FairWarning
Bells Beer Connoisseur
The states won’t lose s dime, they are just selling a license.
The overall effect of sports betting legalization in many states?
- Thread starter Bucky
- Start date
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.
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.
BenoitPaire2
EOG Veteran
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
BenoitPaire2
EOG Veteran
What do you mean?
They have kiosks at the computer. You put cash in the machine, and you can bet what you want up to $500
BenoitPaire2
EOG Veteran
It got approved earlier this year.. the app is being tested in a couple weeks and it should be up and running by mid August.
FairWarning
Bells Beer Connoisseur
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.
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....
WildBill
2
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.
railbird
EOG Master
Hopefully u get shut out
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.
SlipperyPete
EOG Dedicated
Is there anything like Neteller on the horizon? Or can they use Paypal to fund?
in NJ they take netteller. do not need Neteller. You can use you own checking account. For deposits and withdrawls. Neteller charges $$$
WildBill
2
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.