1. 04-22-19 02:42 PM #1
    RonPaul2008
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    States see disappointing tax revenue from legal sports betting

    Six states have legalized sports betting since the Supreme Court's monumental decision last May, but New Jersey is the only one exceeding revenue expectations.


    Why it matters: These disappointing results are part of a "growing consensus that legal sports betting may not bring the windfall that economic forecasters predicted only a few months ago," the New York Times' Timothy Williams reports.


    By the numbers:     West Virginia has collected only a quarter of the monthly tax revenue it projected, and Pennsylvania and Mississippi have collected only half.


    • Rhode Island has done even worse, bringing in $50,000 per month after predicting they'd bring in almost $1 million.
    • Delaware is meeting projections, but it's thanks in large part to a football-betting operation that's been around since 2009.


    Be smart ...
    The real story here is New Jersey, which has brought in more than $2 billion in the last 10 months thanks to one simple fact: New Jersey allows bettors to place online bets from their smartphones.


    • Meanwhile, most of these struggling states require bettors to place their bets in casinos, which — surprise, surprise — nobody wants to do. Other states like Pennsylvania have legalized mobile betting but still don't offer it.
    • Following New Jersey's lead and getting mobile sports betting up and running seems like the obvious answer to these states' revenue problems. Unfortunately, a little something called politics will make that a slow and complicated process, as casinos continue to apply pressure on legislators.




    The big picture:

    "Right now, I'd say the [casino-only] camp has more momentum simply because many policymakers aren't comfortable with online gambling. Fast-forward a couple years, and I think we'll see a lot of [casino-only] states adding online as they see that online is where the customer — and therefore, the tax revenue — predominantly resides."
    — Chris Grove, managing director of sports and emerging verticals at Eilers & Krejcik Gaming
    The bottom line: In 2019, people want to bet through an app from the comfort of their couch instead of getting in their car and driving to a run-down casino. Who knew?!

    https://www.axios.com/legal-sports-b...bbb154a81.html
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  2. 04-22-19 02:53 PM #2
    Sam Odom
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    Could be Fake News....

    Covering the skim
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  3. 04-22-19 02:53 PM #3
    jjgold
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    sports never make much money
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  4. 04-22-19 02:55 PM #4
    Brock Landers
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    If they expected a golden goose, they were stupid to Begin with
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  5. 04-22-19 03:16 PM #5
    Gmen30
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    Quote Originally Posted by Brock Landers View Post
    If they expected a golden goose, they were stupid to Begin with
    The only golden goose here is fading your picks.
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  6. 04-22-19 03:20 PM #6
    Bluehorseshoe
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    Rhode Island brought in only $50,000 per month?

    My local brings in more.
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  7. 04-22-19 03:22 PM #7
    thomorino
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    Its because New Jersey is the only state with great online options, once other states offer more online they will do better.
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  8. 04-22-19 04:12 PM #8
    ChuckyTheGoat
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    Quote Originally Posted by Bluehorseshoe View Post
    Rhode Island brought in only $50,000 per month?

    My local brings in more.
    Small state. But this is a good article. I think a big part of it is that in REALITY, people don't bet big.

    Think about it. Even on SBR...how many guys tout themselves as BIG TIME (when they're really small-time, or even air-betting)?
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  9. 04-22-19 04:25 PM #9
    tblues2005
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    Is Nevada the same way as New Jersey Is? They should be doing the same thing.
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  10. 04-22-19 04:31 PM #10
    Goat Milk
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    Quote Originally Posted by ChuckyTheGoat View Post
    Small state. But this is a good article. I think a big part of it is that in REALITY, people don't bet big.

    Think about it. Even on SBR...how many guys tout themselves as BIG TIME (when they're really small-time, or even air-betting)?
    I dunno

    Serious posters on this site don't have time to air bet

    Not gonna spend an hour on SBR per day for 10 years and be betting 10 bucks a game
    Nomination(s):
    This post was nominated 1 time . To view the nominated thread please click here. People who nominated: Ratpack
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  11. 04-22-19 04:32 PM #11
    7deuceoff$uit
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    Same thing for any new thing that is taxed. Weed revenue was well below expectations too. Not that it really matters, politicians wouldn't be able to manage the new funds anyways.
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  12. 04-22-19 05:00 PM #12
    jjgold
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    locals make it all

    dealers make it all

    Morino right though
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  13. 04-22-19 05:13 PM #13
    SBR_Guest_Pro
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    **waiting for buffalo wild wings to start offering sports betting**
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  14. 04-22-19 05:14 PM #14
    JayLA
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    Compared to what?
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  15. 04-22-19 05:17 PM #15
    eaglesfan371
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    Lol this is what sell-side valuations is all about in banking, overestimating projections so that the end client "buys" the company you are trying to sell.

    Just look how the NY state-licensed casinos are doing in terms of revenue, extremely under projections.
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  16. 04-22-19 05:38 PM #16
    goduke
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    You got to read about all the mistakes Rhode Island is making. And the kind of revenue they projected for one casino and no mobile betting. Then there reasoning for not bringing in more money was "oh the pats won or else we would of hit our numbers" Some truly stupid people running that state
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  17. 04-22-19 05:47 PM #17
    jjgold
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    PA killing it casinos

    Books will do well like NJ once online starts
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  18. 04-22-19 07:20 PM #18
    topgame85
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    Overestimate, get spending based on estimates built into the budget immediately, run a deficit as a result of failing to hit numbers and raise taxes to maintain spending levels. Politicians are creatures of habit.
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  19. 04-22-19 07:27 PM #19
    The General
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    It's here to stay and get bigger and better over time. Some is better than nothing. Gold and morino are correct with online really picking things up. High expectations partially fake to draw support.
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  20. 04-22-19 07:57 PM #20
    pavyracer
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    Most pros play in New Jersey hence the higher tax revenue.
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  21. 04-22-19 09:05 PM #21
    jjgold
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    Vegas has always said it they could care less if they even had sports betting
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  22. 04-22-19 09:08 PM #22
    topgame85
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    Need to see how much impact cross over gaming has on these properties. Also lots of guys sitting round drinking 20 $5 Bud lights while watching their $20 bet. No question it helps the casinos and state but to what extent.
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  23. 04-22-19 09:14 PM #23
    jjgold
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    Pennsylvania is going to do real well going to be just as many books as New Jersey all online
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  24. 04-22-19 09:25 PM #24
    Philmill
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    Like JJ said..... a lot of Nevada Casinos don't give a shit to have a sportsbook....

    so they just farm it out to a company like Will Hill just to get alittle more traffic
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  25. 04-23-19 02:03 AM #25
    teecee
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    Who gives a fukk what the revenues are? We should be allowed to gamble when and where the fukk we want, regardless of whether the states are pulling in tax dollars.
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  26. 04-23-19 04:27 AM #26
    The General
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    The 'who gives a fuk' card could be used in 100% of daily conversation. What a boring world that would be.
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  27. 04-23-19 06:25 AM #27
    milwaukee mike
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    Quote Originally Posted by Goat Milk View Post
    I dunno

    Serious posters on this site don't have time to air bet

    Not gonna spend an hour on SBR per day for 10 years and be betting 10 bucks a game
    you're killing me

    almost all the real gamblers and professionals left this place 10 years ago
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  28. 04-23-19 07:34 AM #28
    teecee
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    Quote Originally Posted by The General View Post
    The 'who gives a fuk' card could be used in 100% of daily conversation. What a boring world that would be.
    That was me contributing my opinion. Sorry to bore you.
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  29. 04-23-19 07:44 AM #29
    RangeFinder
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    Quote Originally Posted by Sam Odom View Post
    Could be Fake News....

    Covering the skim
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  30. 04-23-19 09:05 AM #30
    hawkeye 16
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    iowa's bill just passed the legislature!. Yesterday I think. Just waiting for some ink from the governor.

    I'm sure Iowa's actual revenue will be below projections as well, although I think they set more reasonable expectations.
    Iowa also has a good casino infrastructure in place. 23 or so casinos that are widely dispersed across the state and well placed along the interstates. Obviously a small population, but should get a decent amount of out of state business.

    I wish I was back in college. Iowa, Iowa State and UNI all basically have their own casino close by.
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  31. 04-23-19 09:07 AM #31
    Sam Odom
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    hawkeye


    do you think -FH- will move back to the corn fields ?
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  32. 04-23-19 09:08 AM #32
    hubie69
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    Quote Originally Posted by hawkeye 16 View Post
    iowa's bill just passed the legislature!. Yesterday I think. Just waiting for some ink from the governor.

    I'm sure Iowa's actual revenue will be below projections as well, although I think they set more reasonable expectations.
    Iowa also has a good casino infrastructure in place. 23 or so casinos that are widely dispersed across the state and well placed along the interstates. Obviously a small population, but should get a decent amount of out of state business.

    I wish I was back in college. Iowa, Iowa State and UNI all basically have their own casino close by.
    Pretty excited that I can get out of the shifty online casino/BitCoin business
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  33. 04-23-19 09:34 AM #33
    mngambler
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    could they have picked 3-4 bigger broke dick white trash states to legalize it to start?
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  34. 04-23-19 09:34 AM #34
    hawkeye 16
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    Quote Originally Posted by Sam Odom View Post
    hawkeye
    do you think -FH- will move back to the corn fields ?
    I'm not sure. I've never met the guy. I do remember his handle I think from way back in the early days of forums.

    To move back to Iowa, you would probably need more than just sports betting. I wasn't exactly planning on ending up back here, but sometimes that's the way life goes.

    Don't get me wrong, it's not a bad place to live, especially if you want to raise a family, etc. There are definitely worse places.
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  35. 04-23-19 09:36 AM #35
    Sam Odom
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    Quote Originally Posted by hawkeye 16 View Post

    I'm not sure. I've never met the guy.
    OK... Thought wrongly you knew him

    Must be someone else
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