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Time to legally bet on sports!

Old 05-14-18, 11:25 AM
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Time to legally bet on sports!

https://www.cnn.com/2018/05/14/polit...urt/index.html

So, this obviously really hurts Vegas. I would assume all states will start taking bets to get in on this revenue stream, right?
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Old 05-14-18, 11:29 AM
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Re: Time to legally bet on sports!

Yay! Poor people can get more poor!
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Old 05-14-18, 11:34 AM
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Re: Time to legally bet on sports!

Originally Posted by Trevor View Post
Yay! Poor people can get more poor!
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Old 05-14-18, 11:40 AM
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Re: Time to legally bet on sports!

I can't even do daily fantasy sports in my state so I'm not holding my breath for this.
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Old 05-14-18, 12:07 PM
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Re: Time to legally bet on sports!

Originally Posted by Deftones View Post
https://www.cnn.com/2018/05/14/polit...urt/index.html

So, this obviously really hurts Vegas. I would assume all states will start taking bets to get in on this revenue stream, right?
All states? I doubt it. I think you'll see a handful of states legalize it in the near term (NJ, DE, PA, CT and WV probably to start). Then a gradual trickle over time after that. We don't even have casino gambling in Virginia, so we won't have legal sports gambling anytime soon.

Regardless, it's about time that PASPA was struck down.
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Old 05-14-18, 12:58 PM
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Re: Time to legally bet on sports!

Bad, bad day for Vegas, but we kinda saw this coming for a while now.

The other question is can the sports leagues now adopt Adam Silver's plan and get a cut of the wagers?
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Old 05-14-18, 01:23 PM
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Re: Time to legally bet on sports!

Originally Posted by Decker View Post
Bad, bad day for Vegas, but we kinda saw this coming for a while now.

The other question is can the sports leagues now adopt Adam Silver's plan and get a cut of the wagers?
If they demand 1% of the handle for their insipid "integrity fee," they won't get far. No state in their right mind would allow for that kind of scheme.

And from what I understand the Vegas casinos don't see it as a bad thing. Just the opposite. Probably because most of the casinos/books are all parts of mega-corporations (MGM, Sands, Caesars, William Hill, etc) that run casinos across the country and want sports gambling everywhere. I know when I listen to VSiN and they have directors of the various sportsbooks on, they were all against PASPA.
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Old 05-14-18, 01:54 PM
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Re: Time to legally bet on sports!

I know the betting experts always say that more regulation and more betting across the nation is good for consumers.

And Vegas long ago saw that between all the local casinos and the Millennials' aversion to table games, they would have to redefine what the Vegas experience is. Personally I loathe the nightclub scene (I'm too old and way too married), but that's where all the money is coming from these days.
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Old 05-14-18, 02:08 PM
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Re: Time to legally bet on sports!

Originally Posted by Trevor View Post
Yay! Poor people can get more poor!
Don't poor people usually waste their money on lottery tickets and scratch-offs instead?
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Old 05-14-18, 02:41 PM
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Re: Time to legally bet on sports!

The Supreme Court cleared the way on Monday for states to legalize sports betting, striking down a 1992 federal law that had prohibited most states from authorizing sports betting.

The 6-3 ruling is a victory for New Jersey and other states who have considered allowing sports gambling as a way to encourage tourism and tax revenue. The NCAA, NFL and NBA had backed the federal prohibition.

.....

Immediately after the ruling, the stock price for Caesars Entertainment rose 6%, and DraftKings said it will enter the sports betting market.
https://www.cnn.com/2018/05/14/polit...urt/index.html
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Old 05-14-18, 02:57 PM
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Re: Time to legally bet on sports!

Yeah, no surprise with Caesars stocks. I own shares in the VICEX mutual fund which has a lot of investments in gambling companies so I will be interested in seeing the gains today.
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Old 05-14-18, 03:37 PM
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Re: Time to legally bet on sports!

I imagine most states will get in on the sports gambling action within the next year. This is really going to hurt Vegas in the long run. Many people make semi-regular trips to Vegas only for the sports books.
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