Tag: Fall

Will Louisiana Sports Betting Hit The Ballot This Fall?

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What a magical day May 24 became.

Four of the greatest athletes in their respective sports took to the links at Medalist Golf Club in Florida, pitting Tiger Woods and Peyton Manning against Phil Mickelson and Tom Brady.

Through a downpour, these GOATs persevered. Not just for bragging rights (which went to Tiger and Peyton). Not only for our own entertainment (with cart cams and live mics on each player). Not just to jumpstart legalized sports betting (which as gone without major sports since mid-March due to the coronavirus pandemic).

On the eve of Memorial Day, these greats came together for a good cause, raising over $20 million for COVID-19 efforts.

Despite terrible playing conditions, The Match 2 became a silver lining. And it signified, potentially, that the light at the end of the tunnel is getting closer.

Now, on to the Rewind:

Louisiana sports betting one step closer

Legalized sports betting in Louisiana appears close to hitting the November ballot, although one senator’s choice to include technical additions in the bill has delayed the bill’s passage in the House.

While legislation passed by a 73-23 vote, Speaker Pro Tempore Tanner Magee opted to include “participation in sports wagering … shall not be considered gambling by computer” in the bill. Such a choice would allow casinos to enter a bettor’s wager into a computer.

From here, the bill heads to the Senate, where a committee needs to sign off before sending it to the floor. The House expects to review details of a similar bill this week and could elect final passage, thus sending the bill to the November ballot.

Time is of the essence for Louisiana lawmakers, as the legislative session is scheduled to adjourn June 1.

Should parishes approve the legalization of sports betting, state lawmakers would craft additional details of the industry, such as regulations, next year.

Green-lighting regulated wagering in Louisiana would certainly provide a boost for casinos in the state, which already compete with properties in neighboring states that offer legalized sports betting.

Leagues still on hook for fighting legal sports betting

Two years later, and history again repeated itself.

The US Supreme Court ruled that it would not hear appeals over a Third Circuit ruling that major American sports leagues could owe restitution after the court struck down PASPA in 2018 and ultimately cleared the way for state-sanctioned sports betting.

Now the case moves to Third Circuit in New Jersey, where a decision could come down regarding how much leagues would owe the New Jersey Thoroughbred Horsemen’s Association, operators of Monmouth Park.

Initially, the association requested that the likes of MLBNBANCAANFL and NHL use their $3.4 million in bonds to cover a temporary restraining order. And on top of that: an additional $150 million in damages.

Those five leagues stood as the main opponents of New Jersey regulators attempting to legalize sports betting in 2014. And Monmouth was ready to become the first property with a sportsbook.

The horsemen’s association noted that leagues were already landing deals with daily fantasy sports operators at the time, a grey area for many that shades closer to gambling as players could win money based on sports.

Eventually, four years after the fact, Monmouth did become the first location in the Garden State to accept legal wagers. Yet the fight for more continues.

New casino on the way to Chicago

For years, lawmakers and stakeholders have laid the path to potentially bring a casino to Chicago.

Now, it seems one is on the way.

The Illinois General Assembly worked late into the night last week to sign off on a $41 billion budget plan that relies on borrowing money and potentially receives help from the federal government amid the coronavirus pandemic. Amid all this, the Illinois Senate approved the casino plan by a 42-14 vote.

Now it awaits approval from Gov. J.B. Pritzker.

Sen. Bill Cunningham estimated that Illinois capital programs will receive $45 million in licensing fees before the casino even opens. To boot, Illinois would also receive $700 million in “a re-worked reconciliation fee.”

When the casino does open, revenue will help fund pensions for Chicago’s police and fire employees.

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WSOP Officially Postponed Due To Pandemic, But May Return This Fall

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The 51st running World Series Of Poker (WSOP) in Las Vegas has been postponed. The move comes after weeks of rumors and speculation that the largest poker tournament of the year will be delayed or canceled.

Caesars Entertainment, operators of WSOP, says the postponement of the tournament is due to the public health emergency involving COVID-19 which has closed all US casinos. The company says that they would like to have the WSOP return later this year if and when the coronavirus pandemic concerns have lessened.

World Series of Poker is postponed — not canceled

WSOP 2020 has not been canceled. Caesars is targeting dates sometime in the fall of 2020 for the return of the poker tournament. The company will announce the exact dates in the future. Depending on the timeline they may have to reduce the number of events for the WSOP.

Last year more than 180,000 players participated in 90 events at the Rio All-Suite Hotel and Casino in Las Vegas. This year the annual WSOP was set to run from May 26 to July 15, 2020. The original WSOP schedule included 117 events.

Regardless of how many events could be canceled this year, WSOP will include poker’s world championship, the $10,000 buy-in Main Event championship. This is the most prestigious event and richest prize pool on the poker calendar every year.

“We are committed to running the World Series of Poker this year but need additional time to proceed on our traditional scale while prioritizing guest and staff well-being,” said Ty Stewart, executive director of the World Series of Poker.

WSOP.com still operating

Stewart continued saying “in the interim, official WSOP competitions are expected to be played online this summer, and we will soon announce details of an expanded series of tournaments to be played on WSOP.com and through a partnership with international operators, which will allow players to chase WSOP glory from their homes.”

WSOP.com is still operating so poker players can keep their skills sharp while remaining quarantined. The online poker website shares liquidity in the following states:

  • Delaware
  • New Jersey
  • Nevada

There are still more than 40 tournaments taking place in the WSOP Spring Online Championships which runs through May 3. Additionally, there are Sunday tournaments with a guaranteed prize of $100,000.

The big news of all is that the WSOP.com online bracelet events will continue as planned this summer. There will be a total of 14 online WSOP tournaments this summer. Buy-ins range in price from $400 to $10,000.

New Caesars could mean changes for WSOP

Eldorado Resorts is still in the process of closing a merger deal with Caesars Entertainment. The deal should be completed by June. Eldorado Resorts will operate the new company which will keep the name “Caesars” – without the entertainment.

While Caesars has a two-year lease to operate the Rio, the new company could decide to relocate the WSOP elsewhere in Las Vegas this year. It’s expected that Las Vegas casinos could re-open in stages. The Rio could remain shuttered for longer than other Caesars properties in Las Vegas since it’s located off the Vegas Strip and away from the other properties.

Even if Rio opens, Caesars could decide to relocate WSOP anyway. This could be an opportunity to showcase the new Caesars Forum convention center opening behind The Linq and Harrah’s. The new convention center was supposed to host the 2020 NFL Draft which was turned into a virtual event as Las Vegas shuttered all non-essential businesses for April.

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