A Deeper Look Into Sports Betting Laws
WNBA team, the Phoenix Mercury, recently signed one of the largest sponsorship deals in women’s sport. It was a deal that gave Bally’s access to the Arizona sports betting market because of the way the state’s sports betting laws were written. To determine if this kind of sponsorship was available to other women’s sports teams, we analyzed which other states had sports betting laws operating in a similar way as Arizona.
We discovered the state-by-state legislation has evolved differently and there are few similarities to how sports betting laws have been written and will be regulated. There’s more to the market than whether or not sports betting is legal in a given state.
What matters is if it is legal, which forms of sports betting can be rolled out; online-only, both in-person and online, etc. The exceptions really come down to licensing and how to obtain a license.
Looking into these different regulations we found some interesting and unique ones:
Tennessee & Wyoming are the only 2 states operating solely online. Wyoming is also the only state to use cryptocurrency to fund a wagering account. (The state has approved the idea but still awaiting action by legislators)
Ohio wants to create Type C licenses that would allow retail establishments with a D-Class liquor license to have sports betting kiosks
Arizona tied sports betting license to professional teams (See Bally Sports and Mercury Deal above)
Louisiana is not yet launched but was the first to approve sports betting at a county or parish level
Vermont has no casinos but is exploring legal online sportsbooks
*All of these are not officially passed but may be in legislation or passed committee
What does this mean for Fluid Fans?
Sports betting will become an important tool in acquiring and keeping Fluid Fans interested in different forms of live sports entertainment. “Bet” was noted as one of the 10 key Fluid Fan behaviors for Fans of Women’s Sports. (Find out the other core behaviors in our report) Bet is all about how fans find new ways to socialize, compete, and play while they watch sports. Studies have shown that fans are consuming more of a game if they have placed a wager on the event. According to Yahoo Finance, “The latest Seton Hall University Sports Poll, shared exclusively with Yahoo Finance, finds that 70% of Americans surveyed say they are more likely to watch a sports event if they have placed a bet on it.”
As more states begin to move into the sports betting industry, it will be important to note how lawmakers shape their individual markets. Clearly there is revenue and money to be made for all parties involved, and it certainly helps augment the fan experience for the local teams. With the proper technology and partnerships in place, betting can be a key component in staying ahead in the attention economy.
And here’s the kicker. The wild west of Sports betting regulation is an early indication of why new Name Image and Likeness rules will cause so much confusion across college sports. With no universal laws or legislation, each state can have different rules as to what is acceptable for NIL and sports betting.
If you want to stay up to date with the latest in Sports Betting per state check out this interactive map by ESPN