1. Welcome to VegasMessageBoard
    It appears you are visiting our community as a guest.
    In order to view full-size images, participate in discussions, vote in polls, etc, you will need to Log in or Register.

racebook rebates

Discussion in 'The Sports Book' started by IxAccDnf, Apr 9, 2013.

Thread Status:
Not open for further replies.
  1. IxAccDnf

    IxAccDnf VIP Whale

    Joined:
    Feb 21, 2010
    Messages:
    1,005
    Location:
    Chicago
    Trips to Las Vegas:
    85
    http://www.gamingtoday.com/industry/article/40917-Nev_resorts_ask_for_sports_wagering_kiosk_legislation

    Nevada legislators may give Nevada’s beleaguered race book business one of the biggest boosts it has had in years this week. They’re scheduled to consider a proposal that would restore a book’s right to offer rebates.

    Senate Bill 425 will allow – assuming it clears legislative hurdles – a marketing tool that is widely seen as offering a big helping hand to race book operators during a time when the racing business is being pressured on all sides by other forms of gaming related entertainment.

    This past Monday’s scheduled hearing on SB 425 before the Senate Judiciary Committee had me remembering a conversation I had with South Point Casino owner Michael Gaughan months ago when he was describing the challenging times facing Nevada race books.

    The “sport of kings,” he said, his voice dripping with sarcasm, had become “the sport of jacks…There is no such thing as new race book customers in Nevada. The pie continues to shrink as the cost of doing business increases.”

    Followers of the ponies have all gone elsewhere, he explained, to betting parlors in other states or to off-shore casinos that could be accessed via the Internet; all of them being locales where rebates are legal.

    Bring back rebates, he said. It will make a difference as it has in other jurisdictions where the issue has been examined with action very different than that taken by Nevada officials who banned rebates, supposedly because of a mistaken view that they were costing the state tax revenue.
     
  2. Viva Las Vegas

    Viva Las Vegas Ramblin' Gamblin' Man

    Joined:
    May 31, 2008
    Messages:
    2,594
    Location:
    Chicago
    Trips to Las Vegas:
    46
    The only way they can legally offer rebates is through loyalty card program, but they are non-cash back rebates. Stations Casinos offer $0.02 per dollar wagered in points value, but based on the current law it cannot be redeemed for cash back (all other earned points can be).

    Gambling on horse racing in Vegas has declined over 50% over the past few decades. Horse players dying out, consolidation of tracks and expanded off track betting nationwide is a big reason for the decline. Serious players shifting play to online and offshore accounts with rebates for play has taken a decent amount of handle.

    I hope this law passes and gives Vegas horse books a fair shake and a chance to stabilize their business.
     
Thread Status:
Not open for further replies.