Several US States are Considering More Sports Betting Restrictions

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Category: Gambling Industry

Created: Monday, 29 April 2024 07:08

When it comes to legal sports betting, the U.S. is a fairly new player in the sports wagering industry. This is because sports gambling has only been legal for 6 years since the repeal of the PASPA Act. Today, 38 States have legal sports betting with more to come. However, it has also brought a number of new problems to the table. Thus, several States are Considering More Sports Betting Restrictions to combat these gambling-related issues.

As the sports betting market matures in the U.S., we will see more sports betting regulation as more problems arise. At the moment, the sports betting restrictions that have been trending are the use of credit card for gambling and college prop bets. Thus, a few states, concerned citizens, and lawmakers have been bringing up these issues and want something done about it.

According to gambling analysts, this is a normal course of event for any country that has made gambling legal. In fact, the UK and other countries that have had legal sports wagering for years have already gone thru these changes in gambling regulations. However, they are by no means perfect. For example. The UK have had a regulatory body for only 24 years despite sports betting being legal since 1960. Thus, they are still in the learning process.

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Massachusetts Sports Betting Revenue Record Broken in January

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Category: Gambling Industry

Created: Saturday, 17 February 2024 10:37

Massachusetts sports betting revenue increased 17 percent in January compared to the previous month. Also, it broke the record set in May 2023. However, the betting handle dropped 1.1 percent from December’s $658.7 million. Sports betting operators paid $5.8 million in taxes, down from 9.4 percent in December.

Since the launch of sports betting on the final day of January 2023, Massachusetts has seen quite encouraging development. According to bookie pay per head reports, bets placed online accounted for 99.4 percent of January's handle, demonstrating the continued high performance of online.

For January, Massachusetts's casinos brought in $93.5 million in GGR, down 10.1% from December's total of $103 million. The leader, Encore Boston Harbor, has amassed $60.9 million in gross gaming revenue (GGR) from tables and slots.

Even though DraftKings' $315.9 million handle was $4.5 million lower than the $311.4 million it earned in December. According to pay per head sources, it is still clearly Massachusetts's leading sports betting market.

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Shin Hwa World Wants to Raise $39 Million to Improve the Jeju Integrated Resort

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Category: Gambling Industry

Created: Friday, 19 April 2024 07:06

Shin Hwa World Ltd has unveiled a strategic plan to reorganize its capital, which is expected to enhance its financial structure. Additionally, the company aims to raise approximately $39 million to bolster the staffing and facilities of its Jeju Shinhwa World. This initiative includes a share consolidation, where every ten shares of HK$0.01 will merge into a HK$0.10 share, a step that will streamline the company's share structure and potentially increase shareholder value.

There will be a capital reduction where the shareholders’ issued share capital will be rounded to the nearest whole number. As a result, fractions within consolidated shares are canceled. The surplus will be part of the firm’s account.

According to PPH sportsbook reports, Shin Hwa World predicted a surplus of about $5.8 million due to this move.

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BGC Wants Seamless Affordability Checks on UK Bettors

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Category: Gambling Industry

Created: Friday, 19 January 2024 20:47

After the UK government announced the debate on the proposed financial risk checks, the Betting and Gaming Council wants the government to implement seamless affordability checks. They want the process to be unintrusive to players.

If the original idea goes through, gaming businesses must verify that their customers can afford to gamble if they lose a moderate amount of money. Operators are responsible for acting if they identify a client like this to prevent them from losing further money and developing a gambling addiction. According to government estimates, only around 20% of customer accounts will be subject to such audits yearly.

Neil Truesdale, CEO of The Jockey Club, created a petition to halt the UK government's plans to enact this legislation. According to sportsbook reviews and news sites, the petition successfully gathered over 100,000 signatures, which led the government to arrange a discussion on the subject. The British horse racing business and the possibility of discrimination were two of the main concerns voiced by those who were against the plan.

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World Poker Tour Goes to China for the First Time

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Category: Gambling Industry

Created: Friday, 15 March 2024 20:49

The World Poker Tour took twenty-two seasons before it could hold a series in China. According to the WPT, at least two tournaments will be held in Wynn Macau from June 18 to 24. Also, it partners with Wynn Macau and Allied Gaming and Entertainment for the event. It showed the growth of iGaming.

The HyperX Arena at the Luxor is well-known to WPT fans because it is where the WPT taped and broadcasted the final tables of various tournaments. According to pay per head sportsbook reports, it was here that Bin Weng began his quest to become the 2024 Global Poker Index Player of the Year.

The HK$40,000 buy-in Championship event will be held from June 20-24. It will be the highlight of the WPT Macau festival, which runs from June 18-24. Held from June 19th to the 20th, the WPT High Roller tournament has a buy-in of HK$200,000. That is all there is to the timetable now.

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New Hampshire Sports Betting Handle Continues to Increase in November

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Category: Gambling Industry

Created: Friday, 22 December 2023 22:51

New Hampshire sports betting handle increased month-over-month in November. However, the $78.5 million handle was less than the previous year’s $93.1 million. On the other hand, it is the highest monthly total in the state for eight months.

Online wagers amounted to $67.9 million, while retail sportsbooks in New Hampshire took in $10.6 million. When we look at the total money made from gambling in November, it was $8.2 million. It is up 64 percent from $5.0m the previous year but down 5.8 percent from October's $8.7m haul.

Most of the month's wagering earnings, $6.6 million, came from online sports betting. Retail betting brought in the remaining $1.6 million. Thus, it is an excellent time to open a sportsbook in New Hampshire.

Regarding online sports betting in New Hampshire, DraftKings is still your sole option. It ensured the state's exclusive rights in November 2019. The decision to provide DraftKings an exclusive contract to handle sports betting in New Hampshire was approved by the New Hampshire Executive Council, a body responsible for approving lottery decisions.

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