Sunday, 20 May, 2018

Cuban: SCOTUS decision on sports betting just doubled my team's value

Oklahoma City Thunder v Dallas Mavericks- Game Three Dallas Mavericks owner Mark Cuban has been a vocal proponent of legalised sports betting in the US
Frederick Owens | 17 May, 2018, 13:22

They say they deserve a cut because gambling is entirely dependent on their business, and they need to spend more money to guard against potentially devastating game-fixing scandals.

But what does this mean for bookmakers like Jimmy Vaccaro, who has been doing this work for 41 years? Research by Eilers & Krejcik Gaming put it at around $50bn to $60bn.

Get ready to call your bookie.

New Jersey had led the push to allow states to permit sports betting, with officials seeing it as a way to reinvigorate both Atlantic City and horse tracks across the state. Some might even try to create sports betting applications for smartphones.

Paddy Power Betfair shares shot up by over 10pc on Monday, while shares in William Hill climbed over 11pc.

Some officials see this as a potential game changer for MS casinos, while others are skeptical on just how much additional revenue it would create for the state.

Numerous issues this ruling raises have been around for a long time. For example, he said, would it occur at a physical sports book or could wagers be placed online?

The US has an unusual relationship with sports betting.

During his tenure as a US senator from New Jersey, Bradley was one of the sponsors of the legislation that became the Professional and Amateur Sports Protection Act of 1992.

"Sports are played on a national and sometimes worldwide stage, crossing state borders and involving residents of numerous municipalities", said Rummy Pandit, a gambling analyst with New Jersey's Stockton University. However, in recent years the state's view has changed, primarily under the governorship of Phil Murphy.

That's why this Supreme Court case came about in the first place. The Supreme Court's decision also paves the way for other states to follow suit and allow gambling on athletic sporting events viewed by millions of Americans.

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You could soon start placing bets on sporting events here in MI.

Tax or betting levies is another big factor. The National Basketball Association (NBA) reversed its position in 2014. "For instance, we want to see what the odds are for a game, what's the payout if you bet on the Phillies tonight?" This has been used by all four major professional leagues and the NCAA in its attempt to halt the spread of legalized sports gambling. A person wouldn't have to be at the track to place a bet, but they would have to be within the state of West Virginia. The rest is given back in winnings.

The anti-commandeering jurisprudence prohibits Congress from telling the states how to govern or legislate or spend their tax dollars in any governmental areas not delegated to the Congress. Equally, because sports betting has been prohibited for so long, it isn't clear what kind of stance different state legislators will take. Many may not want sports betting at all. It has been "dormant" since 2013, waiting for the possibility that sports betting could be legal in NY.

The law, as written, also prohibits betting in NY on the state's college teams, or on any athletic event taking place in the state. "Is Britain the future of United States sports betting", it asked in the headline.

Democrat Richard Cordray says it's time to consider sports betting as a way to shore up local funding for police, fire, teachers and those fighting the state's opioid crisis. "We won't take bets from the general public until the legislature says we can".

Betting advertisements on television are so plentiful they can outnumber those for beer and pizza companies on match days. They have a regulator. Fantasy firms have been preparing fully fledged betting products. "And each state will have to make that decision for themselves".

Nevada is unlikely to suffer much.

These are marketing campaigns that very often have to be reined in by the UK Gambling Commission.

"Much like marijuana we have an opportunity here with an industry that is, frankly, common but done in the shadows to bring it out into the open and to regulate it and ensure important consumer protections", said Lesser. The cost of regulating this new industry will likely be passed on to bettors. Location and competition would be major factors in tribes' decisions to add sports betting, he said.

Americans will have one chance to get their approach right.

"We just saw this decision yesterday".

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