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Sports Betting Beat - June 1, 2021

Written by:
C Costigan
Published on:
Jun/01/2021

This is your sports betting industry news for Tuesday June 1, 2021.

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California

Sports betting initiative qualifies for 2022 ballot in California.  The ballot initiative would amend the state constitution and state statutes to legalize sports betting at American Indian gaming casinos and licensed racetracks in California.  It does not include mobile, at least not outside the gambling properties. In California, a constitutional amendment is required to legalize sports betting because the state constitution defines what types of gambling are permitted in the state.

FubuTV

Live-streaming sports platform fuboTV (NYSE:FUBO) continues its preparations to offer sports betting as it upgrades its app dashboard to feature live stats and chances to win a year's free subscription to its service.

Maryland

Sports betting on Tuesday became legal in Maryland at its six casinos, M&T Bank Stadium, Camden Yards and Fed-Ex Field. Wagers can also be placed online.  Pimlico in Baltimore and Laurel Park horse racing venues, along with the state fairgrounds in Timonium, are also able to have licenses.  More than two-thirds of Marylanders voted for sports betting in November. Lawmakers followed up this past session and overwhelmingly supported the move as well.  Betting is permitted on in-state schools and games that feature them as well.

Rhode Island

Between November 2018 and April 2021, Rhode Island’s sportsbook (the two casinos and the online wagering app) took in just over $623 million in bets. That’s about $728 for every resident 18 years or older in the state.

February 2019 was one exception when the house actually lost.  Makes sense.  That's when the Patriots beat the Rams in the Super Bowl. Overall, the sportsbook has brought in $55.3 million in revenue since legal sports betting arrived in Rhode Island.

That means Rhode Island’s “hold” – the amount the sportsbook keeps as a percentage of the amount wagered – was 8.9 percent over the last 30 months. The national hold rate for all states that legalized sports betting between June 2018 and April 2021 was 7.2 percent.  Source: MSN.com

- Chris Costigan, Gambling911.com Publisher

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