iBET ETF Insights: A recent poll showed that 45% of voters would support legalization, with 33% who are opposed, and 22% of people who are undecided on the matter. The effort to legalize sports betting in California has been in the works since 2018, when the Supreme Court amended the federal law that banned all states but Nevada from sports betting. Four years later and the industry has evolved with more than 30 states legalizing sports betting, including all of those who border California. Californians should be able to vote in November to make the change to legalize sports betting. New York State legalized recently and did over 2 Billion in handles in the first month, California should do a much larger number.

iBET ETF Insights: Tennessee’s sports books combined for a gross handle of just over $386 million in January, reaching their highest total since the launch in November.
Since the launch, Tennessee has produced $3.4 billion in gross handles through the end of January.

iBET ETF Insights: The new rules will allow three casinos in the state to offer mobile sports wagering. BetMGM, FanDuel and DraftKings stand to benefit here.

Not only is vegas doing well, but Casinos across the US set record revenue in 2021, the American Gaming Association reported.

iBET ETF Insights: As of last week, Las Vegas has removed mask restrictions. Occupancy was well over 90% during Super Bowl weekend and travel is booming, which should benefit all of the brick and mortar vegas operations. Gross gaming revenue across the US reached $53 billion, breaking the previous industry record of $43.65 billion. “These results are nothing short of remarkable,” said AGA President and CEO Bill Miller. “The success of 2021 reflects our commitment to health and safety and how Americans have welcomed gaming’s expansion across the country. Today’s industry is effectively meeting customers how and where they want to engage — whether at a casino or through mobile gaming.”

Since New York has opened its online sports betting in early January, more than $2.4 billion has been wagered.

iBET ETF Insights: New York easily passed Nevada and New Jersey for the number one spot in mobile sports betting. NY Yankees president Randy Levine has expressed support for a betting kiosk in Yankee Stadium. New York has been the largest player in onlie sports betting so far, though we still await legalization in Texas and California at some point. The next move is for Kiosks to be available in all arenas and restaurants and bars.