The Bulletin Board
THE LEDE: Several states are looking to rein in sports betting.
QUICK HITTER: Retail sportsbooks are making a [small] comeback.
QUICK HITTER: NCAA flip-flops on allowing bets on professional sports.
NEWS: Sports Betting Alliance members are embracing prediction markets.
AROUND the WATERCOOLER: Poker keeps shooting itself in the foot.
STRAY THOUGHTS: The man behind some of poker’s most iconic photos.
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The Lede: Sports Betting Buyer’s Remorse Is Growing
It was clear from his previous actions and statements that Ohio Gov. Mike DeWine isn’t a fan of gambling. However, his latest comments to the Associated Press indicate that DeWine would sign any legislation that reins in, or even abolishes, sports betting.
DeWine told the AP, he regrets signing the bill that legalized sports betting in Ohio.
“Ohio shouldn’t have done it,” DeWine told the AP. Further, DeWine (as STTP expected) doesn’t believe the recently announced restrictions on MLB betting limits and parlays go far enough:
“I would have preferred to have completely done away with the micro-prop bets, but this is the area that he was able to settle on with them, and I was pleased with that. And so, I think that’s progress.”
DeWine, who will be forced out of office due to Ohio’s term limits, said that he would sign a bill repealing sports betting, but that the votes for that do not exist in the legislature: “There’s not the votes for that. I can count. I’m not always right, but I can pretty much guarantee you that they’re not ready to do this.”
DeWine isn’t the first politician to express buyer’s remorse. Earlier this month, Massachusetts State Sen. John Keenan apologized for his sports betting vote in 2022 — Keenan has introduced legislation to restrict sports betting advertising and markets, and raise the state’s tax rate to 51%.
“When I voted to legalize sports betting I never thought it would become what it is. We unleashed an industry that now promotes betting on anything and everything imaginable and unimaginable all over the world, 24 hours a day, every single day.
“I deeply regret my vote. And I want to publicly apologize to those who have lost the opportunity to sit and watch a game just for the enjoyment of the game. I want to apologize to those who find themselves in the dark spaces of betting addiction and to those working through recovery, and to their families and friends. I want to apologize to those who have lost loved ones to suicide because of gambling issues.
“This bill is an opportunity to put guardrails in place to fix what is wrong with sports betting.”
In Maryland, Del. Jason Buckel, the House Minority Leader, told The Baltimore Sun: “I believe the best course of action would be to either outright ban those types of individual-play prop bets or to very significantly limit the amount that could be wagered on those types of sporting activities.”
And don’t lose sight of the Vermont bill that sought to repeal legal sports betting, or the SAFE Bet Act that is still alive and kicking in Congress.
Quick Hitter: Retail Sportsbooks Make a [small] Comeback
I’ve written about the slow death of physical sportsbooks across the US, but that doesn’t mean they don’t have a place, evidenced by two recent ribbon cuttings:
Caesars Sportsbook at Monmouth Park: “Caesars Sportsbook and Monmouth Park celebrated the grand opening of a world-class trackside Caesars Sportsbook at Monmouth Park in Oceanport, New Jersey… The all-new standalone venue adjacent to the Monmouth Park clubhouse features 16,000 square feet of indoor and outdoor sports viewing space, including unmatched sweeping views of the historic racetrack.”
William Hill Sportsbook at Virgin Hotels Las Vegas: “Virgin Hotels Las Vegas, Curio Collection by Hilton, and William Hill announced the grand opening of the resort’s newly revamped sportsbook following regulatory approval from the Nevada Gaming Commission. The sportsbook marked its official debut with a special ribbon-cutting ceremony on Thursday, Nov. 20, led by Cliff Atkinson, President of Virgin Hotels Las Vegas, and representatives from William Hill and Caesars Entertainment.”
We shall see how these new venues fare. As I previously wrote:
“Maybe it’s time to rethink the way physical sportsbooks are packaged to the consumer. If the revenue is coming from bets, there is a significant problem. A physical sportsbook can’t compete with a mobile app… Physical sportsbooks need to offer more than just a betting counter and large TVs. They need to provide an experience that bettors are willing to pay (through the nose) for.”
Quick Hitter: NCAA Rescinds Change to Betting Rules
The NCAA has rescinded a previously approved rule change (by Division I, Division II, and Division III schools) that would have allowed college athletes and staff to bet on professional sports.
The change was voted on before the recent betting scandals came to light. Once the scandals were public, the NCAA delayed the effective date to November 30 to give each Division I school the opportunity to rescind its decision.
Per the press release:
“After a procedural 30-day period, two-thirds of Division I member schools have voted to rescind a previously approved rule change that would have allowed student-athletes and athletics department staff members to legally participate in sports betting on professional sports only. Because sports betting rules are common legislation, the ban on all forms of betting — for sports in which the NCAA sponsors a championship — will remain in place for all three NCAA divisions.”
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News: Sports Betting Alliance Members Pivot to PMs
Editor’s Note: The original version of this column said Fanatics wasn’t an AGA member, but the company is listed on the AGA website.
FanDuel and DraftKings are entering the prediction market fray, prompting the top two online sports betting operators to exit the American Gaming Association (AGA).
Now a third operator, Fanatics, has signaled it will soon offer sports contracts through prediction markets. CEO Michael Rubin broke the news to CNBC last week, saying the company would begin offering sports contracts (through a partnership with Crypto.com) “within the next couple of weeks.”
As reported by InGame, Fanatics “purchased all or part of a company that is already registered with the NFA as an introducing broker (IB). That company – Wall Street-based Paragon Global Markets – has rebranded under the Fanatics name.” InGame noted that Fanatics hasn’t said if it will be an “introducing broker in its partnership with Crypto.com, as opposed to being a tech provider like Underdog, or another designation like futures commission merchant.”
If you’re keeping score, that means three of the five SBA members (BetMGM and bet365 are the other two) are going into prediction markets.
As I noted on X and in a column last week, prediction markets are dividing the industry, and I suspect the SBA and AGA members will have significant disagreements over policy in legalization efforts.
“DraftKings and FanDuel are already the most influential members, so I wonder how long non-prediction-market companies can continue advocating for the same policies that DraftKings and FanDuel will push for? The overarching question is, will the SBA evolve into a prediction-friendly bloc or splinter apart?”
With Fanatics joining DraftKings and FanDuel, and MGM making it clear that it considers sports contracts “illegal betting,” it looks like the SBA will soon be a triumvirate — bet365 joined several months ago, and could go either way on prediction markets.
We’ve also seen the early inklings of how the SBA and its members may argue that prediction markets and sports betting can coexist:
In somewhat related news, Dustin Gouker reported on acting CFTC Chair Caroline Pham’s responses to Nevada Sen. Catherine Cortez Masto regarding sports contracts, and the TL;DR is: Don’t expect the CFTC to step in.
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Around the Watercooler
Social media conversations, rumors, and gossip.
There are some significant levels of nonsense occurring in the poker world at the moment, starting with one of the game’s most significant brands, reposting a semi-viral video that has divided Poker Twitter into the “demeaning to women” and “harmless fun” camps, with the usual “this you” posts emerging.
The actual question I’d like to ask the poker powers that be is: Is this really the best you have for marketing ideas?
The second story today is less gossipy: the World Series of Poker docuseries, “No Limit,” uses AI to doctor video quotes.
The drama began when poker pro Alan Keating said his voice and quotes in episodes 5 and 6 were generated by AI. The series creator, Dustin Iannotti, admitted to using AI, and the docuseries was eventually pulled from YouTube — PokerNews has a good summary of the details here.
But not everyone (including Matt Salsberg, who also knows a thing or two about show business) is on the same page:
Anyhow, as Casino Reports’ Eric Raskin put it, “There’s ‘No Limit’ To The Drama In The Poker World,” which is probably why poker can never have nice things, like legalization.
Stray Thoughts
There is also some serious, sad news from the world of poker: the man responsible for some of the most iconic poker photographs has passed away.
I don’t have the original, but I did purchase the 25th Anniversary Edition of Poker Face 2.
