SportsHandle: That was the week that was in US sports betting

SportsHandle and friends deliver another round-up of the week’s big developments in US sports betting.

Tennessee Regulators Approve Mixture of Sports Gambling And High-Risk Loans

In what feels akin to zoning for a liquor store next to an alcohol abuse rehabilitation center, Tennessee sports betting regulators on Wednesday approved a lender of high-risk “flex loans” — with up to 279.5% annual interest rates — to simultaneously serve as a store where you can deposit gambling funds into the company’s affiliated sportsbook, Action 24/7.

The Nashville, Tenn.-headquartered company, Advance Financial, operates in 13 states and has over 100 physical storefronts in Tennessee, a state where the payday and “flexible” lending regulatory environment is uniquely favorable, and culturally more acceptable.

Full story here.

These 5 States Look Best Positioned To Legalize Sports Betting In 2021

As the 2021 legislative season starts, legal sports betting will be front-and-center for a handful of states … and will continue to be a frustrating topic for others. Since PASPA fell in May 2018, 24 U.S. states (plus the District of Columbia) have legalized or allowed some form of sports wagering, and 25 have not. Nevada, of course, has had full-fledged legal sports betting for decades. Of the 25 that have no legal sports betting, expect about a handful to legalize this year.

Full story here

Andrew Cuomo Backs Mobile Sports Betting, Touts New York As Potentially Largest Market In Nation

After months of expressing resistance to bringing mobile sports betting to New York, Gov. Andrew Cuomo reversed his position in a surprising announcement Wednesday.

Cuomo, a three-term Democrat, is expected to designate online sports betting as a central part of his policy outlook when the governor delivers his annual State of the State address on Jan. 11. Cuomo’s abrupt policy change comes amid a cascading budget deficit, as the governor’s administration searches for new ways to generate revenue for a state devastated by the COVID-19 pandemic.

Full story here

MGM Looking To Acquire Its Online Gambling Partner In Deal Worth More Than $11B

MGM Resorts International and Entain Plc, formerly known as GVC Holdings Plc, could greatly deepen their relationship under a possible merger, according to multiple reports late on Sunday.

The two firms, which in 2018 formed a 50-50 joint venture for U.S. online gambling, could become one in a deal worth more than $11 billion, Bloomberg reported, citing people “familiar with the bidding.”

The Isle of Man-based Entain is the owner of popular online gambling brands such as Ladbrokes and Partypoker. MGM and Entain are behind the BetMGM online/mobile sports betting brand in the U.S., but that’s just one piece of the larger online gambling pie.

Full story here.

Andrew Cuomo Backs Mobile Sports Betting, Touts New York As Potentially Largest Market In Nation

The U.S. gaming industry already was in a frenzy over news on Wednesday morning that New York Gov. Andrew Cuomo — as adamant an opponent of legalizing mobile sports betting as there was among top elected officials — had a change of heart.

Then just past noon ET, Cuomo confirmed the published report, but with an unexpected twist: Cuomo told reporters at his press conference that he wants the state lottery to run the sports betting show.

“Many states have done sports betting, but typically they allow casinos to run their own operations,” said Cuomo. “That makes lots of money for the casinos, but it makes minimal amounts for the state.”

Full story here.

Churchill Down’s BetAmerica Platform Approved For License In Tennessee

Churchill Downs has plans to launch sports betting in the state of Tennessee by the Super Bowl, which would give the state five mobile apps in time for the big game.

On Wednesday in Nashville, the Tennessee Education Lottery Corporation met to approve Churchill Downs and its BetAmerica-branded platform for operation in the state. An authorization for launch hasn’t been given yet. Regulators plan to meet again later this month. BetAmerica is live in New Jersey, Pennsylvania, and Indiana.

Full story here.


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