The Cashout: FanDuel & DraftKings Dominating January Sports Betting
Gambling news today: Sportsbooks see big action on 4 Nations hockey; latest on Texas lottery drama
TCL will offer market analysis in the US gambling space in The Cashout every Friday to paid subscribers, along with a news roundup for free subscribers.
We’re trying a different format with The Cashout moving forward, with four things to know about the US sports betting market this week. In this edition, I touch on how well FanDuel and DraftKings are doing against the field, and touch on NJ and PA online casino numbers.
But first, a roundup of recent gambling news:
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Gambling news roundup
AGA files letter to CFTC on sports event trading (Sportico): “The American Gaming Association filed a formal letter to the Commodities Futures Trading Commission (CFTC) on Thursday afternoon requesting to attend next month’s high-stakes roundtable discussion in Washington, D.C., to clarify the CFTC’s policy toward sports event futures trading. The AGA memo, a copy of which was viewed by Sportico, reiterates the trade group’s stance that sports futures contracts from Crypto.com, Kalshi and others pose ‘an unfair economic threat’ to sportsbook operators because the contracts resemble gambling.”
The AGA wanting to be involved in the prediction markets discussion is hardly a shocker. What will be interesting is to see who else wants to have a say, and who the CFTC invites to the roundtable.
Also in CFTC land: The Trump administration eliminated about a dozen employees. Having fewer people on hand as the agency looks to grapple with more widespread sports betting seems like a suboptimal decision.
Texas Lottery concerns: Bill filed to ban app, Internet purchase of lotto tickets (Fox 7 Austin): “More Texas officials have joined calls for an evaluation of the Texas Lottery after a controversial $83.5 million ticket was purchased in north Austin. A new bill was introduced on Thursday to ban the purchase of Texas lottery tickets online or in an app.”
Patrick and other policymakers seem to be concerned that the lottery courier services are the equivalent of bulk ordering services, attempting to buy all or a huge volume of number combinations. What DraftKings’ Jackpocket and similar services do is buy tickets on behalf of consumers. Whether that distinction is material to the discussion or can tone down the calls for a ban remains to be seen.
4 Nations sets records for hockey betting on several sportsbooks (SBC Americas): “Thursday night’s championship game was the most-wagered-on hockey event in the history of all of FanDuel, DraftKings and BetMGM. At others, including Caesars and ESPN Bet, it was second only to Game 7 of last year’s Stanley Cup Final between the Florida Panthers and the Edmonton Oilers.”
Bet365 continues US journey with Tennessee license (SBC Americas): “The Tennessee Sports Wagering Council lists bet365 as an approved operator in the Volunteer State and confirmed to SBC Americas that the brand was given the green light on Feb. 11. No launch date has been confirmed by the state or the operator.”
Kentucky shrinks sports betting enforcement team (WCPO): “A month before March Madness, the Kentucky Horse Racing and Gaming Corporation has downsized its sports-betting enforcement team, as the 7-month-old enterprise reshapes how Kentucky regulates the gambling industry. The shakeup comes two years after critics complained Kentucky wasn’t adequately staffed to regulate sports betting and five months before the corporation is scheduled to add charitable gaming to the portfolio of gambling segments it oversees.”
Fanatics refunds bets after Wembayana injury (Fanatics): “San Antonio Spurs All-Star Victor Wembanyama will miss the remainder of the season - due to injury. Fanatics Sportsbook is paying out all NBA Defensive Player of the Year straight bets on Wemby as a win and refunding all parlay wagers, courtesy of Fair Play at Fanatics Sportsbook. The Wemby Injury has significantly impacted the Defensive Player of the Year Odds at Fanatics Sportsbook. Here is a look at the movement Pre and Post Injury News (odds subject to change):
Pre Jaren Jackson +2000 to -125
Pre Evan Mobley +2000 to +100
Pre Dyson Daniels +6000 to +1200
Pre Lu Dort +4000 to +2000”
Gambling newsletters
The Cashout: Four Things To Know
I am going to try to standardize this every week, offering a group of insights I hope are useful alongside some data analysis. Feedback as always is welcome. Bullets here, read past the paywall for more on each:
Sports betting hold is back to normal in January
FanDuel and DraftKings dominating January
Bet365 > ESPN Bet?
Online casino is up big in PA and NJ
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