Update on Sports Betting Legalization in Key US States

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Transcript

00:00I do want to get to this because this is the only update we've gotten in weeks, Sam, and

00:07I'm glad that you could bring it to the table here.

00:09You know, here in Florida, the hard rock legalized sports betting, and then we thought that it

00:13was going to be like an influx of states in 2024 to legalize it.

00:16Now we're coming up on Missouri, of course, in November.

00:19No discussion whatsoever about the state of California in a couple of years of getting

00:24closer to legalizing sports betting, but I know that was a hot topic also with G2E.

00:28Did it seem like any progress is being made there?

00:32Yeah, with not many states left to legalize, you're kind of still looking at the same ones

00:36you've been looking at, which is California, Texas, and Florida, the really big markets.

00:41They did touch on California a little bit.

00:43Contessa Brewer of NBC asked Jason Robbins about California.

00:47He said, ultimately, that's going to be left up to the tribes.

00:50DraftKings and FanDuel had tried in the past to sort of circumvent the tribes with the

00:55failed ballot initiative a couple of years ago, but now they've kind of been owning up

00:59to their mistakes, saying we really have to work with tribes to understand what exactly

01:03this has to look like.

01:03It has to be on kind of all their own terms.

01:05DraftKings is taking more of a wait-and-see approach, from what I gather, while FanDuel

01:09is working behind the scenes trying to mend those relationships.

01:13And then on Florida as well, you know, it has the monopoly there with hard rock, but

01:18their CEO did come out, Jim Allen, this week saying that he is open to essentially opening

01:23up the door to other brands like DraftKings and FanDuel to get in the state.

01:27Now, you might wonder why, if you have a monopoly, you would want to allow more competition in,

01:33especially more competition that has done sports betting, quite frankly, a lot better

01:37than hard rock has across the country.

01:39This would essentially be some sort of partnership where they get a percentage of the revenue

01:44for allowing DraftKings and FanDuel into the state.

01:46He said he sees a lot of value in the brands themselves, the customers that they bring,

01:52to essentially grow sports betting in the state where it's just a monopoly right now.

01:56But for the time being, these states are going to kind of be, you know, status quo.

02:01We'll have to wait for the next legislative sessions, but there's no doubt that this will

02:05be what the industry is watching in terms of next states to legalize as we turn to 2025.