Supreme Court allows sports betting
Daily Fantasy Sports- Last Week Tonight
https://www.barstoolsports.com/barstoolu/monmouth-park-in-new-jersey-will-begin-taking-legal-sports-bets-on-memorial-day/?_branch_match_id=516402544782740345
Quote: GlenGWhat's going to happen with FanDuel and DraftKings? Nevada banned them both because they wont self identify as gambling(refusing to get a gaming licence). I wonder if the states that implement sports betting will do the same.
Daily Fantasy Sports- Last Week Tonight
I already talked about this. Draftkings and Fanduel are similar to the business venture i was trying to run, of which, they fall under 'skill based gaming'. There are already state laws in the majority of states(38) that do differentiate between games of chance(gambling) AND skill based gaming. I have a 50 state survey analyzing all of the states gambling codes as well as me personally going through each state's gambling statutes to verify the document to see if they did differentiate and they did. If you want I can even tell you which 38 states do differentiate between the two.
The 'problem' like i said is the federal statute on the books called the 2006 Unlawful Internet Gambling Act, which in all reality shouldnt matter just like PASPA was found unconstitutional yesterday by the Supreme Court, this 2006 Act will end up having the same fate. It's a violation of the 10th amendment to tell the states what they can and cannot do if its not specifically written in the constitution already. The fed might try to claim it falls under the Commerce or General Welfare Clause, but it doesnt. Id say within the next 5 years, this will be cleared up as well by the courts.
There are better places anyway around the world for an internet gambling or skill gaming business anyway with many benefits that USA doesnt have so it doesnt matter. DraftKings found that out as well going to Malta. We also found out about Malta's very lenient gaming laws and also them understanding the difference between skill gaming and games of chance gambling. For DraftKings, Malta allowed them to bypass the gambling license but still required them to get another license which is much cheaper because of the skill element. Malta even offers you the ability to have no license if it's a 'pure' skill game like the business I was attempting to start up and those games would be things such as sports video games(eSports), etc.
Quote: GlenGWhat's going to happen with FanDuel and DraftKings? Nevada banned them both because they wont self identify as gambling(refusing to get a gaming licence). I wonder if the states that implement sports betting will do the same.
There seems to be little doubt fantasy sports will be completely legal instead of grey area. And it is amazing that they'll still maintain popularity. When betting on an outcome of a game, all the available information becomes reflected in the price of the bet you make. With FanDuel and DraftKings, much of the most important information is kept hidden and opens the door to rampant corruption.
With the daily fantasy sports it isn't just about the probabilities of what happens on the field, it's also about how the other customers played. And if someone is able to get that information, they have a huge advantage. If I know a significant proportion of customers pick Antonio Brown and Todd Gurley, then I stay away from those players and if they underperform I have a huge advantage over almost everyone. Same thing if I know very few people picked Matt Ryan and Ezekiel Elliot. Almost none of us will have that information. But someone will.
If someone likes fantasy sports, they would be much better off just betting Kevin Durant over 29 points, instead of picking him for their fantasy team. Of course, by definition, almost all gambling is irrational, so it's certain these sorts of wagering options will become more popular than ever now that they can claim the full blessing of the Supreme Court.
Quote: ahiromuOne thing i would really like to see is a nationwide parimutuel pool for the super bowl. Similar to how the Kentucky Derby does it. I have a feeling the HE would be lower than the current system for most, if not all, bettors.
I've always wondered why they don't do it this way to begin with, even as a choice to the players. The sports books could quit whining about unbalanced action and taking sharp money.
Quote: TomGThere seems to be little doubt fantasy sports will be completely legal instead of grey area. And it is amazing that they'll still maintain popularity. When betting on an outcome of a game, all the available information becomes reflected in the price of the bet you make. With FanDuel and DraftKings, much of the most important information is kept hidden and opens the door to rampant corruption.
With the daily fantasy sports it isn't just about the probabilities of what happens on the field, it's also about how the other customers played. And if someone is able to get that information, they have a huge advantage. If I know a significant proportion of customers pick Antonio Brown and Todd Gurley, then I stay away from those players and if they underperform I have a huge advantage over almost everyone. Same thing if I know very few people picked Matt Ryan and Ezekiel Elliot. Almost none of us will have that information. But someone will.
If someone likes fantasy sports, they would be much better off just betting Kevin Durant over 29 points, instead of picking him for their fantasy team. Of course, by definition, almost all gambling is irrational, so it's certain these sorts of wagering options will become more popular than ever now that they can claim the full blessing of the Supreme Court.
Didn’t an employee at DraftKings get caught entering a league on that site ? And he was an employee who had knowledge of what players were being used on how many teams
Quote: WizardI've always wondered why they don't do it this way to begin with, even as a choice to the players. The sports books could quit whining about unbalanced action and taking sharp money.
IMHO it would have to be just one choice. Most sharps want to know what they are booking and what the payout will be, they will not accept it being like a horse track. OTOH, the casual bettor may be happy just betting on the favorite and if the payout is minimal they will just have less to drop at the 6:5 table.
I'd rather see betcha.com resurrected and legalized. Make your own deals and let reputation matter. But I have talked to the old owner, last time I asked he said no way. If not for family here I'd consider moving offshore and trying to do it.
Not sure if that was the play all along, but it certainly will help them survive.
Quote: SM777I received an email already from Draftkings saying they will convert over to a sportsbook while still offering DFS.
Not sure if that was the play all along, but it certainly will help them survive.
I received an email from FanDuel saying they would be looking for new innovative ways to add contests now that the Supreme Court made their decision.
Quote: JoelDezeI received an email from FanDuel saying they would be looking for new innovative ways to add contests now that the Supreme Court made their decision.
Fanduel is about to be acquired by Paddy Power, so combined, they will be a force. Will allow Paddy Power seamless entry in the USA sports betting market.
Quote: SM777Fanduel is about to be acquired by Paddy Power, so combined, they will be a force. Will allow Paddy Power seamless entry in the USA sports betting market.
Anyone who thinks the USA sports betting market is going to be seamless is sadly misguided. It's going to be an overly convoluted mess of a legal situation from start to finish. A mish mash of different regulations by state, where promotions are withheld from some states because of taxes and wager platforms need to be approved by individual states.
I hate to harp on you for one word, but I really think this is going to be a stupid rat race before it can get settled.
Quote: ahiromuAnyone who thinks the USA sports betting market is going to be seamless is sadly misguided. It's going to be an overly convoluted mess of a legal situation from start to finish. A mish mash of different regulations by state, where promotions are withheld from some states because of taxes and wager platforms need to be approved by individual states.
I hate to harp on you for one word, but I really think this is going to be a stupid rat race before it can get settled.
I think you misunderstood the post, but also certainly exaggerated the difficulties.
Once states pass their own regulations, established companies such as William Hill, Caesar's, MGM, Scientific Games, and possibly Paddy Power will use everything that is already in place. These places know how to run sports betting operations, and specifically William Hill, Caesar's, and MGM will be setting up satellite wagering sites in other states, with the hub still being in Nevada, exactly as it is now.
Very few places will attempt to pour money into sports betting, which has notoriously low profit margins, and risk messing it up. They'll rent out a small portion of their casino to William Hill, set up a satellite operation, and that will be that.
Quote: aceofspadesMonmouth will begin taking sports wagers Memorial Day
https://www.barstoolsports.com/barstoolu/monmouth-park-in-new-jersey-will-begin-taking-legal-sports-bets-on-memorial-day/?_branch_match_id=516402544782740345
Maybe not...
"The bill that state Senate President introduced this week to regulate sports betting at the state's casinos and racetracks comes with this caveat: Anyone who opens a sports betting operation before the state puts regulations in place will be barred from accepting future bets on games. That means Monmouth Park, the Oceanport racetrack that had announced plans to take bets by Memorial Day, will have to wait."
http://www.nj.com/politics/index.ssf/2018/05/not_so_fast_on_nj_sports_betting_starting_memorial.html
Quote: SM777I think you misunderstood the post, but also certainly exaggerated the difficulties.
Once states pass their own regulations, established companies such as William Hill, Caesar's, MGM, Scientific Games, and possibly Paddy Power will use everything that is already in place. These places know how to run sports betting operations, and specifically William Hill, Caesar's, and MGM will be setting up satellite wagering sites in other states, with the hub still being in Nevada, exactly as it is now.
Very few places will attempt to pour money into sports betting, which has notoriously low profit margins, and risk messing it up. They'll rent out a small portion of their casino to William Hill, set up a satellite operation, and that will be that.
Unintentionally carried my mindset over from work, nevermind.
I know from the horse racing side, only the top dogs are allowed to take online wagers in my state (VA). One of the lesser sites explicitly states that the reason is that a bunch of states (VA included) haven't licensed the wagering platform. Hell, there's an entirely separate TVG site for NJ. I truly think the whole thing will be a mess for the first decade.
Agreed when it comes to casinos not opening up independent books, I mean even the Venetian rents out their book these days.
"Hey, Patrick, this is The Buffalo Bills FIFTH time in the Superbowl and they lost all four previous games! The New England Patriots have won 5 Superbowls. Tom Brady is a phenomenal Quarterback, so he'll win SB 52 as well. You know what, I'll bet you $1,000 the Patriots win!" They agree and The Buffalo Bills win! Tom begrudgingly gives Patrick his $1,000. This type of sports betting scenario happens often and no or very little arrests are made.
http://www.nj.com/politics/index.ssf/2018/06/state_lawmakers_ok_sports_betting_in_nj.html
Includes in person and online betting, NJ tax rates have been set, will be regulated by the NJ DGE, and no 'integrity fee' to the leagues....
Quote: ECoasterWell, NJ's sport betting bill has passed the legislature... waiting on the Gov.
http://www.nj.com/politics/index.ssf/2018/06/state_lawmakers_ok_sports_betting_in_nj.html
Includes in person and online betting, NJ tax rates have been set, will be regulated by the NJ DGE, and no 'integrity fee' to the leagues....
Awesome on the leagues not getting a cut Now lets hope PA follows.
One thing I never get. Casinos say sports betting is low margin. Yet we hear that it was one of the best moneymakers for the mafia. Assuming mob bookies are not merging bookmaking and shylock profits, what is missing?
Betting on credit, interest, extortion.Quote: AZDuffmanAwesome on the leagues not getting a cut Now lets hope PA follows.
One thing I never get. Casinos say sports betting is low margin. Yet we hear that it was one of the best moneymakers for the mafia. Assuming mob bookies are not merging bookmaking and shylock profits, what is missing?
Quote: AZDuffmanAwesome on the leagues not getting a cut Now lets hope PA follows.
One thing I never get. Casinos say sports betting is low margin. Yet we hear that it was one of the best moneymakers for the mafia. Assuming mob bookies are not merging bookmaking and shylock profits, what is missing?
Overhead. Of the $322,000 reportedly bet in Delaware on day 1, the casino can hope to hold between 4-5% on average. On a great day/month/year, 5.5-6.5% is amazing.
Take that small amount from the cost to build, furnish the book, pay the employees, the extreme Directv bill, buy the betting terminals, etc.
As sports betting spreads, the novice casino operators in this space (all of them) will be surprised how little they actually make.
Leasing out the space in your casino to a company like William Hill for $200,000 a month is the smartest thing for them to do. Collect your check, let them run everything.
https://www.nj.com/bergen/index.ssf/2018/06/meadowlands_racetrack_to_begin_offering_sports_bet.html
