A recently proposed law to authorize online sports betting in Wisconsin is opposed by some of the biggest sports betting organizations in the nation.
Sen. Howard L. Marklein’s bill (R-17), SB 592, to legalize online sports betting in Wisconsin, will not be a financially feasible route for their members to enter the state, according to a representative for the Sports Betting Alliance, which represents the interests of bet365, BetMGM, DraftKings, Fanatics Sportsbook, and FanDuel.
If Wisconsin legalizes online sports betting through the Indian Gaming Regulatory Act (IGRA) and the proposed hub-and-spoke model, it will require all tethered online sports betting operators to give at least 60% of their profits to their tribal partners. This is something that operators cannot afford to do in the low-margin industry of online sports betting, according to Damon Stewart, counsel for the Sports Betting Alliance.
ALSO READ: Tennessee Sports Betting Looks A Lot Different After Five Years.
Operators and Tribes Desire Legalized Internet Sports Betting
Today, the Senate Committee on Agriculture and Revenue held a public hearing on Marklein’s bill, and Stewart was one of numerous speakers.
As long as a wager is handled by a server or other equipment that is physically situated on the property of a federally recognized American Indian Tribe, the measure would permit Wisconsin Tribes to provide online sports betting.
However, when it was first announced in late October, it was unclear if tribes would only be permitted to provide their own systems or if they could collaborate with online sports betting businesses to use their platforms.
Nothing in the law forbids a state tribe from collaborating with a business like DraftKings or FanDuel, according to a Marklein spokesperson. In order to accomplish this, a tribe must get permission from the Federal Bureau of Indian Affairs and renegotiate its gaming compact with Wisconsin.
Courtesy: https://www.covers.com, https://www.casino.org, https://pechanga.net
Kalshi and Polymarket, two large financial firms looking to maximize their profits, have unleashed unregulated…
Gov. Janet Mills approved a bill that permits online gaming, making Maine the eighth state…
The first state to file a lawsuit against Polymarket is the Nevada Gaming Control Board…
Late on Friday, the Nevada Gaming Control Board provided Nevada licensees with further policy guidelines…
In an effort to potentially expand one of the most limited legal sports betting markets…
An important milestone in the growth of gambling in the US has been reached with…