Sports Betting Week in Review (11/30-12/4)
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A lot is going on in the sports betting industry this week, with states looking to launch online sports betting to sportsbook looking to enter more U.S. states. November betting reports are starting to surface, which will gauge how well the industry is doing as the calendar shifts to a football the only month. Here are this week’s biggest stories.
Monday: Fox Sports Midwest to Offer Sports Betting
Fox Sports Midwest is looking to add sports betting into its shows and broadcasts. The company is looking to create a sports betting app that will allow fans of Fox Sports Midwest teams to wager on live games and get involved in the action. There is no timetable for when this will happen, but Fox Sports Midwest is in the early stages of the process. The company is based in Missouri but does reach Illinois, Indiana, and Iowa, which has legal sports betting.
Tuesday: Michigan Could Launch Online Betting in 2020
This week, Michigan lawmakers got together to finalize sports betting laws in the Great Lake State. There is a chance that Michigan could go live with online betting in the next few weeks, depending on whether or not Michigan will allow sports betting’s 15-day holding to be waived. This has been a big week for the state and will decide when sports betting can go live.
Wednesday: New York Looks to Pass Online Sports Betting
New York is another state looking to go live with online sports betting. Due to the coronavirus pandemic, the Empire State faces a huge budget deficit that will need to be patched before the 2021 Fiscal budget is due in April. New York is facing a multi-billion dollar deficit, and what better way to fix that problem than by legalizing sports online sports betting.
Thursday: Flutter Acquires More Shares of FanDuel
This week, Flutter Entertainment purchased 37% more stake in FanDuel. The company now owns 95% of FanDuel, with Boyd Gaming holding on to the final 5%. The move The acquisition is worth $4 billion to make Flutter the majority stakeholder in FanDuel. The company increased its share from its original 58% holding. The move is going to help Flutter and FanDuel in the long-term. FanDuel will expand into more U.S. states at a quicker pace, while Flutter is backing one of the most popular sportsbooks in the U.S. This should be a win-win situation for both parties.
Friday: 888 Holdings Expands Into Three U.S. States
888 Holdings announced this week that they would be expanding into three more U.S. states by the end of 2021. 888, which also runs 888sport, will be going live in Colorado, Indiana, and Iowa next year, bringing its U.S. state total to six. 888 already has operations in Nevada, New Jersey, and Delaware but is looking to expand to gain greater market share in the U.S. 888 is a sports betting operator in the U.K. and has become a popular brand worldwide. It is now starting to see success in the U.S. and hopes that the expansion will continually add more states to its portfolio. Although the company is still small, it could become a bigger U.S. brand over the next few years.
