Tennessee Looks to Hire Sports Betting Executive as Revenue Continues to Rise in State

The Tennessee sports betting industry continues to put up some big numbers, even though there have been some challenges along the way. June was another good month for the industry in terms of revenue, but some big decisions remain for the Sports Wagering Advisory Council. 

There are still just seven online sportsbooks available in the state of Tennessee, but these operators saw a nice month in June. Both the total handle and sports betting revenue jumped last month after a disappointing month of May. 

Last month’s total sports betting handle was $174.5, which was a jump of 8.5 percent from May. This is typically a slow time for the entire US sports betting industry but showing growth is a positive sign. 

The Tennessee Education Lottery (TEL) announced the jump in the handle, and it was also a great month for total sports betting revenue as well. The adjusted gross income was $16.1 million, and that factors in the amount of money paid out for promotions. 

The privilege tax for the state was $3.2 million, which was an increase of more than 18%. All of these numbers reflect a positive month of sports betting for Tennessee. 

Tennessee had seen the total handle drop for three straight months, and snapping that trend was needed. The next major month for betting in Tennessee will come in September, when the NFL season begins. 

Before that happens, the state could see a number of new operators entering the market. The TEL has confirmed that they have received a sports betting application from five different potential operators. 

Three of those applications have already been reviewed, and a decision will be delivered in early August. This should also help the state see a boost in numbers, but the current sports-betting leaders will not be challenged. 

FanDuel, BetMGM, and DraftKings continue to lead the way in Tennessee, and all three operators just had their licenses renewed. 

September Target Date For New Executive 

The Sports Wagering Advisory Council is set to become the top governing body of sports betting on January 1, but this group is still without its top executive. The SWAC has set a target date of September for a new executive to be in place, but there are several steps that need to be taken. 

Applications are currently being accepted for that new position, and those will be accepted all the way through August 11. At that time, the SWAC will begin going through the applications to narrow the field. 

At one point, the SWAC discussed seeking the help of a search firm, but they believed it would take too long. There have already been a large number of applications received, and the SWAC is hoping to update the job description. 

Danielle Boyd was the previous top executive for the SWAC, but she left the position in March. There was hope that the SWAC would receive interest from others in the gaming industry to help this become a smooth transition. 

The Appeal of Sports Betting

When you think of sports, what comes to mind?

Lounging at the house on a lazy Sunday in your favorite pajamas as your hometown heroes take the field— going out to a local restaurant for food and drinks with your high school friends that you get to see once a year— taking a trip with your family to go cheer on your team against their archrivals— no matter what your idea of a typical day of sports is, it has probably produced a few of your favorite memories.

Sports Gambling in America

In May 2018, the Supreme Court of the United States ruled in favor of the state of New Jersey and said that the 1992 national ban on sports gambling violated states’ rights; ever since then, sports gambling has exploded.

According to Statista, sports gambling accounted for $1.55 billion in revenue in the USA in 2020, and the market is still rapidly expanding.

Sportsbooks are quickly being introduced state-to-state as more outlets for betting are being created, whether online or in-person, at casinos and racetracks. For those who are new to the betting industry, this can be intimidating— so the question is, why participate in sports gambling?

Why Participate in Sports Gambling?

Simply put, sports gambling is the easiest way to accentuate your fandom and experience cheering on your favorite team or simply getting involved in the world of professional athletics. Every sports fan is a self-proclaimed expert, and gambling provides the opportunity to test your wits against the oddsmakers and see just how smart you are— of course, there are monetary rewards in play if you can outsmart the sportsbooks, which makes sports gambling all the more enticing.

Sportsbooks are set up with user interfaces that are easy to navigate and offer rewards and promotions, which can tempt new patrons to their sites or physical locations. Many states are considering, if not already planning to introduce sports gambling into their states, so the sooner that you can join, the more experience you will gain.

What is Offered in Sports Gambling?

Sports gambling is not limited to any particular sports, discipline, style of bet, or location. Sportsbooks accept bets on anything from Major League Baseball to the Australian Football League, and some sites even allow visitors the opportunity to create their own bets, which will be given odds by the professionals later on.

Different types of bets can be placed on outcomes, future bets on teams or individuals, points scored, individual achievements, and just about everything that you can think of, including fun props like the length of the national anthem, the result of the opening coin flip, or which team will take the field first.

What is the Direction of Sports Gambling?

Sports gambling is on pace to become one of the biggest draws in America, with returns already reaching astronomical heights despite gambling having been legalized just over three years ago. State Governors and other officials are starting to agree that the betting industry can help state growth as well by increasing taxable streams of revenue, meaning that they are likely to legalize gambling at the state level; over 50% of states have legalized sports betting already, and this number is expected to grow quickly.

Sports fans themselves are the huge proponents of these advances, and sports betting creates a new dimension of immersion and competition that is accessible at home or on the go (in places where online betting is allowed). 

Is Sports Betting REALLY Worth It?

Just like with anything else, finding your place in the sports betting industry comes with time and experience, and there is no uniform answer that fits everybody. While certain players may favor taking their team on the moneyline, a straight-up prediction of who is going to win a certain event, others may prefer hunting for props, or fun additives that focus on the decentralized aspects of competition, like which player on the Kansas City Chiefs will finish with the most receiving yards.

Bets can also be taken in real-time in live bets, which adjust odds based on what is happening in the game; this creates an interactive experience that can help sports fans feel like they are helping to influence the outcome, all while having the ability to increase their winnings by reacting to what is happening in the game.

In a way, sports betting is like playing a fantasy sport, in the sense that you can set your lineup of bets for the day, make adjustments on the fly, shop around different areas for the best value, and if you do not like where you are headed, get a fresh start the next day.

Fantasy Sports… Is That A Part of Sports Betting?

Although they are offered everywhere in the United States, fantasy sports can be played in a daily format in states that have legalized sports betting. This is an even greater draw for those who want to assume more control of their situations, as bettors can select what players they want to represent them on that particular day, putting bettors’ skills as a coach and analyst to the test. 

For true sports fans, this opportunity to assert themselves in action is irreplicable.

So, I Should Get Involved in Sports Betting?

If you are a sports fan, looking for excitement, or want an easy way to make money, absolutely. Sports betting is one of the largest and fastest-growing industries in America, offers unique experiences, and is tailored to your individual experience.

Plenty of sportsbooks are available for use, and signing up is easy; a quick Google search will help you find the sites that are available to you, and after a bit of time to explore each and test out their features, you will be able to get started very quickly.

This is one of the best channels for true sports fans to express themselves, so go get registered today and join the biggest draw in modern athletics. Do not miss this train while you still have a chance to ride.

The Role of Government in Sports Betting Regulation

Sports betting is one of the most lucrative industries in the world today. In 2019, the global sports betting industry was valued at around $85 billion despite the hit by the COVID pandemic. Today, almost two years after the pandemic hit the globe, the industry still has numerous growth opportunities. Governments from all parts of the world have their say in sports betting. Some deem it illegal, and others have seen the benefits and legalized the activity. 

Legal issues that surround sports betting can be somehow complicated. Moreover, international sports betting is even more complex. Governments have formed different feels towards sports betting and gambling. Different tolerance levels are sustained, which has led to new policies in sports betting licensing and taxation. Before enrolling in sports betting, it is crucial to determine the regulations and procedures the land law has enacted. 

Regulated and Unregulated Sports Betting Markets

Sports betting started as a hobby but has grown to be the most gainful economic activity in the world today. Despite the heat of the Covid-19 pandemic, the industry has picked up the broken pieces, and more sportsbooks are back in the market with massive gains. By the end of 2021, the US betting industry is estimated to generate up to $1.3 billion in revenue.

The government’s feel towards sports betting affects the operations and profitability the bookmakers make. The legal status of sports betting alone has sweeping effects on the players, operators, the government, and anyone affected by the industry. 

Major bookmakers openly advertise their products in a legal sports betting economy, hire qualified and renowned personnel, and some are listed as public trading. Players enjoy seamless deposits and withdrawals and are assured of fairness in gaming. 

For the outlawed sports betting market, things are pretty different. Bookmarkers operate in a ‘black market’, avoiding any publicity. They operate in secret and in laissez-faire. In this environment, you can never know whether a sports betting firm is legit or not. It is difficult to determine the owners and those who run the betting companies since no one wants to have their credentials associated with illegal gambling. 

Players on the other end find it quite tricky. It is tough to make deposits and withdrawals, though gaming enthusiasts will still find a way. These players have nowhere to run but and in most cases, they are ripped off by rogue and unregulated operators. Online sports betting in an unregulated sports betting market is more accessible but harsh for players since consumer protection laws or local regulations do not apply. 

Sports Betting in a Legal and Regulated Market

A well-regulated market means that the government of the land is effective at protecting the consumers. Some governments will, however, overregulate and overtax the industry. Sports betting regulations ought to have a balance to avoid going too far. Overregulation limits the betting companies, thus creating monopolies in the sector, and players lack the freedom of choosing bookmakers. This forces players to bet at unlicensed foreign sites. 

A well-regulated sports betting market is good for the players, bookmakers, and the government. There are higher chances of better economic development as sports betting is a significant contributor to tax revenue.

Benefits of a Government Regulated Betting Market 

  • Anti-money laundering. Government betting licensing bodies require operators to report any suspicious activities. It is also mandatory that bookmakers implement ‘Know Your Customer’ (KYC) procedures after licensing.
  • Easier dispute recourse. A betting regulator is the first recourse for disputes between the operator and players. They have dispute resolution procedures in cases of payment failures and unfair treatment. The regulation enables all betting related disputes to be handled in-house instead of flocking the legal systems. 
  • Fighting poker-collusions. Government regulations help eliminate the two major collusions in poker. One, if it’s known that an online poker site is not working towards getting collusion in control, it risks scaring off legitimate players. Two, any poker site which allows games corruption risks losing its license. A regulated poker site can detect collusion via modern automated processes. They spot suspicious betting patterns and players who use unscrupulous methods to get a seat at the table. 
  • Responsible financing. Operators must have enough money to pay players at all times. Government regulations help secure players’ trust in the sports betting operator. Some governments require operators to hold pay out cash in a separate account.
  • Fair advertising. Unregulated betting companies advertise with false information to lure customers into making new signups. Regulating bodies provide for truth-in-advertising standards. 
  • Gamblers Problem Assistance. Gambling problem is a result of addiction. It results in crime and uncouth behaviours associated with hunger for gambling. Operators in licensed betting detect and provide resources to assist the affected people. Players can set maximum deposit limits through voluntary self-exclusion programs. 

Sports Betting in a Restricted and Prohibited Environment

Some governments either severely prohibit any gambling activities or impose restrictions to protect government monopolies. Players have a limited choice in such a gambling environment and may choose to bet at unlicensed markets. Most governments with strict limits to sports betting seek to stop money laundering, stop gambling problems, and prevent any form of underage gambling. 

Results of Sports Betting in a Prohibited market

  • No transparency. Betting companies operating in restricted betting economies are illegal. They have no incentive for openness. The companies try to be opaque to hide from authorities. They hide the business ownership status and work with suspicious betting patterns which are likely to hurt new players. 
  • Difficult payment procedures. Players have a tough time depositing and withdrawing funds. Credit card companies, banks and most financial institutions require the provision of a license between incorporating gambling sites into their payment program. Unlicensed and illegal betting sites result in expensive and riskier options. 
  • Corruption-free market. Players have a great base to decide the sports betting operators they choose to register with. The free market, however, has no recourse in times of disputes. Most rogue operators will rip players, and unfortunately, there’s no possibility for a court redress.
  • Little or no background checks. Sports betting companies operating in a restricted betting environment are not vetted before operations. They work in anonymity in the ‘black market’ and allows pro bettors to play without being caught. 

Betting in Unregulated Market

Sports betting is still unregulated in most parts of the world. This means that the government in these nations and developing markets are yet to address the gambling issue. They are silent on sports betting. Players in such economies have great freedom whether paying in land-based or online betting sites. With time, the government will either choose to regulate and control the betting or prohibit gambling. 

Results of Sports Betting in an Unregulated Market

  • Easy payment. There are no laws limiting sports betting; thus, bookmakers are at liberty to embrace any banking options for deposits and withdrawals.
  • International regulations. There are no regulations in home countries, but players can choose to take advantage of strict regulations with foreign bodies. UK betting sites, for instance, are safe to play in an unregulated economy since they are subject to the strict regulations in the UK. 
  • No legal clarity. Bookmakers operate in uncertain circumstances meaning they never reach their maximum potential. Sports betting is neither prohibited nor allowed. Operators cannot make long-term plans since government decisions on sports betting in the area may alter all their development agendas. 

Significant Benefits of State-Legalized Sports Betting

The heightened growth of the online betting industry through the uptake of mobile phones, laptops, and tablets, has led regulatory bodies to think of how to make the industry safer and better. Governments’ input in the fast-paced sector with ever-changing tech advancements is vital. A legalized sports betting framework is an added advantage to a nation’s economy.

  • Increased tax revenue. The federal government and local states have gained massive revenues from sports betting legalizations. Pennsylvania, for instance, taxes betting companies 36% in addition to the $10 million licensing fees. In June 2021, the Pennsylvanian government made over $12 million in tax revenue. The substantial size of the sports betting industry could contribute over $8 billion tax to regulated markets. It’s a significant boost to governments across all levels. With increased revenue, governments can set up support centres to identify and help those at risk of gambling problem. 
  • Creation of employment. The US gambling industry employs around 120,000 people, with the UK counterpart employing approximately 107,000 people. New sports betting casinos open with a wide range of opportunities for residents in the thriving sports betting industry. Positive government influence in the sports betting sector creates more jobs both directly and indirectly. Online sports betting is in continuous need of high skilled coders, web administrators and support staff. The rising industry needs additional legal representation, thus opening up extra job opportunities for legal professionals. 
  • Safe ground for players. Government legislations and laws have made sports betting platforms secure for players to try their luck. Legalizations of sports betting have seen increased signups both in online sports betting and land-based casinos. Players find it easy to place more wagers at the comfort and safety of their homes.

Future of Governments’ Directions on Sports Betting; Legal or Illegal

Some countries continue to deem sports betting illegal as others legalize the same. In our opinion, a government that restricts sports betting at this age would make an unwise decision that will have massive financial implications. Sports betting should be embraced for full economic recovery, especially after the Covid pandemic’s economic shutdown.

Michigan Sees Steady $260M Handle for Sports Betting in June

Michigan sports betting has become a factor in the United States legal gambling market since online wagering launched at the beginning of the year. The sports betting numbers held steady in June, which pleased the industry.

Financial stability in sports betting shows that a market is strong. Frequent fluctuations create unsteady tax revenue for states, so this is undesirable. Between the retail and mobile sports betting handle, the total was $260 million.

Details of the June Handle

The online handle in Michigan has continued to dominate. Out of the $260 million total, $235.1 million came from internet wagers. This dropped by 1% from May’s $237.6 million. Since retail betting slightly rose, Michigan’s total betting handle was up from May to June.

The three commercial casinos in Michigan saw $24.3 million in bets placed throughout the month. This brought the exact sports betting handle to $259.5 million, up 0.7% from May’s $257.7 million total.

The total online adjusted gross sports betting revenue was $16.8 million for June. This was a massive spike from May’s $9.1 million. With the $2.2 million in revenue from retail wagers, the total number was $19 million.

When retail and online revenue is combined, the total rose 63.9% from May’s $11.6 million. The state earned $1.014 million from sports betting taxes. This was split between $927,575 for online and $86,785 for retail tax revenue. This was close to a 50% increase from May.

Even though Michigan’s handle was consistent, operators had better luck winning this month which increased revenue. This resulted in much more money for the state legislature.

Internet Casino Gaming

Michigan’s online casino gaming market did not have a comparable month to sports betting. Operators declared that the total dropped from $94.9 to $89.2 million. This was a 5.6% drop from month-to-month according to the Michigan Gaming Control Board.

The board’s executive director Henry Williams spoke following the solid gambling month in MI.

He said, “Michigan’s gross internet casino gaming and online sports betting wagering receipts in June roughly matched May. Summer is here, and Michigan is reopening after the pandemic restrictions, so there are many entertainment opportunities. The slight tenth of a percent decline from May to June shows internet gaming, and online sports betting continues to draw Michigan residents’ and visitors’ interest.”

FanDuel Dominates Sports, BetMGM Controls Online Casino Gaming

FanDuel and BetMGM are two of the top gambling operators in the United States. FanDuel shined for sports betting along with DraftKings and BetMGM. These three books control the majority of the market.

FanDuel had the largest online sports betting handle at $77.2 million in June. DraftKings was just over $20 million behind the platform. BetMGM followed in third with nearly five million less than DraftKings.

When the three handles were combined, the handle controlled 79% of Michigan’s online sports betting market. Barstool Sportsbook, which is making progress in the state, was in fourth at $16.7 million.

Barstool’s best handle came in February, but it has been declining since this month. BetMGM dominated online casino gaming with a $33.7 million betting handle. This was over double DraftKings Casino platform.