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п»їMichigan Online Sports Betting Review: How 6 Apps Fared, Plus Early User Data Figures.
Michigan launched online sports betting on January 22, with a handful of companies offering their services in the 10th most populous state in America.
I downloaded six of the sports betting apps to test them out during the first weekend. Here is a look at how they fared in terms of downloads, potential market share and promotional offers.
DraftKings: The app from Draftkings Inc (NASDAQ: DKNG) is incredibly easy to use, which shouldn’t come as a surprise given the company's strong market share in the states it operates in. What was surprising was how hard it was at first to login and use the app during the first weekend live in Michigan. The app crashed numerous times and unfortunately became the app used the least by me due to tech problems.
DraftKings offered signup bonuses, matching deposits and $100 free to play blackjack in the casino portion of the app. The company had some bets that were pretty close to being guaranteed winners, such as on the chances of a first quarter touchdown or more than 0.5 touchdowns scored in the NFL Conference Championship.
FanDuel: Flutter Entertainment ADR 's (OTC: PDYPY) FanDuel app had several login problems for me, but operated very well during the first few days of legal betting in the state. The app did feature a warning the first couple days that due to increased volume, settlement on some winning bets could take up to 30 minutes.
Barstool Sportsbook: The Barstool Sportsbook was launched by Penn National Gaming, Inc (NASDAQ: PENN) in Michigan. Barstool offered $10 in free bets for new users in the state and another $5 for those who filled out their favorite sports on their profile. One of the things that really sets the app apart from the competition is Barstool's unique personalities for betting ideas, such as odds boosts and suggested bets.
BetRivers: The lesser known BetRivers brand comes from Rush Street Interactive Inc (NYSE: RSI), which went public via a SPAC. The company offered free promotional money to people who signed up on opening weekend. The app was easy to use and offered a wide range of prop bets and odds-boosted events. Many of the boosted bets came with limits of $100, higher than competitors.
PointsBet: Another lesser known company, PointsBet Holdings Ltd. (OTC: PBTHF), puts out one of the apps I was looking forward to testing out. One of the promotions PointsBet offered was betting on the Detroit Pistons spread. For every point the Pistons scored, users got $1 in free bets.
BetMGM: A joint venture between MGM Resorts International (NYSE: MGM) and GVC International, the BetMGM app is very easy to use, and I was surprised with the amount of odds boosts from the company.
Other Options: Other companies that launched in Michigan but whose apps I did not test or download were Golden Nugget Online Gaming (NASDAQ: GNOG), William Hill, Wynn Resorts, Limited (NASDAQ: WYNN) and TwinSpires, owned by Churchill Downs, Inc. (NASDAQ: CHDN).
Michigan also recently approved sports betting and online poker from Fox Bet, which is partially owned by Fox Corp (NASDAQ: FOX) and Flutter Entertainment.
Early App Data: Michigan is expected to release official sports betting figures in late February. Bank of America analyst Shaun C. Kelley is out with some early data about the companies that launched online sports betting and iGaming in Michigan.
App download data shows DraftKings and FanDuel as the early leaders in the state with 40% and 27% market share, respectively. Barstool Sportsbook and BetMGM fought it out for third place with 14% and 13% of app downloads, respectively.
The app downloads showed lower numbers from William Hill, PointsBet and TwinSpires. BetRivers offered an online download and not a mobile app, so downloads were not reported.
Kelley sees Michigan market share shaking out to 30% share for each of FanDuel and DraftKings, and 10% to 15% each for Barstool Sportsbook and BetMGM. Others could have single digit market share, according to Kelley.
Benzinga’s Take: As you can see, the betting platforms tested offered some large incentives to get users to sign-up as well as place bets on Michigan-related teams.
The question will now turn to which app is the best and easiest to use and which one users stick around for.
The early results show sets of tiers for the sports betting players in Michigan. DraftKings and FanDuel look like early winners, followed by Barstool and BetMGM. The race could be for third place, then shaking out if any other app can gain 5% share in the state.


Fulfill Your Sports Betting Fantasy with a Stake in DraftKings Stock.
No need to wager on a losing team when you can win big with DKNG stock.
Over the past year, anyone who took a position against sports betting and i-gaming company DraftKings (NASDAQ: DKNG ) probably suffered major losses. Even with the novel coronavirus putting a damper on sporting events, the DKNG stock bulls took the ball and ran with it, so to speak.
Sure, there were dips along the way in the DKNG stock price. Yet, those corrections were short-lived and presented prime buying opportunities.
Even highly successful companies will have skeptics and doubters. Some folks might claim that DKNG stock has run too far, too fast. Or, perhaps the critics simply aren’t aware of DraftKings’ ambitious plans to dominate the sports-betting domain.
But remember, just because the DKNG bulls enjoyed a fantastic year, it doesn’t mean that the good times are over and done with. So, let’s keep our eyes on the ball as we now focus on the ups and downs of DKNG stock.
A Closer Look at DKNG Stock.
As InvestorPlace contributor Ian Bezek points out, DraftKings was among the first special purpose acquisition companies (SPAC’s) to make a big splash in 2020.
In a stunning run-up that might have bankrupted some short sellers, DKNG stock quadrupled from its initial $10 offering price in 2020. On the year’s final trading day, the share price settled at $46.56.
Did the onset of the coronavirus help or hinder DKNG stock? The answer is, mostly it seems to have helped the bulls. Remember, DraftKings has an i-gaming segment that was able to thrive while people were stuck at home during the lockdowns.
On the other hand, DraftKings’ business also depends on live sporting events taking place. Fortunately, professional sports leagues are running again, at least to a certain extent.
With that in mind, the bulls should aim to recover DKNG stock’s 52-week high of $64.19. Helping the bull thesis is a number of value-added deals that should stand DraftKings and its stakeholders in good stead in 2021.
Teaming Up with Teams.
It’s indisputable that DraftKings established itself as a strong competitor during 2020’s third quarter. In that time frame, the company’s revenues increased by a whopping 42% on a year-over-year basis.
That’s even better than the already high Wall Street forecast of 31% year-over-year revenue growth. Yet, even with that, DraftKings can’t afford to rest on its laurels in a competitive market.
In order to further establish its industry foothold, DraftKings is continuously collaborating with a number of high-profile sports organizations.
Not long ago, for instance, the company struck a deal with the Detroit Pistons to make DraftKings the team’s exclusive Official Daily Fantasy Sports Partner. DraftKings will also be an Official Sports Betting and iGaming Partner of the Pistons.
Enhancing Visibility.
Why is this partnership significant for DraftKings? Detroit Pistons Chief Business Officer Mike Zavodsky explains, the collaboration will enable the popular sports team to utilize its platform “to help DraftKings grow their presence and connectivity to Pistons fans and to the greater Metro Detroit communities.”
In other words, the partnership will enhance DraftKings’ visibility among sports fans. Teaming up with the Pistons in this way is a savvy move that bodes well for DraftKings and the company’s stakeholders.
And this certainly hasn’t been DraftKings’ only sports-centered collaboration. In December, the company announced a multi-year deal wherein DraftKings will serve as the Official Daily Fantasy Sports Provider and an Official Sports Betting Operator for the Nashville Predators.
Don’t get me wrong – not every one of DraftKings’ recent deals is focused on sports teams. For example, in December the company entered into a deal with the Mashantucket Pequot Tribal Nation to potentially become the official daily fantasy sports partner of the Connecticut-based Foxwoods Resort Casino.
The Bottom Line.
There’s no denying that the DKNG stock bulls scored a touchdown in 2020. However, 2021 is a new game and Covid-19 is still a factor.
Nevertheless, DraftKings is cementing its leadership position through a series of notable deals. These collaborations should help the DKNG stock holders to score big-time in the coming year.
On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article.


Sports betting ramps up in Virginia with companies offering bonuses for signing up.
HAMPTON ROADS, Va. - Sports betting is now legal in Virginia with the first bets allowed back on January 21.
Thousands of games across professional and collegiate sports from around the world, with millions of betting options including in-game wagering, are available to sports bettors 24/7 from anywhere in the state.
The first bets started through FanDuel but now the first four sportsbooks are competing for wagering customers. Bettors have been offered some bonuses for signing up for any of the four sportsbooks.
We took a look at what each company has to offer:
FanDuel – FanDuel entered into the legal sports betting industry in 2018. They opened in Virginia last week on January 21. For a new user’s first bet, FanDuel is offering a $1,000 risk-free bet. You’ll receive a full-refund in site credit if you lose. Sports offered include NFL, MLB, NBA, Golf, NHL and MMA. The app is available on Android and Apple. You can sign up now and get 55/1 odds on the Super Bowl with a max bet of $5.
DraftKings – DraftKings has a slew of promotions for new users. You can double your money if a TD is scored in the Super Bowl. You can enter in a Virginia $500K leaderboard that allots $10 in a free bet instantly. DK is offering a 20% deposit bonus up to $1000 for new users only.
BetMGM – The BetMGM Sportsbook launched on January 27. They’re owned by MGM Resorts in Las Vegas. New customers have an offer of a risk-free bet up to $500. An NBA one-game parlay insurance bet is active up to $25. BetMGM also offers live streaming of games.
BetRivers – Rush St. Interactive launched the BetRivers online sportsbook in Virginia on Wednesday, January 21. RSI partnered with Rivers Casino Portsmouth. RSI will operate in VA for 20 years from launch in long-term agreement. BetRivers offers live-sports streaming options. At first deposit, up to $250 match on your first deposit. If you deposit $100 with the code BIGGAME500, you can unlock up to $500 in free bets.


Big game, big worries? Gambling addiction grows with Illinois’ booming sports betting industry � ‘It’s in your face all the time’
The number of Illinoisans seeking help for problem gambling has almost doubled since legislators approved a massive gambling expansion in 2019. Experts expect that number to keep growing.
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A man who requested that he only be identified as Anthony stands by a window in a high-rise condo near Soldier Field on Friday. The Tinley Park man is a recovering sports gambling addict. Tyler LaRiviere/Sun-Times.
Thousands of football fans will be placing their first legal Super Bowl bets in Illinois this weekend, and for most, a little action will make the big game just a bit more entertaining.
But, for some, it might open the door to regular betting, adding a quick dopamine hit to the regular season viewing experience. Maybe they’ll have to start budgeting for a new habit. Maybe they’ll have to start borrowing for it.
And, for a select few, it will get worse.
It’s already gotten worse for hundreds of people statewide since Illinois legislators approved a massive gaming expansion a year and a half ago, introducing legal sports wagering to a state that’s already packed with more places to gamble than Las Vegas.
The COVID-19 pandemic has made matters even worse, according to Luke, a Chicago-area problem gambler who was able to get out of the game nine years ago. Economic uncertainty and the general malaise of the quarantine lifestyle make gambling all the more enticing.
“It used to be that there was a stigma, and gambling was taboo. It was seedy,” said Luke, who asked that his full name not be used. “Now, you can do it on your phone. The companies that are doing it are publicly traded Fortune 500 companies.”
A man who asked that he only be identified as Anthony reads news about the Super Bowl on his phone Friday. Tyler LaRiviere/Sun-Times.
Calls to the state’s gambling disorder hotline more than doubled from 2019 to 2020, when 13,258 people reached out either there or online for information on a problem that experts say is out of sight but front of mind for a growing number of bettors and their families. The Illinois Department of Human Services, which aims to connect problem gamblers with counseling resources, calls that a “dramatic increase.”
In 2019, about 580 people received treatment for gambling disorders through state-sponsored programs across Illinois. That figure jumped past 1,000 in 2020, and experts say it doesn’t even cut the deck as only an estimated 3% of problem gamblers acknowledge they have a problem, and even fewer seek treatment.
Counseling gets boost with Illinois gambling expansion � but more addiction is sure to follow.
State’s all-in gambling expansion offers new temptation for those struggling to stay out.
Hundreds more took the more drastic step of banning themselves from casinos and the smartphone betting apps that have them hooked. About 13,500 people were enrolled in the self-exclusion program maintained by regulators at the Illinois Gaming Board in mid-2019, but that number has since shot past 14,000.
Many of those gamblers cite their temptations as coming from the state’s 10 casinos, three horse racing tracks and 7,233 bars, restaurants, gas stations and VFW halls that also house slot machines.
But since mobile sports betting launched last summer, Illinoisans can now gamble 24/7 from the comfort of home � and they’ve already lost more than $101 million doing so, according to Gaming Board revenue figures.
Blackhawks analyst Eddie Olczyk placed Illinois first legal sports bet in March 2019. Gamblers across the state have wagered more than $1.4 billion since then � and lost $101 million. Ashlee Rezin Garcia/Sun-Times.
As the billion-dollar industry keeps growing, addiction counselors say they’re hearing more and more from young people glued to the sports betting apps whose ads saturate Illinois airwaves and billboards.
“It’s in your face all the time,” said Dr. Teresa Garate of the Gateway Foundation, a network of 16 addiction treatment centers statewide. “It’s becoming a part of everyday life. Everyone accepts it, but it’s a serious trigger for some.”
That’s the case for Anthony, a 36-year-old recovering problem gambler from southwest suburban Tinley Park, who said he often finds himself changing the station as sports talk radio hosts dissect the latest betting lines.
“It’ll just be too much, it’s too close,” Anthony said. “Even though I don’t think it’ll lead me down there, I know better than to let my mind start thinking like that.”
Anthony reads his favorite passages from ‘A Day at a Time’ a book by Gamblers Anonymous. Tyler LaRiviere/Sun-Times.
Elizabeth Thielen, a senior director at Nicasa Behavioral Health Services, said she’s seen yearly increases of people seeking help for gambling disorders across Chicago’s north suburbs, but a “real burst” of clients has sought them out in the past nine months.
“The ages we’re seeing are trending younger, and I think that’s directly related to sports betting,” Thielen said. “At the same time, I feel hopeful because you have young people showing a surprising level of insight to find help.”
Way Back Inn executive director Anita Pindiur is pictured outside the Maywood facility in 2019. Sun-Times file.
While there’s been an influx of new problem gamblers, the potential for relapse is an equal concern for Dr. Anita Pindiur, executive director of the Way Back Inn, a Maywood treatment center. About 10 former patients have already returned to the Way Back Inn for counseling this football season alone.
“Sometimes, we forget how quickly it can happen,” Pindiur said. “These things are advertised in a way that they’re fun and entertaining, and they should be. But often there is no set of limits or recognition of the limits until we get our credit-card bill, or somebody points it out.”
Illinois sports betting market could rival Nevada’s, analysts say.
Sports bettors have already wagered $1.4 billion since legal industry launched in Illinois.
COVID-19 puts new Illinois casino licenses on hold.
Besides financial ruin, experts say people who suffer from gambling addiction are more likely to suffer from substance abuse issues, turn to crime or even attempt suicide.
“I was losing everything,” said Patrick, a 35-year-old Niles man who’s 13 months removed from his last bet. “I’d have a paycheck on a Friday afternoon and it would be gone by Friday night. My relationships with my family and whoever I was dating, it just got out of control. I was lying, I was stealing, I was doing all these crazy things.”
As sports betting has been brought out of the shadows into everyday life, counselors say their challenge now is removing the stigma around seeking treatment for addiction � and they say they’re making progress through increased awareness. That’s been boosted with the help of $7 million set aside in the state’s gambling expansion law in grants for treatment centers, which have used a lot of that money to bolster advertising.
The Way Back Inn is one of only a handful of addiction treatment centers in Illinois that provide a gambling-specific program. Sun-Times file.
“One of the biggest barriers to treatment is stigma, especially for gambling,” said Garate, from the Gateway Foundation. “People don’t see it as a real addiction. It is, and help is out there.”
Just how many people need help is unclear. Experts generally estimate that between 2% and 5% of the population deal with gambling disorder, which would project to about 635,000 people across Illinois, including about 136,000 in Chicago.
TO GET HELP.
For more information on problem gambling support, call 1-800-GAMBLER or text “ILGAMB” to 53342.
But there’s been no comprehensive study of the problem in Illinois since 1999, well before video slots dotted the walls at thousands of establishments across the state and sportsbooks were accessible anywhere that had a cellphone signal.
“You have to believe those numbers are different now,” Thielen said.
The state Department of Human Services is out to find out just how much they’ve shifted with the onslaught of gambling options. The agency launched a $500,000 study last fall surveying treatment providers, problem gamblers and others to gauge the prevalence of addiction, especially among populations considered vulnerable or marginalized due to race, culture, economic or social disparity.
“We want to know what’s the challenge, and what should we look for,” said David Jones, who directs the department’s Substance Use Prevention and Recovery Division. “Then, you can start to bring more evidence-based solutions on a size consistent with the scale of the challenge.”




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