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Supreme Court - Legalized sports betting

Discussion in 'The Sports Book' started by donfairplay, Apr 3, 2018.

  1. donfairplay

    donfairplay Low-Roller

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    http://money.cnn.com/2018/04/01/news/sports-betting-supreme-court-new-jersey/index.html

    The Supreme Court decision was supposed to be announced yesterday, but looks like it will be delayed until April 17 (or later!)

    What will everyone do with legalized sports betting? Will it even happen? It's favored to be legalized, but with 9 old people deciding on this, you never know. Many of the major leagues, states, and fantasy sports sites are preparing for it.
     
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  2. WelshBlonde

    WelshBlonde High-Roller

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    Well I didn't even know it wasn't legal in the US. It's all legal here.

    (Tbh I came here for Pusheen.. best profile photo evaaaar! Apart from maybe @thecarve as he has a real kitty)
     
    Last edited: Apr 3, 2018
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  3. Tex

    Tex High-Roller

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    I’ve been following this and my feeling is they will repeal PASPA.
    The major sports leagues who have always been opponents and filed lawsuits at every turn are coming to realize that there is a huge black market and the possibility of them gaining revenue from legalization is starting to sway their opinion.
    It’s not fair for Nevada to be the only state allowed to have full fledged sports betting.
    The government also has to be very enticed to get their cut of the estimated 150 billion market.
    That’s an incredible sum of money to be taxed.
     
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  4. 93 Octane

    93 Octane Chief bottle washer

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    I'm so ready and my home state--Mississippi-- is prepared to jump on board:clap:
     
  5. smartone

    smartone VIP Whale

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    Sure it is!
     
  6. FABismonte

    FABismonte Low-Roller

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    I did not spot any expected deadline for announcement of the decision in your link. Did I miss it?

    I expect that the Supreme Court will side with New Jersey but it is unclear whether other states will do the legislative changes that NJ did to get around PASPA. My hunch is that other states will eventually stampede into sports betting, just like 40 of the 50 states now have some casino gaming. From the perspective of VMB members, I think the best play is to buy stock in William Hill as I think an established stand alone sports book is the best way to make a play on this upcoming decision.
     
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  7. IxAccDnf

    IxAccDnf VIP Whale

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    What are the chances states will be dealing -110
     
  8. bdautch

    bdautch High-Roller

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    God, I always hated Bill Bradley's rationale for sponsoring that bill. Athletes are people and not chips on a green felt? Come on, man...states need this revenue and can get it without raising taxes. I respect Bradley's awesome basketball career and decent political career but that line of reasoning was always flimsy.
     
  9. Tex

    Tex High-Roller

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    With the talk of leagues like the NBA supporting this but wanting a 1% cut of the $ bet on their games it wouldn’t surprise me to see the vig increase. Possibly even in Nevada eventually.
     
  10. donfairplay

    donfairplay Low-Roller

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    You didn't miss it, it wasn't in the link. But it was in other articles that the decision was supposed to be released April 2.
     
  11. IxAccDnf

    IxAccDnf VIP Whale

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    Dealing -120 is stealing money...I wont be playing
     
  12. donfairplay

    donfairplay Low-Roller

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    Draftkings rakes 20% and doesn't have to pay a "integrity fee" to the sports leagues. Throw in state taxes, and taxes on winnings by the player, 20% would be cheap.
     
  13. ncpokeresq

    ncpokeresq Tourist

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    As several folks have noted it may be that sports betting in new states would require a higher vig to pay taxes, fees, etc. If so the offshore and local bookies might well be able to offer cheaper betting, in addition to "credit" unlike licensed books. To protect the legal books and state taxes, expect local and state law enforcement to suddenly feel the need to pursue the competing illegal/unlawful sportsbooks. DOJ under Sessions probably still will stay focused on weed.
     
  14. vegasvp

    vegasvp Tourist

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    .........which will drive people back to illegal betting.
     
  15. NPLV

    NPLV Low-Roller

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    This just recognizes the reality that people are going to do it no matter what.
     
  16. dmr

    dmr Registered Abuser

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    Around here, race betting is legal, but not other sports. Our local Horseshoe has a William Hill book, but it's race only. Our local horse track has OTB when the races are not running live.
     
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  17. bigalbr

    bigalbr VIP Whale

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    And I would imagine that the hold from the racebooks will be similar to the hold on legalized sports betting if they can get anybody to bet with those odds.
     
  18. macko104

    macko104 Tourist

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    Amazing how fast some states worked....Missouri and Illinois are both ready to put into casinos as soon as Federal Bill makes it legal....don't understand why they wouldn't do the same with on line poker.
     
  19. topcard

    topcard Older than the Stardust!

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    I'm hopeful that Texas will jump on board with this... there are no casinos in Texas, because (as the "argument" goes, casinos are not parimutuel... horses & dogs are, so that's why we allow racing bets.")
    But - with sports betting, it actually is (or can be) parimutuel.
    There are billions of dollars bet on sports in Texas... but all of it is technically illegal... lots & lots of 'bookies' here... pretty much any Texan who gambles knows at least one... (or so I've "heard" ;) ).
     
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  20. IxAccDnf

    IxAccDnf VIP Whale

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    texas racing is on life support