Analyst Not As Bullish As Operators On Online Casino Legalization
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Online gaming operators plan to continue their efforts in Illinois, Maryland and New York for online casino legalization in 2026. That is according to Steven Pizzella of Deutsche Bank, who recapped meetings with retail and online casino operators from last week’s Gaming, Lodging, Leisure & Restaurant Conference. “Operators continue
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Online gaming operators plan to continue their efforts in Illinois, Maryland and New York for online casino legalization in 2026. That is according to Steven Pizzella of Deutsche Bank, who recapped meetings with retail and online casino operators from last week’s Gaming, Lodging, Leisure & Restaurant Conference. “Operators continue to take the approach that numerous shots on goal will yield something in the near term regarding iGaming legalization,” Pizzella said in Monday‘s note. Pizzella, however, tempered expectations and suggested
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Maryland had the best chance of the three. Other common topics at the meetings included continued softness in NFL betting results as well as prediction markets and how regulators will respond to operators offering sports contracts to trade. Online casino faces obstacles Chances of more than one state approving online casino this year is “highly unlikely,” Pizzella said, noting each state has its own set of complications. The only chance multiple states could legalize is if Illinois legalized online casino, which could set off multiple other states
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approving similar bills in the Midwest, he added. Illinois and New York both have other casino concerns that could distract from online casino legislation, though, with Bally’s building in Chicago and up to three downstate casinos approved in New York. Retail casinos out on predictions One common theme is that sports betting brands tied to brick-and-mortar casino businesses, including BetMGM, Caesars and Penn Entertainment‘s theScore bet, are staying out of predictions for now. Operators with Nevada properties do not seem to have much of a choice a
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fter FanDuel parent Flutter and DraftKings had to voluntarily pull out of the state for their plans to launch predictions, even though they will not operate in Nevada. Other common questions around prediction markets: Operators expect the issue of sports predictions to reach the Supreme Court in one to two years Total potential penetration of prediction markets Economics of the predictions business Total cost to enter If markets will get enough liquidity and where that liquidity would come from Suppliers generally view predictions as a positive as they can off
r multiple services including live data. Predictions a catalyst? California and Texas were the two states mentioned most frequently when discussing what states could legalize sports betting next, Pizzella said. Operators are optimistic on incremental legalization over the next couple of years with predictions proving to be a catalyst for that legislation. Anything involving sports betting in California will include the state’s tribal gaming partners, though it is getting late for a referendum on the November 2026 ballot. The Texas legislature, meanwhile,
does not meet in even-numbered years and faces a tough opponent in Lt. Gov. Dan Patrick. Bettors still beating books in NFL The fourth quarter has had a “somewhat bumpy” start, Pizzella said, with customer-friendly NFL results continuing from September. Sportsbooks had a tough October last year, though, which could set up an easy comparison, Pizzella said. Based on five state reports so far, handle is up 13% with gross revenue up 34%. The post Analyst Not As Bullish As Operators On Online Casino Legalization appeared first on Legal Sports Report.