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The Week In Sports Betting News: Ohio Senate Unveils Sports Betting Bill

Happy Monday, everyone, and a belated Happy Mother’s Day to all the moms out there catching up on a bit of sports betting news.

The LSR Podcast crew followed up their 100th episode with another strong installment including the end of the William Hill brand in the US and updates on the pending expansion of sports betting in Florida.

It’s getting to that time of year where some legislatures are wrapping up while others are just getting cranked up. Make sure to follow @LSPReport on Twitter for the latest state news.

Top sports betting news: Ohio Senate drops proposed bill

The first proposal to legalize sports betting in Ohio is finally out, but it’s not quite what everyone expected.

The Senate‘s sports betting legislation includes 40 total licenses, 20 including mobile and another 20 for just retail sportsbooks. The proposal includes no guaranteed licenses for any of the casinos or professional teams in the state.

The first testimony will be heard on this bill this week, and there could already be a substitute coming. It will clarify that mobile licenses also allow for a retail sportsbook on property and that mobile licensees must be responsible for the risk.

Elsewhere, the Ohio House is still working on its sports betting proposal, Rep. Brigid Kelly told LSR.

DraftKings continues to spend big

The good news from the DraftKings Sportsbook earnings call is the company is raised its 2021 expected revenues.

The bad news? It’s still bleeding cash. DraftKings spent $346 million in the first quarter including $229 million on sales and marketing.

DraftKings has plenty of it to bleed, though. Cash on hand at the end of the quarter was $2.8 billion.

The company focused on a social element to its platform that it will roll out in the coming weeks. The new features will let bettors add friends, follow their bets and discuss topics including daily fantasy sports entries.

Phoenix will get nearby stadium sportsbooks

The recently legalized AZ sports betting market will include plenty of opportunities to bet at stadium sportsbooks, including two within walking distance of each other.

The Arizona Diamondbacks announced the team would open a sportsbook at its Chase Field with Caesars. That’s just two blocks from the FanDuel Sportsbook that will be in the Phoenix Suns Arena.

DraftKings was the first to announce a retail sportsbook in the state nearly a month ago. It will build a “visually stunning 19th hole experience” at TPC Scottsdale, home of the PGA Tour’s Waste Management Phoenix Open.

Louisiana rep works on bill passage

Hopefully for those who voted to approve legal sports betting in Louisiana in 2020, Rep. John Stefanski found the support he needed last week.

Stefanski planned to spend time with House members to get votes for his sports betting proposal, which includes three total bills. HB 697 hits the House floor for a third reading Monday.

There would be 20 licenses available for $750,000 total up front: $250,000 for an application and $500,000 for a five-year license. Sports betting revenue would be taxed at 10% in retail and 18% on mobile.

Virginia breaks $300 million in sports betting handle

March Madness helped push VA sports betting handle to more than $300 million in just its second full month.

Total handle hit $304.1 million. Adjusted revenue was $13.8 million for an 8.7% hold.

Wagering on college basketball tournaments totaled $83.6 million, or 27.5% of the total handle.

Underdog Fantasy raises cash

Underdog Fantasy has raised $10 million in Series A funding round.

Investors include:

  • Dallas Mavericks owner Mark Cuban
  • ESPN reporter Adam Schefter
  • Former Paddy Power Betfair CEO Bron Corcoran, among others.

The company is also offering the largest-ever NFL best ball tournament with $1,000,001 to first place.

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