As we move towards the end of 2020, we can say that the US iGaming market has seen a lot of progress this year, in terms of its market expansion, regulation and license issuance. States like New Jersey and Illinois that have large betting handle brought over a hundred million dollars in wagers. We’ve reported just recently that the total betting handle in the US in Q3 was $2.9 billion, with Illinois accounting more than 10% of the wagers.
Online sports betting will be included in the revenue bill
It seems that New York is making the final push to legalise online sports betting in New York. This Tuesday the lawmakers and regulatory bodies expressed their opinion regarding the launch of the fast track legislation process. One of the legislation proponents has reported for the news outlets, saying that even though they won’t have regular parliamentary sessions until March, a new state budget plan will be announced by the beginning of April 2021. In the meantime, they’re ready to take actions, make amendments and speed up the process.
The state of New York has spotted massive revenue shortages, and legalising online sports betting would be of a great benefit to the revenue, especially towards investments in NY’s educational system. A speaker of the New York Assembly unofficially said that online sports betting would be part of the new revenue bill that should be published by the end of this year. New York’s retail sports betting market had gross gaming revenue of $2.6 million just in October.
888 expands its US operations
888 is expanding its US reach with access to three additional sports betting markets in Colorado, Iowa and Indiana. Even though the operator did not release official annual figures, they expect that revenue will be 45% higher compared to 2019. This is a result of their continuous customer acquisition and shift from retail to online markets.
The CEO of 888 Group Itai Pazner said the group’s performance reflects strong trends in FTD’s and customer focus. In the next period, they will continue to prioritise safe gambling practices and recognise the impact of the global pandemic on the global iGaming market.
888 is currently live with its sportsbook representatives only in New Jersey, and its B2B poker platform is operated in Delaware and Nevada. Their plans for 2021 are to continue to appraise strategic partnerships which will provide additional brand value and market access across the US.
Michigan is weeks away from online sports betting
There seems to be a significant push by regulators and lawmakers to get Michigan live and running for casino games and sports betting before the end of December. A month ago, the state of Michigan eased the self-exclusion rules because the Board thought the ban is too restrictive. Previously, the policy included a lifetime ban that impersonated a barrier between providers and players. The Michigan Joint Committee on Administrative Rules (JCAR) waived a 15-day waiting period to approve proposed state regulations.
The approval would speed up the process to commence online gambling and generation of tax revenue JCAR approved the rules proposed by the Michigan Gaming Control Board and tax rates proposed by state lawmakers. The Board can now proceed in fielding mobile sports betting and iGaming applications from commercial and tribal casinos. Both the state and casinos could see a boost from the start of the NBA season and NFL betting. It’s questionable whether betting on the regular sports season would be possible because it ends on January 3rd, but the Super Bowl betting will likely be up and ready without delays.