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Will Supreme Court open a ‘dam burst’ of legalized sports betting

LadyStanley

LadyStanley

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Sep 22, 2004
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Nevada to gain from nationwide legal sports betting

Nationwide legal sports betting could generate a much larger handle and more local casino visitation than Nevada gaming insiders expect, said a Wall Street analyst.
His proof? A surge in local hockey bets.
...
“While everyone could sit at home and bet on their phone, people are going out to watch the games in outdoor viewing parties, bars and restaurants, and casinos. This bodes well for casino visitation even if you can bet on your mobile devices,” he said.
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40% increase in hockey betting over six months (since start of season essentially).
 
LeHab

LeHab

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Aug 31, 2005
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Belgium has detained 13 people in a probe into allegations of match-fixing in lower-level professional tennis.
Prosecutors said a Belgian-Armenian ring has been bribing players since 2014, with criminals winning bets on the fixed results.
Professionals competing in lower-level tournaments were easier to bribe, prosecutors said.
The investigation follows a report in April complaining of a "tsunami" of corruption in the sport.
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Belgium detains 13 in tennis-fixing probe

Individual sport is more at risk. In particular lower level tennis where sponsorship is hard to come by, purses are low and expenses (travel, coaches) can climb quickly.
 
cutchemist42

cutchemist42

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LeBron James’ injury shows issues with the “integrity fee”

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LeBron James’ injury shows issues with the “integrity fee”


One of the main reasons the NBA has been gung-ho for gambling and the NFL has not is that the NBA is trying to profit off gambling through the implementation of an “integrity fee.” The NBA’s position is that since the league is responsible for making sure bettors have a fair game to bet on, the league should get a percentage of the revenues from sports gambling.
And that raises the question: If the NBA is insisting that it provides “integrity” to sports bettors, why didn’t the NBA disclose James’ injury to bettors? If the best player in the league is injured, that changes bettors’ decisions about who they should put money on. If bettors aren’t made aware of such significant information, where exactly is the “integrity” that the NBA is charging a fee for?
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It is interesting how the leagues view the integrity fee differently....
 
Fenway

Fenway

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Rhode Island has made it legal but the powers that run that state are being very optimistic.

So if I bet $100 on the Bruins and lose, the state keeps $51.



Breaking down the money from RI sports betting

Here’s the allocation of revenue from RI sports betting:
  • State: 51 percent
  • Vendor: 32 percent
  • Casino: 17 percent
You’re reading that correctly: the state will keep more than half of the money collected from Rhode Island sports gambling.
The vendor in that scenario will be IGT, which already works with the Rhode Island Lottery. IGT submitted the only bid to administer Rhode Island sports betting after 18 companies exhibited some level of interest.

Raimondo’s budget projects $23.5 million in sports betting revenue for the state in the first year. To reach that projection, Rhode Island sports betting would need to generate roughly $900 million in wagers (or handle).

That might be possible, but it does not initially seem plausible. For comparison, when it was the only state with single-game wagering last year, Nevada took $5 billion in wagers. Will Rhode Island attract 18 percent of the action Nevada did? Raimondo’s record-high budget is counting on it to fill a line.


RI Sports Betting Is Official As Governor Signs Bill; October Launch Targeted
 
LeHab

LeHab

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Fenway said:
Rhode Island has made it legal but the powers that run that state are being very optimistic.

So if I bet $100 on the Bruins and lose, the state keeps $51.



Breaking down the money from RI sports betting

Here’s the allocation of revenue from RI sports betting:
  • State: 51 percent
  • Vendor: 32 percent
  • Casino: 17 percent
You’re reading that correctly: the state will keep more than half of the money collected from Rhode Island sports gambling.
The vendor in that scenario will be IGT, which already works with the Rhode Island Lottery. IGT submitted the only bid to administer Rhode Island sports betting after 18 companies exhibited some level of interest.

Raimondo’s budget projects $23.5 million in sports betting revenue for the state in the first year. To reach that projection, Rhode Island sports betting would need to generate roughly $900 million in wagers (or handle).

That might be possible, but it does not initially seem plausible. For comparison, when it was the only state with single-game wagering last year, Nevada took $5 billion in wagers. Will Rhode Island attract 18 percent of the action Nevada did? Raimondo’s record-high budget is counting on it to fill a line.


RI Sports Betting Is Official As Governor Signs Bill; October Launch Targeted
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If you were the only better perhaps (or there were no winners). If there is as expected a total of 900m in wagers then 2.5% (23.5m) is going to the state and about 95% is going back to players. Remaining goes to Vendor & Casino.
 
mouser

mouser

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LeHab said:
If you were the only better perhaps (or there were no winners). If there is as expected a total of 900m in wagers then 2.5% (23.5m) is going to the state and about 95% is going back to players. Remaining goes to Vendor & Casino.
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Yup. So this would suggest a 5% vig in Rhode Island, which is pretty typical in sportsbook betting (the Nevada sportsbooks operate around that same %).
 
LeHab

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mouser said:
Yup. So this would suggest a 5% vig in Rhode Island, which is pretty typical in sportsbook betting (the Nevada sportsbooks operate around that same %).
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Yeah, Vegas Casinos have a reported 5.5% since 1984.

http://gaming.unlv.edu/reports/NV_sportsbetting.pdf

Don't know how much Nevada or others take out of that. If there was a further 1% integrity fee, there wouldn't be much to go around at that return rate.
 
mouser

mouser

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LeHab said:
Yeah, Vegas Casinos have a reported 5.5% since 1984.

http://gaming.unlv.edu/reports/NV_sportsbetting.pdf

Don't know how much Nevada or others take out of that. If there was a further 1% integrity fee, there wouldn't be much to go around at that return rate.
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Nevada has a 6.75% state tax on gross gaming revenue. New Jersey is 8.5% (9.75% with a additional Atlantic City debt collection) and 13% for online gambling.

Pennsylvania has been derided for a 36% tax. So Rhode Island going 51% percent seems even more extreme, unless I'm misunderstanding something about the RI structure.
 
LeHab

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mouser said:
Nevada has a 6.75% state tax on gross gaming revenue. New Jersey is 8.5% (9.75% with a additional Atlantic City debt collection) and 13% for online gambling.

Pennsylvania has been derided for a 36% tax. So Rhode Island going 51% percent seems even more extreme, unless I'm misunderstanding something about the RI structure.
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Yeeks at 51% taken away right away those will be some thin margins (if any) after all overhead is accounted for. May have to worsen odds.
 
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cutchemist42

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The RI vig is very competitive and I didnt think we would see something that matches the offshore sportsbook.

Part of me thought that if you were a serious bettor, that you would still seek out ways to get on the illegals if the vig was too high. Thats why I think matching 5% or something close is the right way to go.
 
LadyStanley

LadyStanley

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Report says New York will top Nevada as sports betting leader

New York will become the nation’s largest sports wagering market by 2023, with Nevada falling off to No. 4, a new research report says.

Washington-based GamblingCompliance predicted in its “U.S. Sports Betting: Sizing the Post-PASPA Opportunity” report published Wednesday that New York would generate more than $700 million in annual gross gaming revenue in what is expected to be a $1.1 billion to $5.2 billion national market.

New Jersey and Pennsylvania also are projected to surpass Nevada within five years with just over $300 million in revenue each.
Hmmm
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cutchemist42

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So with Draftkings launching their sportsbook, I guess the NHL is officially invested in sports gambling. (For thr posters and elsewhere who said the NHL was clean because DK was a contest site.......)
 
LadyStanley

LadyStanley

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Millennials are less interested in gambling, but Las Vegas is more popular than ever | Descrier News

As millennials start to make their way up the earnings ladder, they have become a crucial demographic group for the entertainment industry, and they generally prefer to spend their money on dinner, drinks, and dancing with friends, according to a 2016 study by the Lloyd D. Levenson Institute of Gaming, Hospitality & Tourism at Stockton University in New Jersey.

Whilst 42 percent of those over 35 said gambling was “important” to them, that number halves for the millennial generation born between 1981 and 1996 – a change in behaviour that has already had a dramatic impact on the entertainment industry in so-called “sin cities” like Las Vegas and Atlantic City.
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Paradigm shift.

Will be interesting to see how sports betting fits into this.
 
LadyStanley

LadyStanley

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William Hill And Vegas Golden Knights Consummate Inevitable Partnership

VGK announces sponsorship with sportsbook.

When the US Supreme Court overturned PASPA like that angry bitmoji flipping a table, the ushering in of “sportsbook plus pro team partnerships” was inevitable.

It’s expected that the homecoming queen is going to date the quarterback. If you’re buying Smucker’s raspberry jelly, you’re only doing so to pair it with some peanut butter and bread. So on Tuesday when William Hill US announced its partnership with the Vegas Golden Knights, it wasn’t so much a surprise as it was a, “well yeah that’s what they’re supposed to do.”

Still, this marks the first sportsbook pairing with an NHL team. Let the proliferation begin!
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Updated betting odds will be displayed in arena. (Guessing there's a mobile app or something for betting as how else could folks place a bet.)

(Also signage on dashers, facia LED, etc.)
 
Llama19

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