Cuomo all-in on New York sports betting; Playoff fever begins

Added Cuomo, “At a time when New York faces a historic budget deficit due to the … pandemic, the current online sports wagering structure incentivizes a large segment of New York residents to travel out of state to make online sports wagers or continue to patronize black markets.” So it took him a while but he finally gets it. We dig. How big could the handle be? At least $837 million a year but probably billions, according to Eilers & Krejcik Gaming. In the meantime, who stands to benefit? Bet Rivers, bet365, FoxBet, FanDuel and DraftKings already have boots on the ground. It’s not a slam-dunk. The Lege has been reluctant in the past and tribal exclusivity is almost certain to be litigated. But Cuomo’s volte-face should prove decisive. After all, this is a guy who previously said, “There’s no gimmicks. There’s no new casino revenue.” What a difference a year makes.

JP Morgan analyst Daniel Politzer envisions mobile wagering coming to the NY market in 2023. He projects revenue to hit $1.25 billion in revenue within two years, assuming favorable tax rates and regulations. Compare that to the Garden State’s $375 million revenue last year. BetMGM and Twin Spires could also get into the game if Cuomo expands his definition of ‘casino’ to include racinos. Even Caesars Entertainment could participate, as it is believed to have an agreement with Turning Stone. If tribes get exclusivity (unlikely, in our opinion), Caesars and FoxBet (via Akwesasne Mohawk Casino) stand to benefit. If not, DraftKings can leverage its relationships with the New York Giants, New York Knicks, New York Rangers and Madison Square Garden, giving it substantial first-mover capability. Hey, DKNG, how about taking over the troubled MSG Sphere in Las Vegas? “DraftKings Sphere” has a nice ring to it.

Speaking of DraftKings, while FanDuel has opted to use humor to promote its product during NFL season, DraftKings dropped a new ad last weekend and it’s the same old Big Swinging Dick approach. The company should recognize that a substantial number of sports bettors are women and dial back the overworked machismo.

While we’re on the subject of the NFL, the Kansas City Chiefs are viewed by oddsmakers as a near-lock to repeat as Super Bowl champions, with odds shortening from +600 to +220. Next-best are the Green Bay Packers at +450 and Buffalo Bills at +700. Of course, K.C. and Green Bay will be watching games from home this weekend, having clinched first-round byes. That includes Aaron Rodgers, a “prohibitive” favorite for league MVP at -2500. The only thing close to a blowout projected for Wild Card Weekend is the 9.5-point edge given the prolific New Orleans Saints over the slow, plodding Chicago Bears offense, with an over/under of 47.5. The “Washington Football Team” should be roadkill against Tom Brady and the Tampa Bay Buccaneers, who are given an eight-point cushion, with an over/under of 46.5.

The two shootouts are projected to be Indianapolis Colts at Buffalo Bills (Bills by seven), with a 52-point over/under, and the favored (by 3.5) Baltimore Ravens at the Tennessee Titans, for an over/under of 54.5. That leaves the Cleveland Browns, expected to lose by four to the Pittsburgh Steelers (over/under: 46.5) but that was before Browns coach Kevin Stefanski and four others tested positive for Coronavirus. Finally, the Seattle Seahawks are projected to fend off the Los Angeles Rams by 4.5 points with a 42.5 over/under.

If you’re a Las Vegas Raiders fan, you can console yourself with a virtual tour of Allegiant Stadium, created from drone footage. There are 3-D and virtual-reality versions available. It’s not as good as having a winning team but it should provide a distraction. The tour was created by the Raiders’ official real estate partner, Homie. The latter matter-of-factly states, “This space is perfect for entertaining, with a main room that seats 65,000 of your closest friends, more than 100 bathrooms, 25,000 nearby parking spots, and 6 modern kitchens.” Hey, rent the stadium out and invite all your Facebook friends. It can’t be that expensive, can it? Host your own super-spreader event today!

As someone who’s covered Donald Trump for over 25 years, his recent conduct—while shocking by legal, moral and ethical norms—is not the least bit surprising. It was all there to see during his casino career: the self-absorption, the pathological lying, the paranoid conspiracy theories, the empty promises, the inflation of his enterprise value, the double-dipping, the bullying, the obstructionism and intransigence, his flagrant insistence that the rules didn’t apply to him, and (yes) the racism all should be old news by now. Perhaps business reporters should have been covering the last five years of Trump, not political ones. After all, we knew what a megalomaniacal sham he is from the wayback.