Another week flies by in the world of sports gambling. College basketball plugs along as Duke continues to await the return of all-world player Zion Williamson. Major League Baseball's spring training is off and running as Cactus and Grapefruit League boxscores begin to trickle in while Bryce Harper remains unsigned. The NBA is heading down the homestretch as teams are under 25 games remaining in the season. Like the NBA, the NHL is on a fast track to the playoffs as teams continue to jockey for position. And the talk of legalized sports betting continues to dominate the landscape as new states are constantly in conversations about various options toward legalization. Let's jump right in and take a quick look around the industry in this week's edition of The Gambler's Report.
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Action Network, Inc., a digital startup looking to capitalize on the spread of legal sports betting has recently completed a round of funding that attracted several high profile investors. These investors included team owners from baseball, hockey, basketball and even the former owners of the UFC.
According to Chief Executive Officer Patrick Keane, the company was able to raise approximately $17.5 million in funding in the most recent round. The investment was led by Fertitta Capital, a private equity group formed by Frank and Lorenzo Fertitta after they sold the UFC for $4 billion in 2016.
The service will be subscription based and offer data and analysis for sports bettors. Keane states "With sports betting now legal in eight states and more than a dozen other states considering legislation to legalize, we see an incredible opportunity." Good for them getting in early as the industry continues to look poised for an explosion.
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Hey Hey Governor
Connecticut governor Ned Lamont made it clear he is looking for legislation to legalize sports betting in the state. And if they throw in marijuana legislation, that's fine too. He was pretty short on details when he released his most recent two-year budget, but Lamont has plans. He listed sports betting, internet wagering, and marijuana sales among new sources of revenue that must be enacted. He sold these as making them a safer market that will be carefully regulated and taxed.
Kansas lawmakers are reviewing multiple options for sports betting. Rep. Francis Awerkamp highlighted four options that are currently being discussed by casinos and the lottery. The first allows wagering at casinos and through casino's mobile apps and websites. Second, run the mobile app through the Kansas Lottery. The third involves an app and locations managed through the lottery (includes bars, casinos, restaurants, and tracks). The fourth option would have apps for both the lottery and casinos. Look like Kansas lawmakers are at least on the right track.
Betting Tips For Spring Training Baseball
A quick look around a few payout reports as we hit the end of February show most of the known shops getting payouts sent out within stated time frames. Bitcoin continues to be the fastest and most efficient way to receive your funds with payouts generally coming within hours at many shops.