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Wednesday, September 19, 2018

New Bill Envisions Legalized Sports Betting in DC

September 19, 2018 0
Casino News Daily
New Bill Envisions Legalized Sports Betting in DC

Several states have already legalized sports betting after the historic United States Supreme Court decision in May, which deemed the Professional and Amateur Sports Protection Act (PASPA) unconstitutional. The next region to allow sports wagers may easily become Washington D.C. as a new bill was introduced Tuesday.

The legislation was proposed by D.C. Council member Jack Evans (D-Ward 2) who said in a statement that if passed into a law, the bill would bring more revenue to the District. According to him, the District should act quickly if it wants to tap into this new and lucrative market. In order for the region to secure boost to city coffers, however, D.C. lawmakers should take action as soon as possible.

Neighboring Maryland already has casino gambling, while Virginia is considering sports betting. In his statement, Evans points out that the Hollywood Casino at Charles Town Races in West Virginia is currently targeting D.C. gamblers. In fact, this is the closest gambling facility available to D.C. residents as it is located only 75-minute drive from Washington Downtown. According to the Council member, the proposed bill would bring in revenue for the District rather than other jurisdictions making money off of D.C. gamblers.

The bill was introduced by Evans along with Council members Cheh, Gray, Bonds, and Todd. It is now being referred to the Committee on Finance and Revenue and needs to go through several procedures before being passed as law. Evans believes that the majority of his colleagues in the Council are in support of the amendment of the current gambling legislation. He says the bill has been drafted with the offices of Mayor Muriel E. Bowser (D) and D.C. Council Chairman Phil Mendelson (D).

The Washington Post published the Bill and contacted both the Mayor and the Council Chairman. While Mendelson told the paper that was against legalized gambling, he was a strong supporter of the amendment because it reflected the Supreme Court’s decision. He thinks that with the lifting of the federal ban on sports betting, an increased number of states would join New Jersey and would allow wagers on sports events.

Sports Betting Bill Highlights

D.C. Council member Jack Evans proposal would allow residents of the District of Columbia to bet both in land-based facilities and online on websites and on mobile devices. The terms “sports wagering” includes parlays and single-game bets, as well as live bets. Overall, all types of bets are being considered, including money lines, teaser bets, over-under, pools, exchange wagering, straight bets, and proposition bets.

The bill also consists of provisions regarding the sports wagering operators. For instance, the initial license term would be 5 years and applicants will need to pay a license fee of $50,000, with another fee of $50,000 payable at the time of license renewal. The proposed tax is 10 percent of the monthly gross revenue of the operator. However, there is no mechanism for collecting the taxes. Evans does not include an initial projection for the size of the market in D.C. and there are no estimates of the potential tax revenue received by the District.

Evans’ proposal was supported by the Mayor’s office. In a statement, Bowser’s chief of staff John Falcicchio said that legalized sports betting could help the District fund critical programs and create jobs for the residents. Half of the revenue would subsidize early-childhood care programs and some of the money would go to the D.C. Commission on the Arts and Humanities.

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Tuesday, September 18, 2018

Formula One Inks Historic Sponsorship Deal to Launch Live Betting

September 18, 2018 0
Casino News Daily
Formula One Inks Historic Sponsorship Deal to Launch Live Betting

Formula One, the highest and most prestigious class of auto racing sports in the world, has surprisingly changed its years-long attitude towards sponsorship by bookies on Tuesday. The brand’s owner, Liberty Media, announced it has signed a sponsorship and data rights deal with Interregional Sports Group and Sportsradar.

As part of the groundbreaking partnership, the first ever F1 betting offering will be created, allowing fans to place live bets on the competition. According to an official press statement, released Tuesday, the deal enables the development of in-play betting markets. For the first time in the history of Formula One, millions of people around the world will be able to wager easily on Grand Prix.

This is the first strategic partnership for Formula One and according to media reports in The Edge, the contract between Liberty Media and the two companies costs US$8 billion. The Financial Times estimates that the deal will be worth at least $100 million over the next five years. Interregional Sports Group (ISG), which is a London-based marketing agency, will grant betting partnership rights to various betting brands in regulated markets. This will include on-screen graphics, trackside signage, as well as digital integration with the social platforms of Formula One, the statement reveals.

Although the details of the deal are still unclear, ISG would make an upfront payment to Formula One and then, it would sell the access rights to gambling companies. The other company in the partnership is Sportsradar, a sports betting and data analyzing firm, headquartered in Switzerland. According to the press release, the company and its Fraud Detection System will provide assistance with the safety and integrity policies. It already works with various rights holders and helps them prevent and fight match-fixing. Some of these leagues are NBA, NHL, FIFA, World Rugby, ITF, UEFA, AFC, and more.

F1’s First Betting Sponsorship Deal in 40 Years

During Bernie Ecclestone’s era, which continued for 40 years, the endorsement from betting companies was not allowed. Ecclestone who ran Formula One since the 1970’s did not want the brand to be associated with gambling in order to preserve its glamorous image. Most sports, leagues, and teams, on the other hand, have signed multi-million sponsorship deals with sports betting and gambling companies over the years. Such partnerships have increased in value in recent years, earning fortunes to some of the most successful teams in the world.

The deal with ISG and Sportsradar will not only allow fans to place live bets but it will also enable advertisements to be displayed on electronic billboards track-side. Gambling brands will be flashed on the track and on-screen during televised races. After this partnership takes into effect, Formula One will become a lot like English football, for example. This season, 17 of all 24 Championship clubs and 9 of all 20 Premier League clubs are sponsored by sportsbooks, which names are clearly displayed on footballers’ shirts.

The move is an important shift in the business strategy from what was practiced over decades under the previous owner. But it also comes in a time of controversy regarding the influence of gambling giants on sports groups and major sporting leagues. For this season, Formula One has 21 races which take place worldwide. Some of the countries where they are held, however, prohibit or restrict gambling ads during live broadcasts.

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First ever partnership between NHL team and sportsbook

September 18, 2018 0
Casino City Times
First ever partnership between NHL team and sportsbook
William Hill U.S. and the Vegas Golden Knights today announced a landmark, multi-year partnership, the first-ever between an NHL team in North America and a sportsbook.
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Golden Knights become first NHL team to partner with a sportsbook

September 18, 2018 0
Las Vegas Sun Stories: Gaming
Golden Knights become first NHL team to partner with a sportsbook
The Vegas Golden Knights have entered a multiyear partnership with William Hill US, becoming the first-ever NHL team to partner with a sportsbook. The partnership will feature a TV visible dasher board, in-arena signage, updated ...
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Martin Ryan Scores Sixth WSOP Circuit Ring at Coconut Creek

September 18, 2018 0
Casino News Daily
Martin Ryan Scores Sixth WSOP Circuit Ring at Coconut Creek

The fifteenth season of the World Series of Poker Circuit is well underway at the Seminole Casino in Coconut Creek, Florida. Returning to the felt after months of absence, Martin Ryan, a Trinidad and Tobago native, scored the sixth gold ring in his career after defeating 56 players in the third event of the poker festival.

Ryan took part in several tournaments during the 2018/2019 WSOP Circuit and on Monday evening, he demonstrated his poker skills and determination by winning the third event, the $1,125 No-Limit Hold’em. The 56-year-old entrepreneur admits that health issues prevented him from playing live tournaments for several months and the first-place finish at the 2-day event is a long-awaited success for him. Along with the WSOP gold ring, which is the sixth ring in his collection, he took home a nice cash prize of $21,375.

The two-day $1,125 No-Limit Hold’em kicked off Sunday morning with 16 levels, each continuing for 40 minutes, while players started with 25,000 in tournament chips. When registration closed later that day, there were a total of 57 entries in the field. Paying the $1,125 entry fee to the event, they pushed the guaranteed prize pool to $57,000. Only the top 6 players cashed, with Ofer Peleg finishing sixth for $3,363, followed by Zyad Qasem who received $4,389 for his fifth place.

Martin Ryan led the final ten survivors and managed to keep his lead throughout the end. The final four players returned to tables Monday and were dominated by Ryan. The first one to bust was Gavin Gowie who received a cash prize of $5,985. Cory Henen was eliminated in the third place for $8,664, leaving Ryan and Richard Rice from Fort Lauderdale, Florida, in the heads-up battle. Rice lost to Ryan, taking home the runner-up prize of $13,224.

Another Ring for Mark Stephen Edwards

Monday was a lucky day for a few other players, most notably for Mark Stephen Edwards who won a second WSOP ring in the $400 No-Limit Hold’em Double Stack Turbo event. Edwards, who is from Longwood, Florida, topped the field of 153 entries to win the title and the cash prize of $13,632. The event had a total prize pool of $50,490, which was split among the top 18 players where a minimum of $677 was guaranteed.

The other tournament that took place at the Seminole Casino at Coconut Creek on Monday was the $400 No-Limit Hold’em. The event drew in only 57 players for a total prize pool of $18,150. Only the top six entries have the opportunity to reach the money places and the first to cash was John Gorsuch who finished sixth and took home $1,071.

The surviving five players are returning Tuesday afternoon to play down to a winner. They are led by Greg Paryani, who bagged 237,000 in chips Monday evening. The second biggest stack is Ian O’Hara (196,000), followed by Zo Karim (153,000) and William Watson (140,000).

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