Weekly Sports Betting News Roundup: Legislation and Earnings Season

Salvador Perez #13 of the Kansas City Royals celebrates. Matthew Stockman/Getty Images/AFP.

Here is all you need to know about this week’s most interesting sports betting industry news and updates. Check it out!

Legalized Sports Betting: Kansas vs. Missouri

As more than 33 states have now legalized sports betting in America, areas left in the dark include both Kansas and Missouri, despite both locations showing a level of dedication to legalization this year.

Missouri has recently fallen short in the race to legalize sports betting as the sports betting bill received political debate late in the session and failed to pass this past Friday.

Sen. Denny Hoskins was responsible for a delaying-tactic that passed to add VLTs, as three MO sports betting bills were presented to board members for the third offering outside of casinos.

Missouri residents will have to wait for their chance to wager on sports legally, but Kansas is coming to close an official launch date – that has been tipped for the NFL 2022/23 season following a bill signed on Thursday by Gov. Laura Kelly.

New York and New Jersey Handle Reports

A close eye has been kept on the states of New York and New Jersey, as these two major players in the sports betting industry have given zero indication of slowing down.

The betting handle in N.J. has been on a consistent rise since the beginning of 2022.

New York released their mobile wagering handle for April ($1.39 billion); this is the lowest total for NY in 2022 but is also expected as U.S. sports betting has entered its second-quarter slowdown.

Minnesota Sports Betting

The good news was welcomed with bad news for sports betting in Minnesota. After passing the House this past Thursday, MN sports betting is now presented with an unpredictable battle with the Senate.

The Senate is opposed to tribal exclusivity and will present an economical offering of its own.

This will undoubtedly halt the proceedings, but with the session coming to its conclusion next Monday, time is of the essence for Minnesota to receive the go-ahead.

Wynn Interactive Regains Composure

We aren’t sure if Wynn is still looking to keep their interactive division or part ways, but their overall recovery following a rough 2021 is a significant improvement.

Gaming revenue from 2021 has grown 23% in the first quarter comparisons. Losses of $79 million from 2021 have also taken a significant drop to $31 million in 2022.

Wynn CEO Craig Billings mentioned that Massachusetts sports betting would be big business:

“We’ve always viewed Massachusetts as an important bootstrapping event for WynnBET. If you look at some of our competitors and their market share in states where they have a physical presence, it’s clear that bricks and mortar is an advantage.”

A passing of the Massachusetts sports betting bill remains uncertain, as the House and the Senate boast opposing proposals and would need to find a middle ground to progress any further.