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NFL Scrambles to Change Gambling Policy
Plus: Washington DC's lesson in risk management, and the latest in Florida
Welcome to your weekly roundup! This week: the NFL tightens and loosens its gambling policy, Washington DC gets hit by a sharp, and the latest twists and turns in Florida. If you liked reading this, please subscribe or share it with a friend. Have a great week!
NFL adjusts gambling policy: The NFL made tweaks to its gambling policies—following problems with player betting—now instituting stronger penalties for players betting on their own teams. It also now will let some players get back on the field sooner. Players who make a bet involving his own team will get a two-year suspension. Bets on any other game will get a one-year suspension. Attempted (or actual) game fixing will get a lifetime ban. Betting on non-NFL sports while at a team building or on team travel will get a two-game suspension, six games for a second violation and one year for a third. Three players, including the Detroit Lions’ Jameson Williams, who had been suspended will be reinstated on Monday.
What next in Florida?: a U.S. District Court of Appeals ruling Thursday gives a potential opening for the Seminole Tribe to launch its Hard Rock Bet service in the state. Still, West Flagler and Associates plans to appeal to the U.S. Supreme Court. In June, the Court of Appeals ruled for the Seminole Tribe and the U.S. Department of the Interior, which have a 30-year tribal gaming compact that essentially skirts state and federal law and allows bets on tribal lands.
Sharp exploits DC kiosks: The Washington D.C.-sponsored sportsbook GambetDC lost money in June due to exploits in its kiosk-based system. GambetDC, operated by Greek gaming company Intralot, had handle of $5.2 million in June and negative gaming revenue of $67,702. One sharp, a 27-year old former data scientist in a poke restaurant won $164,000 in the month by exploiting “inaccurate lines,” as well as by betting without signing in after he was limited. GambetDC paid out 140 percent of wagers on golf and NASCAR in June—and no longer offers those sports.
What we’re reading
888 will launch its first U.S. retail offering, Sports Illustrated Sportsbook, in Michigan through a deal with OpenBet. 888 already has a mobile presence through the SI Sportsbook app.
Meanwhile, 888’s revenue warning this week caused its shares to drop 16%. The news comes after its merger with William Hill in late 2021.
DraftKings was upgraded to overweight by JP Morgan, citing higher holds from parlays and improved trading. JP Morgan also cited its survey which showed DraftKings with the most votes for best user experience, technology and most wager options.
Caesars’ new Fire Bets will use micro markets from Simplebet to offer a service patterned on the NFL’s RedZone channel.
Genius Sports launched its BetVision streaming and betting service, providing live NFL streaming with bet slips and stats rolled into one. Caesars, Fanatics and BetRivers are the first to use it.
North Carolina is preparing for a sports betting launch in June 2024.
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