The Chicago Journal

DraftKing to bag a win with Super Bowl’s betting scene

Claire Peterson Claire Peterson on September 5, 2023

DraftKings – Nowadays, gambling is legal in many places, especially when it includes sports.

Super Bowl LVII is conceivably the biggest event now occurring in the gambling industry.

High stakes

The American Gaming Association predicts that more than 50 million wagers totalling more than $16 billion will be placed before the Philadelphia Eagles vs. Kansas City Chiefs NFL game.

Because of the importance of the game, the following giants of the gambling industry had the possibility to bring in more customers:

  • DraftKings
  • FanDuel owner Flutter Entertainment (PDYPF)
  • MGM
  • Caesars (CZR)
  • Wynn (WYNN)

The event also had an impact on various sports betting businesses’ stock valuations, with some of their shares improving in 2023 as the market as a whole rallied.

However, a few of the shares are still recouping some of their big losses.

Stock progress

Over the past year and the previous, DraftKings experienced declines of 30% and 75%, respectively.

Barstool Sports is still owned by Caesars and Penn Entertainment (PENN), despite a 40% value decline from the prior year.

Rush Street Interactive, the parent firm of BetRivers, had a decline of more than 65% over that time.

Each business invested significantly in pricey advertising initiatives.

While Jamie Foxx has been in MGM advertising, Kevin Hart has been seen endorsing DraftKings.

Caesars has received endorsements from JB Smoove and the Manning family in television commercials.

Sportsbooks have also started to spend money on promotional initiatives like “free bets.”

Two birds and one stone

Providers of sports betting now have to use strategies that achieve two objectives at once:

  • Gain new customers
  • Restore investors’ confidence

But MGM presently has the upper hand over its competitors.

Only one physical sportsbook is staffed at its BetMGM location for the NFL game. BetMGM is a 50/50 joint venture between the major Las Vegas casino and UK gambling provider Entain.

The Phoenix Stadium relocated there in 2022, taking over the area next to State Farm Stadium, the previous home of the Chiefs and Eagles.

There is no denying that gamblers have placed wagers using mobile devices.

The CEO of BetMGM, Adam Greenblatt, emphasized that activity at the sportsbook should move quickly both before and during the game.

“We have prepared for this Super Bowl like never before, said Greenblatt.

“We are staffing up for a lot of demand.”

Read also: United Airlines among many set for a good year

Marketing opportunity

In the 17,000 square foot sportsbook next to the stadium, according to Greenblatt, there are 38 HD TVs and a sizable display wall where bettors can watch the game.

To encourage fans to wager on the game, there are 25 betting incentives.

According to Adam Greenblatt, having a real presence at the Super Bowl presents a significant marketing opportunity in a market where websites like DraftKings, FanDuel, and other bookmakers compete.

He wants people to download the BetMGM app, create an account, and place bets at the sportsbook on Sunday.

By reminding participants that MGM is a respected casino brand rather than a start-up like DraftKings, FanDuel, or Barsteel, Greenblatt emphasized the significance of marketing.

“We’re fun and sophisticated. Ocean’s Eleven. That was an MGM experience,” he said, reminding people it was the MGM Grand in the 2001 film.

“We want to be both aspirational but also accessible.”

Sports betting companies vs. casino companies

Even if there is competition, people who are new to the sector are not excessively concerned about casino operators.

Amy Howe, CEO of FanDuel, asserts that with sports betting being permitted in Ohio, Maryland, and Kansas in 2022, there will be lots of room for expansion.

“This should be the single biggest day in FanDuel’s history,” Howe said.

She said that for Super Bowl LVII, FanDuel expected 17 million bets, or more than twice as much as those made on the Super Bowl in 2022.

Howe claims that FanDuel expects the betting to attract over 500,000 new clients who will gamble on the game, particularly as more women do so.

Jason Robins, the CEO of DraftKings, thinks that bookmakers have realized they cannot continue to invest in expensive promos.

“If anything, the competition now is less intense than last year,” said Robins.

“Last year was the peak. It was somewhat irrational.”

Businesses like DraftKings used to face sanctions from Wall Street for striving to increase their market share at any costs.

“Investor tolerance for the types of undisciplined spending during the NFL season last year has waned,” said Robins. “Investors want to see a path to profitability.”

“That’s different from 2021 when customer growth was being rewarded.”

More Super Bowl LVII advertising is still anticipated from FanDuel and DraftKings.

NFL player Rob Gronkowski’s field goal for the FanDuel ad was touted the “kick of destiny,” while Kevin Hart is the subject of another DraftKings commercial.

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Exploring the Impact of Legalized Sports Betting in Illinois

Edward Anderson Edward Anderson on April 25, 2023

Legalizing sports betting in Illinois has been a heated subject for some time. Many states have experienced increased interest in legalizing sports gambling since the Supreme Court struck down the Professional and Amateur Sports Protection Act of 1992. In particular, Illinois was one of the first states to legalize sports betting, making it a pioneer in this field. The legalization has given rise to several sportsbooks in Illinois offering bonuses and promotions to newbies and seasoned gamblers. This article discusses the potential effects of this kind of gambling on the state by first analyzing the rules behind the legalization of sports betting in Illinois.

Analyzing the new rules

Several new rules have emerged with the recent approval of internet and mobile sports betting in Illinois. For starters, online sports betting in Illinois on an event like the super bowl is considered illegal without a license from the Illinois Gaming Board. Moreover, each year, businesses must fork over a percentage of their yearly gaming earnings to the state as a licensing fee. In addition, all service providers must observe stringent safety guidelines to protect the privacy of their customers’ information.

The financial effect of sports betting on Illinois

The introduction of sports betting in Illinois has resulted in a dramatic rise in tax income for the state. The Illinois Gaming Board reported $41 million in revenue from sports betting in its first full month of operation. When you consider that it was only accessible for half the month, it is an astounding number indeed. Of the $125B bet on sports by Americans in 4 years since legalization, Illinois residents wagered more than $5.2 billion on sports in 2022 alone. Evidence shows that sports betting is becoming more popular in Illinois, resulting in increased state tax income. 

How Illinois’ professional sports teams are benefiting

The rise of legalized sports betting in Illinois has been a boon for the state’s professional sports clubs. Improved facilities, stronger coaching staff and expanded marketing efforts are all possible with the money gained from sports betting. In addition, this additional funding may be used by professional clubs to pay their players and staff higher wages. Furthermore, with the rise in the popularity of sports betting, there has been a corresponding rise in the number of people tuning in to watch games. With a bigger fan base, professional clubs may sell more products and attract a larger crowd to their games.

How local businesses are benefiting from sports betting in Illinois

Businesses in Illinois have benefited greatly from the state’s decision to legalize sports betting. There has been a rise in foot traffic at brick-and-mortar establishments offering sports betting since the advent of mobile and internet betting. It has led to higher profits for these companies and the creation of new positions. The state government has also benefited from the new business by receiving an increase in tax income. Illinois uses these funds for many public good projects and initiatives. The overall effect of allowing sports betting on Illinois’ economy has been beneficial.

Getting started with online sports gambling in Illinois

To legally participate in online sports betting, you must be 21 years of age or older and physically located in Illinois. You must also register for an account with a licensed online sportsbook operator. Once your account is set up, you can place bets on various sporting events. It’s important to read up on the different types of bets available so that you can choose one that best suits your needs and budget. Finally, always practice responsible gambling by setting limits on how much money you are willing to spend each month and never chase losses by continuing to bet after losing money

In conclusion, legalizing sports betting in Illinois has provided the state with a much-needed income boost and positive social and economic effects. However, it is crucial that possible hazards linked with sports betting, such as addiction and fraud, be considered seriously.

Illinois Sports Betting Roundup November 18, 2022: Outstanding September Sports Betting Numbers

Edward Anderson Edward Anderson on December 3, 2022

Football season brings out the sports bettor in all of us, and Illinois sports bettors wagered 831.8 million dollars during September. The number was up from the $596 million wagered in September 2021. 

The adjusted gross revenue made by the operators was $78.4 million for a solid 8.7% hold rate. That left Illinois third behind New Jersey (98 million) and New York (over 145 million) as the top three operators in the country. 

ILBetting.com is predicting October will see a record 1 billion handle, and it will be interesting to see if they reach that number.

In other news. 

Illinois Exceeds a Billion Dollars in Lifetime Sports Betting Earnings 

Illinois is about to catch Pennsylvania in terms of lifetime sports betting earnings. The Praire State has a lifetime sports betting revenue of $1,207,751,921, leaving them only behind Pennsylvania, Nevada, and New Jersey. 

Lifetime sports betting revenue ranking: 

  1. New Jersey — $2,123,552,899 
  2. Nevada — $1,530,219,000 
  3. Pennsylvania — $1,284,279,656 
  4. Illinois — $1,207,751,921 
  5. New York — $969,865,779 

Lifetime sports betting handle: 

  1. New Jersey — $30,497,583,224 
  2. Nevada — $26,730,516,808 
  3. Pennsylvania — $16,550,951,863 
  4. Illinois — $15,567,870,563 
  5. New York — $11,899,955,063 

Ballys Buys Chicago Tribune Printing Plant 

Bally’s is expected to purchase the Chicago Tribune Printing Plant from Nexstar Media Group for 200 million. Bally’s plans to renovate the property into the largest casino in Illinois, with a potential for 200 million in annual tax revenue. 

Some of the amenities include; 

  • 500-room hotel 
  • 3,000-seat theater 
  • 3,400 slot machines 
  • 170 table games 
  • Outdoor music venue 
  • Six restaurants 

The tentative opening is 2026, making this property the largest of the 15 Bally’s casinos worldwide. 

Circa Sports Expanding to Illinois 

Las Vegas-based Circa Sports is setting its sights on the state of Illinois, and sports bettors are overwhelmed at the prospect. Circa is known to cater to all bettors with some of the best betting limits in the country. 

Circa hopes to open its online and mobile presence in late December 2022 and will operate in partnership with Full House Resorts. They’ll be operating

temporarily at “The Temporary by American Place” before moving into their new property, “The American Place,” in 2023.

Paying Attention To Minor Details Is The Key To Success In Betting! Alex Parlay On How To Become A Successful Sports Handicapper | Plays That Pay

Jason Robinson Jason Robinson on October 11, 2022

It’s just a matter of the last few years that we have witnessed a hike in legal sports betting in American popular culture. The art that used to be in the shadows for decades has now emerged into the mainstream. People have moved on from the anti-gambling stigma that existed for years and embraced this multi-billion-dollar sports betting industry as it was made legal in many states. 

Recognizing the progress and boost of the industry, millions of sports fans began to enter the betting market despite having no sound knowledge. After they step in, they have no idea what to do as they are completely unaware. They often bear heavy losses as they bet on their favorite team based on their emotions. To clear the doubts of such beginners and guide them on a path to a successful betting career, sports handicappers like Alex Parlay came out to the rescue.  

Having been familiar with different sports since childhood, Alex developed his interest in betting and handicapping. He always searched for ways to win and find a competitive advantage over his competitors by paying attention to their weaknesses and focusing on his team’s strengths. Alex highly regards his love for sports as it led him to become a professional handicapper and run one of the top sports consulting companies in the world, Plays That Pay. 

With the intention of providing the finest sports consultancy, Alex Parlay founded Plays That Pay in 2020. Since its inception, Plays that Pay has had one goal; to make the clients win as much as possible. The company includes professional bettors and sports consultants having years of experience in the fields of legal sports betting and handicapping. At Plays That Pay, consultants use statistical techniques and predictive modeling to continuously find winning sports picks and parlays. In two years, the company managed to build a vast clientele and have over 100k followers on Instagram. With long winning streaks and unbelievable picks, Plays That Pay continues to rise toward glory and has become one of the top sports consulting companies in the world.

To motivate young and emerging bettors, Alex Parlay usually shares his top picks and results on Plays That Pay’s Instagram account. To become successful in this domain, Alex Parlay believes that one should not ignore anything, even the minute details. When it comes to making the right predictions, sometimes small details are handy. This strategy has helped Alex to build a highly profitable clientele as he continues to win for them.

Moreover, one should do thorough research before making a bet to maximize the chance of picking up the winning team. You have to look at every detail possible and put in your time to end up on the winning side. There are some critical pre-match insights that you should be looking at. You have to look at all the stats of the teams playing against each other. A bettor must keep an eye on the previous encounters, home and away results, starting lineups and the key performers of the playing teams.

Besides that, you should be studying how many rest days they’ve had, injuries, match venue and location. Weather sometimes also plays a key role in the matchups. In addition to that, you should focus on the teams’ motivation. How much a win or a loss matters for each team. Lastly, a bettor should keep their patience. To ensure that there are no last-minute changes in the rosters, you should wait as close as possible to the game time before choosing your winner.    

Focusing and keeping an eye on these insights helps you a lot in making the right call, but often beginner bettors get carried away in their emotions and instincts. Believing in your instincts is right, but trusting them too much might cause you a lot of money, so you have to be legitimate, and your decision should be based upon accurate data. When our favorite team is playing, many bettors make biased decisions as their emotions get to them. This is the reason many professional bettors prefer their clients not to bet when their favorite team is playing to avoid such mistakes.  

With his sports consulting company, Plays That Pay, Alex Parlay has achieved so much in a short period. No doubt his years of experience in this industry played its part. But his dedication, commitment and attention to detail made them the top sports consultancy company in the world. For young and newbies to this industry, Alex’s advice remains the same. “Stay 100% committed and don’t select picks based on favorites or games that feel like ‘easy winners’.” Finding an edge and advantage over your opponent by paying attention to detail provides another level of excitement to the game and can help you earn a lot of money.