Sports Betting Industry News & Market Updates

The Sports Betting Alliance has accused Illinois lawmakers of discriminatory practices for approving a new tax on each wager accepted by online sportsbooks. The group warned that bettors in the state will feel the impact the most.

The Rhode Island Senate passed a bill to allow for the creation of two to five additional sports betting licenses by a vote of 30-2. The bill will now head to the House, where leadership has opposed previous expansion proposals.

Tennessee has reported a sports betting handle of $463.6 million for April. That number is down compared to the month before, but up 21.7% year-over-year. The state’s 1.85% privilege tax generated approximately $8.5 million in tax revenue.

Governor Wes Moore signed the state’s new budget into law, which raises the tax rate for online sports betting operators from 15% to 20%. This is a far smaller hike after Moore’s initial proposal called for the rate to double to 30%.

The North Carolina House released a budget that did not include a tax hike for sportsbook operators, rejecting a Senate proposal to double it. Both sides want to increase funding for UNC-system schools, but disagree on how.

The Tennessee Sports Wagering Council sent a cease-and-desist letter to offshore sportsbook BetOnline as part of a wider effort to protect its regulated market. The sports betting regulator has also contacted the CFTC to shut down sports prediction markets.

The Missouri Gaming Commission has announced that the state’s sports betting market will launch on December 1 as operators begin applying for licenses. That date is also the deadline for when the market must go live, leaving little room for error.

A new Ohio Senate bill proposes imposing a 2% privilege tax on the sports betting handle of all operators in the state to boost the industry's tax revenue. The bill is being seen as an alternative to a massive tax hike.

Penn Entertainment has sent a letter to investors, firing back at HG Vora, who has accused leadership of being self-serving. The letter outlines the company's plans for iGaming and ESPN Bet and argues that HG Vora has alternative motives.

Missouri has officially opened the application period for sports betting operators to apply for licenses before the new market launches. A total of 19 retail and 21 mobile licenses will be available, and the market is set to launch by December 1.