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BETTING

This Week’s Betting News August 18th – August 24th

General View Churchill Downs Kentucky Derby
The field heads into the first turn during the 149th running of the Kentucky Derby at Churchill Downs in Louisville Kentucky Stacy RevereGetty ImagesAFP

Each week OddsTrader will take a brief look at some of the more important stories permeating the U.S. sports betting and gambling landscape. Below we report on those that made headlines recently and will update our readers as events unfold.


FanDuel Claims Michigan Top Spot in July

FanDuel was responsible for 30% of the sports betting action in Michigan last year, but in July they increased their market share to 37% of the handle reflected by 73.4 million in accepted wagers of the combined $200.8 million handle, generating $1.5 million in taxes for the Great Lakes State.

Moreover, FanDuel also led the way in revenue, delivering 40% of the combined total, or $9 million in July. This impressive showing also warded off its fiercest rival, DraftKings, from eroding its place as the most popular book in Michigan.

In fact, DraftKings saw its share of the Michigan market decrease in July, falling from 29% in June to 27.5% in July. The Boston-based bookmaker has seen steady increases in market share throughout the nation, but that momentum was stifled in July as DraftKings generated $55.3 million in bets, producing $5.5 million, or 25%, of the revenue.

BetMGM has become the standard-bearer for third place behind America’s two biggest sports betting titans, delivering $32.9 million in handle, equivalent to 16% of July’s total volume. Although the handle produced $4.1 million in revenue, it revealed a precipitous decline from January’s handle, when BetMGM reported 23% of the Michigan market.


Slow and Steady for Caesars

Caesars Sportsbook is a minor-major player in the sports betting market, routinely trailing FanDuel, DraftKings, and BetMGM in most, if not all, domestic digital sports betting markets. However, it is making headway in Pennsylvania, one of the nation’s most lucrative gaming jurisdictions.

Although July showed the iconic brand taking in $18.5 million in wagers in the Keystone State (only 5.9% of the combined handle), it has come a long way since the beginning of 2022 when its share was less than one percent. And over the last four months, Caesars has inched its way from 5.2% in April to nearly six percent in July.

However, it has a long way to go before dethroning the king from its throne, as FanDuel prevailed yet again with $126.3 million, or 40%, of Pennsylvania’s $316 million combined handle in July. FanDuel’s hold, or win rate, was an impressive 13% yielding just shy of $17 million for the month.

Although the handle of $338.4 million in July expectedly decreased nine percent from June’s $373.1 million due to few sports betting offerings, it should be noted that the combined revenue actually increased 16% from the previous month, from $33.8 million to $39.4 million. Revenue was also up 19% compared to July 2022, generating $11.5 million in taxes for July.


Kentucky Greenlights 9 Sports Betting Licenses

Kentucky Governor Andy Beshear has been aggressive in getting sports betting to the masses since signing gaming legislation on March 31st and immediately signaling a September launch to take advantage of the NFL and college football seasons.

Last week, Beshear said, “We are just three weeks away from sports wagering in Kentucky. We are ready to deliver the quality entertainment experience Kentuckians asked for while bringing money to the state to support pensions and free up funds that can be used to build a better Kentucky.”

Earlier this week the Kentucky Horse Racing Commission announced nine sports betting licenses for a retail launch slated for September 7th while the mobile launch is scheduled for September 28th. The nine temporary licenses were issued to the following companies:

  • bet365
  • • BetMGM
  • • Caesars Sportsbook
  • • Circa Sportsbook
  • • DraftKings
  • • Fanatics Sportsbook
  • • FanDuel
  • • Kambi
  • • PENN Sports Interactive (ESPN Bet)

The seven horse tracks in the state are all able to establish retail sportsbooks and can partner with online betting partners. Those partnership agreements were also released:

  • • *Barstool Sportsbook: Ellis Entertainment, mobile-only
  • • bet365: Revolutionary Racing, mobile-only
  • • BetMGM: Revolutionary Racing, mobile and retail
  • • Caesars Sportsbook: Lexington Trot Breeders Association, mobile and retail
  • • Circa Sports: ECL Corbin, mobile-only
  • • DraftKings: ECL Corbin, mobile and retail
  • • Fanatics Sportsbook: Oak Grove, mobile-only
  • • FanDuel: Turfway, mobile-only
  • • Kambi: Churchill Downs, Turfway Park, Ellis Entertainment, Oak Grove, retail only

*Barstool Sportsbook, owned by Penn Entertainment, will morph into ESPN Bet in the coming months.

Controversy About Age Limits

Kentucky’s House Bill 551 allows for those 18 or older to sign up for sports betting accounts, but that has attracted the ire of neighboring Ohio, a state like many others that has a minimum sports betting age of 21.

Matt Schuler, Executive Director of Ohio’s Casino Control Commission, spoke on that when he said, “I absolutely hate the idea that individuals under 21 can go across the border, open an account, and bet. I think it’s horrible.”

“The age group that is most at risk of developing a gambling problem are males 18 to 35. The younger ones are most vulnerable as they’re not at the age yet where they can thoroughly process the consequences of their actions. Not my opinion. Scientific fact,” Schuler added.


Caesars
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4.0

How the sportsbook's odds stack up against competitors

BetWay Sportsbook logo
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5.0

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4.6

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App Store Rating
4.4

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Odds Quality
4.3

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Odds Quality
4.3

How the sportsbook's odds stack up against competitors

Bet365
Odds Quality
4.7

How the sportsbook's odds stack up against competitors

Play Store Rating
4.7

User ratings on the Google Play Store

Ease of Use
4.5

Simplicity and intuitiveness of the platform's design

Welcome Bonuses
4.3

Offers available upon initial signup

App Store Rating
4.1

User ratings on the Apple App Store

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