Del Mar Fairgrounds and Sports Betting in California?

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SAN DIEGO (KGTV) — The Del Mar Fairgrounds could become a place to bet on professional and college sports, should California voters approve a measure allowing sports gambling in November 2022.

On Tuesday, the Del Mar Fairgrounds board voted 7-0 to adjust its operating agreement with the Del Mar Thoroughbred Club, allowing it to run a “first-class” sports book at its off-track wagering facility, Surfside Race Place, as soon as 2023.

The proposal hinges on the passage of a statewise proposition that would allow licensed racetracks and Native American casinos to offer on-site wagering on professional, college, and amateur sports. Gambling on high school sports and games involving colleges in California would still be illegal. The thoroughbred club’s proposal would also need to be approved by the State Race Track Leasing Commission.

“Sports wagering will generate significant additional net revenues for DMTC which, along with the additional food and beverage revenues generated, will flow to the District and Race Track Authority,” Thoroughbred Club Chief Executive Josh Rubinstein wrote in a letter to the fair board chair on Wednesday, Sept. 8…  More from 10news.com on Del Mar and Sports Betting

Maryland Open for Sports Betting License Applications

Maryland will be the next state in which sports betting – both online and at retail locations – becomes available. The state held a referendum on the regulation of sports betting last November, and the voters were in favor – Maryland’s betting bill was signed into law this spring, hoping for the first operators to begin working by the time the NFL season starts. Now, the state’s regulator has approved 17 retail locations where operators can begin to work – and two race tracks are among them.

The locations

Before online horse racing betting becomes available, Maryland locals will have to make do with retail locations where they’ll be able to place their bets on sporting events. The list of venues approved to run betting operations, approved by the state’s Sports Wagering Application Review Commission in an August meeting, include a series of casinos and resorts, the Maryland State Fairgrounds, the Jockey Bar and Grill, the Riverboat on the Potomac, as well as Laurel Park Race Track and the Pimlico Race Track. And all the locations named in the state’s sports betting legislation will be able to apply for online sports betting licenses in the future. Also, NHL, NBA, and MLS franchises that lease a stadium in the state will be able to apply for a betting license.

The operators

Maryland’s sports betting market is starting to take shape with operators partnering up – or buying up – local gambling companies.

Barstool Sportsbook, run by Penn National Gaming, acquired Hollywood Casino (one of the locations named in the state’s betting legislation) last December. Horseshoe Casino is already owned by Caesars, and MGM National Harbor is, of course, owned by MGM Resorts International that runs a number of outlets in Nevada, New Jersey, and abroad. PointsBet New Jersey partnered up, this June, with Riverboat on the Potomac, a licensed satellite simulcast facility for horseracing.

Applications to open later

Maryland still has 23 unnamed retail sports betting licenses up for grabs that the Maryland Lottery and Gaming Commission plans to open for applications later in the year. At the same time, the MLGC plans to accept applications for 60 online betting licenses and further retail locations. The state’s Sports Wagering Application Review Commission still has to establish the rules for evaluating applications before the state can award any further licenses. As expected, the SWARC will give priority to minority- or women-owned businesses in the area.

 

If all goes as planned, regulated sports betting may become a thing in Maryland in “late fall, early winter”, Maryland Lottery and Gaming Control Agency director John Martin told the press. “It is our intent to expedite the process as efficiently as we can to get us there. We’re still very much pushing for football season”.

Horse Racing Czar Rips NY Sports Betting Process

A week after the New York Gaming Commission announced that it had received six bids with the goal of offering mobile sports betting in the state, Meadowlands Racetrack operator Jeff Gural remained in an ornery mood this week at the Racing and Gaming Conference held at Saratoga Springs, N.Y.

“I’m being nice — I won’t be so nice later,” Gural said on Tuesday morning during a Q&A portion of one conference panel, as he warned two elected officials that if the process fails, “You’ll have everybody laughing at you.”

And as part of the last panel of the two-day event at the iconic racetrack, Gural showed he was not joking.

As owner of two upstate New York harness racing tracks — Tioga Downs and Vernon Downs — Gural has reason to have mixed feelings about New York’s plan for a mobile betting tax rate of at least 50%.

The more inefficient a formula that plays out in New York, the more likely it is that the FanDuel Sportsbook at this Meadowlands site — the highest-grossing such book in the country — suffers minimal harm. But for the 79-year-old New York and New Jersey real estate mogul, putting forward what he sees as a poor business model seems to offend Gural most of all.

Asked for his overall opinion of the New York plan, Gural groused, “I don’t think they got anything right. They got..

Only These 2 States Had Sports Handle Exceeding $500M in April

Sports bettingLAS VEGAS, June 9, 2021 /PRNewswire/ — Illinois became the nation’s No. 2 market despite suffering the steepest month-over-month decline in sports betting volume in the young market’s history, joining New Jersey as the only states with an April handle of more than $500 million. The decline in wagering was in line with a typical seasonal slowdown in sports betting that affected nearly every U.S. market, and less than expected with the return of in-person registration on April 4, according to analysts from PlayIllinois.

“Without the NFL or a major sports betting holiday like March Madness a decline in April was a near certainty,” said Joe Boozell, analyst for PlayIllinois.com. “The Illinois market faced a double-whammy with the return of in-person registration, which will eventually eat away at the market’s ceiling even if it hasn’t dramatically impacted handle yet. And there is no easy solution to that without a legislative fix.”

Betting at Illinois’ retail and online sportsbooks fell 15.2% to $537.2 million in April from the record $633.6 million in March, according to official data released Wednesday.

April’s handle created $43.6 million in adjusted gross revenue, down from $44.3 million in March, yielding $6.5 million in state taxes and $527,100 in local taxes.

All but one U.S. market reported a month-over-month decline in April wagering. Of the 10 largest, Illinois’ decline was shallower by percentage than all but New Jersey (-13%), Tennessee (-13.6%), and Pennsylvania (-14.4%).

Nearly all of those declines can be explained by the expected seasonal drop in sports betting, which typically begins in April and continues until the football season.

“Illinois is proving to be remarkably resilient as a market, overcoming the inconvenience of in-person registration at least temporarily,” said Jessica Welman, analyst for the PlayUSA.com network, which includes PlayIllinois.com. “A concerted push before in-person registration went into place likely helped lessen the short-term effects, but it will be difficult for Illinois to keep pace with the nation’s top markets over the long term.”

Online wagering accounted for 95.5%, or $513.2 million, of all bets in April.

With the partial removal of the ban on wagering on in-state college teams the state legislature did give retail books something to look forward to when college football returns. But the ban will remain for online sportsbooks, which will mute the importance of the change.

“The change is a positive one, but it won’t make a significant difference in the short-term,” Boozell said. “Illinoisans overwhelmingly place their bets online. So, any change that only affects retail betting will be limited in its impact. Hopefully this will be an incremental step toward lifting the ban entirely.”

FanDuel/Fairmont’s online and retail sportsbooks attracted $177.8 million in bets, the first time FanDuel has topped the market. DraftKings/Casino Queen was second with $169.6 million in combined handle. Barstool/Hollywood Casinos was fourth with $51.4 million in its first full month of online operation.

“FanDuel catching DraftKings is a seismic shift in the dynamics of the market, and a credit to FanDuel’s campaign to register bettors ahead of in-person registration,” Welman said. “Barstool’s push to register customers before in-person registration took effect made a difference, too. But it will be difficult to make significant inroads on the market leaders, which all had months of being able to register customers unencumbered.”

For more, visit PlayIllinois.com/revenue.

About the PlayUSA.com Network:
The PlayUSA.com Network and its state-focused branches is a leading source for news, analysis, and research related to the market for regulated online gaming in the U.S.

Over $10M in NFL Handicapping Contests at Circa Sports

Circa Sports is going all-in on its NFL handicapping contests next season.

The downtown sportsbook is ponying up the largest pro football contest guaranteed prize money ever of $10 million for Circa Millions III and Circa Survivor.

The $1,000 entry Circa Survivor will feature a $6 million guaranteed payout — up from $1 million last season — and the $1,000 entry Circa Millions III will feature $4 million in guaranteed payouts, up from $3 million last year.

“With all the interest in sports gambling and the fact that people were locked down, we felt football contests would explode in popularity,” Circa Sports CEO Derek Stevens said. “We think doing the $10 million guarantee is going to be great for Las Vegas and is going to draw a lot of people to our city.

“This is going to create a great summer, and we’re excited about… continue reading

The Future of Horse Racing?

Las Vegas sportsbook contestIf the US is the room, sports betting is the elephant everyone wants to address…you arrive at 2021, where US bettors have an unprecedented knowledge of sports betting.

“Point spread,” “moneyline,” and “totals” now mean something even to the casual sports fan. The past three years have seen a remarkable increase in layperson sports betting knowledge.

Naturally, that’ll have a huge impact on horse racing.

Horse race bettors–especially casual fans–now have an entirely new vocabulary they can leverage to bet on races. Historically (and even nowadays) horse racing has been dominated by the parimutuel structure. Odds and payouts change based on the wagers that come in from around the world. This presents both a challenge and an opportunity for race tracks and horse racing tech providers.

Dr. Laila Mintas says: “Fixed odds will certainly help the cross-sell of racing to sports betting players; it’s not a good experience for someone used to fixed odds to back a horse at 5/1 and get paid 5/2 through the pari-mutuel system.”

“The opportunity for fixed odds betting,” she continues, “is in taking the sportsbook player who has a $50 football parlay on a weekend and giving them the opportunity to place $20 win bets in a format and presentation style which looks like their existing online sportsbook […] this is about bringing betting players to view racing as another sport they can place bets on.”

Single-game betting worries Canada’s horse racing operators

“Horse-racing wagerers that would access fixed-odds betting will move away from the Canadian parimutuel pools,” said Woodbine Entertainment Group CEO Jim Lawson. “This will dramatically cannibalize the Canadian horse racing industry’s market share, and these operators would earn their revenue without contributing to the substantial cost of producing our content.”

Canada’s legislators are looking to pass an amendment to the Criminal Code that would legalise single-event sports betting in the country.

Single-game betting is currently illegal except in horse racing, and betting on other sports is more centered around several games at a time. Bill C-218 was proposed by Conservative MP Kevin Waugh and would allow gamblers to bet on single games in other sports. He also says it should help with illegal gambling.

While horse racing operators tentatively support the bill, they released an address to the Government where they asked to ensure the horse racing industry and its 50,000 jobs would be protected.

Another concern is fixed odds. Generally, odds in horse racing fluctuate until the horse leaves the starting gate. If other operators, such as casinos, start accepting wagers on horse races, it’s more than likely their odds would be fixed, which might make them more appealing to the player.

Beat the Odds – Bet Like a Pro

Sports bettingSports betting is a great way to make watching live sports even more exciting. As well as being generally enjoyable, betting can be profitable if you get lucky enough. For some players, luck has nothing to do with it and they have sports betting down to a science. While they’re not able to win every time, these professional gamblers are able to consistently turn a profit while betting on sports.

Of course, sports betting comes with a lot of risk, and while it is possible to make money, you could also end up losing every time you bet. For this reason, it’s important to always play responsibly, never betting more than you can afford to lose. Even if you’re on a winning streak, you’ll want to take care to avoid getting overconfident and losing it all. If you feel you need a break from sports betting, remember that most sportsbooks allow player to set limits on how much they spend.

Provided you’re betting responsibly, these following tips will help you to beat the odds and hopefully turn a consistent profit.

Choose the Right Sportsbook

If you want to get into sports betting in New Zealand, there are hundreds of great online sportsbooks for you to choose from. Picking the right site is crucial, as different sites have different odds, bonuses and provide a completely different user experience. You’ll want to choose a sportsbook that offers exceptional odds on the sports you like to bet on. You should also make sure that your preferred payment method and currency is accepted and that the site is safe and trustworthy. Lastly, consider the type of bonus you can claim when you sign up and whether it’s worth it. Make sure you check the full terms and conditions.

Research Your Sport

It goes without saying but you probably won’t have much luck betting on sports that you know nothing about. The best bettors carefully research the sports and events they bet on, making sure they just as much if not more than the bookies. You don’t have to watch every single game, but staying up to date with the latest team news and form can help you pick the right results more often. Follow your favourite teams and leagues on social media to make sure you never miss out on the latest injury update or player transfer rumours.

Manage Your Bankroll

The amount of cash you have to bet with is known as your bankroll and you’ll want to preserve this as much as possible. Ideally, your bets should always be a certain percentage of your bankroll. This way, when your bankroll increase you can risk betting a bit more, whereas when it decreases, you play it safe. If you’re surer of an outcome, you can use a slightly larger percentage, while you’ll want to use a smaller percentage if you’re less sure. If you want to keep track of your bets and how much profit (or losses) you’ve made, you can find a transaction log in your sportsbook account details.

Don’t Bet for the Sake of It

Betting can be a lot of fun but if you’re planning on making a profit, you’ll want to only bet on events where you think you have a good chance of winning. Always evaluate the odds before you bet, thinking clearly about your chances of winning. It’s easy to get carried away if you’ve made some good wins recently, but you should always be careful about your bets and avoid making them just for the sake of it.

Pro Bettor James Holzhauer’s Key to Success

“Holzhauer has dominated “Jeopardy!” like no one else since the current version of the television game show had its premiere in 1984. He won again on the episode that aired Wednesday, pushing his total earnings above $1.1 million, second on the all-time list behind the legendary Ken Jennings.”

The NY Times interviewed Holzbauer in the spring of 2019, asking him several questions of how he was so successful on the popular show.

The big key to his success was going aggressive from the opening bell.  He would go right for the $1,000 questions, skipping the lower tier amounts.

As stated in the NY piece, you could make an analogy to sports betting or poker tournaments. There are big advantages to having a lot of chips early on in a poker tournament. Consequently, the bettor can make plays that other people can’t.

Would you describe the traditional way of playing “Jeopardy!” as overly risk-averse?

“I would definitely say it’s too risk-averse,” explained Holzbauer.  “The funny thing is, my strategy actually minimizes the risk of me losing a game. There’s times in a football game where a team goes for a big TD pass. If you don’t take a risk like that, you’re not going to win. Really, the big risk is never trying anything that looks like a big gamble.”

You can read the full Times interview of Holzhauer here.

 

Goldman Sachs Raises Penn National’s Stock Target by Almost $40 a Share

Fresh off mobile launches in Michigan and Virginia, gambling analysts on Tuesday gave another vote of confidence to publicly traded sports betting companies.

Goldman Sachs upgraded DraftKings to a buy with a $65 price target and reiterated Penn as a buy with a growing price target from $86 to $124 a share.

As of 12:30pm ET, DraftKings was up seven percent on the day to $54.90, while Penn was down 1.8 percent to $102.12.

The DraftKings upgrade was based on what the analysts said was a market leader position and “ability to participate in the economics of single operator states.” DraftKings, for example, runs sports betting in New Hampshire through its contract with the state lottery…