The General
Another Day, Another Dollar
http://www.usatoday.com/sports/football/nfl/2005-09-07-betting_x.htm <MORE p Here<>
Sports betting has become big business. Gamblers bet $2.1 billion in Nevada's 174 licensed sports books in 2004, with the books netting a profit of $112.5 million, according to Frank Streshley, senior analyst for the Nevada Gaming Control Board. The 11.8% increase in the "handle," or total wagers, was the first boost in five years.
Nevada's $2 billion handle is a "drop in the bucket," says Sheridan, compared to the sports betting wagered illegally through offshore Internet sites, mob bookies, casual NFL and NCAA "March Madness" pools and fantasy sport leagues.
Most of those billions flow through thousands of online sports books offering what Sheridan calls "credit-card betting." Gamblers can open an account with an Internet sports book and bet from the privacy of their home or office. All they need is a phone or computer.
Streshley, after consulting with the FBI, estimates Nevada's handle at just 2% of sports betting for a total of $100 billion. Sheridan puts the figure much higher: $250 billion to $300 billion. That's almost as much as the U.S. defense budget and more than the gross domestic product of Switzerland in 2004.
"Politicians think Vegas is the sports betting capital of the world. It's not. It's Costa Rica, where most of the offshore books are," says gambling author Stephen Nover.
As in the real sports world, football is No. 1. Pro and college football generated $969 million in betting in 2004, or 46.5% of the handle in Nevada. Pro and college basketball ranked No. 2 at $543 million (26.1%). Baseball was third at $427 million (20.5%).
The U.S. Department of Justice takes the position that anyone engaged in online gambling is breaking federal law. But enforcement is tricky due to the books' foreign locations.
"To my knowledge we've never prosecuted an individual bettor, although we've prosecuted some businesses," department spokeswoman Jaclyn Lesch says.
Las Vegas Mayor Oscar Goodman counters his city is good for sports because it keeps things honest.
"All pro sports, as well as the NCAA, should thank God every day we have sports betting here," says the 66-year old former defense attorney for Meyer Lansky who played himself as a mob lawyer in Casino. "We have the only agency in the world that regulates the honesty of games."
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Sports betting has become big business. Gamblers bet $2.1 billion in Nevada's 174 licensed sports books in 2004, with the books netting a profit of $112.5 million, according to Frank Streshley, senior analyst for the Nevada Gaming Control Board. The 11.8% increase in the "handle," or total wagers, was the first boost in five years.
Nevada's $2 billion handle is a "drop in the bucket," says Sheridan, compared to the sports betting wagered illegally through offshore Internet sites, mob bookies, casual NFL and NCAA "March Madness" pools and fantasy sport leagues.
Most of those billions flow through thousands of online sports books offering what Sheridan calls "credit-card betting." Gamblers can open an account with an Internet sports book and bet from the privacy of their home or office. All they need is a phone or computer.
Streshley, after consulting with the FBI, estimates Nevada's handle at just 2% of sports betting for a total of $100 billion. Sheridan puts the figure much higher: $250 billion to $300 billion. That's almost as much as the U.S. defense budget and more than the gross domestic product of Switzerland in 2004.
"Politicians think Vegas is the sports betting capital of the world. It's not. It's Costa Rica, where most of the offshore books are," says gambling author Stephen Nover.
As in the real sports world, football is No. 1. Pro and college football generated $969 million in betting in 2004, or 46.5% of the handle in Nevada. Pro and college basketball ranked No. 2 at $543 million (26.1%). Baseball was third at $427 million (20.5%).
The U.S. Department of Justice takes the position that anyone engaged in online gambling is breaking federal law. But enforcement is tricky due to the books' foreign locations.
"To my knowledge we've never prosecuted an individual bettor, although we've prosecuted some businesses," department spokeswoman Jaclyn Lesch says.
Las Vegas Mayor Oscar Goodman counters his city is good for sports because it keeps things honest.
"All pro sports, as well as the NCAA, should thank God every day we have sports betting here," says the 66-year old former defense attorney for Meyer Lansky who played himself as a mob lawyer in Casino. "We have the only agency in the world that regulates the honesty of games."
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