08.22.2022. Daily highlights

Mon Aug 22, 2022
  • Sports betting coming to Kansas

    The Kansas Lottery was pleased to announce that sports betting is coming to Kansas! Soft launch on September 1, 2022, and a full launch a week later. It is the same day the NLF season begins.

    Kansas Lottery Executive Director Stephen Durrell came with an official announcement:

    License applicants will receive a one-year provisional license based on their past performance in other states. The list of operators that gets the approval will be announced over the coming days.

    If the launch goes through in September, Kansas will be the fastest state to launch sports betting. At this point, there are still several regulatory and administrative things to clear. However, Kansas Lottery executive director Stephen Durrell is optimistic about the process. Tribal casinos are also working to align on compacts with the state for sports wagering, with these casinos to be authorized to launch as soon as agreements are reached.

    “This announcement represents a lot of hard work and collaboration between the Kansas Lottery, the Kansas Racing and Gaming Commission, our casino, and tribal partners,” Durrell said. He added, “The process to bring this to fruition has moved at an unbelievable pace. We are excited to bring sports betting to Kansas players and add more fun and exciting play options to the Sunflower State.”

    After the launch, each of Kansas’ four casinos: Boot Hill Casino & Resort, Kansas Star Casino, Hollywood Casino at Kansas Speedway, and Kansas Crossing Casino & Hotel, will be able to accept bets in-person and on mobile platforms. The state will tax gross-gaming revenue (GGR) from in-person and online wagers at 10%. 80% of the resulting tax collected will be earmarked to attract professional sports teams to Kansas.

    Source: EGR.global; IGBnorthamerica.com

    PENN Entertainment starts Barstool Sports acquisition processpenn entertainment sports

    PENN Entertainment will acquire the remaining shares of Barstool Sports. It is communicated that PENN will complete the purchase by February 2023, depending on regulatory approval. It will be a two-step transaction with an estimated total cost of $387m, according to the firm’s Q2 2022 financial accounts. It’s no secret that PENN is willing to own Barstool Sports fully. The acquisition forms a vital part of the Nasdaq-listed operator’s strategic pivot to becoming both a sports and media business.

    Since the initial agreements, the group has launched sportsbooks under the Barstool brand name, as it helped the company reach a younger audience. PENN President and CEO Jay Snowden commented on the results. He said, “Over the past few years, PENN has transformed our business through a highly differentiated strategy focused on organic cross-sell opportunities. It is reinforced by our investments in retail casinos, sports media assets, and owned technology. This includes a state-of-the-art, fully integrated digital sports and online casino betting platform, and an in-house iCasino content studio.’’

    “Our new name maintains ties to our legacy while better reflecting our evolution into North America’s leading provider of integrated entertainment, sports content, and casino gaming experiences,” he added.

    Source: EGR.global; gamblinginsider.com

    Massachusetts sports betting launch date

    Massachusetts Gaming Commission (MGC) fails to agree on the launch date. The next meeting is scheduled for September 8th. Judd-Stein acknowledged that operators are preparing without knowing the official launch date from the commission. So it looks like there will be a “universal” launch date, with a  ‘first come, first served’ approach currently being taken in Ohio. Jacqui Krum agreed that a universal launch is the best way to go as it would allow for a level playing field for all operators to begin simultaneously. However, she also said that entities would need time to gather all the equipment and pass all the regulatory requirements.

    Among those set to apply are Wynn Resort’s Encore Boston Harbor casino, which will operate with the WynnBet sportsbook; MGM Springfield/BetMGM; and the Plainridge Park Casino, which has partnered with PENN Entertainment’s Barstool Sports brand.
    Of the remaining casinos in the Bay State, Raynham Park and Suffolk Downs haven’t yet confirmed their partnerships.

    To add, the Massachusetts tax rate for land-based and online sportsbooks is set at 15% and 20%, respectively. License fee costing $5m for a five-year period.

    Read more on Massachusetts in our news article.

    Source: EGR.global

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