Sports Betting News: Hearings Underway in Mass, Rotogrinders, PocketFive Acquired
Hearings were underway Tuesday and Wednesday to determine if sports betting should be legalized in the state of Massachusetts. The public will offer feedback on Wednesday.
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The Joint Committee on Economic Development and Emerging Technologies will hear from the state’s casino operators, online fantasy sports companies, the state lottery, the Massachusetts Gaming Commission, Major League Baseball, and the NBA.
"Its very complicated," said Democratic State Senator Eric Lesser of Longmeadow, the co-chair of the committee.
"I think in Massachusetts we want to be deliberate, we want to be thorough and I think we want a product and a law that is fashioned that takes all these nuances into consideration."
So far, Rhode Island is the only state that has legalized sports wagering. That state made an epic $40 million error in its industry forecasting. That miscalculation has resulted in a $40 million hole in the next year's budget.
Maine is currently considering legalization of sprots betting as well.
"And there are potentially enormous social consequences to the decisions that are made, so we are going to be deliberate and judicious about how we approach it," said Lesser.
States can now offer sports betting after the US Supreme Court overturned decades of prohibition last May.
More Sports Betting News
Sports Betting on the Rise, Massachusetts Gaming Commission Chair Says
Illinois Lawmakers Pushing Sports Betting Decision to Limit
Will sports betting become legal in Louisiana?
Rotogrinders has Been Acquired
Better Collective, a digital sportsbook developer, has acquired 60% of the shares in fantasy sports and handicapping media outlet Rotogrinders for USD 21 million, and in the period 2022-2024, it will buy the remaining 40%.
Rotogrinders is owned by Rical LLC, which is also the parent company of Sports Handle, USBets.com, PennBets and the popular poker venue PocketFives.com.
In the period 2022-2024, Better Collective will acquire the remaining 40% of the shares of RotoGrinders at a valuation based upon an EBITDA multiple between 5x and 10x. The valuation will be determined by the future growth and profitability of RotoGrinders and Better Collective's other business in the United States. Source: Yogonet
- Aaron Goldstein, Gambling911.com
