Offbeat With sports betting legalized, who will hit the jackpot?

17:32  16 may  2018
17:32  16 may  2018 Source:   cbsnews.com

PGA Tour voices support of legal sports betting in wake of Court ruling

  PGA Tour voices support of legal sports betting in wake of Court ruling PGA Tour re-asserts support for legal wagering in wake of Supreme Court ruling.PGA Commissioner Jay Moynahan had voiced his support for legal wagering on Tour events prior to the Court's ruling.

"When sports betting is legalized , young people who have never stepped in a casino or purchased a lottery ticket will try putting money down on a game, and some will develop gambling problems. If he hit a jackpot right before he needed to leave, he'd simply step outside the casino, call the day-care

Delaware attempted to legalize sports betting in 2010 but failed to convince courts that PASPA is But New Jersey is attempting to hit the jackpot and tackled PASPA in an effort to boost the Justice, who support the law, and the Big Four sports leagues and the NCAA, whom PASPA deputized to

After Monday's Supreme Court decision that essentially OK'd wagering on college and pro sports games in many states, the speculation about who's going to profit exploded. Plenty of money is surely to be made, but the size of the payout won't be clear for a while.

Jefferies analyst David Katz is hedging his bets when it comes to forecasting its impact, though he views the ruling as a positive for casino operators. In a recent note to clients, Katz estimated the sports betting market at $1.2 billion to $57 billion and the potential revenue at between $62 million to $2.9 billion for casinos. His wide range of estimates is by design.

Where does horse racing fit in a world with legal sports betting?

  Where does horse racing fit in a world with legal sports betting? The Supreme Court's blockbuster ruling on Monday paving the way for states to conduct gambling on all sorts of sporting events poses an important question about one gambling entity close to home. 2 Savings Accounts Pay 10x What Your Bank Pays Learn More Sponsored by MyFinance Does the ruling help or hurt horse racing?The early consensus is that there is no consensus. The only sure bet is that no one knows for sure how this will play out; which state legislatures will approve sports gambling and which ones will not; what sort of regulations will be imposed; where the money will go, etc.

Here's a brief rundown of New Jersey's efforts to bring Las Vegas-style sports betting to the state priot to the Supreme Court agreeing to take the case. John Brennan/northjersey.com.

Successful sports betting , even on SportPesa jackpot games, favors the underdog teams. The best tactic is to place smaller bets of a consistent amount. There are people who have lost huge loads of money through sports betting .

"A set of regulations and taxes need to be put into place, and we don't know what those are," Katz said in an interview. "We have seen situations in gaming where regulatory bodies are set up and tax rates are set up that's a structure so onerous that it doesn't benefit the operators to pursue it. The returns aren't good enough. It winds up being a much smaller business than anyone expected."

Ceasar's Entertainment, which operates 50 casinos, and Penn National, which has 23 properties, should benefit the most from legal sports betting, according to Katz. Casinos don't make huge profits from sports bookmaking, but they hope the service will attract more visitors to their properties where players can engage in more profitable games, for the house, such as slot machines.

What it means: Supreme Court strikes down PASPA law that limited sports betting

  What it means: Supreme Court strikes down PASPA law that limited sports betting The U.S. Supreme Court ruling in favor of New Jersey on Monday effectively killed the Professional and Amateur Sports Protection Act (PASPA), the federal law that essentially limited sports betting to one state for the last 25 years. PASPA was declared unconstitutional in the 7-2 decision, meaning it will be up to states – including New Jersey, which has sought to establish sports gambling for years – to decide whether to allow its residents to bet on sports. Here’s a breakdown of what the ruling by the nation’s highest court means: What is PASPA?  PASPA was signed into law by President George H.W.

But it likely won't be the jackpot they're hoping for. by Liz Farmer | March 2, 2018. Bills that would legalize sports betting are making their way through legislatures in 15 states, most recently in West Virginia. Chris Christie, who brought the case, it would invalidate the 1992 Professional and Amateur Sports Protection And if we’re not prepared, and the border states are, we’ll take a hit ,” state Sen.

The NBA restated its support of legalized sports betting while also indicating its desire to earn a cut of the profits; Pennsylvania awards casino license. Poker Players in Detroit Hit Biggest Bad Beat Jackpot in U.S. History. American Poker Awards to Return Feb.

Many casinos off the Las Vegas Strip outsource their bookmaking operations, and it isn't clear whether they would be interested in running the businesses now, given the risks involved. U.K. bookmakers GVC Holdings, parent of Ladbrokes and William Hill, however, are eager to expand their U.S. footprints in the wake of the court's ruling.

"Legalized sports betting means that consumers and sports leagues will have greater protection, states will benefit from the raising of taxes and there is the potential for over 100,000 jobs to be created," said CEO Philip Bowcock of William Hill in a press release. "We welcome the ruling and expect to be operational in New Jersey as soon as responsibly possible."

According to Height Capital Markets, seven states (Nevada, Delaware,  New Jersey, New York, Pennsylvania, West Virginia and Mississippi) will likely have sports wagering regulations in place for the start of the National Football League season in August. The NFL is by far the country's most popular professional sport with both fans and gamblers. According to the American Gaming Association, gamblers were forecast to wager more than $4.7 billion on the last Super Bowl. 

What court's ruling on sports betting means for gamblers

  What court's ruling on sports betting means for gamblers With states such as New Jersey potentially open to take bets in time for the NBA Finals at the end of the month, here is what the ruling could mean.  Removing 'shadiness' and stigmaSports gambling has always existed. According to the American Gaming Association, at least $150 billion a year is wagered on sports, 97% of which is bet illegally through such outlets as bookies, off-shore websites and other establishments  — known as sports books — that take bets on events and pay out winnings.

NJ Sports Betting . The player, who chose to remain anonymous, is the second person in the past three months to hit a seven-figure jackpot while playing at one of the New Jersey’s legal online casinos. This was the first big jackpot hit in a legalized online gaming market in the U.S. and it

please gamble responsibly.our professional sports handicappers betting tips for jackpot are but Arizona will hit a home run late to win betting tips for jackpot a passing duel between In our entire career, betting tips for jackpot we know many things about people who bet , as an expert in football

In reaction to the court's decision, the NFL vowed that its "long-standing and unwavering commitment to protecting the integrity of our game remains absolute."

Sports leagues are also eager to get their cut through so-called "integrity fees." According to The Wall Street Journal, Major League Baseball and the National Basketball Association are seeking as much as 20 percent of what sports betting operations typically earn in revenue. And media companies, which shell out billions annually for the rights to broadcast sports, may benefit if they attract new viewers who have wagered on the outcome.

The states will also get a windfall. Victor Matheson, an economist at the College of the Holy Cross, estimates that they'll reap about $4 billion. But that's a fraction of the $18 billion or so states collect from lotteries. 

Wagering isn't as profitable for states. For every $1 lottery ticket that's sold, 65 cents goes to prizes and about 25 cents goes to the government. But states will net only about 1.5 cents from a $1 bet, with about 90 cents going to prizes.

Some gaming experts said they're concerned that the court ruling will create an epidemic of problem gambling.

"The amount of compulsive gambling will go up," said Father Richard McGowen, an associate professor of finance at the Carroll School of Management at Boston College. "Especially a lot of young males are going to get trapped in this … thinking that it's easy money." But for now at least, a range of industries and the states are banking that a windfall is coming.

How people reacted on Twitter to Supreme Court’s sports betting ruling: ‘It’s on now’ .
The Supreme Court's decision cleared the way for states to legalize sports betting.The justices ruled 7-2 that a 25-year-old federal law that has effectively prohibited sports betting outside Nevada by forcing states to keep prohibitions on the books is unconstitutional. The ruling could set the stage for other states to expand legalized gambling as a source of government revenue.

—   Share news in the SOC. Networks

Topical videos:

This is interesting!