Legalizing sports betting in the U.S. will be bad news for local street bookstores and the unregulated offshore gambling market on the Internet.
But could this idea hurt the Nevada sports betting industry?
For example, if a legitimate sportsbook appeared in an Indian casino in California, would Streep’s luxury gambling facilities dry up? No answer is needed at this time. Legal sports gambling has a long way to go before it surpasses Nevada.
However, expanding our activities has become interesting again over the past few months.
Commissioners in three of the four major professional sports leagues, led by Adam Silver of the National Basketball Association, said legalizing sports betting would eventually have to be addressed by their committee. 슬롯머신
The Washington-based American Game Association (AGA) wants its members to choose the best course to take on the theme. ESPN The Magazine devoted much of its Feb. 16 issue to sports betting, including a lengthy article about Silver and Bill Walters, a Las Vegas resident and famous sports gambler.
A Minnesota lawmaker introduced a bill this month to legalize sports gambling in the state.
First of all, the Professional and Amateur Sports Protection Act, known as PASPA, is somewhat blunting these discussions.
The PASPA, enacted by Congress in 1992, confines legal sports gambling to Nevada, Delaware, Oregon, and Montana. Unlike Nevada or its state-of-the-art multi-million dollar sports gambling centers, the rest of the states only offer gambling through small-dollar gambling places or lottery tickets.
Before the PASPA is removed from Congress, the U.S. Supreme Court will have the final say on sports gambling in any other state.
New Jersey has been fighting since 2012 to legalize sports gambling at Atlantic City casinos and racetracks as a way to support the state’s declining gaming industry. A federal judge blocked New Jersey’s efforts in November, though supporters expect the court of appeal to raise the issue this year.
Supporters of sports betting in Minnesota want to challenge PASPA, saying the state has casinos and racetracks and is using gambling revenue to build a new stadium for the NFL’s Minnesota Vikings.
Debates revolve around money. States want to tax the movement to make up for budget shortfalls. Meanwhile, athletic leagues may demand cuts.
Supporters have long said that pulling sports gambling out of the shadows ensures the integrity of the game and protects customers.
All of this is good and good, but nothing changes unless PASPA goes away.
In a November New York Times op-ed, Silver said sports gambling is flourishing as an underground industry despite the PASPA. He said the state should allow gambling on professional sports to be legalized and regulated.
Boyd Gaming Corporation CEO Keith Smith doesn’t believe that sports gambling should expand to all gaming markets, although the idea has some advantages. Boyd operates casinos in eight states, including nine in Las Vegas and the Borgata Hotel Casino and Spa in Atlantic City.
“We make money from sports books,” Smith said. “We provide good amenities, and they’re profitable. I’m not sure sports betting belongs to all states.”
Jay Cornegei, who manages the 30,000-square-foot superbook at Westgate Las Vegas Resort & Casino, said other jurisdictions “will have a hard time mimicking Las Vegas.” He doubts the Iowa Riverboat Casino Sportsbook will match Las Vegas during the Super Bowl weekend or March Madness.
“There’s still a lot of reason to come here,” he said.
Most of Nevada’s major game companies, MGM Resorts International, Wynn Resorts, Limited, Caesars Entertainment Corporation, Station Casino, and Inc., own and operate sports books. Single casino companies hand over back-and-forth sports and racing to managers to reduce risk.
CG Technology manages the sports books for nine casinos in Las Vegas, including Venetian, M Resort, and Hard Rock. William Hill US has nearly 24 locations, including D Las Vegas, SLS Las Vegas, and Silver Seven.
Both companies will be looking to seize the opportunity outside Nevada.
The amount that Nevada casino customers pay for sports has increased over the past five years, respectively. Gamblers pay $3.9 billion for sports in 2014, up 7.7 percent from 2013.
Analysts credit the growth with technology. Many sportsbooks offer mobile applications for smartphones and tablet computers, and in-game bets that allow customers to place bets on ongoing games.
Gary Bettman, the commissioner of the National Hockey League, said this month that sports gambling doesn’t worry him. The NHL is “not as big a factor in betting as football and basketball.”
That’s right. Because hockey players’ bets are so small, the Nevada State Gaming Regulatory Commission does not distinguish the numbers. In comparison, Nevada gamblers bet $400.7 million on college and professional football in November, a one-month record for the sport.
Bettman said sports betting would have to be a consideration for NHL owners if a franchise made landfall in Las Vegas, including whether a betting line could be established for games involving home teams.
Until 2001, sports books were not allowed to bet on football or basketball games involving teams from the University of Nevada, Las Vegas and the University of Nevada and Reno.
Kornegay summed up the sentiment of the sports book industry if the NHL implements a similar ban.
“It would be weird to accept bets on our college teams and not our local professional franchises,” Kornage said. “I think it would send the wrong message to the rest of the country. Hopefully, that won’t be a factor in Las Vegas getting a team.”
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