Kentucky Sports Betting Sign-ups Begin This Month

Online sportsbooks in Kentucky won’t be open until the end of September, but officials said today that residents will be able to register for accounts by the end of this month.

Kentucky sports betting
On March 31, Kentucky Gov. Andy Beshear (seated) held a ceremonial signing for House Bill 551, which legalizes sports betting in the state. This week, the governor announced a timeline for sportsbook sign-ups. (Image: Gov. Andy Beshear/Twitter)

“The countdown is on. We are just three weeks away from sports wagering in Kentucky,” Gov. Andy Beshear said in a news release Thursday. “We are ready to deliver the quality entertainment experience Kentuckians asked for while bringing money to the state to support pensions and free up funds that can be used to build a better Kentucky.”

Seven online sportsbooks submitted license applications earlier this month: Bet365, BetMGM, Caesars, Circa, DraftKings, FanDuel, and Penn Sports Interactive.  Kentucky’s sports betting law allows up to 27 online licenses, three for each of its nine-horse racetracks.

Seven racetracks submitted applications for brick-and-mortar sportsbooks: Churchill Downs in Louisville, Ellis Park in Henderson, Oak Grove Gaming and Racing in  Oak Grove, The Red Mile in Lexington, Turfway Park in Florence, and two soon-to-open racetracks, Cumberland Run in Corbin, and Sandy’s Gaming and Racing in Ashland.

Winners Decided Next Week

The Kentucky Horse Racing Commission will decide on which operators to approve at its Aug. 22 meeting. Sign-ups for approved online sportsbooks will begin by Aug. 28.

Betting in the Bluegrass State begins a week later, on Sept. 7, but only at in-person facilities. Beshar, a bipartisan sports betting law champion, has said he will be proud to place the first bet that day, which is the first of the NFL season.

Online sportsbooks will be able to begin accepting deposits from customers on Sept. 7, but actual betting will have to wait three weeks, until Sept. 28.

Tiered Implementation

Kentucky is taking a tiered approach to implementing its new sports betting law to test policies and procedures at brick-and-mortar sportsbooks before mobile applications begin accepting bets.

The KHRC is excited to open sports wagering and is working efficiently to meet the necessary deadlines,” Chairman Jonathan Rabinowitz said in a statement. “This is a careful process dedicated to wagering integrity and protecting bettors in the state of Kentucky.”

Officials estimate Kentucky will earn $23 million in annual tax revenue once its sports betting law is fully implemented. Online sportsbooks are taxed at a rate of 14.25%, while brick-and-mortar facilities pay 9.75%.

Kentucky will send 2.5% of the proceeds to a newly created problem gambling fund.

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Bally’s, MGM Among Casino Stocks Hedge Funds Pared in Q2

Bally’s (NYSE: BALY) and MGM Resorts International (NYSE: MGM) are among the gaming equities in which some well-known hedge funds reduced their positions in the second quarter.

hedge funds casino stocks
The famous charging bull on Wall Street. Hedge funds altered positions in casino stocks in the second quarter. (Image: Reuters)

Bally’s, the Rhode Island-based regional casino operator that’s long been a favorite of hedge funds, slumped 22.2% in the June quarter, the period in which John Paulson’s eponymous hedge fund exited its position in the stock.

Paulson & Co. originally bought Bally’s shares in the second quarter of 2021, but a new Form 13F filing with the Securities and Exchange Commission (SEC) indicates the money manager liquidated the remains of that stake this year.

Major institutional investors, including hedge funds, are required to file 13F’s within 45 days of the end of the prior quarter. They aren’t required to disclose the dates on which they bought or sold securities, so there’s no way of knowing exactly when Paulson & Co. departed the Bally’s position.

Hedge Funds Also Tinkered with MGM, Wynn Positions

Corvex Management, the hedge fund run by MGM board member Keith Meister, pared its exposure to the Bellagio operator in the June quarter.

Meister’s firm also eliminated its stake in UFC parent Endeavor Group Holdings, Inc. (NYSE: EDR). Endeavor has direct gaming exposure of its own as it controls the OpenBet sports wagering technology platform. Shares of MGM declined modestly in the second quarter while Endeavor Group stock posted a small gain during that period.

Wynn Resorts (NASDAQ: WYNN) was also among the casino operator equities that saw a professional money manager sell some shares. 3G Capital Partners, the investment firm co-founded by Brazilian billionaire Alexandre Behring, reduced its Wynn position to 105K shares from 117,500 at some during the April through June period.

Wynn was one of several stocks in which 3G trimmed positions during the previous quarter. It’s the only gaming equity currently owned by the money manager.

Whale Rock Initiates DraftKings Stake

As the stock surged as the sportsbook operator was notching its profitable quarter as a publicly traded company, DraftKings (NASDAQ: DKNG) caught the attention of at least one hedge fund in the April through period.

In a 13F published on Monday, Whale Rock Capital Management revealed a new stake in the gaming company. That hedge fund bought more than 8.11 million shares of the gaming company in a position valued at $215.68 million in the second quarter.

DraftKings is the only gaming equity held by Whale Rock, but the hedge fund owns a slew of technology equities, some of which are emerging growth names, as is DraftKings.

Whale Rock, which has been in business since 2006, is based in Boston. That’s DraftKings’ home city, too.

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Big Ten Mulling Move of Football Title Game to Las Vegas

The rapidly expanding Big 10 Conference is considering moving its football championship game and Las Vegas is reportedly one of the cities under consideration.

Big Ten
Allegiant Stadium, home of the Las Vegas Raiders. The venue could be a future host of the Big Ten championship game. (Image: NFL.com)

The game, which has been held in Indianapolis since its inception in 2011, would be held at Allegiant Stadium, home of the NFL’s Las Vegas Raiders, if it makes the move to Sin City. The $1.9 billion stadium, which opened in July 2020, already has ties to college football as it serves as UNLV’s home field and the host of the Las Vegas Bowl.

The Big 10 has asked us to submit proposals. I’m sure they have asked a number of cities. We are certainly interested, will put our best foot forward and know there is no better place for their football championship,” Steve Hill, the Las Vegas Convention and Visitors Authority (LVCVA) president and chief executive officer, said in an interview with the Las Vegas Review-Journal.

Allegiant Stadium has hosted the Pac-12 championship game for the past several years and will serve as the home of that conference’s final title tilt later this year. The storied, 108-year-old conference is a shell of itself after other leagues raided its members in the latest round of expansion. That conference and others have also held men’s and women’s basketball tournaments in Las Vegas.

Pac-12 Additions Make Vegas Relevant for Big Ten

The Big 10 is one of the most inappropriately named sports conferences in the world. It’s currently home to 14 universities but next year, that number will swell to 18.

That’s because UCLA and USC, the schools that drove the initial nails into the Pac-12’s coffin, and the Universities of Oregon and Washington are joining the Big 10. There’s also speculation that at some point in the future, the Big Ten could take mercy upon the University of California-Berkeley (Cal) and Stanford, and invite those schools into the league.

Even if that doesn’t happen, the Big Ten’s westward expansion enhances the relevance of Las Vegas as a potential home city, even if it’s on a rotating basis, for the conference’s football championship game.

Additionally, there’s talk that the league will take the Pac-12’s automatic bid for the Las Vegas Bowl, further enhancing its relationship with Allegiant Stadium and Sin City.

Moving Parts in Moving Big Ten Title Game to Las Vegas

As the LVCVA’s Hill told the Review-Journal, it’s possible the Big Ten is talking with other cities, so it’s not a foregone conclusion the league will play a football title game in Las Vegas.

Should Allegiant Stadium host a Big Ten championship clash, the ideal scenario in terms of filling seats and driving visitation to the city would be a combination of UCLA or USC — due to proximity — against the Big Ten’s most venerable brands, Michigan, Penn State, and Ohio State.

While that would be a “perfect world” scenario for a Big Ten title game in Las Vegas, it’s far from guaranteed in any given year. Amid expansion, the conference is dropping divisions, meaning that the two teams with the best records, regardless of geography, will be the participants in the championship game.

That also means that in some years, it’s possible the conference title game will be a rematch of a regular season tilt.

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Hard Rock’s Center Bar May Return to Virgin Las Vegas

It looks as though the future of the Virgin Hotels Las Vegas may depend in no small part on its past. Cliff Atkinson — the former Fontainebleau Las Vegas president who was installed last month as Virgin Hotels’ new president — says he’s considering bringing back the center bar, the centerpiece of the Hard Rock Hotel from its 1995 grand opening to its quiet 2020 closure.

The original center bar at the Hard Rock Hotel and Casino is pictured before its 2015 renovation and 2020 removal by the property’s current owner, Virgin Hotels. (Image: Hard Rock Hotel and Casino)

“That’s one (idea) we’re heavily considering,” Atkinson told the Las Vegas Review-Journal last week. “You don’t want to go back in time, you want to look forward, but that is one thing people just knew, and they associated with our property.

“If you want to lean into a little nostalgia at this property, that’s a great way to do it.”

In other words, Virgin probably goofed by removing it.

Revelers at the Hard Rock Hotel and Casino’s center bar celebrate its closing for a renovation in 2015. (Image: Eater Vegas)

The Hard Rock Hotel and Casino opened on March 10, 1995 as the world’s first rock n’ roll-themed resort. Despite its off-Strip location — a mile east of the Las Vegas Strip on Harmon Avenue — it was an unmitigated success.

The casino floor’s museum-quality display cases — whose artifacts included a smashed Kurt Cobain guitar and multiple Prince stage outfits — brought seemingly every Gen-X Las Vegas tourist through the door for at least one initial visit.

But it was its center bar — which on Friday and Saturday nights was packed with young people on 360-degree display to the entire casino — that spurred most of its return visits.

Musical Owner Chairs

The property was a joint venture between Hard Rock Café founder Peter Morton and Harveys Lake Tahoe, whose share Morton bought out in 1997. A new 11-story hotel tower was added in 1999, as part of its $100 million initial renovation.

Morton sold the property to Morgans Hotel Group and DLJ Merchant Banking Partners in 2007, prompting its second renovation — to the tune of $750 million.

In 2011, Morgans sold the property to Brookfield Asset Management, which hired Warner Gaming as its operator. Realizing the center bar’s value, Brookfield renovated it, for $3.4 million, four years later. Upgrades were also performed on the resort’s convention facilities and on a number of restaurants.

Brookfield sold the property three years later to Richard Branson’s Virgin Hotels, in partnership with a group of investment firms, for a reported $500 million. Virgin then spent an additional $200 million on yet another renovation to the property — one that removed the center bar.

A Rebrand Too Far?

As strongly suggested by the resignation in March 2023 of Virgin Las Vegas Hotels president Richard ‘Boz’ Bosworth after fewer than two years on the job, Virgin has been unable to recapture the original Hard Rock Hotel’s mojo.

In addition to the center bar, Atkinson, as quoted by the R-J, said his new/old plans also include reopening the Hard Rock’s former Body English, which later served as a theater for Magic Mike.

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Bragg Gaming Strengthens Its Position on North American Market via the Partnership with Fanduel

Bragg Gaming, one of the leading content-driven iGaming technology providers in the industry, decided to strengthen its position in the U.S. market. The company partnered up with the famous FanDuel in two states, Michigan and Connecticut.

North American expansion

bragg_gaming_content_available_to_fanduel_players_in_michigan_and_connecticut_This deal means the players from Michigan and Connecticut will be able to enjoy some of the most popular Bragg games, produced in the company’s studios Atomic Slot Lab, Indigo Magic, and Spin Games. Besides the original Bragg titles, the players will get access to the most popular titles created by third-party developers throughout the Powered by Bragg program.

Two renowned companies already have a history when it comes to collaboration on the North American continent. They already joined the forces in Ontario and New Jersey, allowing the players to enjoy Bragg’s impressive Spin Games portfolio.

Yaniv Sherman, the CEO of Bragg Gaming, said: “We are focused on increasing our North American presence by providing leading iGaming operators with our newest engaging games, which we expect will help deliver consistent, long-term growth. As such, the rollout of our new proprietary and third-party exclusive games and technology with FanDuel in Michigan and Connecticut is a significant proof point of the success of our new U.S. content roadmap.”

He added that Bragg’s team is very excited about the expansion of the already successful partnership. This new launch will allow Bragg to make its content available to a wide range of FanDuel fans and customers, and, on the other hand, FanDuel will be able to offer its customers premium content which will also help the company increase player engagement and retention.

Increased popularity

The North American expansion benefits the value of Bragg’s shares as well. Reportedly, an increase of 2.92% is recorded in the shares of Bragg Gaming Group Inc. It is CAD$7.06 per share in Toronto, according to the latest information.

Bragg Gaming is famous for its content for both online and land-based casinos all over the world. The company offers its services to various online and omnichannel casinos, as well as sportsbooks and lottery brands. The company’s impressive partners network includes the names such as BetMGM, Bally’s, Caesars, Entain, LeoVegas, and many more renowned companies from the industry.

On the other hand, FanDuel’s portfolio consists of various sportsbooks, fantasy sports games, as well as a wide range of table games and slots. Currently, this company is an ultimate leader when it comes to the U.S. market.

Source: “Bragg Gaming Goes Live With Fanduel In Michigan And Connecticut”, Gaming Inteligence.  August 1, 2023

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