is evolving rapidly. From one day to the next, there is also something new and different to be uncovered, and there is still a lot more to come.
The Changing Sports Betting Environment in the US
Although plenty of states have already introduced legalized sports betting with only minor delays, a couple of states are having more trouble. It’s hard to imagine that, eventually, the remaining holdouts won’t get on board, but even those that have already started the process seem to have a difficult time grasping the future. Maryland and North Carolina fall into this category. They have their sports betting legislation either approved or close to approval, but are both taking an inordinate amount of time to push forward.
If they need any motivation, they can look just a little to the north. BetMGM recently launched in Washington, DC and is already taking a commanding position. It may not yet be where William Hill is but, in less than a month, it is already looking to threaten GambetDC’s position. That wouldn’t be a hard task to accomplish, especially as the DC Lottery-run option continues to flail.
Sportradar is moving forward with its plans to launch an initial public offering (IPO). It’s already filed its request with the SEC and hopes to pick up a valuation of around $12 billion. Those plans may be a little exaggerated, but the sports data company definitely has a very strong position in the market. Sightline Payments, were it to go public, would likely have no trouble reaching that mark, especially since it is one of just 400 companies to be listed as a FinTech unicorn after its latest funding round.
Movement in Florida, Louisiana and New Jersey
Louisiana has implemented emergency rules that will allow its sports betting market to get started sooner, rather than later. The Louisiana Gaming Control Board signed off on the rules that take effect as of today, which means casinos in the state could have sportsbooks in place by the middle of next month. The same can’t be said for Florida, where a new lawsuit challenges the state’s compact with the Seminole Tribe of Florida. With that, it might be a while before the Sunshine State heats up its sports betting market. In New Jersey, Barstool Sports is now live as it begins a pilot test in the state. Although the company is known for its boisterous approach to everything it does, this launch flew under almost everyone’s radar.
Elsewhere in the US, BetMGM is going after the South Dakota market through a partnership wi5th Liv Hospitality. With the deal, BetMGM will offer retail and mobile sports betting in the state, with its mobile app coming in September. ZenSports is gaining ground, as well, finding approval to operate two venues in Nevada. This gives the sports betting company access to what will eventually be a lucrative market as the topic of online gaming is explored. ZenSports faces some tough roadblocks ahead, though.