Churchill Downs Stock Primed for Upside in the Near Future

February 25, 2024 Category :General 0

Horse racing is once again in the news, and this time its positive. Shares of Churchill Downs closed slightly higher Thursday. The gaming company reported solid fourth quarter results late Wednesday. Having said that, analysts are already looking ahead to the near future. The cause for optimism are the operator’s new venues and the potential impact they could have on the stock price.

One such venue is The Rose Gaming Resort in Dumfries, VA. The operator recently won approval to proceed with phase one of the project. Churchill Downs is also preparing to open Owensboro Racing and Gaming in Owensboro, Ky. in early 2025. The Owensboro venue will operate as an annex of Ellis Park Racing and Gaming, and serve to fund purses for horse races at the track. All of this is in the midst of concerns about the domestic horse racing business at the track. Even with those concerns, live and historical racing remains a source of strength for Churchill Downs.

Analysts are bullish on Churchill Downs stock. And that is even though the operator has no Las Vegas exposure. It is also not a major player in the realm of online sports betting. Eight of the 10 analysts covering the stock rated it as a buy or strong buy with a price target of $143. That would be up 19.31% from Thursday’s close. One reason for the optimism is the growth in the operator’s TwinSpires unit. Smart acquisitions are another reason for the promising outlook.

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Online Sports Betting Study Raises Problem Gambling Concerns

February 8, 2024 Category :General 0

Many Americans believe gambling, including sports betting, is a bad bet for society. A new online study might just be backing up that notion. Researchers polled more than 3000 US adults to gauge their participation in online sports gambling and their opinions on the industry. The poll reported numerous alarming data points. One such point is that 65% of people polled believe that online sports betting will create compulsive gamblers. The poll also found that nearly 40% wagered more than they should have. Another 18% said they lost money betting on sports that they needed for financial obligations.

Maybe even just as important, about 4 in 10 bettors said they’ve felt shame about their online wagering. The guilt, and what it might do to a person, could have major consequences down the road. More than half of bettors chased a loss. Chasing a loss is when you double your next bet to try and win back the money you lost on the previous bet. Almost a quarter of bettors said that someone expressed worry about their betting. This could be a family member, a friend, or anyone else. And 20% said they lied to someone about their sports betting.

Despite the worrying findings, only about 9% of the sports bettors polled had called a problem gambling helpline or sought treatment through other sources. Not surprisingly, over 60% said the federal government should aggressively regulate online sports betting to specifically protect customers from compulsive gambling. The poll found that 39% of adults had bet on sports. It also found that 19% have an online sports betting account. About twice as many men have an online sports betting account compared to women.

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NFL Warns Players About Vegas Activities During Super Bowl

January 27, 2024 Category :General 0

The Super Bowl is set to be played in Las Vegas in about two weeks. Sunday, February 11, 2024, to be exact. This is the first time the Super Bowl will be held in Las Vegas. And there’s a reason for that. But all of that changed in May, 2018. That is when the Supreme Court punted a federal law that had limited sports betting to Nevada. Since then, more than 30 states have legalized sports betting and Las Vegas has become a major sports town. Las Vegas is now home to the football Raiders and hockey Golden Knights. The Oakland A’s will be relocating there in time for the 2028 season.

The NFL has subsequently embraced sports betting, something they were fully against less than a decade ago. Oddsmakers have credited sports betting with increasing fan engagement which has led to higher broadcasts and streaming viewership. And of course this leads to more money for the NFL, which after all is a huge business. The big game on February 11th will be decided tomorrow when Baltimore hosts Kansas City in the AFC championship game and San Francisco hosts Detroit in the NFC championship game. The winners will meet in Las Vegas.

With all the gambling and sports betting available for the players in town, the league has issued a statement to its players. The NFL wants to assure player safety and protect the integrity of the Super Bowl. Basically, players not playing in the game can gamble, but not on sports. Players who are playing in the game cannot gamble at all, including on slots and table games.

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The 2024 PGA Golf Season Is Off And Running

January 15, 2024 Category :General 0

The 2024 PGA Golf Season has officially begun. As a matter of fact there are already two tournaments in the books. Those two tournaments are The Sentry and The Sony Open. The Sentry is one of eight signature events (more on that later). Next is The American Express which will be held January 18-21, 2024 in La Quinta, California. Here 156 golfers will tee it up and play on three different golf courses. The cut will be the top 65 golfers and ties after day 3 so each golfer gets one round at each course. The final round on Sunday will be played at the Pete Dye Stadium Course.

Last year’s winner John Rahm will not be there to defend his title as he decided to join LIV golf last month. LIV golfers are not allowed to play in PGA events. However, that does not exclude them from playing in the 4 major tournaments as those tournaments are not run by the PGA. Rahm reportedly received $450 million to join the LIV circuit. Even though Rahm won’t be there, the field is really strong and led by current number 1 in the world Scottie Scheffler. Scheffler finished T11 last year. Other top 10 golfers in the world playing are Patrick Cantlay (5), Xander Schauffele (6), and Wyndham Clark (10).

The PGA has made 8 of their golf tournaments signature events this year including the Sentry which has already been played. These events are smaller fields with bigger purses. Golfers qualify by their ranking last year and a few other ways including winning this season and where they rank the week before an upcoming signature event. Other Signature Events include AT&T Pebble Beach, The Genesis Invitational where Tiger Woods will be making his 2024 debut, Arnold Palmer Invitational, RBC Heritage, Wells Fargo Championship, The Memorial Tournament, and The Travelers Championship.

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NC Gets Seven Sportsbook Applications Ahead of Spring Launch

January 1, 2024 Category :General 0

Further steps have been taking in the online sportsbook launch in North Carolina. The North Carolina State Lottery Commission is in charge of sports betting in Tar Heel State. The way it works is that sportsbook operators have to partner with a professional sports team, venue, the PGA Tour, or NASCAR. Last week the State Lottery Commission unveiled the list of companies that have applied to receive retail and online sports betting privileges ahead of the agency’s “recommended submission” deadline of December 27th.

Of the seven companies, sports betting market leaders DraftKings and FanDuel highlight the group. Other sports betting companies include BetMGM, ESPN Bet, Fanatics, bet365, and Underdog Sports. State lawmakers and Gov. Roy Cooper (D) legalized sports betting last June. The North Carolina State Lottery Commission, which is tasked with licensing and regulating the state’s new expanded gaming industry, says it will need up to 90 days to review the online sports betting applications and issue licenses.

The law requires that betting commence by June 15, 2024. Cooper has said he wants sportsbooks taking bets by the time March Madness begins. He had initially said by the Super Bowl, but that’s not happening. North Carolina is home to arguably the biggest rivalry in college basketball. The North Carolina Tar Heels and the Duke Blue Devils are considered blood enemies. Throw in North Carolina State in the mix and you can see why the governor would like it ready to go for March Madness.

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Bengals WR Ja’Marr Chase Could Miss Multiple Games

December 19, 2023 Category :General 0

The Cincinnati Bengals won’t have star wide receiver Ja’Marr Chase in the lineup in week 16. Chase suffered a shoulder injury over the weekend in their game against the Minnesota Vikings. He was initially diagnosed with a separated shoulder. X-rays were negative, but an MRI revealed an AC joint sprain. Earlier in the season, week 11 to be exact, quarterback Joe Burrow went down with a season ending wrist injury. After losing his first start, backup quarterback Jake Browning has led the Bengals to 3 wins in a row.

The Bengals are set to play division rival Pittsburgh Steelers Saturday on NBC. This is a very important game as both teams are fighting for a playoff spot. The Bengals are 8-6 while the Steelers are 7-7. Baltimore leads the division with an 11-3 record while the Cleveland Brows are in second place with a 9-5 record. Both Cincinnati and Pittsburgh are trying to get a wild card playoff berth. The top 7 teams in each conference make the playoffs with the number 1 seed the only team that gets a bye.

With only 3 games remaining for each team there’s no room for error. Each game is basically like a playoff game now. After playing the Steelers, the Bengals will take on the Kansas City Chiefs on New Years Eve. That game will be played at the home of the 9-5 Chiefs. The Bengals will host the Cleveland Brows in the last game of the season which could determine the post season future of both AFC North teams.

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FanDuel Latest Sportsbook to Secure Market Access in NC

December 12, 2023 Category :General 0

To secure market access in North Carolina, sportsbooks must partner with one of the eight pro sports facilities, the PGA Tour, or NASCAR. FanDuel has done just that. FanDuel became the latest sportsbook to secure market access by partnering with the PGA Tour. The North Carolina State Lottery Commission opened its application period for sports betting licenses earlier this month. FanDuel is already an official betting operator of the PGA Tour, a deal that dates back to 2020. The sportsbook is expanding that relationship to seek market entry in the Tar Heel State.

Sportsbook partnerships are aligning even as we speak. So far, other than FanDuel, there have been several partnerships formed. Bet365 announced a partnership with the Spectrum Center. The Spectrum Center is home of the NBA Charlotte Hornets. It didn’t take long for Bet365 to get involved and get their partnership. ESPN BET, which is new in the sports betting world, earlier announced its partnership with Quail Hollow Club, home to the annual Wells Fargo Championship.

North Carolina sportsbook apps are scheduled to launch sometime in 2024. Initially the State Lottery Commission was hoping mobile app betting would be available by the Super Bowl, but has since said that will not be possible. The Super Bowl will be played on Sunday, February 11th, 2024 in Las Vegas. Mobile app betting will be available sometime after that date, but before June.

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ESPN Bet Partners With Quail Hollow Club For Sports Betting

December 5, 2023 Category :General 0

ESPN Bet and Quail Hollow Club in Charlotte, NC, are teaming up for sports betting. This announcement comes just days after the North Carolina Education Lottery Commission began accepting sports betting applications. Applications are due by December 27th. The private golf club is an annual stop on the PGA Tour with the Wells Fargo Championship. The club also hosted the 2017 Players Championship and last year’s Presidents Cup. ESPN Bet is Penn Entertainment’s rebranded Barstool Sportsbook following the casino operator agreeing to pay ESPN $1.5 billion over the next 10 years to use the sports media brand in its sports gambling business.

Even though applications are due by December 27th for would be licensees, North Carolina has already said that online gambling will not be up and running in time for the Super Bowl as was previously hoped. No further information has been provided as to when it will be ready to launch. The sports betting law in North Carolina gives the commission until June 15 to get a program up and running. Mobile sportsbook operators must secure “written designation agreements” with sports teams, leagues, or venues before submitting their application. These agreements are a unique requirement in North Carolina’s sports betting law.

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