Sports betting continues to grow in the U.S. as more and more states continue to allow wagering. Vermont and North Carolina are the next states to allow betting in 2024. As a result of the growth, it seems every major sporting event, and every holiday is setting a record for the number of bets placed or total handle.
Don’t expect any of that to change as we approach an NFL weekend that falls on Christmas Eve and Day this year. Meanwhile, as more states join the sports betting revolution, some states continue to hold out. The reasons vary, but mostly have to do with money allocation and who profits.
Sports Gambling News: ‘Tis The Season For Bettors; Vermont, North Carolina To Legalize Sports Betting in 2024
NFL weekend falls on Christmas Eve and Christmas Day this week, and the sportsbooks could be in a position to capitalize. As stated earlier, with the growing number of legalized sports bettors across the country, expect stockings stuffed with lots of betting this year.
“With 13 NFL and 5 marquee NBA matchups on Christmas Eve and Day, we would expect the betting slate to draw exceptional interest and action from bettors,” said Seamus Magee, Trading Manager at BetMGM.
The NBA also offers a great slate of games on Christmas Day featuring major market and marquee games.
David Lieberman, Pro Basketball Lead at Caesars Sportsbook, believes that one NBA game will be bigger than the others.
“The handle for NBA on Christmas Day should be great this year, with five true marquee matchups,” said Lieberman. “I would expect the Celtics/Lakers game to have the most bets/highest handle.”
He expects that interest in the NBA as families open their presents and eat their meals will also be increased this year.
“The NBA continues to grow in popularity and will attract plenty of eyeballs on Christmas Day, so I expect handle to be up once again this year,” concluded Lieberman.
Expect The Growth To Continue Into 2024
This past year saw states like Florida, Kentucky, Nebraska (in one Omaha casino), Maine, and Massachusetts join the sports betting fray. The result is continuing to be felt on Wall Street.
The industry growth has legendary stock market short seller Jim Chanos bullish on the gambling market growth. In a recent interview with The Financial Times, Chanos changed his tune from a previous bearish outlook.
He had sold on DraftKing in 2021, thinking that the money spent on marketing was too much and risky. Now, he sees it differently, and it’s for a reason you wouldn’t think.
“The betting numbers have continued to be strong in the US, stronger than we thought they’d be,” he said in the Financial Times. “The thing that we underestimated — that I think is going to be a benefit for all these companies for a while anyway — is what bad bettors the US gamblers are.”
Chanos clearly isn’t taking into consideration the SGPN picks.
This Business Insider article highlights the story for those who don’t have a Financial Times paid account.
North Carolina and Vermont Next For Sport Betting
In 2024, two more states are slated to join the ever-growing group of betting states. North Carolina, which already accepts in-person bets, will join the mobile betting group. No date has been announced for that launch. Vermont, meanwhile, will begin mobile betting on January 11, but will not be taking in-person bets.
Ahead of its launch, Vermont announced the approved catalog of sports the public can bet on. Of note, fans won’t be able to bet on the lone professional team in the state, The Vermont Lake Monsters. The minor league baseball team didn’t make the list. However, esports did make the list.
North Carolina has a plethora of teams in the Hornets, Panthers, Hurricanes, and multiple colleges. All should be eligible for sports betting and gambling according to North Carolina law.
Catalogs vary by state. In New Jersey, for example, people aren’t allowed to bet on games that include Rutgers. This is in fear of game fixing. Pennsylvania, on the other hand, allows you to place bets on college teams in the state.
Looking Ahead For The States
While it’s just North Carolina and Vermont that have announced mobile betting in 2024, other states can join the mix.
Delaware, for example, is considering mobile betting, and that could happen sooner rather than later. The “First State” was also the first state outside of Nevada to allow sports betting back in 2018. However, the state has been slow in allowing mobile betting and that could change. Its state legislative group is researching the best ways to incorporate mobile sports betting.
Mississippi, which also allows in-person but not mobile betting, is also seeking the change. A task force appointed by Gov. Tate Reeves is expected to reveal its findings this week. Depending on their report, mobile sports betting could get a boost. It’s important to note that mobile sports betting is allowed in Mississippi, but only if you are located within one of the 26 brick-and-mortar casinos in the state.
In Missouri, Sen. Tony Luetkemeyer is pushing for legalized sports betting.
“This is an issue people are passionate about,” said the representative of Buchanan County, according to Newspressnow.com. “I think people are sick of having to get into a car and drive 30 minutes to Kansas to place a bet on the Chiefs when they can do it in the comfort of their own living room.”
According to the article, the Missouri professional sports teams are also interested in seeing sports betting legalized. The state’s professional sports coalition has worked to try and get a jump start on legalization and is deciding between eight ballot options to send out for petition, says the article.
What About Texas and California?
Sorry, residents of Texas and California, it doesn’t look like sports betting is going to hit your states anytime soon. There is nothing on the legislative books in “The Lone Star State,” and the issue in “The Golden State” isn’t looking good.
The California Nations Indian Gaming Association (CNIGA) continues to oppose any legislation that would bring sports gambling to the state. Most recently, it voted unanimously to oppose any legislation and spend money to campaign against sports betting.
“The disingenuous nature of these initiatives should be a red flag to every tribal government as well as every voter in California,” CNIGA Chairman James Siva said in a statement. “The proponent of the measures are attempting to divide and conquer tribes by pushing an initiative that attempts to legitimize illicit off-shore operators and putting our governments at risk.”
The Financial Impact For California
According to a fiscal impact report from the California Attorney General’s office, it’s believed that the State is missing out on tens of millions of dollars in annual tax revenue by not allowing sports betting.
The next two Super Bowls are in states that allow sports betting, Nevada and Louisiana. Heck, in New Orleans, the stadium is named the Caesars Superdome. However, Super Bowls LX and LXI are slated for California in Santa Clara and Los Angeles, respectively. That could result in even greater losses for the State. With Vermont and North Carolina joining the sports betting and gambling fray, the pie continues to grow.
I wonder if a compromise will be reached by then. Roger Goodell?
