SportsHandle: That was the week that was in US sports betting

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SportsHandle and friends deliver another round-up of the week’s big developments in US sports betting.
Image source: Shutterstock

SportsHandle and friends deliver another round-up of the week’s big developments in US sports betting.

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Illinois Reports Record $447M Sports Betting Handle For November

The Illinois Gaming Board released its sports betting revenue numbers for November on Wednesday, and the $447 million handle reported by Administrator Marcus Fruchter showed a slight increase from October’s previous record of $434.6 million.

The Illinois handle was hindered to a degree with the Nov. 17 closures of the state’s casinos due to a COVID-19 resurgence throughout the state. The numbers provided by Fruchter were a snapshot as the full report was not available at the time of the meeting since the IGB was working with the state’s casinos and Hawthorne Race Course to provide complete reports for publication.

Full story here.

Google Dropping Longstanding U.S. Ban On Sports Betting, Casino Apps In The Play Store

Shares in several top sports betting companies such as DraftKings and Penn National Gaming popped on Thursday afternoon amid reports that Google is reversing longstanding policies banning mobile sports wagering and casino apps on its Google Play Store platform in the U.S.

Until now, the Play Store has allowed content and services that facilitate online gambling apps in only a few countries worldwide, most notably France, Ireland, and the U.K. While Google also allows certain gambling apps in Brazil, the offerings are limited to those approved by Caixa Economica Federal, a government-owned financial institution.

Full story here.

Sportsbooks Look Like Children’s Toys Compared To Wall Street And The GameStop Saga

And just like that, everyone in America knows what a short squeeze is.

Actually, check that: I’m pretty confident no one knows what a short squeeze is, but I am confident at least one person on Reddit knows what a short squeeze is, and as a result, millions of Americans think they know what a short squeeze is, and as a result of that, the obvious stuff starts happening: A dying retailer’s stock soars by about infinity percent, hedge funds nearly go belly-up, retail bros are booking million-dollar profits, trading gets halted, lawsuits are filed, and …

Full story here.

Tennessee Sports Gamblers Bet $180.9 Million In December, Up 37% From November

The second full month of Tennessee sports betting is in the books.

The four online/mobile sportsbooks handled $180.9 million, according to figures released late Tuesday by the Tennessee Education Lottery, the state’s sports betting regulator.

The books retained $13.9 million of the handle in the form of winnings, the TEL reported.

The state does not release a handle/revenue breakdown by operator, like other sports betting states do.

Full story here.

Colorado Clears $1 Billion In Sports Betting Handle Since Launch With Record December

Another month, another record sports betting handle in Colorado. And this one came with a milestone.

The Centennial State became just the fifth to surpass $1 billion in cumulative handle dating to the U.S. Supreme Court striking down PASPA in May 2018. The Colorado Department of Revenue reported Monday that more than $284.5 million in bets were placed in the month of December.

That was an increase of 23% on November’s handle of $231.2 million as bettors pushed the record higher for a seventh straight month since launching in May. December’s report marked the fourth consecutive month with a handle of at least $200 million.

Full story here.

New York Releases Long-Awaited Gaming Study, But Questions Remain On Scope Of Mobile Sports Betting Market

Since the start of the new year, New York has dominated gaming industry headlines as Gov. Andrew Cuomo’s pivot on mobile sports betting has unlocked the possibility that one of the nation’s largest markets could open within the next 12 months.

Then, late last week, the New York State Gaming Commission added another wrinkle to the Empire State narrative with a Friday afternoon news dump. Three days after Cuomo’s annual State of the Budget address, the commission released a long-awaited New York State Gaming Market Study authored by the Spectrum Gaming Group. Originally set to be released in December 2019, the publication of the in-depth study was moved back to last June, then delayed again due to circumstances associated with the COVID-19 pandemic.

Full story here.

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