In early 2021, a lot has happened with sports betting legislation. Michigan had an excellent first weekend as Virginia continues to add sports betting providers. Colorado and Tennessee reported sales this week, and Ohio hopes to start sports betting in 2021.
Here are the biggest sports betting stories this week.
Monday: Colorado reports income from sports betting for December
Colorado reported its earnings in December this week when the state finished strong in 2020. The Centennial State recorded $ 284.6 million. This was the highest level since sports betting began in Colorado in May. Although revenues fell slightly from $ 18.4 million to $ 17.2 million, the state is likely to recover in early 2021. Colorado will continue to grow the sports betting industry, posting a month of $ 300 million in January.
Tuesday: Michigan has a strong first weekend in sports betting
No wonder Michigan had a great first weekend of sports betting over the weekend when it kicked off the weekend with championship football, 100 college basketball games, and a historic UFC map. On January 22nd, Michigan went online with 10 sports bets including DraftKings, FanDuel, BetMGM, and others. BetMGM had over 200,000 signups in the state in the first 10 hours of launch. The sports betting company also had a bug with their sign up bonus, but it was fixed later that day. Barstool Sports founder Dave Portnoy lost $ 100,000 after betting on the Detroit Pistons, one of the weekend’s biggest losses.
Wednesday: Virginia sees more sports betting in the state
BetMGM and BetRivers entered the Commonwealth in Virginia on Wednesday. After FanDuel launched on day one and DraftKings entered the state on Sunday, four sports bets are now going live in Virginia. The state only allows 12 operators to enter the state. However, there is a chance that lawmakers may expand this rule with demand in Virginia. There are currently only eight licenses left so it should get pretty competitive in the coming months.
Thursday: Tennessee reports December sports betting numbers
Tennessee became the second state this week to report winnings from sports betting in December. The state recorded over $ 180 million betting between DraftKings, FanDuel, BetMGM and Tennessee Action in December, a total of $ 300 million for the first two months. The volunteer state was the first state to go online just for sports betting, and it looks like it’s already paying off. States can now follow the path Tennessee took and have the same success. Tennessee’s betting processing, revenue, and taxes rose from November, and the state should continue to thrive in early 2021.
Friday: Ohio expects sports betting in 2021
Ohio fumbled the ball in 2020, trying to legalize sports betting. Buckeye State had no real obstacles in its way and looked like Cleveland Sports as it tried to get a bill. Some key lawmakers who backed the Sports Betting Act were not re-elected, so lawmakers will have to reform. Last week, Governor Mike DeWine said he expected sports betting to pass this year. There are no objections to a bill, so it is only a matter of time before something is finally done.