Sports Betting Beat - June 15, 2021

Written by:
C Costigan
Published on:
Jun/15/2021

This is your sports betting industry news for Tuesday June 15, 2021.

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Canada

Canada sports betting faces crucial vote

Despite being put off this past Thursday, Sen. David Wells told LSR he’s “cautiously optimistic” a bill that ends the federal prohibition on single-game Canada sports betting will pass a vote following a third reading this week.

The Criminal Code currently bans wagering on a single sports event, though there are companies that take such wagers based in Canada's Kahnawake currently and have been for the better part of nearly two decades.

Senators can still seek to amend the bill before a third reading vote, and other items could still clog the Senate’s agenda.

“I’m cautiously optimistic,” said Sen. David Wells, the sponsor of the bill in the Senate in an interview with the National Post. “I never want to say this is a done deal until it’s a done deal. I’ve seen too many times where I thought things were a given and it didn’t work out that way…but I’m cautiously optimistic on what’s got widespread support among my colleagues and among Canadians.”

Gaming Society

Kevin Garnett Launches Media Startup to Cover Sports Betting and Gaming

NBA Hall of Famer Kevin Garnett has co-founded Gaming Society, a new media company to cover the world of sports betting. He co-founded the site along with Jaymee Messler, who previously launched a venture with Yankees great Derek Jeter.

“Our goal is to provide the information and guidance to make people better bettors and we are creating a new platform that will put professional athletes at the forefront of innovation in the betting category,” Garnett said in a statement.

James Holzhaur

‘Jeopardy!’ GOAT And ‘The Chase’ Star James Holzhaur’s Next Gig Is Reportedly A Sports Betting Column

According to a report from New York Post sports media columnist Andrew Marchand, Holzhauer will soon pen a sports betting column for The Athletic.

Massachusetts

A joint committee will meet Thursday with 19 MA sports betting bills on the agenda. Those interested better get a snack ready as the meeting is scheduled for four hours.

Massachusetts needs to get sports betting figured out this year if it wants to stay competitive in the New England market. Sports betting in Connecticut should launch this fall and mobile NY sports betting will not be too far behind it.  Source: LegalSportsReport

Virginia

Virginia reaches $1 billion in sports bets placed in less than five months

Sports betting has proven enormously popular in Virginia since its launch in late January, and the state passed a milestone recently with $1 billion wagered, the fastest state to reach that mark. There are now 10 companies licensed to take bets within the commonwealth. 

What's perhaps most amazing about this news is that Virginia does not permit wagering on in-state schools or games that feature them.  The University of Virginia Cavaliers are among the most high profile teams in college basketball. 

From Richmond.com:

Sports betting is overseen by the Virginia Lottery, and is already the most popular product the Lottery offers. Last year, the lottery took in $2.15 billion in revenue, and wagering at sports books is on pace to surpass that in 2021, even though most companies didn't come online in time for the lucrative NFL playoffs and Super Bowl.

The lottery itself only pays out around 61% of each bet as prize money whereas that number is closer to 95% for sports wagering.

 

- Chris Costigan, Gambling911.com Publisher

Gambling News

Does the IRS Report How Much I Won at DraftKings?

If you won over a certain amount of money betting at DraftKings, the online sportsbook is obligated to report your winnings to the IRS.  DraftKings and other regulated sportsbooks typically require you to provide your social security number during the registration process.

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