The sports\u00a0wagering world is moving at a frenetic pace lately. It\u2019s going to be hard to keep up. For instance, since my last blog post written\u00a0four days ago, we\u2019ve seen the following:<\/p>\n
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Let\u2019s start in the Deep South though. Mississippi will be the next state to offer full-scale sports wagering as early as July 21. Plans for most casinos will begin to disseminate beginning July 19 when the Mississippi Gaming Commission holds their next meeting. They just approved the state\u2019s sports betting regulations at their last meeting on June 21 and set up a mandatory 30-day waiting period before casinos could start taking wagers. Expect a slew of companies to apply, and temporarily be approved, for\u00a0licensing at the July 19 meeting. This will give us a good indication of who is working with whom regarding Mississippi sports books. Here\u2019s what we know so far:<\/p>\n
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FanDuel Sports Book opened for business at Meadowlands Racetrack in New Jersey on Saturday. Located just eight\u00a0miles from Manhattan and across the parking lot from an NFL stadium, this location has a chance to be the most trafficked of any New Jersey sports book. However, when bettors took a look at their lines for MLB on their opening day, they were immediately turned off. Instead of dealing the industry standard vigorish, FanDuel took it to another level.<\/p>\n
While it\u2019s not uncommon for a sports book to offer a 20-cent spread between favorite and underdog (-110\/-110), FanDuel posted a 30-cent spread on MLB totals and run lines (-115\/-115). This takes the house edge from an average of 4.55% to 6.52%.\u00a0It’s not as bad as adding a “000” spot to a roulette table, but the precedent is bad news for players. High vig is unsustainable because it chews up a\u00a0player\u2019s bankroll too quickly. DFS suffered from this. Casino games often suffer from this. The consumer wants a good gamble \u2026 heck, that\u2019s probably why you read this website. I don\u2019t need to preach to the choir on this one. Higher vig is bad.<\/p>\n
On its\u00a0second day of operation, the FanDuel lines were all over the map. Some high-vig remained as well as some low-vig 15-cent spread prices as well. Unfortunately, their price on the World Cup Final match held Sunday also had exorbitant vig. It appears FanDuel is still trying to figure this out. To its\u00a0credit, FanDuel also offered some Happy Hour specials on opening day where you could bet the local teams at ridiculous prices. How ridiculous? Well, the New York Yankees were +200 up to a $100 bet, while every other sports book in the world had them at -110. We like sports books who will take innovative approaches. As a result, we\u2019ll give FanDuel a little more time to figure out its\u00a0operations before we pass judgment.<\/p>\n
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Baseball has referred to its\u00a0offseason as the Hot Stove League for decades dating back to when players would play baseball in the winter and keep warm by a hot stove. Well, it\u2019s offseason for most state legislatures and they\u2019re keeping warm (or cool) by talking about bills they intend to introduce in their next legislative session. For sports bettors in Ohio and Colorado, the rumors are heating up. In Ohio, two state senators, John Eklund and Sean O\u2019Brien, have introduced a bipartisan bill to begin the legalization process. Eklund holds powerful sway in the statehouse in Columbus, so this is a significant step. With sports betting happening in neighboring states, Ohio could move quickly. \u00a0Meanwhile in Colorado, sports betting might be part of a larger gaming expansion being discussed by legislators which may, in turn, require a voter referendum. That could push their timetable out significantly.<\/p>\n
There are over a dozen other states that have sports betting bills or discussions of bills stirring in their legislative pots. Expect discussion to heat up this fall once revenue numbers trickle in from various states. I’ll do my best to touch upon developments as they germinate.<\/p>\n
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Lastly, I end this wrap-up with a sneak peek of the DraftKings sports betting mobile app which company\u00a0founder Jason Robbins tweeted about late last week. The interface looks smart and sleek and could be a game-changer in the world of mobile betting apps. It was also confirmed this week that DraftKings intends to share wallets with its\u00a0DFS platform. In other words, those users in states where DraftKings will operate both sports books and DFS will be able to use their existing funds on either platform. Maybe even in the same app.<\/p>\n
\nWait you mean this thing? pic.twitter.com\/hQLnoB7tjQ<\/a><\/p>\n
— Jason Robins (@JasonDRobins) July 13, 2018<\/a><\/p><\/blockquote>\n