New Jersey Sports Betting update

[rcene]

What about those jersey casinos that closed their doors? Bet they are running to reopen and make sure their licenses are in order.

[katstale]

Just bring back liquidity to the market and open up ewallets and sportsbook and/or online poker. Good times will return for all.

[Carouselambra]

Ray Rice will be working as a valet parking JJs car about 48 hrs from now....

[SBR Natalie]

Hi guys!

Check out my interview today w/ State Senator Lesniak and leave your feedback!

[sports_quant99]

This is awesome!!!! This will spread to other states, just like medical pot, just like casinos. Helps the Daily Fantasy industry too, indirectly.

[wrongturn]

It is a desperate move to save Atlantic City. They need something that can separate it from the new competitions recently opened in nearby states. Let's see what NFL and NCAA will do. If NJ can hold on, it will be a good momentum for legalized sports betting in the country.

[JayDelight729]

It is a desperate move to save Atlantic City. They need something that can separate it from the new competitions recently opened in nearby states.

That's exactly what it is and I'm ok with that.

[jjgold]

This is bizarre

I am going Saturday and will make video if this is true

[Optional]

Everyone should think about booking an Atlantic City Superbowl party to show support.

[jjgold]

Here will be issue..tracks are privately owned and will be scared to death to take bets and face some sort of federal fines

Rachel Ryan, a spokeswoman for the Meadowlands Racetrack said Monday that the track has no plans to offer sports betting now. Several casino executives ether said they have no immediate plans to offer it or declined to comment

[sports_quant99]

This is bizarre. I am going Saturday and will make video if this is true

You wont be able to. They will wait for the 3rd circuit judge's clarification:

http://blog.northjersey.com/meadowlandsmatters/9375/monmouth-park-boss-sports-betting-in-the-very-very-near-future/#more-9375

[sports_quant99]

Here will be issue..tracks are privately owned and will be scared to death to take bets and face some sort of federal fines

Rachel Ryan, a spokeswoman for the Meadowlands Racetrack said Monday that the track has no plans to offer sports betting now. Several casino executives ether said they have no immediate plans to offer it or declined to comment

There will be no fines. They arent violating any Federal law. Federal laws like IGBA and UIGEA defer to state law to define illegal gambling. The Wire Act only applies to sports betting over state lines.

[Junkyard Dog]

Unreal...was jus the top story on the 7:00 news in NJ....this is really happening boys

[jjgold]

It will be generic of course..high juice
better than nothing

will never be a booming business..take away nfl and vegas books are rarely crowded
Bookie business will increase as it always does when something becomes legal

locals keep Vegas books above water not tourists

[SamDiamond]

It will be generic of course..high juice
better than nothing

will never be a booming business..take away nfl and vegas books are rarely crowded
Bookie business will increase as it always does when something becomes legal

locals keep Vegas books above water not tourists

You're the same guy who predicted it would never happen.

Now, it's happening.

You're missing the point completely.....which doesn't surprise.

AC is different than Vegas, it is a completely different gambling market.... Pennyslvania, Maryland, New York, the Indian Casinos in Connecticut..all offer competition, the only way AC survives is by offering something different, something that changes the game.

Sports betting.

Books won't make that much money on sports betting.. but they will make money on the food they sell, the booze they sell, the spillover slot play they'll get... the increase in weekend traffic..

No matter how hard you try... this is a win for the player.

The rec bettor that makes up SBR posters and live on the east coast now has a viable alternative to having to lug to Wal Mart, or their local gorcery story and send money via W--U, or M---G, and hope and pray their name is not on a blacklist, and then if they are lucky enough to win, they won't be limited to $799 P2P transfer, nor will they have to worry about a check bouncing because there was a "processor problem".

[jjgold]

still not going to happen

massive legal battles

[SamDiamond]

still not going to happen

massive legal battles

You're hoping for that.

It would make guys who get paid to post on costa rican gambling boards to shill for books/off-shore industry a lot less disposable.

Know what I'm sayin?

[Sam Odom]

JJ , this diamond guy is gunning for you

[jjgold]

You're hoping for that.

It would make guys who get paid to post on costa rican gambling boards to schill for books/off-shore industry a lot less disposable.

Know what I'm sayin?

NJ legal sportsbetting has zero impact on SBR just like Las Vegas

Offshore betting is MILES ahead of Vegas and an Ancient NJ

Ask anyone that lives in Vegas..they all bet offshore with post up and credit accounts


GAME OVER

[sports_quant99]

You're the same guy who predicted it would never happen.
Now, it's happening.
You're missing the point completely.....which doesn't surprise.
AC is different than Vegas, it is a completely different gambling market.... Pennyslvania, Maryland, New York, the Indian Casinos in Connecticut..all offer competition, the only way AC survives is by offering something different, something that changes the game.
Sports betting.
Books won't make that much money on sports betting.. but they will make money on the food they sell, the booze they sell, the spillover slot play they'll get... the increase in weekend traffic..
No matter how hard you try... this is a win for the player.
The rec bettor that makes up SBR posters and live on the east coast now has a viable alternative to having to lug to Wal Mart, or their local gorcery story and send money via W--U, or M---G, and hope and pray their name is not on a blacklist, and then if they are lucky enough to win, they won't be limited to $799 P2P transfer, nor will they have to worry about a check bouncing because there was a "processor problem".

Bingo! Exactly. The even bigger picture is that this is the start of an expansion of sports betting to other states, just like marijuana and casino gambling.

Which, in turn, is also good for the Daily Fantasy Sports market, which is booming, and in a legal grey area right now in some states. I am ramping up a career as a punter in this market as well, so i like the trend that i see here with the NJ news.

[SamDiamond]

NJ legal sportsbetting has zero impact on SBR just like Las Vegas

Offshore betting is MILES ahead of Vegas and an Ancient NJ

Ask anyone that lives in Vegas..they all bet offshore with post up and credit accounts


GAME OVER

Again, you're missing the point.

You are deluding yourself.

Rec books WILL GET CRUSHED. If Jersey gets this off the ground, sports betting IS NOT stopping at the borders of New Jersey. It will be in California, it will be in Florida, and the small books.. say like BI, or all the other garbage books that have rolled through the banner up top.... will cease to exist.

Who the fuk in their right mind would send money to a rec book in the caribbean, run by the likes of BetIslands Jon...when you can bet stateside?

[sports_quant99]

Again, you're missing the point.
You are deluding yourself.
Rec books WILL GET CRUSHED. If Jersey gets this off the ground, sports betting IS NOT stopping at the borders of New Jersey. It will be in California, it will be in Florida, and the small books.. say like BI, or all the other garbage books that have rolled through the banner up top.... will cease to exist.
Who the fuk in their right mind would send money to a rec book in the caribbean, run by the likes of BetIslands Jon...when you can bet stateside?

Exactly. Winning punters and syndicates will still have to go offshore for the most part.

But yes, rec players will definitely see the appeal of the new land-based books. The only advantage the offshore books will have is lack of tax reporting.

In the long run, bitcoin books will compete with all of them. The more competition, the better.

[SamDiamond]

Exactly. Winning punters and syndicates will still have to go offshore for the most part.

But yes, rec players will definitely see the appeal of the new land-based books. The only advantage the offshore books will have is lack of tax reporting.

In the long run, bitcoin books will compete with all of them. The more competition, the better.

But how many rec bettors have to worry about winning too much?

Just a casual observation of this forum... no one here can pick a winner with any sort of consistency, so I don't think taxation will be an issue.

[Sam Odom]

so I don't think taxation will be an issue.

Unless every wager is taxed

[sports_quant99]

But how many rec bettors have to worry about winning too much?

Just a casual observation of this forum... no one here can pick a winner with any sort of consistency, so I don't think taxation will be an issue.

Correct. But remember, tax reporting goes by gross winnings for any given bet. So any rec player will have to report by the IRS rules. i.e. put all gross winnings on the 1040 (the total of your W2G's), and deduct gross losses on Schedule A.

In that respect, offshore still wins for the medium to large volume rec player, even if they're a net loser on the year. But it depends on each person's tax situation.

Obviously, if any win is below the reporting requirements, most rec players will not report it.

[sports_quant99]

Unless every wager is taxed

Maybe, but the player wont pay that, the casino will. Players pay taxes on their state and federal returns.

[jjgold]

heavy taxes

Sammy Diamond of course the small books will be done, suckers play at them

I was never a sucker

The big boys will always flourish too well run

I hope it comes to be but I still a lot of limitations to it

If I have choice of Vegas and NJ Sports Betting and am picking Vegas every time

[sports_quant99]

This is going to be awesome! Huge! NJ is right next to the largest concentration of wealth in the world (NYC). The underground poker scene in NYC is enormous because of all the money floating around. NJ sports books will see the same thing.

[creed]

Exactly. Winning punters and syndicates will still have to go offshore for the most part.

But yes, rec players will definitely see the appeal of the new land-based books. The only advantage the offshore books will have is lack of tax reporting.

In the long run, bitcoin books will compete with all of them. The more competition, the better.

Yes in reality this will have a positive impact on offshore stores. Also being a so called illegal bookmaker in NJ there stock has just gone up.

[sports_quant99]

Yes in reality this will have a positive impact on offshore stores. Also being a so called illegal bookmaker in NJ there stock has just gone up.

I didnt think of that, good point. Can anyone become a bookie in NJ now?

[jjgold]

Legal Sportsbetting is not a moneymaker, does not help states get out of debt

low rate of return unless dealing lines -120 which might have to be

[Sam Odom]

the street bookies will benefit the greatest - credit is a killer

[existential]

Monmouth hoping to start Sunday or within 30 days at worst:

http://cdcgamingreports.com/new-jersey-track-hopes-to-take-sports-bets-sunday/#.VA8gcwkVWe8.twitter

[sports_quant99]

Monmouth hoping to start Sunday or within 30 days at worst:

http://cdcgamingreports.com/new-jers...wkVWe8.twitter

Awesome!!!!!

[mcdonae101]

why don't vegas books, or now NJ books, offer all the betting options sites like 5Dimes offer?