The Delaware sports betting market could be set for a huge expansion, if proposed legislation by representative Frank Cooke is given the go-ahead.
Delaware Sports Betting
At the time of publication, the state holds an exclusive contract with BetRivers. However, Cooke is aiming to introduce at least six more mobile sports betting operators.
Cooke’s bill and proposal comes via a recommendation from a legislative working group. Naturally, opposition will likely spark debates over revenue and potential legal battles.
Those in favor will stress and highlight that healthy competition will benefit the Diamond State. On the other hand, projections suggest a potential annual revenue loss of $3Million.
Cooke’s proposed legislation would see betting operators share 18% of their revenue with the state. Currently, BetRivers share approximately 40% revenue.
Their parent company – Rush Street Interactive – has defended the current model and set up. Therefore, they would likely strongly oppose the new legislation. Rush Street will also emphasise contribution to state revenue.
Nonetheless, other operators argue that Delaware will be losing substantial revenue in the long run. Representatives from the likes of BetMGM and DraftKings are all in support of Cooke’s bill.
However, Acting Secretary of Finance and representatives from the horse racing industry are fully against it. Meanwhile, online sports betting in Delaware reported a huge 440% handle increase in March 2024.
The figure itself reached $18.9m, which was a 27% increase on numbers the month previous. With online sports betting in Delaware only being launched at the start of the year, the numbers recorded further highlight the potential for other operators.
Of course, Cooke’s proposal and bill has drawn attention for those in favor and against it. Subsequently, the state has already demonstrated the demand is there and plain for all to see.
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