2022. But the state still hasn’t launched the industry. It is starting to look like an early 2024 launch is a possibility. And Caesars is trying to become a leader in the state.
There are four Native American tribes in the state of Maine. They have been granted exclusivity to control the new industry. Each tribe has access to one online sports betting skin, but Caesars is trying to eliminate most of the competition.
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It was announced on Monday that Caesars has partnered with three of the four Native American tribes. There is now just one online sports betting skin remaining. Last week it was announced that companies such as DraftKings and FanDuel were not expected to pursue a sports betting license in the state.
Caesars could roll out three different individual sports betting platforms, or it could just use the Caesars brand for all three of the licenses. Sports bettors in Maine would benefit from having more options, but the company is likely looking to create a monopoly.
Maine Governor Janet Mills was a proponent of sports betting. As long as it would benefit the tribes in her state. Those four Native American tribes have been looking for a way to generate more revenue. Thier operators will have to share a large portion of the revenue with those tribes.