Supreme Court Ruling on Sports Betting

[Wiseguy]

Will the sports betting decision shut down your bookie? Don't bet on it...
Ted Sherman, NJ.com
May 14, 2018

Three years ago, the Feds took down a Costa Rica-based internet sports betting operation that called itself Beteagle.com, run by a group of guys known by nicknames like "Frankie the Flea," "The Worm," and "Harpo."

According to the U.S. Attorney's office, it was all part of a mob-backed multi-million-dollar scheme that used intimidation and threats taking book on pro football other professional sports.

Many other offshore ventures continue to operate outside the boundaries and laws of the United States.

So will Monday's Supreme Court decision opening the way to legalized sports wagering ultimately shut down such operations?

It depends, says Chris Grove, an analyst with Eilers & Krejcik Gaming LLC, a research and consulting firm focused on the gaming industry.

"A large part of that question has to do with how regulated sports betting will be when it rolls out," he said.

If there are reasonable taxes and license fees and a friction free experience, he expects that will take a significant chunk out of the black market. But if customers are hit with high taxes, or have to "jump through hoops" to put down a bet, then Grove said more will likely stay with their bookies and offshore internet accounts.

"It's a very competitive product and policy makers have to be aware of that when they come up with regulations," he said.

And it's not only that a better can try to evade taxes by going through a bookie.

Illegal sports betting operations allow those who put money down on the big game of the week to bet on credit--even if they face the prospect of getting their leg broken if they don't pay up.

Dan Etna, partner and co-chair of the Sports Law Group at Herrick, Feinstein in New York, said the Supreme Court decision "is not an immediate death blow to the underground gambling industry, which has millions of customers and affords bettors an advantage that legal sports gambling currently does not--a week's worth of credit before settlement."

According to a 2017 report by Eilers & Krejcik, Americans bet up to $60 billion annual on sports via offshore websites and bookmakers. But others have estimate the underground industry may be worth more than $150 billion a year.

Much of that is based in places in the Caribbean and Central America and elsewhere outside the United States, made accessible by the internet.

"There's not too many local bookies around anymore," observed Newark public safety director Anthony Ambrose. "A lot of it migrated offshore."

Ambrose added that the Supreme Court decision will also not legalize anyone taking sports bets.

"If you're getting a piece of the action, then it's still going to be illegal," he said.

How it all plays out will take some time, said Rummy Pandit, Executive Director of the Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism at Stockton University.

"This is not going to change things overnight," Pandit said of the decision. "There will be a time lag before it's implemented. But once it's done, I think it's going to have a significant impact on the gaming industry."

Like online gaming in Atlantic City, Pandit believes sports betting will start out small, but continue to grow and grow.

Still, he also did not believe that illegal sports betting through bookies and internet accounts will entirely disappear.

Some will always prefer to keep their bets with a guy who doesn't collect taxes on the winnings, he said.

https://www.google.com/amp/s/articles.n ... on_shu.amp

[Pogo The Clown]

Just another way for the beast to further bleed the citizenry of the little money they have left.


Pogo

[NickyEyes1]

2% on wagers, not even winnings? Good luck getting that from the casinos. Greedy bastards

[Wiseguy]

Just another way for the beast to further bleed the citizenry of the little money they have left.


Pogo

Yup. While constitutionally it should be a state decision, that doesn't mean a state legalizing gambling is a wise decision. That's where even I'll admit the hypocrisy of the government is glaring. They prosecute something because it's bad but then legalize it, regulate it, and it suddenly becomes good? Don't think so. Alcohol and tobacco are prime examples. Because they are legal and therefore more available, they do more damage to society than all the illegal drugs combined.

[SILENT PARTNERZ]

Major league executives are taking meetings with bookies

Everyone, it seems, wants to grab a piece of the expected sports gambling windfall. A major league sports team executive met with the owner of a bookmaker last week to pitch sponsorship opportunities, The Post has learned. While leagues have looked to grab a piece of the what could become a $10 billion-a-year sports gambling business in New Jersey — mostly through a hoped-for 1 or 2 percent integrity fee attached to each wager — the revelation that individual teams may now be interested in partnerships means in-stadium advertising for bookmakers could be coming down the road.

Read more: https://nypost.com/2018/05/14/major-lea ... h-bookies/

In England, many of the football teams have the betting companies as sponsors on their
game jerseys. Some of the stadiums are named after the betting sites. Commonplace
over there. PErhaps a business model that will be copied. Liverpool FC is owned by
the Boston Red Sox group. With the big $ that is to be made out of any arrangements, they
already have the plans drawn up. Just waiting to be implemented.

[Stroccos]

Major league executives are taking meetings with bookies

Everyone, it seems, wants to grab a piece of the expected sports gambling windfall. A major league sports team executive met with the owner of a bookmaker last week to pitch sponsorship opportunities, The Post has learned. While leagues have looked to grab a piece of the what could become a $10 billion-a-year sports gambling business in New Jersey — mostly through a hoped-for 1 or 2 percent integrity fee attached to each wager — the revelation that individual teams may now be interested in partnerships means in-stadium advertising for bookmakers could be coming down the road.

Read more: https://nypost.com/2018/05/14/major-lea ... h-bookies/

Maybe the my will bring in Pete rose to head the gambling biz or the mlb

[Stroccos]

Compulsive gambling, also called gambling disorder, is the uncontrollable urge to keep gambling despite the toll it takes on your life. Gambling means that you're willing to risk something you value in the hope of getting something of even greater value.

Gambling can stimulate the brain's reward system much like drugs or alcohol can, leading to addiction. If you have a problem with compulsive gambling, you may continually chase bets that lead to losses, hide your behavior, deplete savings, accumulate debt, or even resort to theft or fraud to support your addiction.

Compulsive gambling is a serious condition that can destroy lives. Although treating compulsive gambling can be challenging, many people who struggle with compulsive gambling have found help through professional treatment.



I owe money to the bookie.
Listen to yourself.

Nothing worse then being out of action cornerboy

[Cheech]

is Cornerboy that poor bastard VegasMikey from GBB?

guys. we'll see how this goes. so far like i thought most articles are reporting inaccuracies and quotes by people who have no clue. one guy said local bookies are gone most moved off shore. no the local bookies are right there. the website is offshore. the square up money stays right here.

im sure the government will fuck this up like always/ NY racing is bankrupt which is near impossible. the online poker was a mess. we'll see but not optimistic this will meet expectations.

deleware they let you bet parlay cards like a sucker

[Cheech]

2% on wagers, not even winnings? Good luck getting that from the casinos. Greedy bastards

2% is crazy high. end of year you're walking away with less than 10% from the handle as a book.

[moneyman]

My initial impression is that the biggest benefactors are people who bet on sports online. I'm assuming it will now be legal to collect winnings and pay debts etc online and not have to go through a mob bookie or whatever.

[Wiseguy]

My initial impression is that the biggest benefactors are people who bet on sports online. I'm assuming it will now be legal to collect winnings and pay debts etc online and not have to go through a mob bookie or whatever.

Monday's decision only allows states to control gambling within their own borders. It does not open the door for interstate online gambling, or placing online bets with foreign sports books. That would require additional legislation or lawsuits.
http://money.cnn.com/2018/05/14/news/co ... index.html

[moneyman]

My initial impression is that the biggest benefactors are people who bet on sports online. I'm assuming it will now be legal to collect winnings and pay debts etc online and not have to go through a mob bookie or whatever.

Monday's decision only allows states to control gambling within their own borders. It does not open the door for interstate online gambling, or placing online bets with foreign sports books. That would require additional legislation or lawsuits.
http://money.cnn.com/2018/05/14/news/co ... index.html

Ah thanks, I stand corrected.

[Stroccos]

2% on wagers, not even winnings? Good luck getting that from the casinos. Greedy bastards

2% is crazy high. end of year you're walking away with less than 10% from the handle as a book.

Can u imagine if they pass this along to the bettor ,
The leagues shouldn’t get a dime from it in my opinion ,

[Cheech]

2% on wagers, not even winnings? Good luck getting that from the casinos. Greedy bastards

2% is crazy high. end of year you're walking away with less than 10% from the handle as a book.

Can u imagine if they pass this along to the bettor ,
The leagues shouldn’t get a dime from it in my opinion ,

Not one penny. They already rake everything and everything

[Cheech]

Here is what 2 “respected” sports gamblers said on twitter today about it