Nearly $20 million has been staked so far in the battle over the Missouri sports betting initiative. The funding for campaigns supporting and opposing Amendment 2 has risen dramatically in the past week. Proponents of the proposal, including companies like DraftKings and FanDuel, have contributed approximately $14 million. On the opposing side, Caesars Entertainment has contributed $4 million to the “no” campaign.
Missourians will have the chance to vote on legalizing digital sports betting in November. This issue has been debated in the state legislature for years, and professional sports teams in Missouri have been exploring a ballot initiative since 2023. The proposal was approved for the ballot in August and survived a legal challenge in September.
If the initiative passes, casino companies would be entitled to one platform per company. This is a change from previous legislative proposals that would have allowed one platform per location, up to three platforms. Caesars, Penn Entertainment, and Boyd Gaming all have multiple brick-and-mortar casinos in Missouri.
In Illinois, regulators have tightened advertising and marketing rules for sports betting and casinos to protect minors and at-risk individuals. The Illinois Gaming Board voted to implement stricter measures, following the lead of states like Massachusetts and Ohio. These guidelines aim to ensure responsible advertising practices in the gambling industry.
The North Carolina State Lottery Commission has announced plans to introduce parimutuel wagering and retail sports betting. The commission is opening a public-comment period for the brick-and-mortar betting rules. North Carolina tribal casinos currently offer in-person betting, but the commercial market launched without any retail locations earlier this year. Additionally, the commission is considering adding esports betting to its offerings.
Fanatics Sportsbook has officially opened at Ocean Casino Resort in Atlantic City, with a ribbon-cutting ceremony hosted by Jay-Z. The sportsbook started accepting bets from The Gallery at Ocean Casino Resort in September, just in time for the football season. The event included appearances by Fanatics founder Michael Rubin and golfer Justin Thomas, who placed the first bet in the book.
Boyd Gaming is focusing on expanding its brick-and-mortar sportsbooks, despite the growing popularity of digital betting. The company recently opened its largest retail sportsbook at the Suncoast Hotel & Casino. While the new sportsbook features modern amenities like video screens and ticker displays, it prioritizes in-person social experiences for bettors.
Oklahoma state Sen. Bill Coleman plans to introduce a sports betting bill in the 2025 session, citing demand and potential tax revenue for the state. However, challenges related to gambling expansion in the state, including disagreements with tribal gaming interests, may delay progress on the legislation.
In revenue updates, Washington, DC, saw FanDuel leading all operators in the competitive market, while Illinois reported increased tax revenue in July under a new tax structure. Massachusetts, Michigan, and New Jersey also experienced fluctuations in sports betting revenue over the past months. Offshore sportsbook Bovada has restricted operations in 13 U.S. states, following regulatory actions against black-market operators.
Macquarie Equity Research analysts have identified DraftKings as a top sports betting stock to buy this football season. The analysts predict favorable outcomes for DraftKings due to increased NFL betting activity and growth in online sports betting and iGaming markets. DraftKings is positioned to capitalize on customer engagement and technological advancements in live betting.
In other news, the Major League Baseball Players Inc. has filed lawsuits against several major sports betting operators for allegedly unlawfully using players’ names, images, and likenesses without permission. The legal actions aim to protect the rights of professional athletes in the gambling industry.
