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Captain Gambling: Weekly Industry News Update – 11/01/2020

Author: Michael McKean
Last update on: November 17th, 2020
Topic: News
Experiences Tipping

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

This week’s top stories:

  • Tennessee: DraftKings, FanDuel & BetMGM launch today
  • Colorado bets up, but taxes down
  • Illinois: Waukegan casino to take at least 6 months
  • Virginia Lottery awards consulting contract to Pennsylvania casinos’ law firm

Tennessee

Today, November 1st, Tennessee became the first state without real shop bookmakers to legalize online sports betting. As the move happened, four companies gained approval to to launch betting in the state, albeit with conditional licenses. The three big US brands to launch in the state are DraftKings, FanDuel & BetMGM. Tennessee, alongside Michigan and Virginia is one of the three states that was set to legalize online sports betting before the end of 2020. They have now become the first, and the only of the three to go ahead with the move before Tuesday’s election on November 3rd.

Colorado

Sports betting is on the rise in Colorado, yet reports show that tax revenues are down. The sports betting industry is thriving in the Centennial state, yet experts say that new customers are being enticed with tax free bets. Colorado now has 15 online sports betting operators alongside 12 brick and mortar betting shops since legalization in May. However, although there was an initial rise in tax revenue following the easing of lockdown in June, tax revenues last week plummeted to their lowest level since May.

Illinois

The plans for a Waukegan casino on land that’s owned by the city itself have now been delayed for a minimum of 6 months, it’s been reported. The casino is set to be built near the Fountain Square Shopping Center in the city. Although Wednesday should’ve been the deadline for new casino applicants, Marcus Fruchter, the administrator for the Illinois Gaming Board, said more time was needed to process this application alongside a handful of others. 

Virginia

The Virginia Lottery has this week awarded a contract to a law firm representing three casinos in Pennsylvania. This includes one that opposes a deal between Norfolk and the Pamunkey Indian Tribe to build a casino on the downtown riverfront in Richmond. This is a move that’s pending voter approval on Tuesday November 3rd. The lottery, which is run by the state, signed the $113,200 contract last month with Pittsburgh-based law firm Eckert Seamans Cherin & Mellot.

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