Weekly Sports Betting News Roundup: Revenue Reports and More

Starting pitcher Huascar Ynoa #19 of the Atlanta Braves. Kevork Djansezian/Getty Images/AFP

Florida locals are forced to wait for legalized sports betting as a case surrounding the legality continues. However, a new compact filed by the plaintiff this past Sunday is under appeal and is still awaiting its final resolution.

The Future of Sports Betting in Florida Remains Stale

Despite the outcome of the motion, legal sports wagering in the Sunshine State could potentially take years before a positive result is accomplished.

Whilst the compact makes its way through the courts, legal experts have anticipated the case will reach the Supreme Court; a voter referendum is the only alternative avenue for legalization, but that wouldn’t happen in 2022.

Georgia Legislator is Positive about the Future of Legal Sports Betting

It’s certified that sports wagering in Georgia won’t become legal in 2022, following the state’s legislative session concluded last Friday.

Atlanta Braves are the defending World Series champions, but fans will have no choice but to wait another year to bet on their team in-state legally.

“I suppose it’s mostly disappointing because this is something whose day and time should have come already,” said Derek Schiller, the Atlanta Braves CEO.

The Braves were one of the professional sports teams based in Atlanta that supported the push for legalized sports betting.

Sports teams in Atlanta want a regulated industry, and they support wagering due to its consistent engagement with fans.

However, like in Florida, it could be years before sports wagering becomes legal in Georgia.

March Madness or March Money: $286 Million Handle in Illinois

The sports wagering handles in Illinois reached $286 million for the NCAA men’s and women’s basketball tournaments.

Compared to the handle of 2021 ($177 million), this year’s figures rose by more than $100 million.

This year, bettors were also more successful, holding operators to $14.3 million with a 5.2%-win rate overall.

Most of these wagers came in the form of online wagering, which accounted for 96% of the overall handle.

BetMGM was the standout operator, and despite launching just nine days before the March Madness tournament, they generated a handle of $12.7 million.

Maryland Receives a Huge Increase in Sports Betting Tax Revenue

Sports bettors in Maryland wagered more than $31 million during the month of March, a $6 million increase from February.

It didn’t surpass January’s $32.5 million, but It was a significantly higher return than the previous month.

Of course, March Madness provided operators with the success they’d previously anticipated. $3.9 million in gaming revenue was up $955,000 from February as Maryland tax revenue received $577,000 from the state’s five retail sportsbooks.

The most prominent handle ($13.6 million) and tax contributions stemmed from Live! Casino, the casino partner with FanDuel, offers its sportsbook services, as they held multiple March Madness events to help promote the interest in the NCAA tournament and encourage foot traffic.