Draftkings Sportsbook Legal
Jul 23, 2020 While DraftKings at Casino Queen and the third parties used to provide the DraftKings at Casino Queen Services use reasonable efforts to include accurate and up-to-date information, neither DraftKings at Casino Queen nor its third-party providers warrant or make any representations of any kind with respect to the information provided through. DraftKings Sportsbook launched in New Jersey on August 6, 2018, becoming the first sportsbook to go live in NJ and the first legal online sportsbook in the U.S. It’s available on apps for both Android and iOS devices and also as a web-based platform. Is DraftKings Sportsbook legal? Yes, if you are in a state that has legalized sports betting. In 2018, the Supreme Court struck down a law blocking sports betting, and leaving legality up to individual states. Sports gambling may soon become legal across the United States, but currently, each state is going through the individual legal process.
- States Draftkings Sportsbook Legal
- Draftkings Sports Betting States
- Is Draftkings Sportsbook Legal In Pennsylvania
- Draftkings Sportsbook Legal Michigan
- Is Draftkings Sportsbook Legal In Ny
The US sports betting market is still in its early days but has already played host to some spectacular deals since 2018.
States Draftkings Sportsbook Legal
- Penn National’s acquisition of Barstool has received praise for the way it transformed the company.
- Flutter has seen the value of FanDuel increase 20-fold since its initial investment (although that first valuation is being disputed in court.)
- DraftKings’ acquisition of SBTech paved the way for aspectacular stock market run.
The deal-making in the sports betting industry shows no sign of slowing down.
“Everyone is talking to everyone” said Simon French, the co-founder of advisory firm BixtethPartners. “There’s a lot of motivation to do deals, from valuation arbitrage to technology plays. There are still a lot of big guns yet to fire bullets.”
So what sort of transactions could we see in 2021?
SPAC attack in US sports betting
For starters, more companies are likely to going public. Jefferies analyst David Katz said demand for sports betting opportunities among institutional investors was “unbelievable.”
“The volume of calls we get, the readership of notes, it’s been amazing,” Katz said. “There is certainly a gold rush feeling here.”
At present that demand is seemingly funneled into two high-profile sports betting stocks: Penn and DraftKings. But the markets have a way of leveling themselves, and more supply is on the way via SPACs.
More opportunities coming?
It helps that SPACs involving DraftKings, Golden Nugget,Rush Street andGenius Sports have all been well received. And there are several more funded SPACs looking for targets within gaming.
Like any gold rush, there’s plenty of money available for those providing the picks and shovels. As one Wall Street source put it:
“If you provide anything to this industry and you’re not trying to take advantage of the multiples available in public markets, you’re not doing your job. If people are willing to hand out money at astronomical valuations, why wouldn’t you take advantage of it?”
SPACs are a simple solution to speed up that passage to the public markets, so expect more of the same in 2021. The impact of that glut of supply on valuations? Well, that is its own question.
Another deal for DraftKings?
Aside from the external interest in the sector, there’s plenty of appetite for deal-making within it. DraftKings is an obvious candidate to be at the heart of any wheeling and dealing. At its recentQ3 results, DK had $1.3 billion on the balance sheet, which CEO Jason Robins said could be earmarked for M&A.
The company has been linked in the past with media outlets likeBleacher Report, but could feasibly have a bigger target in mind.
“DraftKings acquiring a European operator in stock would make sense in theory,” said WillHershey, CEO of RoundHill Investments. “That would be immediately accretive to earnings.”
Such a deal would make the most of DKNG’s lofty valuation, especially if a similar multiple were applied to any European revenues it acquired.
Bolt-on M&A options
Content is also still highly sought after, according to the banker. To that end, operators are looking at names like The Athletic, Bleacher Report, Sports Illustrated and Action Network.
Companies are also looking at daily fantasy sports. We saw two sportsbook investments in fantasy companies in one day this week, and expect more of the same.
Fantasy operators can build customer databases in not-yet legal betting states like California, and take sign-ups three years earlier than sportsbooks with a legal age of 18 years old. (Of course, DraftKings and FanDuel are already doing this as well.)
Why DFS makes sense
For a sportsbook, having a fantasy option in-house helps capture a higher share of a player’s wallet. At present, a William Hill customer (for example) needs to go to FanDuel/DraftKings to play fantasy, from where they might never return.
Or how about a deal focused on in-play betting? In-play is one of the fastest-growing areas of US sports betting, but the product is certainly not perfect yet. In fact, some argue it is “broken” thanks to delays, heavy vig and not enough uptime.
It’s the type of niche technology problem that could be solved by a startup rather than a legacy operator. A company like SimpleBet has made some progress on this front with a free-to-play micro-prediction game gaining tractionover at FanDuel.
Best opportunities outside US sports betting?
In fact, B2B technology as a whole is a hot sector given the success of DraftKings/SBTech and more recentlyBally’s and Bet.Works.
“We’ve been surprised by the number of US betting operators wanting their own tech stack,” French said.
That could make privately-owned software names like FSB and Amelco attractive for US casino chains.
iGaming as well
It’s a similar story in online casino; a relatively unloved market at present, but one with more value still to be unlocked.
French noted Playtech as an option for US operators looking to own their casino technology. Indeed, earlier this year Playtech shareholder Jason Ader argued the company would be an ideal target for DraftKings.
On that note, Ader told LSR he expected to see more US land-based giants acquiring European online operators like the Caesars/William Hill deal.
“If they don’t, they risk going out of business,” Ader said. “If you’re a retailer that didn’t move online, you don’t exist anymore. Who’s thriving against Amazon? Wal-Mart. They built an amazing online business to complement their stores. MGM, Caesars, Wynn. They have a choice to be like Wal-Mart or disappear.”
In short, there’s a palpable sense of an ongoing gold rush for US betting sites, and 2021 looks set be a year of blockbusters.
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Bet365 may not be a household name in the United States, but sports betting fans in New Jersey will quickly learn why Bet365 has been so successful in the UK and Europe. The Bet365 online sportsbook and mobile betting apps for iOS and Android devices are available today in New Jersey.
It is expected that Bet365 will expand to more states by the end of 2020 as the regulatory environment for sports betting improves. States like Colorado, Tennessee, Virginia and Michigan are paving the way for more online/mobile sports betting approvals in the U.S.
Using our Bet365 Bonus Code will lock in your free $500 bonus.
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Legal Online Sportsbooks & Sports Betting Apps in USA
We will examine essentially every facet of sports betting in the United States, starting with the history of sports betting and concluding with the future of legalized sports betting in the U.S.
Sports Betting Regulation History
To look at the origins of sports betting, we need to look at the origins of gambling in general. For the sake of brevity, we can start back during the Great Depression where the state of Nevada legalized gambling in hopes of helping out their state financially.Following the conclusion of World War II, gambling started to become prohibited all over the country, except for Nevada, which made it a unique state. In 1961, the Interstate Wire Act was enacted which was meant to eliminate the use of wire communications to “assist in the placing of bets or wagers on any sporting event of contest.” Fast-forward to 1979 and the Seminole Indian tribe got into the casino business, opening a facility that same year. The legislation really took a turn to the negative when PASPA was passed in 1992.
PASPA OVERTURNED
More recently, everyone might be familiar with PASPA, which is the Professional and Amateur Sports Protection Act. This was the 1992 law that was overturned to open to the doors to the legalized sports betting regulations we have today. However, back then the purpose was to stop sports betting, with Oregon, Nevada, Oregon and Delaware being grandfathered in. In 2014, the state of New Jersey voted against its anti-gambling laws.
In the Spring of 2018, on May 14 to be exact, the Supreme Court ruled PASPA to be unconstitutional, allowing states to open the door to regulated sports wagering.
Evolution of Sports Betting
When it comes to gambling, money plays a huge role, as well as public perception. Seemingly, the view of sports gambling has changed over the years as the public opinion has shifted. However, people do in fact enjoy gambling in hopes of that unicorn-like experience of winning. Excess income can lead to gambling for fun, and the lack of money can provide those in that situation with hope they’ll be taken care of with a win.
Sports leagues have made their opinions known about sports gambling throughout the years. Perhaps the most notorious case for sports gambling issues came way back in 1919, which is now referred to as the Black Sox scandal. This made integrity a top priority. Issues have arisen over the years in College sports as well with Boston College players involved in a points shaving scandal in the 1980’s. The Northwestern football program also experienced a “game fixing” scandal in the mid 1990’s.
Overall, it seems like the states and people in general are willing to accept the good with the bad when it comes to sports betting. Why is that? First and foremost, increased tax revenue. No-brainer. The American Gaming Association estimates an additional $26 billion being generated with legalized gambling. Estimates also include $5 billion to the general economy of states, 152,000 jobs and $7 billion in wages.
Betting Support from Professional Sports?
When PASPA was first being enacted, leagues supported it, but now in 2018, with public opinion being in favor of it, leagues have become more flexible, exploring ways to implement it to satisfy all parties involved. Specifically, the NBA and commissioner Adam Silver have been advocates for it. For Silver, it’s about fan engagement, while wanting to enact effective regulations to protect the integrity of the game.
The NFL has been all about the integrity since day one, but with PASPA being overturned, they wasted no time in stating their intent to lobby Congress for a slice of the pie. With insane popularity of betting on the current Super Bowl odds, it is no wonder why the NFL is now looking to cash in. For the MLB, they’ve had an actual scandal unfold, albeit years and years ago. In 2017, commissioner Rob Manfred spoke about it saying he is seeking “to meaningfully engage and shape” the new regulatory scheme.
No surprise, the NCAA has been a staunch opponent of legalized gambling. They’ve even gone as far as to not run ads for DraftKings and FanDuel during their championship games. There is a shed of hope, though. Recently, NCAA President Mark Emmert said he was having “active discussions about the issue.”
The sports gaming industry wants to partner with pro leagues, they simply can not agree to the 1% integrity fee that the NFL continues to ask for via state approvals or even a federal bill. The pro leagues are sure to gain additional revenue through increased TV ratings, streaming metrics and general interest.
States With Legal Sports Betting
Massive sports gambling companies such as William Hill, BetFair (FanDuel), FoxBet Promo Code, SugarHouse PA Promo Code, MGM, Ceasars and more, will be fighting for your sports wagers in each state. This gold rush of sorts is highly advantageous to sports bettors as the sportsbooks will be offering attractive new player bonus promotions and promo codes to gain your business.
There are 9 states that allow sports betting, with two of those 9 allowing it online. Those 9 states include Nevada, Delaware, New Jersey, Mississippi, Rhode Island, Pennsylvania, New Mexico, West Virginia, Washington D.C. The two that allow betting online are two of the biggest casino states in the country, Nevada and New Jersey.
Nevada
It’s been around since 1949 and is not going away. They’ve enjoyed benefits of not only bringing in more money to the state, but it’s helped numerous entertainment industries blossom. The “Vegas Blueprint” is the main goal for many states.
New Jersey
First legal sports bet was made on June 14, 2018. Online wagering began in July of 2018.
Pennsylvania
Legalized in 2017. Casinos are allowed to use temporary spaces before they get a fully functioning facility. The state law permits “by any system or method” including the internet. PA Sports Betting is now active via retail land based sportsbooks and mobile betting apps.
Mississippi
Moved quickly after PASPA was overturned. Online wagering limited only to licensed facilities.
West Virginia
Legal and operating with land-based sportsbooks and now online/mobile sportsbooks.
California
Operating land-based casinos, but no sportsbooks. Legislation introduced for sports betting, but nothing has been passed yet.
Delaware
Numerous land-based sportsbooks. Nothing online or mobile sports betting.
DraftKings and FanDuel Sportsbooks
With sports gambling becoming legal, daily fantasy sports have benefitted. The two most notable are both FanDuel and DraftKings, which actually have their own sportsbooks out in the sports gambling world now.
DraftKings Sportsbook App is in association with Atlantic City’s Resorts Casino.
The FanDuel Betting App is in association with the Meadowlands in New Jersey. Also, FanDuel was bought by the European gaming company Paddy Power Betfair, expanding its potential global reach.
The 2 leading DFS sites should be given some credit for helping to push the proverbial betting rock down the hill with their estimated $500 million TV ad spend in 2014-2015 that built the DFS industry.
The Future of USA Legal Sports Betting
With this evolution, sports betting will infiltrate more avenues and expand opportunities for advertisement. For example, there have been rumblings for Buffalo Wild Wings to bring sportsbook action into the restaurant. Overseas, sponsorships from betting companies and become integral parts of other pro sports leagues.
Recently we have seen the NJ Devils sign a deal with William Hill sportsbook that will allow betting odds to be posted within the arena. If we had to point to one action that may dictate the future trend of sports betting in the U.S., this is it. Pro teams need people to purchase tickets. With attendance across all major sports, the addition of potential sports betting options, ads, in-game bets and in arena contests are certain to increase very soon.
JUST IN: @WilliamHillUS signs sponsorship deal with @NJDevils. Prudential Center will have lounge that looks like a sports book, with TVs and odds boards. No kiosks or windows allowed, but live bets can be made through company’s mobile app. pic.twitter.com/6GicfqkuRV
Draftkings Sports Betting States
— Darren Rovell (@darrenrovell) October 25, 2018
Whatever way you want to cut it, sports betting is becoming more and more lucrative every day.
Which States Will Legalize Sports Betting Next?
2019: NY, Ohio, Connecticut, Colorado, Illinois, Indiana, Iowa, Kansas, Massachusetts, Missouri, Texas, Maryland, Virginia, Michigan
1-2 Years: Maine, Oklahoma, Kansas
Is Draftkings Sportsbook Legal In Pennsylvania
Within 5 Years: Florida, Louisiana, Kentucky, North Dakota, Wyoming, Idaho, Washington, California, Arizona
Draftkings Sportsbook Legal Michigan
Mobile Sports Betting Growth
Many sports betting operators have made the mistake of comparing the legalization of sports betting in the United States to the what has taken place in the UK and Europe of the past decade. The state structure and sheer size of the USA make it an apple to oranges comparison.
The core aspect of sports betting growth in Europe that we should look to emulate or compare is the explosive growth if live betting via mobile devices. Roughly 70% of all bets placed in the regulated markets of UK and Europe involves live or real-time betting. Bet365 and Unibet have been in the middle of this massive growth opportunity in the UK, earning over 2.7 billion in revenue last year. With a projected $150 billion in sports wagers placed in the United States, you can see why the race is on to join the legal betting market.
Is Draftkings Sportsbook Legal In Ny
Live, real-time or in-play betting will spark massive growth as long as the states are quick to approve mobile sports betting. Prop bets, 2nd half betting odds, possession-based odds (will the team score a TD here?) are just some examples of live betting attributes that will attract sports bettors via mobile and online sports betting.