Feels like the world is getting crazier and crazier. Down is up, up is down, and Russell Wilson is a Denver Bronco. The only thing crazier about that trade is that Drew Lock may end up starting for 2 different NFL teams. Oh, and markets have been on a roller coaster too. Let’s jump in.
#1 Illinois re-introduces online registration for mobile sports betting
Reversing a previous flip flop, the state of Illinois has re-introduced mobile registration for sportsbooks. Following the passage of a bill in 2019, Illinois effectively legalized sports betting in Q1 2020. In 2020 alone, the state saw a handle of roughly $2 billion and more than tripled that in 2021, boasting nearly $7 billion in handle. Due to the pandemic, Illinois governor J.B. Pritzker issued a 10 month grace period to allow for mobile registration for sportsbooks, which unfortunately expired in April 2021 and took nearly a year to renew. Now, as of March 5, Illinois residents may resume online registration with any sportsbook approved for operation in the state. 95% of all wagers occur on a mobile app in Illinois and the state has collected nearly $100 million in tax revenue since legalizing sports wagering.
#2 President Biden expected to sign a crypto regulation executive order
Sometime later this week, President Joe Biden is expected to ink a new executive order describing his government’s approach to handling cryptocurrency. The order, not yet signed, will instruct certain federal agencies to explore a comprehensive regulatory framework and the possible national security impacts of digital assets. Crypto has been in headlines recently surrounding the supposed qualities it possesses for bad actors to skirt international sanctions (read: Russia). Some US politicians appear to be frighteningly ignorant of the capabilities and uses of cryptocurrency, which has seemed to chill crypto markets amidst the international turmoil and inflation impacting economies around the globe. On the bright side, Biden’s EO may just create a desperately needed regulatory on-ramp for greater adoption and may vault the United States into the driver’s seat for crypto-related innovation.
#3 Minnesota legislators and tribal councils are prepping a bill to legalize sports betting
State congressmen, Native American tribes, and professional sports teams are joining forces to craft a bill to legalize wagering on sports in the great state of Minnesota. Unique to this bill would be the provision that gives control of the state’s sports betting market to the 11 tribal nations that have gaming compacts with the Minnesota state government. Bill H0778DE2 goes before the House Commerce Finance and Policy Committee today. Minnesota would be the 31st state plus Washington DC to legalize sports betting and is completely surrounded by states that have already legalized.
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