Sports Business and Wagering this Week

This is a new feature that will post every Friday. Starting today, we will give you the latest news about Sports Business and Wagering that occurred in that calendar week. This will keep you current with the industry. These post will include trends about the sports betting market and information about what state is planning to offer it next. This will be a winning situation for a sophisticated operator and his constituents.

 
This week DC approved Sports Betting. While this market will be lucrative the restrictions on the use of mobile devices is a detrimental to everyone. This aspect of the legislation should be revisited.

Watch for any news about Sports Betting out of New York. With the amount of professional teams and population that have loyalty to them, this market will become the largest on the east coast. Poker play would get a huge shot in the arm as well.

Each of the increasing popular Sports Betting 101 Series will be part of this so you can have each post together. Since we add a new post to that series every week you will always see the previous 3 with this feature. We encourage you to follow and stay relevant.  

Things the Bettor needs to know
Why the bettor should wager with a legal operator
The Las Vegas Expierience

Happy Holidays!

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Sports Betting 101: The Las Vegas Experience

After decades of having a monopoly on legal Sports Betting in the United States, Nevada is now sharing it's spotlight with the rest of the nation. There are several states that are currently offering sports betting with legislation in place for at least 20 more within the next 2 years. So if you are about to make your 1st bet or if you have made a wager on a sporting event outside of Nevada within the past 5 months,we want to give you a glimpse of what the Las Vegas experience.

Sports books in Las Vegas have a synergy that flows thru the hotel. The sports book is as much a staple of a property as the restaurants and the slots machines. But a great sports book experience will compare to being at Xfinity Live on Eagles game day. People will drive 50 to 100 miles to be a part of it. It will be excitement. The crowd will engage with each other and strike up conversation during breaks in the action. Those conversations will range from "who do you like today to where are you from."

The bets on the boards will cover all the major sporting events for that day or week. The busiest days are the weekends. The best offering for wagers is on Monday. Monday has MNF or Monday Night Football. It is the get back night. You are trying to get back the money you lost earlier that day or weekend.Many props bets that would not be available during the week will be offered. Be selective!

The sports books in Vegas range from the stadium style seating you find at casinos that feature blackjack,roulette and baccarat to plush lounge chairs and couches that provide special amenities. We will expand on which of these are trending as we continue this series. 

If any organization wants to innovate your Sports Betting operation from your competitors then watch what we post in 2019.

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Sports Betting 101: Why the bettor should wager with a license operator

Now that you can wager legally on sports in several states, the public has the option to bet with a casino,racetrack or daily fantasy site. The daily fantasy sites that have a good product are FanDuel and DraftKings.

No longer do you have to bet with the illegal offshore sites that may not pay you or could shut down leaving you in a difficult situation.

You can now select between the local neighborhood bookie and the regional sports betting platform.That transition will appear difficult to some of you that have a established long term relationship with a bookmaker. I know! He lets you bet on credit. You can pay when you get your check. But Ted Leonsis, owner of the Washington Capitals and head of  Monumental Sports and Entertainment , uses a great analogy. What if he gets sick and passes away. He can't pay you.

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So going legal is the way to go. You are assured of getting paid. You can place your bet in a safe environment. You can bet on things that the local bookie will not take action on. Don't take chances. Just pick winners.

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Sports Betting 101: Things the bettor needs to know

Sports Betting in Vegas

When Sports betting comes to Pennsylvania, there are several things that bettors should be aware of.Sports betting is new to this area so many of the operators will have a staff of ticket writers that is relatively inexperience. This holds true for the person making the wager. The bettors should be prepared to bet early and check their ticket prior to leaving the window, 

The bettors should familiarize themselves with the wager they plan to make. The wager should start with the bettor saying what type of bet they want, the team or number that they want to bet on and the amount. 

In the coming days, we will share the terminology that will make your sports betting experience fluid. Our expertise is not just relative to the bettors. Follow us if you are looking for innovation in your sports wagering and management operation.

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Why is Sports Betting exploding?

Donovan Mitchell exploding for a dunk!

Sports Betting is exploding in several new jurisdictions. From the player perspective, the ability to

wager legally outside of Nevada is long overdue. So casinos and racetracks are merely giving the people what they want. States were anticipating a repeal of PASPA by the Supreme Court. That is why so many put laws in place so pundits like myself can share content and opinions. States all over the US also saw the millions of dollars that Americans will wager on sports.

Las Vegas Sports Betting is coming to a state near you!

So the race is on! What state will be the leader?  Which operator offers the best odds?  FanDuel and DraftKings  are in a prime position because of their expertise with Fantasy Sports. Will this carry over to Sports betting? With so many options to choose from, the betting public is in the driver's seat.

Operators take heed! Location is important. But that alone will not be enough. But enough for now.

Get the answers to the above questions by following me on social media,

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Sports Betting Policy Summit

The U.S. Sports Betting Policy Summit was held yesterday in Washington D.C.  The magnitude of this event was so powerful the fact that the weather was increment did not diminish attendance. Topics covered included legislation, integrity and innovation. The event was put together by Spectrum Gaming Group and SportsRadar. Some of the notable panelist included Art Manteris,re known for sports wagering and Dan Spillane from the NBA league office. Naima Stevenson represented the NCAA and Jeff Stonebreaker presented the view from MLS.

  

Ted Leonsis on the right

The fireside conversation with Ted Leonsis; owner of the Washington Capitals and the Wizards was the highlight of the morning. Leonsis struck me as an owner that understand that people with expertise should be included with this sports betting and gaming phenomenon. He was able to engage the room with an understanding of common sense business practices that involve the use of analytics and mobile devices. It was a pleasure to have a private exchange with him.

While many different perspectives of what sports betting can be and how it should be regulated were proposed, I came away from the summit with two keys.

The first key is to know the landscape. The Nevada model for sports betting should be emulated but modified to a regional or local approach. The second is to make a conversion to a strong mobile application of your retail product for sport wagering. I would be happy to share some of my other thoughts about sports betting and how it can generate revenue in a start up situation. Reach out if you have inquiries and follow me on social media.

I want to acknowledge Spectrum Gaming for inviting me. They are knowledgeable and equipped to handle the business logistics of your gaming needs. SportsRadar also should be recognized for positioning themselves thru partnerships and association that can navigate your business into sports betting.

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Sports Betting and Esports at G2E

The G2E is the biggest gaming conference in the world with participation from every continent. What made this year stand out more than any other in the past 5 years? We are glad you asked. We have two reasons why this year was a winner.

Esports is taking the world by storm and the gaming industry is starting to take notice. There were multiple seminars devoted to esports this year. 3 years ago there were none. If we work for Wendy Williams we would be asking can you say Hot Topics?
Sports Betting is exploding into casinos, racetracks and mobile devices near you. Where else can you see a panel discussion headed by ESPN anchor Scott Van Pelt. This year there were 4 tracks devoted to Sports Betting. We are setting the over /under at 10 for next year's G2E.
Is Sports Betting coming to a casino or racetrack near you? Follow me and find out.

How Sports Betting will change televised coverage

Now that Sports Betting is legal, the way televised sportscasts are presented will change dramatically. The subtle references to the point spread by veteran commentators like Al Micheals will still remain.
What will change is pregame coverage. Now the studio hosts can freely weigh in on the trends of the betting public and convey that information. They should not give their opinions as to who they would take with the points. If the coverage include an reknowned tote provider then that individual could give his pick.

We would suggest having a celebrity guest give a pick with the spread. If they pick correctly, a sports book operator makes a donation to the celebrity favorite charity or foundation. The celebrity and the operator would change every week. This would give a unique perspective to the audience and remove the stigma of this guy works for the "house".

We would have Justin Timberlake, Kevin Hart and Bradley Cooper as the first 3 male celebrities making selections.On alternating weeks,invite Nikki Minaj and Ariana Grande. The ratings would go through the roof!

Ariana Grande

Justin Timberlake

Look forward to seeing many of you in Las Vegas at G2E. Follow on social media until then.

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Recap of the PBJ Business of Sports Seminar in Philly

We attended the Philadelphia Business Journal Business of Sports Seminar last month at the Ballroom at the Ben.The major Philadelphia Sports teams participated in this event. They included the Eagles, Sixers, Flyers, Phillies and Union.  Each team shared their views about sports betting, media and marketing.

When the question was posed to the audience as to what team would win the next world championship in Philly, the response was split between the Sixers and the Eagles.

The second panel was dedicated to E sports and the evolution of the gamers over the past three years.

While there is still room for improvement in areas concerning language and civility, the E sports  participants on the panel were supportive and pledge to make that a priority. The participants on the E Sports panel were John Fazio of  3RD St Gamers and Mike Prindiville, CEO Team Dignitas.Temple University was represented admirably by Anthony Pizzo, School of Tourism and Hospitality.

Spike Eskin

Two additional panels rounded out the event and they were devoted to Sponsorships/Partnerships & Media. Media was of great interest to the crowd that remain at the event because everyone wanted to know how to reach their audience. Spike Eskin, Program Director; Sports Radio 94 WIP stated "find what people are interested in and share how it feels to them."

We will give our opinion on what we see as the best way to reach your niche. You should utilize all mediums but use most of your resources where they are. You should look for new content and innovation that will bring attention to you. That content should be consistent with your brand or it will not resonate with your current customer. You should also deploy part of your media budget to new market cultivation.

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What I Gaming will do for Casino Players

We decided to look at what I Gaming will do for the casino patron. Most times we look at new products from the house perspective. But I Gaming will be prevalent in Pennsylvania.New Jersey has  shown outstanding numbers and trends upward every year since it's inception. Pennsylvania should do the same.

So how does this benefit the players? It will make gaming more convenience than ever. The fact you can play whenever you want at whatever minimum you want. The restriction will be that you must be within the state boundaries.

Another benefit to the players are the promotional aspects of playing online. Since the product is not as labor intense, the marketing associated with I Gaming will be considerably liberal. This will induce play.

Lastly, casino players will have an opportunity to play at sites that are not geographically close to them. If a patron enjoy the I Games that are offered at a casino that is more than an hour ride from their home,they can play on that site and join their rewards club. They can build a relationship with that operator and monitor the gaming entertainment lineup. They can position themselves for discounts and seats that only the online patron is eligible to receive.

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Pennsylvania and Sports Betting: Can we negotiate?

Pennsylvania is poised to be a major player with Sports Betting. New York will not have the opportunity to bet on games until 2019 at the earliest. Most of the money from the Big Apple will go to Meadowlands, Monmouth or Atlantic City. But if the Commonwealth saw this as an opportunity and allowed the casinos in the Keystone State to capitalize on it, millions of dollars would be generated. 

The tax rate won't allow that to happen. No operator can make a sustainable profit giving more than 20% in state tax on a 5% margin. Most of the money would have to be made thru parlays, futures and exotics wagers. The majority of patrons will bet single game contests so the edge will not be that high. A great odds maker would struggle under these conditions. So that's the reason that no one has applied for a Sport Betting license. 

Once the state legislators reconvene in September, someone should come to the forefront and say,"let's revisit this tax". It may not be in time for the beginning of the NFL season but could happen prior to the Playoffs and the start of NBA. These are the two most popular sports to wager on and the money that would make it's way out of Philly and Pittsburgh would bring jobs and tax revenue to both of those cities.

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The Sports Betting Landscape in New Jersey and Delaware

Just watching the euphoria surrounding the Sportsbooks in Delaware and New Jersey is making us envious. But betting baseball has never been a priority until the latter part of the season. So many games can get you caught up and destroy a bankroll if you are not careful. So just wait until NFL action starts before you head down to Atlantic City, Meadowlands, Monmouth or the casinos in the First State.

Delaware Park and Monmouth Park are doing great numbers right now. The 1st month of wagering during a period when there was no single event that would grab the public's attention was very impressive. Sustainable is the key. Once Pennsylvania Casinos are offering sports betting, the dynamics will shift and the numbers will level off. How much will be determined by how operators that opened first make the book and the betting experience memorable. More on that later.

We would advise everyone that can't wait until NFL or NCAA Football to check their ticket before leaving the window. Most of the tellers are new to this so they will prone for an occasional miscue.
We suggest you wager well before the start of your game so you won't get shut out by not getting the bet in on time.

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