Vermont has officially legalized sports betting as Governor Phil Scott signed a bill approved by the state legislature. The move makes Vermont the 38th state to legalize sports betting and the final Northeast state to do so. The governor expressed his satisfaction with the agreement, stating that legalizing sports betting would provide resources and consumer protections. The Department of Liquor and Lottery (DLL) will now proceed to secure contracts with up to six online sportsbooks, with the first expected to go live by January 2024. The timeline outlined in the bill includes issuing requests for proposals in July, bidding for licenses in August, bid evaluation and selection in September, contract negotiation and execution between October and December, and the launch of the first sports betting […]

The board of PointsBet has announced its intention to explore a last-minute offer by DraftKings while continuing to recommend the bid from Fanatics, at least for now. PointsBet, an Australian company, issued a press release stating that it will engage in discussions with DraftKings regarding its $195 million offer to purchase PointsBet’s US assets. However, since the DraftKings offer is non-binding, PointsBet’s board maintains its recommendation for shareholders to approve the earlier $150 million offer from Fanatics, pending the outcome of the negotiations with DraftKings. PointsBet’s directors, after consulting with the company’s financial and legal advisors, have determined that the DraftKings proposal could potentially lead to a superior proposal, as defined in the company’s previous ASX release. Following this announcement, PointsBet’s stock experienced an upward […]

In May, West Virginia experienced a second consecutive month of declining sports betting handle, but an improved win rate resulted in nearly $3.5 million in revenue for operators. The total amount wagered in the state was $31.9 million, a double-digit decrease compared to the previous month. However, sportsbooks managed to hold 10.8% of the wagers, generating $294,361 in tax revenue. Compared to April’s revenue of $2.8 million, May saw an increase as the state entered a period without football. Online sports betting accounted for $29 million of the total handle, while brick-and-mortar operators contributed $2.9 million. Online sportsbooks also achieved a higher win rate at 11.1%, compared to 8.4% for physical locations. Among the operators, The Greenbrier emerged as the top performer, utilizing platforms such […]