Tag: Movement

Big 2019 Betting Numbers, Movement In Kentucky, NV Casino Updates

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The first full year of legalized sports betting outside of Nevada is in the books.

And, according to the figures, it did not disappoint.

While Pennsylvania and New Jersey bask in the glow of titanic state-sanctioned industries, other states are continuing to find ways to integrate legalized wagering. The latest effort comes from Kentucky. Surely, more will follow.

Once again, so much to unpack, so let’s get to the Rewind.

Pennsylvania, New Jersey sports betting took off in 2019

What a year for legalized sports betting. Particularly, there were two states we expected to do well but really kicked it into high gear.

The Pennsylvania sports betting market, particularly after the advent of online wagering, shined in 2019. In December alone, the PA industry took in a state monthly record of $342.6 million in wagers. Nearly 87% of that total came via mobile sportsbooks.

Last year, Pennsylvania saw regulated online sports betting come to life and expand to eight sportsbooks. And as Play Pennsylvania detailed, monthly handle via betting apps has spiked 477% since going live in July.

In 2019 alone, bettors in Pennsylvania laid down nearly $1.5 billion with legal books. However, Pennsylvania still looks up at New Jersey.

With a whopping $557.7 million wagered in December, the Garden State wrapped up 2019 with an astounding $4.5 billion in handle.

Like Pennsylvania, New Jersey has watched online betting quickly take hold. In December, nearly 90% of all bets went through an online sportsbook.

Both states were expected to rise to prominence after the US Supreme Court repealed PASPA. Both have answered the call to this point. Now we’ll see how they can improve and escalate even higher in 2020.

Is Kentucky sports betting on the horizon?

Gov. Andy Beshear provided some fodder during his State of the Commonwealth address.

He emphasized the need to “create the new revenue to meet the growing needs” of Kentucky. He noted how the state is “watching more than $500 million in gaming revenue go across the border to states like Indiana, Ohio and Illinois.”

Then, Beshear announced that Rep. Adam Koenig has filed a bill to legalize sports betting. It has the governor’s full support.

After multiple bills arose and fell short in 2019, both Beshear and Koenig express optimism about the latest filing, which removed the previously proposed stipulation that no bets can be placed on Kentucky-based teams and events.

On top of it all, Koenig’s bill would legalize online poker and daily fantasy sports. While online casinos remain out of the picture, Beshear said there could be more conversations down the road:

“I hope that isn’t the end of the conversation, because right now all of our neighboring states — all of them — most of them Republican-led, have embraced expanded gaming while we are being left behind.”

The bill received a unanimous 18-0 vote in the House Licensing, Occupations and Administrative Regulations Committee and is expected to get approval soon on the House floor.

Nevada casinos get new owners

A new team has taken over Las Vegas real estate occupied by MGM Grand and Mandalay Bay.

MGM Growth Properties LLC and Blackstone Real Estate Income Trust, Inc. have entered into an agreement to form a joint venture and acquire the real estate assets of the two properties for $4.6 billion. MGM Growth Properties will own 50.1% of the venture, while Blackstone will possess the remainder.

Once the deal is closed, MGM Resorts International will continue to manage and operate both MGM Grand and Mandalay Bay. The deal is expected to finalize in the first quarter of 2020. With both casinos spanning some 226 acres on the Strip, MGM Resorts’ annual rent will stand at $292 million.

Blackstone continues to add Strip properties; recently the group acquired the Bellagio for $4.25 billion.

Up north, Harrah’s Reno will soon have new ownership. Caesars Entertainment confirmed that a CAI Investments affiliate will acquire the property for $50 million.

Caesars has leased Harrah’s via VICI Properties, which will split the sale’s proceeds with Caesars.

Over the first half of the year, Harrah’s will continue to be part of the Caesars Rewards network. Then, new ownership – Reno City Center LLC – will take over and the property will transition into a “mixed-use, non-gaming property.”

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A Questionable DFS Win, New MI Deals, Betting Movement Goes Coastal

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Not sure what to dislike more: January and how long it is, or the person who first noticed how long January is and pointed it out to everyone and not everyone notices how long January is.

Fortunately, a long month translates to a busier month in the US online gambling world. And, fortunately, that world did not disappoint last week, from potential cheating in daily fantasy sports to the continued expansion of retail and online sports betting nationwide.

Time to unpack the news and rewind.

A big DraftKings DFS payday comes with allegations of cheating

Millionaire Maker winner emerged from the DraftKings daily fantasy sports field – along with a cloud of controversy.

Former “Bachelor” contestant Jade Roper Tolbert came away with the contest’s top prize of $1 million. A reality star bringing attention to the daily fantasy sports industry? Score.

Then, independent investigations began. And it seems as if Tolbert, whose husband also plays DFS, might have violated DraftKings’ terms of service as well as several state laws pertaining to daily fantasy contests.

Tolbert and her husband both maxed out with 150 entries at $20 each for the Millionaire Maker, which is DraftKings’ big-pool contest during the NFL wild card weekend. According to her tweet confirming it, Tolbert finished atop the standings to claim the top prize.

The problem, however, is the likelihood that the couple worked together to, in essence, find a loophole in DraftKings’ maximum entry limit, one that is also supported by state laws.

Per DraftKings’ guidelines, the DFS operator does not allow “group play,” which is “team-building complementary lineups which serve to work together and executing a strategy that may create any unfair advantage over individual play.”

That said, until (and if) it is proven, this all remains speculation.

First online gambling partnerships form in Michigan

The gears in Michigan wasted little time getting into motion.

Both PointsBet and The Stars Group announced partnerships with land-based casinos, allowing the bookmakers to move forward with obtaining sports betting licenses in the state and explore other online gambling options.

The two operators – both already active in the national expanding gambling marketplace – each teamed with a tribe to power online and retail sportsbooks in the state. PointsBet will also develop an online casino, while The Stars Group has another market in which to launch its Fox Bet brand.

Certainly much more action is expected in Michigan, as 24 other casinos could potentially pair off with sports betting, online casino and online Agen Poker operators.

From MGM to Penn National to DraftKings and FanDuel, a cornucopia of stakeholders sit on the threshold of potential entry into Michigan.

The race is on.

California, New York showing early sports betting movement

Since the expansion of state-regulated gambling picked up speed nearly two years ago, the country’s most notable and populous states – in one way or another – have oddly remained sidelined.

Take New York, for example. Its sports betting industry has launched, but it remains in retail mode – a nice boon for nearby New Jersey and Pennsylvania, both of which boast online betting options. And California? That’s a whole snarled mess that few lawmakers desire to untangle.

That is … until now.

California sports betting

While uber-preliminary, California’s Department of Finance and Legislative Analyst’s Office has submitted a fiscal impact estimate report for a proposed tribal initiative that would legalize sports betting at the state’s Indian casinos and racetracks.

California Attorney General Xavier Becerra has just over two weeks to provide a summary of the report, which, when completed, would signal tribes to begin collecting signatures to push the initiative to the November ballot.

According to the impact report, the state’s 65 tribal casinos would be authorized to offer roulette, dice games and sports betting if added to their existing compacts. Sports betting, though, would not go live until Jan. 1, 2022. With this expansion, state revenues would jump by tens of millions of dollars and raise minimum spending levels for public schools and community colleges.

As written, however, this tribal plan does not include online sports betting.

New York sports betting

Speaking of that, at least one lawmaker in New York believes Gov. Andrew Cuomo will come around to the idea of mobile wagering this year.

As Sen. Joseph Addabbo Jr. told Legal Sports Report, Cuomo could use online sports betting to help balance the state’s $6 billion budget deficit.

Addabbo outlined how $12 million licensing fees once proposed in the Senate, combined with issuing casino licenses within the New York City area, could account for more than $1 billion toward the deficit.

Addabbo and company got its budget proposal, which included online wagering, in front of Cuomo last year. But the governor and the Assembly rebuffed it all.

Now, however, Cuomo might be more open to the idea considering the depth of New York’s fiscal shortcomings. Whether included in the executive budget proposal or added in later through Assembly and Senate negotiations, online sports betting in the state could gain traction in 2020.

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Use an Odds Checker to Track Line Movement in Sports Betting

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Each sports matchup that is placed on the board for a sports gambler is an opportunity to make a profit. The line on the particular contest serves as a reference point to see how the public feels about who will win. Serious punters know the significance that line movements can have on their long term profitability as well as the outcome of games. Knowing this, sportsbooks hire linesmakers and oddsmakers are hired to balance lines as a result of changes that occur when bettors begin to place capital on games.

Still, educated sports bettors can gain an edge with certain “soft” lines if they notice significant movements prior to the beginning of a game. Likewise, if their research, or a recent injury indicates that a particular line is off, bettors can grab an early line before the more investors catch wind of the discrepancy. This is how many successful sports bettors make a long term profit betting NFL or betting the NBA spread, among others.

The Difficulty of Handicapping

Oddsmakers are much more concerned with verifying all games on the given day and trying to create lines that will get equal attention and money on either side of the contest. You can imagine that with so many games, this can become a large and difficult task. Obviously, incorrect lines and line errors end up costing millions to sportsbook if they are not caught quickly enough. This danger is one of the reasons why linesmaking remains one of the most difficult industries to succeed in in the world. Still, sportsbooks have a history of being profitable year over year. There are however some tools that wagerers can use to increase their chances of being successful over time.

Just like stock market patterns, movements of a sports line are not easy to follow for several reasons. Some odds comparison sites take their opening lines from the same origin, while others create their own. Most of the time though, oddsmakers use a service that creates opening lines as their full-time business. Of course, in different countries and sports, different odds companies are used to create the odds. As a bettor, it is advantageous to get your hands on information online where they post the opening lines and the real-time line changes for games covering a variety of sports. It makes sense to track the line of a team throughout the week if possible to see how many points the spread moves as more volume comes in on each contest.

Public Betting Percentages

One of the first rules of sports betting is that the public loses about 2 of 3 times. The average bettor has a losing record, so when there is significant movement on a line, this rule can give sharp bettors information into which side the public is on. If the public goes hard on a line and make the favorite even more of a favorite, a linesmaker may make an adjustment to get the bet back to equilibrium. These patterns are normally quite conspicuous. Online websites that track these movements and explain the basics behind spotting line changes are the best way to glean critical information out of these circumstances.

Tracking Line Movement

Line movements are evaluated in various ways. The most important thing to remember is that movements are always representing money backing a particular side. A punter can interpret this in different ways by thinking that a dropping line means that the public is betting them. This scenario could also mean that smart bettors are seeing value in the favorite side. It is called a fade when you bet a team simply because the favorite is betting the favorite more than they deserve to be wagered on.

The second theory is that the sharp money is aware of the value in a matchup and moving the line themselves. If you are able to correctly notice this pattern, then you can jump on the correct side and make a profit. The term “steam” originates from this scenario where a bettor recognizes smart bettors gathering on one side. When a line is steaming it means that it is moving quickly in a particular direction. Making a late play like this can pay dividends.

Wrapping It Up

Make sure that you don’t use line movements as the sole criteria for predicting a contest. Today, there are plenty of sites offering some form of odds comparison. For a reference point, here is one dynamic example of an odds checker. When handicapping tennis matches, soccer matches, or any type of sport, you want to make sure that there are a number of factors and criteria that you use to evaluate and predict the outcome of the event. Use any real-time tools and quality information that you can to get an edge on the odds.

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Source by Jimmy Spindrix

Categories: Sports Betting

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