The overall effect of sports betting legalization in many states?

FairWarning

Bells Beer Connoisseur
#41
I have said it for years. The money just isnt there. I suspect most states will lose money when all is said and done.

Maine 'passed' it but the Gov didnt sign it. Very bad wording and a lot of loopholes and missing shit.

In a state like Maine the volume will be pathetic. SO whats the tax revenue going to be? I ahve said it over and over and over again/ Sports betting is highly over rated and people throwing around how many billions are bet on what sporting event show their ignorance. You cant tax on volume only 'winnings'/holds. So even if books could hold 10% (which isnt likely at all, its probably around 5.5% average in Vegas even with parlay cards). But they run stories about 'making 300 million' last year(2018). Actually this answers all those points...

https://www.usbets.com/nevada-2018-sports-betting-revenue/

So say a state that doesnt know what its doing and is holding 5% what tax revenue on that? Even if they try and tax at 40%? Its around 2 million for every 100 million held. How many salaries is that? And what guy with any business sense at all is going to open a book when they know theyre going ot pay 40% tax? Mush easier to open a pot store. I suspect that every state that has legalized sports betting also legalized weed.

I do know a couple companies including Draftkings have put in for licenses here, Maine law would have also allowed for online betting which I suppose could open it up to some national based guys who would I am sure negotiate tax issues. But its been put on hold until at least next year.
The states won’t lose s dime, they are just selling a license.
 
#42
I thought the states were in the drivers seat? Didn't the states make up the rules? I thought the states opened up a direct deposit so it was easier for the books to pay them. I am a bit confused.
Some books will go south for sure. They will get taken over by the bigger ones.
 
#43
The states won’t lose s dime, they are just selling a license.
You can only sell a license once. Unless they find people stupid enough to pay yearly fees. Which if they over tax them wont last long.

I think Maine figured they would get 5 million over the first 2 or 3 years in fees and taxes. SO they must figure theyre going to handle 100 million/yr. I highly doubt it but possible I suppose.

Yeah they may find a few people the first couple years who dont have a clue about book making (and thus bad to place bets with probably who will pay ANYTHING to book bets. But anyone with a clue will know how to crunch the numbers just a question on whether those will be online as national books. If so then they can take the variance out of all the individual states.
 
#44
How can you spew off so much bullshit but not realize one of the key points: sports betting brings more people to the casino. At my local casino, the amount of people playing poker, blackjack and slots has increased hugely since the sportsbook open... not to mention, the amount of alcohol they sell has increased from people hanging out at the casino and watching the games. Anything that brings people to the casino is good for the casino. It’s common sense. Same thing in Vegas... all the bars are packed on the weekends at the sportbooks with people buying endless amount of drinks while watching the games they bet in. It all adds up
there are two casinos in Maine and they both suck. Neither has poker and neither have any sort of set up for horse racing or watching sports. There are 5 or 6 OTB which I suspect will see a bulk of the sports betting if it actually get approved. Also its all the INITIAL rush once people get used to it and the 'thrill' wears off the numbers will dwindle. Not to mention you can only get so much money from a stone so once people lose everything they can thats it.

But none of that money will be going to the state other than maybe some sales taxes.

Gov is likely to veto it anyway. Since she hasnt mentioned it at all and its by far the one with the most interest it probably gets a veto and a re-do. ut since she is a fiscal retard its amazing she didnt sign it sight unseen.
 
#45
Well, I know that we live in a big hub for sports and especially with Rhode Island being the only legal outfit, it’s got a huge market, but I’m shocked how busy the sportsbook continues to be despite being in the off season. They have 15 kiosks and 3 cashiers, and many times in the hour or two before the games start, I have to wait a few minutes for a kiosk to open
 
#46
Well, I know that we live in a big hub for sports and especially with Rhode Island being the only legal outfit, it’s got a huge market, but I’m shocked how busy the sportsbook continues to be despite being in the off season. They have 15 kiosks and 3 cashiers, and many times in the hour or two before the games start, I have to wait a few minutes for a kiosk to open


mobile or home computer?
 

FairWarning

Bells Beer Connoisseur
#50
You can only sell a license once. Unless they find people stupid enough to pay yearly fees. Which if they over tax them wont last long.

I think Maine figured they would get 5 million over the first 2 or 3 years in fees and taxes. SO they must figure theyre going to handle 100 million/yr. I highly doubt it but possible I suppose.

Yeah they may find a few people the first couple years who dont have a clue about book making (and thus bad to place bets with probably who will pay ANYTHING to book bets. But anyone with a clue will know how to crunch the numbers just a question on whether those will be online as national books. If so then they can take the variance out of all the individual states.
Depending on the state, the license will price the little guy out, so it will be the usual suspects owning them I would think the license could be sold like a liquor license if a book wanted to pull out of the state and the state limits the amount of licenses.
 
#51
yes it should be like that. Problem is all states operate independently . New jersey only allows 3 casino's per owner. NJ law is being tested thru Eldorado resorts once the sale goes thru. Eldorado has 4 casino's in NJ... The CEO of Eldorado did say he will be selling some casino's after the dust clears. I would guess bally's will be sold. Nevada on the other hand is the wild west. The sports books in NJ only have 3 sports books but the odds software has turned NJ's 14 books into about 6. That number will go up when Nevada's CG Tech , wynn and others enter NJ market place next month. I wish all the places were independent. No software copying.
 
#52
yes it should be like that. Problem is all states operate independently . New jersey only allows 3 casino's per owner. NJ law is being tested thru Eldorado resorts once the sale goes thru. Eldorado has 4 casino's in NJ... The CEO of Eldorado did say he will be selling some casino's after the dust clears. I would guess bally's will be sold. Nevada on the other hand is the wild west. The sports books in NJ only have 3 sports books but the odds software has turned NJ's 14 books into about 6. That number will go up when Nevada's CG Tech , wynn and others enter NJ market place next month. I wish all the places were independent. No software copying.
it will all be that way eventually I am sure. thats the way it is. everyone will be a clone of everyone else. What I dont understand is now that its legal to bet sports and also bet them online why Pinnacle, or any of the other 'offshore' places worth betting at, havent come back to those states that have allowed it. Probably because anyone betting enough to actually make a difference wouldnt bet with a state side facility....
 
#53
it will all be that way eventually I am sure. thats the way it is. everyone will be a clone of everyone else. What I dont understand is now that its legal to bet sports and also bet them online why Pinnacle, or any of the other 'offshore' places worth betting at, havent come back to those states that have allowed it. Probably because anyone betting enough to actually make a difference wouldnt bet with a state side facility....
They would never get licensed. Party had to pay off a lot of bogus fines just to get into the good graces of some regulators, but some states will never forgive them for having been what some wanted to call an illegal online gambling site before they shut down US ops.
 

DotPark

EOG Addicted
#55
Benoit.....
Scheduled to take ride down from Boston on Thursday aft to bet MLB getaway day games w/ my brother who lives near Twin Rivers.
Looking fwd to it but I expect to be disappointed.
 
#56
They would never get licensed. Party had to pay off a lot of bogus fines just to get into the good graces of some regulators, but some states will never forgive them for having been what some wanted to call an illegal online gambling site before they shut down US ops.
Not sure they could be stopped. If its an 'open market' (I know most people want to make that disappear) any company should have the right to apply. I suspect Pinnacle has a GLOBAL (ironically the people who want to end free markets love global opinions) reputation second to none. So I doubt there could be a legit reason for them NOT to be licensed. These fly by night fantasy platforms that have now shifted to gambling have been scams from the get go. They were also deemed 'illegal' at one point as well. But now have seemingly been welcomed with open arms.

Only thing I could think is probably Pinnacle wouldnt want to pay the price for doing business with all the crooked politicians they would have to grease. But I would love to see them open their IP up again and give the US a big middle finger.
 

Valuist

EOG Dedicated
#60
Was at the new Presque Isle "sportsbook" in Erie, PA last week. I put quotes around sportsbook because it is basically a number of kiosks. They had one clerk for wagers of $3000 or more. How long before they figure out a way for kiosks to ban players?
 
#62
Was at the new Presque Isle "sportsbook" in Erie, PA last week. I put quotes around sportsbook because it is basically a number of kiosks. They had one clerk for wagers of $3000 or more. How long before they figure out a way for kiosks to ban players?
When you have to pay out 36% of your profits to the state and share your earnings to pay the rent, you basically can't afford any costs. Tellers are pretty rare at other PA sportsbooks as well, they were mostly put in to teach you how to go use a kiosk.
 
Top