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Captain Gambling: Weekly Industry News Update – 10/18/2020

Welcome to our weekly industry news digest here at Captain Gambling, where we’ll give you the latest updates and information regarding betting legislation in all states across the country.

This week’s top stories:

  • NJ introduces bill for March Madness betting
  • Michigan online sports betting moves closers
  • Nebraska to send gambling & sports betting to voters
  • Draft King offer Tennessee bonus ahead of launch

New Jersey

Lawmakers in New Jersey are attempting to push a common sense bill that would allow in-state betting on the college basketball tournament. Despite being the first state to legalize gambling and sports betting outside of Nevada, NJ still has some of the strictest rules & regulations when it comes to betting on college sports. The bill, which was announced by State Senator Paul Sarlo, would allow legal age NJ residents to bet on 2025 NCAA Men’s Basketball Tournament games played at the Prudential Center in Newark. However, the bill still faces the potential hurdle of the New Jersey State Constitution, which bans betting wagers on in-state collegiate sporting events.

Michigan

State regulators in Michigan have last week advanced a final draft of online sports betting rules to a committee of Michigan lawmakers. This means that the Great Lakes State has taken one big step closer to legal sports betting launching before the end of the year or in early 2021. If there are no amendments to the current legal state calendar, the new rules could come into effect in the 3rd week of December. However if the Joint Committee on Administrative Rules are willing to waive the 15 day holding requirement, this could fast track the process. On the other hand, changes/ delays to the legal calendar could delay the process until 2021.

Nebraska

Nebraska has become the latest state to give voters their say on gambling and sports betting laws on Nov. 3. Last month, the Supreme Country announced that 3 gaming related initiatives will be put on the ballot. These 3 initiatives are as follows:

  • Initiative 429 would amend the state constitution to permit legal gaming.
  • Initiative 430 would create a Nebraska Gaming Commission.
  • Initiative 431 would set the gaming revenue tax rate at 20%.

Tennessee

DraftKings have announced that they are offering all eligible Tennessee residents a $50 free bet if they sign up before the official launch date in the state. Sports betting goes live in the Volunteer state on November 1st. If you are a Tennessee resident, you can already sign up to DraftKings today and claim this offer without even making a deposit.

US Election & Gambling

Before we go, let’s take a quick look at how the 2020 presidential election outcome could affect gambling legislation in the US. Most experts appear to think that a Biden-Harris administration would create more favorable conditions for the gambling industry. As of today, Biden remains the clear favorite to win the election on November 3rd, which could spell good news for the gambling industry as a whole.

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