IRS Memo Could Cost DFS Companies Millions
On the surface, it doesn’t seem like daily fantasy sports fall under the umbrella of sports betting. After all, the player chooses his team’s makeup based on some skill sets. And the real performances of the athletes determine whether the player wins cash. But an IRS memo says otherwise, meaning fantasy sports giants FanDuel and […]
Tennessee Settles on Sports Betting Date
Could Tennessee finally have a launch date for sports betting? If Tennessee Lottery President and CEO Rebecca Hargrove is right, bettors will be able wager on NFL games by November 1, making the state the first mobile-only market in the country. Tennessee has no casinos for conventional sportsbooks. The lottery has taken a lot of […]
Cordish, GAN Launch iGaming Site
Cordish Gaming Group, a division of the Cordish Companies, last week announced the launch of PlayLive!, the operator’s new branded internet gambling business in Pennsylvania. The site will make its debut ahead of the company’s two new Pennsylvania casinos—Live! Casino Pittsburgh and Live! Casino & Hotel Philadelphia, which are slated to open in 2020 and […]
As Casino Revenues Lag, iGaming Fills the Gap
Although brick-and-mortar casinos have suffered grievously from the effects of the Covid-19 pandemic, iGaming’s profits have increased handily during the same period. A report from the American Gaming Association said that revenue from iCasino games totaled $402 million in 2020’s Q2, which is triple what online casinos made during the same period in 2019. That […]
Kentucky Derby: ‘Tis the Season for Tiz the Law
Don’t look now, but the Kentucky Derby is just around the bend, and Tiz the Law is out in front. The rescheduled Run for the Roses occurs September 5 at Churchill Downs in Kentucky, after the Covid pandemic postponed the May 2 event. Who would have figured an event that takes place the first Saturday […]
New Hampshire Sportsbook Opens
New Hampshire’s first sports betting retail location has opened. The DraftKings Sportsbook at the Brook at Seabrook, approved to host sports betting by voters this year, allows wagering on professional and college sports. To mark the opening, Governor Chris Sununu declared, “This retail sportsbook represents the next evolution for the New Hampshire Lottery and DraftKings, […]
D.C. Sports Betting Starts Slow
Sports betting in the nation’s capital failed to excite in its first two months in business. The DC Lottery, which regulates sports betting in the city, reported just $1.2 million in handle through August 3. The wagers produced $237,000 in revenue. The GambetDC platform launched at the end of May while the mobile app came […]
Virginia Issues Phase 2 Sports Betting Regulations
The Virginia Lottery recently issued its second set of proposed sports betting regulations, including 17 new rules regarding operations, internal controls and enforcement. Phase 1 proposed regulations were released July 15, addressing consumer protections, self-exclusion and applications, among other topics. The definitions section of Phase 1 proposed rules also was updated. Virginia sports betting law […]
IRS Targets DFS
In a surprising memo from the Internal Revenue Service last week, the agency ruled that companies that work in the daily fantasy sports industry will have to pay the same excise tax on entry fees as companies in the sports betting industry pay on wagers, 0.25 percent. The memo was authored by Holly Porter, associate […]
Sports Books Lose Big as Big Ten, Pac-12 Cancel Seasons
On September 5, the No. 10-ranked Penn State Nittany Lions were scheduled to open the football season against the Northwestern Wildcats. But that game and all the others on their schedule fell by the wayside when the Big Ten Conference cancelled the season August 11 to protect the health and safety of student athletes during […]
Study: PA Shutdown Cost $424 Million in Lost Taxes
A study by Pennsylvania’s Allegheny Institute has found that the state lost $424 million in tax revenue while the 12 casinos were shut down between March and June. Pennsylvania casinos, which deal with some of the highest gaming revenue taxes in the nation, lost around $968.8 million in potential gaming revenue during the shutdown, which […]
Vegas Visitation Down 70 Percent in June
Visitation to Las Vegas in June came in at just over 1 million, a decline of 70.5 percent from the 3.6 million visitors who came in June 2019. That’s not bad compared with the shutdown months of April, when volume fell 97 percent, and May, when it was down 95.9 percent, and the city drew […]
