Weekly Sports Betting News Roundup: Promising Figures from March Expected

A general view of Yankee Stadium in New York City. Mike Stobe/Getty Images/AFP

The initial flood of sports betting revenue from March is due to arrive this week. And with the help of the NCAA’s March Madness tournament, most states are expecting a positive month-to-month increase.

A report from Iowa bookmakers arrived this past weekend, and it stated that customers had wagered more than $230 million in March. This is an 8% increase from February’s figures and a dramatic 44% increase from March 2021.

We can expect more revenue news from Washington DC, Maryland, Indiana, and Connecticut this week and New Jersey, Pennsylvania, and Louisiana to follow next week.

First Quarter Earnings Are Here Already

Although industry leaders such as Penn National, MGM Resorts, Caesars, and BetMGM won’t reveal their complete figures until May 2022, fourth-quarter results have concluded as we enter the month of April, and it’s time for establishments to crack open their first-quarter profits.

The current interest will undoubtedly be in the new markets in New York, Louisiana, and Ontario, and their actual earnings will be revealed in due course.

New York Isn’t Adding New Licenses

Senator Joe Addabbo Jr. revealed that the evolving New York sports betting market has decided against adding new licensees in 2022.

The gaming industry limelight for the 2022 budget was for casino licenses, which surpassed the overall budget this past Saturday.

Making matters more complicated, the addition of sports betting licenses won’t be a simple procedure, as the consideration of proposals that could lower and maintain the tax rate was refused.

Nobody wants to threaten the current tax rate, money assisting with the state’s educational advancements. Since their January launch, the eight operators currently running in New York are already under $150 million in taxes.

Ontario Operator’s Progress Since the Provinces Market Launch

Since Ontario’s privately operated sports betting and casino market debut, multiple business deals have been made.

Penn National/theScore Bet became the exclusionary iGaming partner of Major League Baseball’s Toronto Blue Jays franchise.

A deal worked by FanDuel with the Canadian sports network TSN to become their exclusive odds provider, and both FanDuel/BetMGM lengthened their alliance with the NHL in Canada.

Sports Wagering Legislation

The state of Georgia has had its hopes of legalized sports betting shot down, but countless other states are working towards the passing of bills.

Minnesota sports betting has seen a bill pass through the state’s tribes, where a tax committee passed.

The next stage requires the bill to go through the Ways and Means Committee, but they’ll also have to fight against the charitable gaming industry of Minnesota, which isn’t in agreement with the bill.