SportsHandle and friends deliver another round-up of the week’s big developments in US sports betting.
Expect First Virginia Sports Bets Early Next Year
July 15 is the first of two red-letter dates for anyone with an interest in legal Virginia sports betting. The state’s Lottery will roll out proposed regulations at its July 15 meeting and, as required by law, 60 days later it will vote on those regulations in anticipation of getting licensed systems up and running by early 2021.
Virginia lawmakers legalized sports wagering in April, and the law went into effect on July 1. Since the law passed, Virginia Lottery Executive Director Kevin Hall and his staff have been on the sports betting fast track.
Full story here.
Las Vegas Casinos On The Verge Of Re-Closing After Barely A Month
The experts have been saying all along that a second wave of COVID-19 is coming, and in the United States they’re being proven right.
(Unless you subscribe to the belief that what’s happening now doesn’t count as a second wave because the first wave never ended.)
In the casino industry, a second wave is also beginning to hit. Properties across the country shut down — some voluntarily, most by order of their state governments — in the second half of March and have reopened region by region in May, June, and early July, with 831 of 989 casinos welcoming customers at latest check. Now it’s time, unfortunately, for the second wave of casino closures to begin.
Full story here.
BetMGM Bullish On Sports Betting Growth Following Latest Funding Round
Embroiled in a probe surrounding a series of questionable Korean baseball wagers last month, the sports betting and online gaming company operating as BetMGM announced a massive funding round Wednesday aimed at increasing its market access throughout the U.S.
ROAR Digital, a joint venture owned by MGM Resorts International and GVC Holdings, announced that its shareholders have committed to a second round of funding, bringing total investments to approximately $450 million. The latest funding round follows an initial commitment of $200 million from the companies and provides ROAR Digital with more than $370 million of investable capital, MGM Resorts said in a statement.
Full story here.
Illinois Sports Betting Drama: Rivers’ Attorney Challenges IGB’s Proposed Co-Branding Rule
An attorney for Rivers Casino has submitted a public comment challenging the validity of the Illinois Gaming Board’s proposed rule on branding, which may have ramifications for the development of legal online sports betting in Illinois.
Legal wagering in the state began in March at a pair of brick-and-mortar sportsbooks but caught a quick hook within a week, due to the COVID-19 pandemic. Subsequently, online sports wagering in the state received a boost in early June when Gov. J.B. Pritzker issued Executive Order 2020-41, which suspended the requirement for physical appearance at a casino to make an online account. This allowed Rivers Casino to become first to market on June 18 through its BetRivers Online Sportsbook, which began taking wagers via customers registering remotely.
Full story here.
Phil Ivey, Borgata Reach Settlement In Longstanding $10 Million Legal Battle
A legal saga between poker legend Phil Ivey and the Borgata casino in Atlantic City that has lasted the better part of a decade appears close to a conclusion.
According to a court filing on Thursday with the U.S. Court of Appeals for the Third Circuit, Ivey and the casino have “now reached a settlement” in a case stemming from Ivey’s controversial high-stakes baccarat sessions at the casino in 2012. Terms of the pending settlement were not disclosed.
A settlement at this stage in the case isn’t surprising considering that one prominent appellate attorney pegged Ivey as a slight favorite to win the appeal.
Full story here.
