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How to play Viking Fall
Just eight years after the state of New Jersey successfully petitioned the US Supreme Court to repeal the Professional and Amateur Sports Protection Act, which opened the floodgates of sports betting expansion across the country, the Garden State has again petitioned the high court, this time to defend its sports betting jurisdiction against the rise of prediction markets and sports event contracts.
On Wednesday, New Jersey Attorney General Jennifer Davenport announced that her office had filed a petition for writ of certiorari following an appeals court verdict from earlier this year that went in favour of prediction markets. That 2-1 verdict from the Third Circuit Court of Appeals was handed down in April, and New Jersey had until Thursday to petition the high court.
The petition poses the question of whether the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was enacted in 2010 in the aftermath of the Great Recession, “preempted states from regulating sports bets that occur within their jurisdictions if those bets are offered on markets registered with the Commodity Futures Trading Commission”. Prediction markets have argued that their event contracts are financial derivatives regulated by the CFTC whereas many states contend that they are simply sports bets by another name.
How to play Viking Fall
Joey Feazel, head of football at Caesars Sportsbook, told Casino.org that favorites, Overs, and anytime touchdown scorers combined to create a bettor-friendly trifecta. Bettors only faced major resistance when the Los Angeles Chargers were upset by the Arizona Cardinals.
However, LSR noted that traditional game outcomes are no longer reliable indicators of bookmaker profitability, largely due to the rapid growth of same-game parlays and player props.
In the Las Vegas-based Circa Survivor contest, which drew over 25,000 entries entering Week 1, more than 8,000 entries were eliminated in the opening slate—most knocked out when the 8.5-point favorite Chargers fell to the Cardinals. That upset served as a proxy for the wider market, ruining countess parlay tickets across major sportsbooks.
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Macquarie’s Beynon agrees with that sentiment, pointing to the relative stability of gaming companies through tough economic stretches such as the Covid-19 pandemic. Bankruptcies in the sector have been low relative to the broader market, he notes, and both land-based and digital companies have reason for optimism moving forward.
“It’s certainly not lost on us that this sector has underperformed for several years in a row just because it doesn’t have either the growth of say, tech companies, or the perceived free cash flow-insulated businesses, which we believe it does…We’ve thought there’s been value in the sector for a few years, particularly this year,” he told iGB.
Jess has covered the global gaming industry since 2022. A native of Reno, Nevada, he’d like to note that it’s Ne-va-da, not Ne-VAH-da.
