Research Brief: State Legislative Update on U.S. Sports Betting & Online Gaming – July 2021
The Halftime Report
Over the last 18 months, the world has faced serious challenges. The paradigm has been turned upside down again and again with the impacts of SARS-CoV-2 and government mandates that have altered the landscape. These challenges continue as events such as the Olympics will proceed for the first time without fans in the stands, including international visitors that bring significant economic benefit and global attention to the host nation. This was one of the goals of showcasing the country of Japan to the world, but now the Games will also be without locals. This has further angered local residents that did not want to host the games during the pandemic as they now will not be able to attend.
The year of 2021 in sports betting will be known for it’s one-upmanship, and this is not because the legislation for sports betting was improving and becoming more refined in using best practices achieved in other states. It is instead the polar opposite, where the next state tries to one-up the others’ ability to craft a more unique market that often does not bode well for operators and, in the end, the consumers. Each state that will be highlighted in further detail below has shown unconventional and ineffective path toward crafting their market, including tax rates set at upwards of 50 percent, ambiguity in the law that has caused the regulator to question key elements of their license structure, and in cone case a compact that likely violates the constitutional amendment that was pushed by the same tribe.View Full Article Read More