captaingambling Weekly: Miami Dolphins Ross Invests in the Action Network and other News…
captaingambling Weekly: Miami Dolphins Ross Invests in the Action Network and other News…
2019-12-03 | CaptainGambling
New things abound in the world of gambling every week. Some news tends to be very exciting while some are not so captivating, but the fact remains that trends in the gambling world are now being reported on the front page of major newspapers around the world and keeps trending on the internet through social media platforms like twitter, Facebook, instagram and so on. This is why we at captaingambling have decided to start a weekly news update, serving you red hot headlines and information on the latest trends in the gambling world. This weekly update will follow to the topic “Gambling in the USA”.
Here are the hot headlines trending in the gambling world for this week:
- Miami Dolphins Ross Invests in the Action Network
- Tennessee Releases Sports Wagering Rules for Public Opinion
- Virginia Representative Files Bill to Authorize 2019 Casino Legislation
- Draftkings Partners Kambi For Sports Betting Launch in New Hampshire
- Soft2bet Receives License To Operate in the Swedish Market
We now move over to the details.
Miami Dolphins Ross Invests in the Action Network
The Action Network, one of the most popular gambling media publishers in the US has obtained the support of US real estate billionaire Stephen Ross who also doubles as the owner of Hard Rock Stadium and Miami Dolphins. This was confirmed by RSE Ventures, the private equity vehicle of Ross few days ago. It also stated that the investment in The Action Network was undertaken at a cost of $17.5 billion.
The Action Network is a firm pursuing the goal of dominating all US media wagering options in relations to news, affiliations, live odds compilation and insights.
Founded in 2017, the Action Network is an arm of the US digital media outfit, the Chernin Group. For a firm that was founded few years ago, the Action Network has obtained the backing of numerous top notch executives leading the development of the publisher at a time when the landscape of sports in the US is changing.
Leading the Action Network, Patrick Keane the firm’s CEO told Bloomberg news: “For the Action Network, it conforms to our strategy to have all four of the major US sports as investors. To be able to call on the advice of these awesome owners is super helpful to the company.”
The other investors include Bitkraft Esports Ventures; 6721 Capital; Blackstone Group’s David Blitzer, co-owner of the Devils and 76ers.
According to RSE Ventures Co-Founder and CEO, Matt Higgins, the legalization of sports betting by more states makes us believe that a modern media company will develop to service this sector, integrating both content and data.
“The Action Network has the distinctive mix of imaginative data miners and content creators. This is a captivating blend that is transforming to spectacular growth in subscriptions.”
Tennessee Releases Sports Wagering Rules for Public Opinion
The state of Tennessee has released its sports wagering regulations, alongside strict advertising regulations for public opinion. The regulation grants players the access to place wagers online or at remote kiosks, this is in pursuant to bill SB0016 passed in the state’s 2019 legislative session.
This regulation makes it mandatory for casino operators to present all advertising materials they intend to utilize to the Tennessee Lottery not later than thirty days before they are used. The adverts must not also be released on one medium “with such frequency and intensity that they represent saturation of that medium or excessive”.
The rule makes it compulsory for all marketing material to have a problem gambling helpline number and a responsible gambling message. Every gambling advert must “reflect generally accepted contemporary standards of good taste”. The adverts must not target persons under the age of 21 via any medium they appear on or via the inclusion of celebrity endorsement, language or symbols. The adverts must display the condition that only players who are 21 years of age are allowed to place a bet.
According to the regulation, all licensees are required to be members of the Global Lottery present Monitoring System (GLMS), which is the integrity body for sports betting in the lottery industry.
Three different types of license will be granted by the Tennessee Lottery. The first is a Level 1 license, which must be obtained by any person willing to offer online sports betting to the public. And this license cost an annual sum of $750,000.
The second is the Level II license, which must be obtained by persons who provide patron accounts management systems, software, geolocation services, data, systems, sports wagering equipment, payment processors, global risk management services or services material to the conduct of online interactive sports wagering. This license is available for the sum of $75,000.
A nonrefundable application fee of $50,000 is required from persons applying for a Level 1 or a Level II license.
The Level III license is available at the cost of $7,500 annually. This license is available to persons willing to offer services that are “not material” to sports betting. What is “material” or not will be determined by the Tennessee Lottery. The casino operators are required to use official league data, except there is a determination that the leagues can’t provide the data on reasonable commercial terms.
All events must be approved by the Tennessee Lottery before the operators accept any bet. Operators are not allowed to offer Prop bets for either collegiate events or professional events in situations where the outcome or final result can be determined by one person. A register of self-excluded players will also be maintained by the Tennessee Lottery.
The governor of the state of Tennessee, Bill Lee allowed the passage of SB0016 in May without his signature, in spite of his clear opposition to the expansion of gambling in the US state.
“I do not have faith in the belief that expanding gambling through online sport is in the utmost interest of our state, but I am pleased with the General Assembly’s efforts to put an end to brick and mortar establishments” he said.
The House vote for the bill cleared at 51 – 40, after it has been passed by the state Senate at 20 – 12.
It has also been revealed that the public will be able to air their opinion on the regulation till the 20th of December 2019, and the state will be allowed to accept applications for the license after the approval of the regulations. The state’s Sports Wagering Advisory Council is due to have its next meeting on the 14th of January 2020 to give the final approval of the regulation.
Virginia Representative Files Bill to Authorize 2019 Casino Legislation
The Representative of the state of Virginia, Barry Knight has filed a bill for the authorization of provisions of a casino legislation passed in 2019, ahead of the 2020 legislative session. The text of this bill is quite similar to that of SB1126, which was signed into law by Ralph Northam, the Governor of Virginia state early this year. Instead of the instant clearing of a path for constructing casinos, the bill requires a Review Commission and Joint Legislative Audit to embark on a study of regulatory best practice and the possible effect of gambling on the Virginia community and populace.
The due date for the submission of this report to the House Committee on General Laws and the Senate Committee on General Laws and Technology is December 1 2019 and once it is completed, the Virginia Lottery Board is mandated to develop regulations for the vertical between 1st of January and 30th of June 2020.
According to SB1126, the issues surrounding casino gambling must be revisited in the next legislative session, same thing Barry Knight’s bill seeks to do. The decision as to whether casinos should be allowed or not will be projected to the public in a referendum, which may be included in the November 2020 ballot in case HB4 is passed into law.
Just like SB1126, HB4 seeks to grant cities in Virginia the permit to construct casinos, subject to the meeting of series of criteria. The definition given to casino gaming in the bill is particularly broad to include sports betting and online gaming under what each casino is allowed to offer.
Only the cities that meet one of four sets of requirements will be allowed to host casino gaming. The first comprise of cities that have experienced population decrease of at least 7% between year 1990 and 2016 and cities where 40% of the real estate is exempted from local property tax.
Cities with a population decrease of 20% between 1990 and 2016, poverty rate of at least 20% in 2017 and an unemployment rate of at least 5% in 2018 are eligible on the bill.
Cities with a population decrease of at least 4%, poverty rate of at least 20% and an unemployment rate of at least 3.6% in 2018 are also eligible on the bill.
Cities having a population of over 200,000 and at least 24% of all real estate exempted from the local property tax, including cities with no casino gaming operated by native American tribes will also be permitted for casino gambling.
He bill provides that only projects with a minimum capital investment of $200 million including investments in equipment, facilities, land, furnishing or infrastructure will be considered.
Draftkings Partners Kambi For Sports Betting Launch in New Hampshire
According to a release made by sports betting provider, Kambi, it will partner with Draftkings to offer sports wagering services to the populace of the state of New Hampshire. Earlier in the week, the Executive Council of the state of New Hampshire voted to authorize the decision of the state lottery to grant Draftkings the exclusive license to operate sports betting in the state.
Coming second to Draftkings in the rankings for the request for proposal process is Kambi, which has now given its support to Draftkings, stating that it will partner Draftkings in delivering optimum sports wagering services to the people of the Granite State.
A Kambi spokesperson said: “With Draftkings and Kambi sportsbook coming top of the competition in the RFP of New Hampshire, Kambi is giving its support to partner Draftkings in its entry into the Granite state and we seek to deliver engaging sports betting experiences to New Hampshire players”.
For over a year now, Kambi has been partnering with Draftkings on sports betting in the United State, after the signing of a deal in 2018 for the joint operation of a sportsbook for New Jersey’s Resorts Atlantic City casino.
This deal was extended by the two parties in August 2019 to cover eight more states, including West Virginia, Tennessee, Pennsylvania, New York, Maine, Iowa, Indiana and Colorado.
Soft2bet Receives License to Operate in the Swedish Market
Popular sportsbook operator group, Soft2bet has received the license to operate its Campobet and Yoyo casino brands in the Swedish market after obtaining the necessary permits from the Swedish Gaming Authority. This launch is as a result of numerous successful audits and inspections, which boosted the chances of both platforms in obtaining the license because they are in line with the Swedish gaming regulations. Both platforms are also certified by BMM laboratories.
The Chief Operations Officer of Soft2bet, Uri Poliavich commemorated this launch into the Swedish market, he said: “The grant of this gaming license is historic for Soft2bet. The efforts put in by the team are commendable, because it is this effort that has made us qualify for all the requirements and meet the deadlines.
“This feat is a product of relentless hard work and dedication, it is another awesome achievement for our team and our executives”.
The launch into the Swedish market is the latest prudent move for the operator group. The expansion of its global footprints across numerous regions is commendable. This group is currently regulated by the Curacao Authority and Malta Gaming Authority, with other certifications within the European Union Set to follow.
With the signing of a Memorandum of Understanding between the Swedish Gaming Authority and the UK Gambling Commission, the sharing of best practices on areas of regulatory policies and procedures between the duo will be enhanced.