DraftKings-FanDuel vs. Florida, 888 Heads to Colorado & Canada Goes Legal: This week In Sports Betting
DraftKings & FanDuel Battle For Florida
Florida Governor Ron DeSantis recently made headlines when he came to terms with the state’s Seminole Tribe to bring sports betting to the region. Where the argument looks to offer the Seminole Tribe sole rights to gaming in the state, DraftKings and FanDuel are arguing that this monopolization unfair and are in the process to upend this decision.
The two sportsbook operators are putting forth a constitutional amendment for the 2022 Florida ballot that would allow online and mobile sports betting in sporting arenas, parimutuels and statewide.
With nearly one million signatures required to lockdown a ballot initiative slot, DraftKings and FanDuel are now working together to garner the support needed to disrupt the Seminole mobile betting monopoly.
The Florida Education Champions, a newly constructed political action committee that just so happens to receive most of its funding from….. you guessed it… DraftKings and FanDuel, will position themselves as the vehicle to push the agenda through.
Sure to include “Education” in the PAC’s title, the group is using the guise of educational funds to further their cause. A recent quote in the Florida Phoenix saw the PAC describe themselves this way:
“The Florida Education Champions committee is comprised of like-minded individuals invested in increasing public education funding, without raising taxes, in Florida, by expanding sports betting in the state. The committee will be actively fundraising, targeting donors who support our mission to get this pro-education ballot amendment before the voters in November 2022.”
As for now, the Seminole Tribe will continue to move ahead with its plans to serve as the sole operator in Florida. As they see it, any others looking to participate in the space will do so only under their supervision and likely with a heavy cost.
Sports betting stock investors have grown accustomed to large market moves as legalization expands, but this situation is somewhat unique. Should DraftKings and FanDuel fail in their efforts, the Seminole Tribe could turn to BetMGM, Penn National, or a number of the other North American operators as a partner in retaliation.
888 in Mile High
Sports betting and online gaming operator 888 and the Authentic Brands Group have joined forces to see one of the ABG’s iconic products become hte face of a new betting operation.
If all goes according to plan, Authentic Brands Group’s Sports Illustrated will become the face of a new SI Sportsbook in Colorado later this year. 888’s online gambling software will power the product, and the operator is eager to further its investments into the North American marketplace.
888 Holdings CEO Itai Pazner shared his optimism in an official press release, adding that the brand is “delighted to announce this strategic partnership, enabling us to accelerate our investment into the U.S., which represents one of the most exciting long-term growth opportunities for our company,”
“Sports Illustrated is an iconic sports media brand, with high awareness and consumer loyalty,” continued Pazner. “This agreement provides us access to millions of engaged sports fans across the US, giving us a high-volume and cost-effective customer acquisition channel, and great content to engage sports fans.”
ABG sees the partnership as a way to expand SI’s existing revenue opportunities into an area where the brand is already established.
ABG CEO and chairman Jamie Salter stated: “Sports wagering represents a large and high-growth market, allowing us to diversify the brand’s revenue streams and engage directly with our sports consumers, broadening the reach of the brand.
It took long enough, eh?
After numerous failed attempts to rewrite the country’s odd betting laws, the Canadian Senate voted to pass a bill permitting single-event wagering in the country. 231 days after it was first introduced, Bill C-218 manage to cross the finish line days prior to the end of the legislative season.
Canadian citizens are no longer subject limited to multi-event parlays with less-than-favorable odds, and the US sportsbook operators are already exploring how to capitalize off of the new marketplace in the north.
NJ Vote Could Overturn Local Team Betting Ban
With a 70-4 vote, the New Jersey Assembly passed a resolution to allow for betting on in-state collegiate teams. This most notably includes Rutgers Football and Seton Hall Basketball, but also extends to all collegiate athletic departments in the state.
New Jersey paved the way for much of the country in terms of drafting sports betting legislation, with the Garden State seeing sportsbooks up and running in June of 2018, a few weeks after the overturn of PASPA.
While New Jersey provided the blueprint, the decision to prevent wagering on in-state collegiate teams is one that many states opted to leave out of their respective gambling laws.
The final decision now goes to the ballot, with New Jersey voters getting the chance to decide the fate of the amendment. Given that two-thirds of voters cast their ballots in support of a previous amendment to permit the offering sports betting at Atlantic City casinos in 2012, things appear promising for this new resolution.