How daily fantasy sites FanDuel and DraftKings are taking aim at world of sports gambling

How daily fantasy sites FanDuel and DraftKings are taking aim at world of sports gambling

Hastings Tribune Full coverage

Source: How daily fantasy sites FanDuel and DraftKings are taking aim at world of sports gambling

Sports Betting May Not Happen Quickly Despite SCOTUS Ruling

Sports bettingDespite the state Legislature paving the way for sports gambling almost five years ago, regulators in New York tasked with implementing a framework for the industry appear to be in a holding pattern following a decision by the U.S. Supreme Court to strike down a limit on the states that can offer sports gambling.

Source: Sports gambling maybe not imminent despite SCOTUS ruling

NJ horse racing group sues major sports leagues over bet losses

The action filed by the New Jersey Thoroughbred Horsemen’s Association claims the leagues acted in bad faith when they sought a restraining order in 2014 to block Monmouth Park Racetrack from offering sports betting, because the pro leagues were actively promoting and endorsing businesses that made millions from fantasy sports games that rely on …

Source: NJ horse racing group sues major sports leagues over bet losses

A Study to Prove Daily Fantasy Sports is a Game of Skill?

Daily Fantasy Sports is a Skill Game, We Have a Study to Prove It

“Now we have proof – real analytical, data-driven, published proof – that DFS is indeed a game of skill.  This study states that it’s backed by arguments and logic used in basic statistics and probability theory….”

JD Supra (press release) Full coverage

Source: Daily Fantasy Sports is a Skill Game, We Have a Study to Prove It

Justify’s Win Illustrates a Major Problem in Horse Racing

By Charles Simon

Justify ran his eyeballs out in winning the Preakness and, truly, he has done some amazing things by being pushed to the limit in a modern racing world where risk taking is seemingly a foreign concept. He is headed to Belmont with a chance to win a quite unique version of the Triple Crown. However, one of the biggest underlying issues of horse racing is being exposed during this fantastic and rapid ascent by Justify.

The very top of racing is polluted with conflicts of interest, with too few horsemen training all the best horses for a narrow group of very wealthy people that have increasingly chosen to join together rather than compete against each other. When Triple Crown-runs and our most important races are now potentially compromised because of that situation, how much longer until the validity of the results of the sport are questioned?

Derby144 workout Justify at Santa AnitaAx Man won the Sir Barton over the same track as Justify did on Saturday with a better speed figure (99 to 97). Does that mean he would have won Preakness or is better than Justify? Absolutely not, but it does mean that him not participating in the Belmont Stakes because his trainer is shooting for a Triple Crown with a different horse is a little unsettling. I completely understand why they wouldn’t run, but it’s still an uncomfortable situation to try to explain away.

Audible might have won the Preakness considering the 1/2 length margin that Justify won by over clearly inferior horses with running styles very similar to Audible’s running style. If Audible who is owned by the same group that owns Justify doesn’t run in the Belmont and goes on to be the best three year old post-Triple Crown season, it could be the first modern day Triple Crown that comes with an asterisk.

Sure, Justify is a great horse who will have earned it if he completes the Triple Crown with a Belmont win but having potentially two of the arguably top five, healthy three year olds not competing because everyone seems to be on the same team… well, to be kind, it is not a ‘good look.’ We have no idea if they could beat him but the whole idea of racing is to race to see if they can.

These are our very best and most important races, and they are increasingly fraught with conflict of interest which are more readily apparent because of the spotlight focused on the Triple Crown. Think about how compromised our regular graded stakes can be affected in a similar though more subtle manner? We won’t even go into regular overnight races and the issues created there.

The entire premise of the sport of horse racing is competition. “My horse is better than yours. Let’s prove it on the track”. The more bastardized the top of the sport becomes, the more the foundation of the entire game is weakened. If this past week’s white-hot debate over the ‘future of racing in a sports betting legalized world’ doesn’t make this situation even more troubling, you just aren’t paying attention.

Imagine if the owners of the Golden State Warriors bought a 20-percent stake in the Houston Rockets before the Western Conference Finals? How do you think that would go over with sports fans? And our sport is supported by people BETTING on it!

 

  • Charles Simon is a successful, veteran trainer based out of South Florida.

Did You Miss These Gems?

Overcome Yourself – A Plan for a Day at the Races

Handicapping Tip of the Day #43 – Hard Races

Millions of Ways to Lose

 

Churchill Downs and Sports Betting

Churchill Downs Incorporated (CDI) (Nasdaq:CHDN) has announced an agreement with Golden Nugget Atlantic City (“Golden Nugget”) to enter into the New Jersey real money online gaming (iGaming) and sports betting markets, subject to sports wagering legislation and gaming license approvals. CDI is targeting the first quarter 2019 to begin accepting legal wagers for iGaming and sports betting in New Jersey.

“We are looking forward to offering integrated iGaming and sports betting products in New Jersey,” said Bill Carstanjen, CEO of Churchill Downs.  “We have the unique opportunity to leverage our knowledge and experience operating the largest legal online horse racing wagering business in the U.S. as we enter the iGaming and sports betting markets.”

“We welcome Churchill Downs, a respected U.S. gaming operator with online wagering experience, to New Jersey,” said Thomas Winter, senior vice president and general manager, Online Gaming, for Landry’s Golden Nugget. “The addition of their offering will allow Golden Nugget Atlantic City to cater to an even larger demographic of New Jersey online players.”

The Golden Nugget Atlantic City, located on Frank S. Farley Marina, is a premier resort destination, offering guests more than 740 rooms and suites.  The Golden Nugget has established strong brand recognition worldwide with locations in Las Vegas and Laughlin, Nevada; Biloxi, Mississippi; and Lake Charles, Louisiana.  Launched in November 2013, GoldenNuggetCasino.com is the number one U.S. online casino and was voted Operator of the Year three years in a row from 2015 to 2017 at the iGaming North America Awards.  Golden Nugget Atlantic City accounts for 35% of the New Jersey online gaming market.

Churchill winner's circleChurchill Downs Incorporated (CDI) (Nasdaq:CHDN), headquartered in Louisville, Kentucky, is an industry-leading racing, gaming and online entertainment company anchored by our iconic flagship event – The Kentucky Derby.  We are the largest legal online account wagering platform for horseracing in the U.S., through our ownership of TwinSpires.com and have announced our plans to enter the U.S. real money online gaming and sports betting markets.  We are also a leader in brick-and-mortar casino gaming with approximately 10,000 gaming positions in eight states.  Additional information about CDI can be found online at www.churchilldownsincorporated.com.

Source: Press Release

Major Deal between Paddy Power Betfair and Fan Duel?

Paddy Power Betfair Plc is in talks to merge its U.S. unit with closely held website FanDuel as the Irish bookmaker positions itself for expanded sports betting in the U.S. following a Supreme Court ruling this week.

 “Discussions are ongoing and there is no certainty as to whether agreement will be reached, or as to the terms or timing of any transaction,” stated…

U.S. Supreme Court Rules in Favor of Legalized Sport Betting

The United States Supreme Court building in Washington DC.

Monday, May 14, 2018

According to CNN: “The Supreme Court cleared the way [today] for states to legalize sports betting, striking down a 1992 federal law that had prohibited most states from authorizing sports betting.

The court said the federal law violated constitutional principles limiting the federal government from controlling state policy. It unconstitutionally required states to prohibit sports betting under their own laws.
More updates to follow.

China to Expand Horse Racing, Sports Betting

The Chinese government has revealed plans to develop a horse racing industry and expand sports lotteries to boost tourism to the holiday island of Hainan.

According to a report by official news agency Xinhua, horse racing will be one of a number of activities promoted on Hainan alongside beach and water sports as part of a reform agenda approved by cabinet. Hainan would also “explore the development of sports lottery and instant lottery on large-scale international games.”

Hong Kong horse racingChina already allows certain forms of sports betting operated by the government’s China Sports Lottery while a government-run lottery system is also widespread across the country.

It remains unclear exactly how an expanded sports lottery might work, however reports that the initiative might eventually lead to legal casinos in Hainan seem to be both unfounded and sensationalist, with multiple reports of impending casino legislation in Hainan over the years having amounted to nothing. Attempts by some Hainan hotels to launch small gaming operations were quickly shut down in 2013, while China made no secret of its stance when it arrested employees of Korean casino operators Paradise Group and Grand Korea Leisure in 2015 and Australia’s Crown Resorts in 2016 for promoting gambling on the mainland.

Macau-based analyst Grant Govertsen has also been quick to downplay the news, stating in a Sunday note that, “While various media outlets are trumpeting the ‘gaming’ aspects – as if the center point of this PRC policy is gaming – the reality is that the policy in no way approves anything remotely close to casinos, nor does it even suggest this is a future possibility. Rather, what was announced was a free port concept within a special economic zone.

“Buried inside an exhaustive list of policies, it suggests the development of horse racing – but importantly omits any references to wagering. It also recommends that the idea of an international-style lottery be studied, and we highlight that the lottery verbiage says ‘explore’ rather than ‘develop,’ which suggests that even a lottery isn’t a done deal.”

Govertsen also quashed wildly ambitious speculation – first prompted by a recent Bloomberg article pointing to the potential relaxing of rules around online gambling, lotteries and sports betting – about the future of casinos in Hainan.

“It is critical to keep in mind that gambling in all forms (other than a small lottery exception) is illegal within China,” he said. “As part of the anti-corruption campaign the government made it a point that officials shouldn’t even play mahjong given its gambling characteristics.

“While the government is encouraging the development of a horse racing industry in Hainan (as they have in other parts of China) they are not encouraging the concurrent development of a horse wagering industry. We therefore think the legalization of casinos within China remains highly unlikely.”

Sports Betting on Fire in Spain. Horse Racing Added?

“At the moment for Spanish players the sports they bet on are football, basketball and tennis but I think horse racing is growing, quite fast actually, and it is a product that has to be there.”

The fast-growing Spanish online gaming and betting market could soon be worth a billion euros a year, with experts predicting plenty of room for growth in the booming sector. Online betting figures for 2017 show gross gaming revenue for sports and casino games rocketed to 560 million euros ($687 million), driven largely by sports. Christian Tirabassi,… [Read more…]