sports gambling

sports gambling

5 myths of sports betting legalization

Daisy Henry

Daisy Henry

This author is a HUGE fan of Sports Betting
Daisy Henry

Purdum, an expert on the subject, has been vocal in his belief that online sports gambling will need to be a big part of the new legalization plan, and I share his belief, as betting on a phone and computer is simply much more convenient than driving to a brick-and-mortar sports book and making a wager. Legalized sports betting would elevate these now somewhat esoteric notions into the mainstream conversation about sports. I will likely have to put money on deposit to do so. When I lose this money, it’s gone, and I can’t bet until I put more money on deposit. If something shady were to occur in a game around a betting proposition, raised awareness by the public about gambling in general would help highlight any improprieties before, during and after the match.

I see the same trend happening if sports betting gets legalized in the U.S. This year, it is on pace to welcome a record 40 million visitors. 4: It will damage the sports betting business in Las Vegas

Las Vegas sports book operators are already looking to expand to other states. The experience of going to Vegas is becoming less and less about putting down a sports bet and more and more about the experience of everything else. Illegal sports betting has some characteristics that can lead to problem gambling more than legal betting would.

“One of the things that makes sports betting so interesting is that it is probably by far the most widely participated in form of illegal gambling. Say I set up an account with Legal Sportsbook A. The U.S. 2: It will create more “problem gamblers”

Myth No. This mirrors a similar concern that some had 25 years ago when Indian and commercial casinos began sprouting up all over the U.S.

Mr. operation for the U.K. There are no credit checks or margin calls until it is time for me to pay. John McCain (R-Ariz.) also recently said that Congress needs to hold hearings to discuss legalizing sports betting.

Here’s an example. In order to grow the pie large enough, these conveniences must be provided to gamblers. How will it be regulated? How involved will the government be? Will it be federal enforcement or on a state level?

. Concerts, shows, high-end nightclubs and restaurants draw people to Vegas as much as the gambling does. Illegal gambling is one of the factors that’s associated with gambling addiction,” Keith S. Are fewer people gambling because they can do it in their home state?

This is the easiest myth to dispel. Since sports gambling is currently something that happens in the shadows, problem gamblers are likely to hide in that shadow until it is too late.

I understand the argument that legalized sports betting could expose more people to gambling and the increased ease and access will create more problem gamblers, but I simply don’t buy it. In addition, customers are far more inclined to place a wager when they don’t have to put any money down.

Until many of these questions are answered, it will be difficult to draw any hard conclusions about the ramifications of legalized sports gambling in the U.S.

The National Council on Problem Gamblers has found that problem gamblers are most often involved in illegal gambling, so moving toward a model where more gamblers are doing it legally can only help.

Once games happen, the stats are public domain. There are going to be a lot of hands in the cookie jar. Those who believe that legalized sports betting will lead to more risk of game fixing simply don’t understand why games are fixed. bookmaking powerhouse William Hill has already set up an operation in New Jersey, and MGM CEO Jim Murren has said his company is interested in expansion.

There is simply no way the leagues could ask for a percentage piece of gambling revenue, as this would result in a huge conflict of interest. I am concerned that the overall pie, even with online gambling, may not be large enough for the leagues to make the money they are hoping for.

In addition, game fixing would be easier in a world where fewer people track or are even aware of things like point spreads and over/under bets. Yes, trademark images and logos would be a different story, so I could see the leagues getting marketing deals, but I don’t see that as a huge windfall for the leagues.

Here are the top five myths about legalizing sports betting and why they’re wrong:

Silver echoed this sentiment when discussing his personal revelation in an exclusive interview with ESPN. Whyte, executive director of the NCPG, told my ESPN colleague David Purdum.

And I have heard some mention licensing fees for data, but haven’t we already covered that in lawsuits against both the NBA and Major League Baseball Advanced Media (MLBAM)? In both cases, statistics and data were ruled to be public, not a private asset for which the leagues could charge a license fee.

There are a lot of unanswered questions regarding legalization of sports gambling in the U.S., and it will be fascinating to watch how it unfolds in the next few years. In the past two decades, although total revenue has risen, percentage of revenue from gambling has decreased from close to 60 percent to last year’s 38 percent. District Court Judge Mary Ann Medler ruled in favor of CBC, stating that “statistics are part of the public domain and can be used at no cost by fantasy companies.” One would infer that the same would apply to legal bookmaking operations.

The real value for them will be potential marketing dollars and increased fan engagement, not licensing fees for data or direct revenue from wagering.

While it seems that the question of legalizing sports betting presently is more of an if than a when, there remains a great deal of uncertainty regarding what it would look like. In the latter case, I set up a credit arrangement with Illegal Book B and we agree that I will pay every time I go over $1,000. Some are based on a time frame, while others are based on going over agreed-upon limits. Sen. However, there are certainly some myths that I believe can be dispelled.

In the most relevant case, CBC, the parent company of CDM Sports, a fantasy provider, sued MLBAM after being denied a new fantasy sports license. Second, operators will need to run a cost-effective business, which may prove difficult if there are a lot of other hands to feed besides the government.

Those who believe this simply don’t understand how sports betting with a bookie works. This is the type of financial recklessness associated with problem gambling.

The thought process here is that with legalized sports betting available locally, there will be less interest in making the trek to Sin City to wager on sports. In addition, asking for a percentage based on the overall handle (total amount wagered) will cut into the margin of the sports books too significantly.

Myth No. If it’s legalized, there will be huge changes, but some assumptions are simply off.

Since bookies will not have to pay taxes or licensing fees, they will be able to offer better margins or incentives to their customers. 1: It will result in large revenue for the leagues

When I think about the best way to legalize sports gambling from a logistical standpoint, I get a headache. But let’s say I have a bad losing streak and end up down more than $1,000. Maybe more so.

The topic of federal legalization of sports betting has been brought up before, but it has gained steam since Adam Silver’s November New York Times op-ed and after Silver’s cover story in ESPN The Magazine’s Gambling Issue. The two biggest reasons people bet with bookies (beyond the lack of alternatives) are the convenience and the line of credit. “But for the FBI knocking on our door and notifying us about Donaghy’s betting, none of the systems that we then had in place had captured any betting by Tim Donaghy.”

At any rate, I really don’t see legalized sports betting in other states having a big impact on the sports betting business in Vegas.

Myth No. It’s a pretty reasonable assumption that it’s easier to fix a game in an environment where most of the money wagered is impossible to discover or track by the government. U.S. 5: It will create greater risk for game fixing

Furthermore, once sports betting becomes legal the negative stigma behind it will eventually disappear, which will make it a bit easier for problem gamblers to ask for help. 3: It will put local illegal bookies out of business

Myth No. Vegas has had to reinvent itself as a place that is about more than just gambling. Many bookies will allow me to get more credit and continue to gamble. These days, most bookies provide both a phone number and website where bets can be made.

My answer is a solid maybe. (It’s common for bookies to offer rebates to their big customers.) This will be difficult for legal bookmakers to compete with.

Those betting with bookies have predetermined settlement terms. This is not how most bookies work. In fact, there’s an argument that exposing more people to sports gambling in their native states will make the general concept of sports gambling more approachable, ultimately leading to a larger overall percentage of sports fans-turned-gamblers.

Myth No. First off, the government will only legalize if it is going to get significant revenue. This credit relationship will be hard for many gamblers to give up.

In that time span, we all know that Vegas has flourished. “The Donaghy controversy also made me aware how important it is that we have a way of monitoring irregular activity on our games,” Silver said

Sports betting vs. the stock market: Which is riskier?

Daisy Henry

Daisy Henry

This author is a HUGE fan of Sports Betting
Daisy Henry

People often invest in funds that buy dozens or even hundreds of stocks, which helps reduce the risk.

Such hedging tools are not as readily or even feasible to sports gamblers, Fine said. A bettor gambling on the Green Bay Packers will instantly lose his or her entire $500 bet if Aaron Rodgers and his teammates fail to win or cover the spread.

A stock can theoretically be held onto for an infinite amount of time, but a sports bet can end in the blink of an eye. For example, a stop-loss order instructs a broker to dump a stock when it tumbles below a specific price. He asked for his identity to be withheld due to legal concerns.

That’s the percentage of time that Stovall’s research shows the S&P 500 — the gold standard in the stock market — has increased in value during the years since 1926. The stock might go up and down some, but it typically doesn’t go to zero.

“A lot of people regard investing as gambling, but I frequently say no.

In the long run, investors have the chance to make more money because there are fewer downside risks.

Those are pretty good odds.

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Even the unlucky investors who jumped into the market at its peak in October 2007 eventually made their money back when stocks reclaimed their pre-recession levels in 2013.

“A large, steady company has a low chance of plummeting and causing you to lose all your money, but even Peyton Manning doesn’t cover the spread sometimes,” he said.

The same can’t be said for those who bet big on the Denver Broncos last Super Bowl. Gambling on sports may be more fun, but it’s definitely a more risky use of money than putting it in the stock market.

CNNMoney (New York) First published August 31, 2014: 8:14 AM ET

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They both believe they can predict the future, and they sometimes fall into the trap of making decisions with their hearts instead of their brains.

However, someone sinking $500 into Apple stock has little risk of losing that entire initial investment, especially in the short term.

At the same time, investing in stocks actually carries higher upside potential.

Related: Apple and 9 other stocks hit new records

Investors also have the ability to spread their money out among many stocks.

“You can hold onto your betting tickets all your life, but you’re not going to get squat,” said Stovall. It’s easy to see why fans may be tempted to gamble on their favorite teams and athletes.

Manning is really, really good at what he does for a living.

Related: 4 reasons September could be good for stocks

The betting appeal: Americans bet an estimated $380 billion each year on sports.

But take it from one person who has lots of experience in both worlds. And in neither instance can you be guaranteed to be correct,” said Randall Fine, managing director of The Fine Point Group, one of the casino industry’s largest consulting firms. While many stocks offer steady returns, investors sometimes hit the jackpot (think: buying Apple back in early 2009 or Tesla in 2012).

“You’re making a wager based on some facts and some intuitions.

To put it another way, the stock market is a lot more forgiving than the MGM Grand (let alone your local sports bookie).

All or nothing: Gambling on sports tends to be a zero-sum game. Which casino in Atlantic City, Las Vegas or Macau pays the bettor 73% of the time?” said Sam Stovall, chief investment strategist at S&P Capital IQ. Gambling on football star Peyton Manning to win might seem like a safe bet, especially compared with picking winners in the stock market. Heck, even his commercials are funny. And of course, they both hate to lose.

But don’t let those similarities fool you.

“Betting is more difficult and riskier,” said one resident of Hoboken, New Jersey, who bets on illegal gambling sites and also invests in stocks.

Related: How $2 billion Clippers bet could pay off

Gamblers and investors also have far different time horizons.

And investors have greater access to tools that can minimize the risk of losing money

Online sports gambling ring bust nets 17 suspects | Reuters

Daisy Henry

Daisy Henry

This author is a HUGE fan of Sports Betting
Daisy Henry

A phone call to his home was not answered.

(Reporting by Victoria Cavaliere; Editing by Simon Cameron-Moore)

Enterprise corruption is a violation of New York State’s Organized Crime Control Act, the release said.

Fourteen of the defendants have been arrested, and three were still being sought, the Queen district attorney’s office said. Three of the accused were based in New York.

The suspects, spread between Nevada, California and New York, were charged in a 126-count indictment with enterprise corruption, money laundering, promoting gambling and conspiracy, Queens District Attorney Richard Brown said in a press release.

“There are some who would argue that Internet gambling is a victimless crime. I very much disagree,” Brown said.

The alleged ringleader of the gambling enterprise, Cyrus Irani, 37, “decided on wager limits, approved new accounts and all money collected eventually funneled up to him,” the release said.. The three suspects arrested in New York were arraigned in Queens Supreme Court and pleaded not guilty, the New York Times reported.

According to the indictment by a Queens County grand jury, the gambling operation used offshore internet websites and 800 phone numbers to serve more than 2,000 active gamblers placing wagers on sports including football, basketball, baseball, hockey.

Irani was arrested at his home in Santa Clarita, California, on Wednesday KTLA-TV reported.

LOS ANGELES Seventeen people in three states have been charged with operating an illegal sports gambling ring that utilized offshore websites to book more than $32 million in bets each year, prosecutors said on Wednesday.

The indictments came after a 20-month-long investigation by federal and New York law enforcement.

The accused allegedly accepted payments using credit cards and bank deposits ranging from $5,000 to $270,000, the press release said.

It was unclear when Irani would be arraigned or how he intended to plead