Latest Updates Sportsbetting USA: What A Mess

[jjgold]

Token New Jersey rundown

As we did last week, it makes sense to spend some time where all the sports betting momentum originates.
When last we spoke, June 7 looked like the date for final NJ sports betting regulations. And Dennis Drazin was talking about suing the leagues for hundreds of millions of dollars. Those two things haven’t really changed in the last seven days, but new sh… new stuff has come to light, man.
A lot of new stuff:

• A new partnership. Ocean Resort Casino hires bookmaking giant William Hill to run its sports betting operations.

• State regulators offer revenue projections of $13 million from a first-year sports betting market. This both sounds small and is a reasonably sound guess. Related but not: NJ online casino revenue is looking good.

• The first possible day. That’s when both Monmouth Park and Borgata say they’ll be ready to take bets. There may be a slight hiccup for the latter, though…

• A new bill from Senate President Steve Sweeney would deny sports betting licenses to operators with ties to sports leagues/franchises. This could affect as many as fiveNJ casinos.

• Telegram from Sweeney. The Senate boss sends a letter to all 50 state governors, urging them to shun “league extortion” in the form of integrity fees.

• More bad news for the leagues: The insatiable Sweeney says he intends to pursue restitution from sports leagues on behalf of the state.

• Even worse news for the leagues: The NJ Thoroughbred Horsemen’s Associationactually files suit in court, seeking almost $140 million in damages.

Speaking of which…
Hey, sports leagues… how is it going?

The leagues got most of their gripes in last week, but there was some carryover chatter this week, too.

• The NFL offers its four “core principles” for federal sports betting legislation. There’s no mention of integrity fees, but the framework includes other mechanisms by which the league would profit.

• Pro Football Talk reports that the NFL will bring the Super Bowl to Las Vegas — the sports betting capital of the world — as soon as 2025.

• Sources tell LSR that the NBA and MLB are promising individual colleges a cut of their fees if they’ll voice support for their lobbying efforts at the state level.

Regulators, regulate



Some updates from around the map, as the states closest to sports betting mount up:

• New York officials say they’re moving forward with sports betting regulations under the existing statutory language. A draft will be ready “in the near term.”

• Pennsylvania still has no timeline for sports betting regulations, but the lottery expansion is off to a flying start.

• IGT is the only bidder for the sports betting contract with the Rhode Island Lottery. The state agency is targeting October for rollout at the two Twin River casinos.

• Late Friday afternoon, Illinois leapt back into the conversation with an amended billcontaining placeholders to legalize sports betting, online gambling, and DFS. Next week’s scheduled hearings could be interesting.

• Tribal-state relationships are central to sports betting in many states; Adam Candeepeered across the landscape.

Another week of takes, hot and cold

In general, this week’s headlines were a little less reactionary and a little more in line with long-term roadmaps and expectations. That left some room for our own reactions, having had a bit of time to digest the news.

Here were some of the best takes this week:

• US Sen. Orrin Hatch is a lying liar about sports betting. His attempts to pass a federal bill through Congress this year will probably fail. And then he will retire. (That part’s not really a hot take; he is actually retiring.)

• For all their concerns over sports betting, NBA and MLB still own have ownership positions in two DFS sites poised to become sportsbooks.

• The NCAA shouldn’t even be allowed to utter the word “integrity,” let alone collect any sort of fees to purportedly shield it from sports betting.

• Illegal sportsbooks still have a great many advantages over legal, regulated ones in the marketplace.

[acquavallo]

Great stuff Coach.
Ugghhh on William Hill-- only one positive...if they can blend all their disparate betting pools worldwide(like Betfair seems to be angling to do), while not shooting themselves in the foot blocking winners. Just noticed Belmont Park on BF New Jersey menu.
And hopefully Cantor can provide meaningful competition.

But until/if out of state residents can join @ other states(Westgate!!!) it won't mean much.
And your last statement holds true anyway, barring a hand in hand bitcoin crackdown.

[reigle9]

anyone been specifically following pa news? i highly doubt i'll ever do it, unless they have stale nascar odds, but i'm all about the exposure

figure a bunch of people get exposed to betting, then i introduce them to better payouts/less juice, and build a pph empire

[TheSchafe]

I'm honestly very surprised that NJ isn't already taking wagers by now. When the SCOTUS decision came down, I was hearing Monmouth Park would be up and running by Memorial Day the latest.

Where I was locked up in WV, they were talking about the Native American casinos in the state accepting wagers by July 4th. Not sure if that is true, but I think WV already had passed gambling legislation.

[jjgold]

Men it will be horrible

Good luck!

[Roscoe_Word]

Informative post.

[allabout the $$$]

I'm honestly very surprised that NJ isn't already taking wagers by now. When the SCOTUS decision came down, I was hearing Monmouth Park would be up and running by Memorial Day the latest.

Where I was locked up in WV, they were talking about the Native American casinos in the state accepting wagers by July 4th. Not sure if that is true, but I think WV already had passed gambling legislation.

There was something in place by the state that anyone accepting bets before the state set up rules(I think) that they wouldn't get a license to accept bets thats why Monmouth hasn't opened yet

[jjgold]

RED TAPE EVERYWHERE

minimum 5 year before 20% even have it

[BIGDAY]

Business as usual

[hubie69]

I think it'll be great having a TON of recreational handicappers throwing money on public favorites. It's going to introduce tons of opportunities.

[BuckyOne]

NBA, NFL, MLB deserve nothing! Zippo, NADA, Squat. They get their money out of tickets, tv, advertising. Would you make bets at 20 or 30 cents juice (with no value at either end) no matter how much fun it would be?

[klemopixx]

Even if the leagues get nothing you can expect the standard juice to double to 20 cents. This will keep your local books in the game. They basically giving states the right to print money and they'll still screw it up.

[bonzaii]

NBA, NFL, MLB deserve nothing! Zippo, NADA, Squat. They get their money out of tickets, tv, advertising. Would you make bets at 30 or 30 cents juice (with no value at either end) no matter how much fun it would be?

I agree fck em. Don't forget the owners who have their stadiums subsidized by the taxpayers.

There are two primary ways that a city facilitates the construction of a stadium. The first, and most commonly used method, is a direct subsidy. This involves a city promising a certain amount of revenue to go towards the construction, maintenance, and renovation of a stadium. Other times, the city will give tax breaks to teams or stadium owners in lieu of a direct cash transfer.^[17] Over a period of time, a reduction in the taxes paid against the stadium generally saves the organization building the stadium around the same amount as a subsidy would be worth.
In the USA, the annual subsidies provided by the state for the construction of stadiums are in the range of billions of dollars.^[18][19] A 2005 study of all sports stadiums and facilities in use by the four major leagues from 1990 to 2001 calculated a total public subsidy of approximately $17 billion, or approx. $24 billion in 2018 dollars. The average annual subsidy during that period was $1.6 billion ($2.2 billion in 2018) for all 99 facilities included in the study, with an average of $16.2 million ($22.8 million in 2018) per facility annually.^[20] A 2012 Bloomberg analysis estimates that tax exemptions annually cost the U.S. Treasury $146 million.^[2]

[RudyRuetigger]

lets face it

legal sports betting is worst possible thing for sbr

hopefully only 2-8 states accept it

[Sam Odom]

Principals offshore aint liking the future possible results - they are holding their breaths

[jjgold]

Principals offshore aint liking the future possible results - they are holding their breaths

they are laughing Sammy, a few states not going to dent offshore let alone even 20 which will take 10+ years

local bookies going to be back too

[Sam Odom]

JJ , stop clowning on this issue

[jjgold]

Sammy I might be 200% right on this one


I will play -105, -107 10 cent lines you can play with the legal places

[michael777]

Actually JJ is 100% correct,the legal USA sportsbetting will be terrible!! High juice will make it unplayable in every state,can't believe how many people are excited for this,there is nothing good about this,NOTHING

[snider]

why does it hurt sbr? Sbr will evolve. Everybody is going to have apps. Sbr grows

[Crusherrr]

Offshore way better. I wouldn't mind if this allowed for legal/regulated poker rooms in most states though.

[dark star]

Round and round we go....where it stops nobody knows

[unusialsusp5]

Actually JJ is 100% correct,the legal USA sportsbetting will be terrible!! High juice will make it unplayable in every state,can't believe how many people are excited for this,there is nothing good about this,NOTHING

everyone was wrong. delaware opening up and it is only -110.

[StackinGreen]

I agree fck em. Don't forget the owners who have their stadiums subsidized by the taxpayers.

I said this a long time ago. Thanks for the data, link.

You get a "royalty" when you give the people back their money, teams. LOL

[acquavallo]

I'm honestly very surprised that NJ isn't already taking wagers by now. When the SCOTUS decision came down, I was hearing Monmouth Park would be up and running by Memorial Day the latest.

Where I was locked up in WV, they were talking about the Native American casinos in the state accepting wagers by July 4th. Not sure if that is true, but I think WV already had passed gambling legislation.

NJ is already regressing to the same internecine quarreling that prevented overcoming PASPA a quarter century ago. They want to kill the golden goose again.
On the horse racing side, PA & WVA are some of the most corrupt states in the country- with to boot the highest takeouts...I think 36% on some exotics, the same amount legislated for sports take: 36% of the GROSS!

At the very least I insist on states not limiting pool commingling out of state AND BOTH online access and service to instate only...this way we can at least sorta pick and choose the best slice from the shitfa pie. Otherwise the bet types and betting pools will be scant and miniscule, especially during the week, if folks have to drive to a B&M to bet @ lottery-type takeout levels.

If something doesn't change big time, sports betting either will never get off the ground OR quickly die once started.
And if to boot the industry asks politicians to block bitcoin(to help protect them), there goes our offshore options.
We could end up much worse than where we are right now. Time for a second passport anyhow.

[acquavallo]

everyone was wrong. delaware opening up and it is only -110.

Thanks for that.
Main positive: looks like alternate lines could be available- depending on public acclaim and betmaker smarts.
Main negatives:
1. B&M only. No phone or online access whether in or out of state.
2. Likely outcome: infantile action. Most places can only pay out up to $600-- with some allowed up to $1500. Look for tiny bet maximums(up to 8 team parlays allowed).

Everybody sing along: M-I-C-K-E-Y...M-O-U-S-E

[BuckyOne]

I just want them to offer a fair product and not some lottery - scratch card type of rip off! Some players might try it and enjoy it to the point they realize they need competitive lines to have a chance at winning long term. Then-they might look at offshore?

[michael777]

The supreme court decision is the worst thing that could happen for sports bettors

[KVB]

...but new sh… new stuff has come to light, man...

[bonzaii]

I said this a long time ago. Thanks for the data, link.

You get a "royalty" when you give the people back their money, teams. LOL

It's such a fcking joke. People of St. Louis are still paying off the stadium that the Rams used to play at

[Roscoe_Word]

There are many facets to this, man.

[jjgold]

The supreme court decision is the worst thing that could happen for sports bettors

yes

[dante1]

PA legal and licensed sports betting will become a reality in early 2019 according to an email I received from playpennsylvania. Phone and internet to all legal PA residents.

[milwaukee mike]

PA legal and licensed sports betting will become a reality in early 2019 according to an email I received from playpennsylvania. Phone and internet to all legal PA residents.

come on wisconsin!

[jjgold]

PA is legal
3 places already open