jnchapel + sports-betting   75

Sports fans, welcome to our new gambling hell
"If you are not already a sports gambler, you're about to have your regularly scheduled sports programming interrupted by some dude with thick eyebrows telling you about his Inside Info."
sports-betting 
7 weeks ago by jnchapel
NFLPA's Casey Schwab says legalized betting can affect player privacy
"Schwab said that while athlete protection is the priority, he realizes that legal sports betting also presents potential opportunities for players. The current NFL gambling policy prohibits players from doing deals with entities affiliated with gambling. The players' association has looked at potential alternative opportunities, including using their biometric data as content for a subscription product for fans and bettors."
sports-betting  data  privacy 
9 weeks ago by jnchapel
For first time, gamblers bet on sports at Meadowlands Racetrack
"Saturday ... the track featured the biggest harness race of the year, the Meadowlands Pace, and a new attraction: sports betting. So the vast parking lots surrounding the track were nearly full. By the end of the night, not only did [Gural's] horse, Six Pack, win the sixth race, but gamblers had put down a total of $560,000 in bets, more in a single day than at New Jersey’s other newly opened sports betting parlors. By Sunday noon, the Meadowlands sports book had taken in another $220,000."
sports-betting  horseracing  new-jersey  meadowlands 
9 weeks ago by jnchapel
First month of New Jersey sports betting: $16 million in wagers, $3.5 million in revenue
"NJ data is separated by operator, of which there are currently three. The revenue numbers break down like this, bearing in mind that the Ocean Resort Casino just opened on June 28: Monmouth Park: $2,279,166; Borgata: $986,831; Ocean Resort Casino: $192,671."
sports-betting  horseracing  new-jersey  monmouth-park 
10 weeks ago by jnchapel
Delaware sports betting numbers for first 20 days: $1 million revenue, $7 million handle
"The state’s racinos keep 40 percent of the remaining revenue; here’s how the three tracks made out in June: Delaware Park – $263,924; Dover Downs – $57,293; Harrington – $31,039. About ten percent of remaining revenue — $85,353 this month — is allocated to horse racing purses."
sports-betting  horseracing  mid-atlantic  delaware-park 
10 weeks ago by jnchapel
Safe bet: Legal gambling could change the way we watch, talk and experience sports
"Gambling talk was mostly verboten by traditional media and frowned upon by the leagues, but companies are suddenly angling for space. The idea is that an entity such as the Action Network or Vegas Stats & Information Network (VSiN) — another media company focused on sports betting — would be positioned like CNBC or Bloomberg News: supplementing more traditional coverage that's provided elsewhere with specifically focused content."
sports-betting  media 
11 weeks ago by jnchapel
When sports betting is legal, the value of game data soars
"The debate over official data is one facet of a still broader set of questions: How should sports data from any source, official or unofficial, be regulated, monitored and purchased? Who should settle a dispute over whether an in-play bet was won or lost? Does real-time data from a sporting event, like the sounds of a musical performance, have a claim to royalties and copyright protection for those who produce it? By creating a sort of monopoly, could a mandate for official data actually do more harm than good? ... Some legal experts, like Ryan Rodenberg, an associate professor of sports law at Florida State University, believe that, as with musical recordings and other copyrighted material, courts will find that real-time sports data is owned by those who produce it: the leagues and their players. Others dismiss that view. Marc Edelman, a professor of law at Baruch College, said he believed that only 'pre-scripted' events were subject to copyright — meaning that while professional wrestling performances might qualify, football, basketball and other true competitions would not."
sports-betting  data 
11 weeks ago by jnchapel
Let’s do a sports book
"The existing record (based largely on Nevada's, and to a lesser extent New Jersey's online betting experience) suggests that the current casino licensees — Penn National at Plainridge Park, MGM Springfield, and Wynn Resorts in Everett — would be the most effective vehicles through which to implement the Massachusetts sports betting regime under the regulatory oversight of the Gaming Commission. Each is eager to add a sports book to their own offerings, and they could function as the intermediary for expanded online offerings outside of the brick and mortar of their physical premises as may be subsequently approved by the Legislature. There is an added benefit to the Commonwealth, since sports books at casinos would likely increase the appeal of the casinos. Casino revenues would likely increase as the sports bettors drawn to them patronize the casinos' table games and slots. As discussed before, that business is higher margin for the operators and is subject to higher tax levels. Thus, there is the tangible prospect of a significant net boost to the state's finances beyond what is strictly generated by sports bets alone."
sports-betting  massachusetts 
june 2018 by jnchapel
No sports betting law passed in New York; pro leagues lose out on royalty fee
"The form of the fee changed a couple of times during the [NY] process. Final versions of the bill would have given the leagues a fifth of a percent of all wagers. Earlier drafts included a quarter-percent to the leagues, but with a cap of two percent of revenue. Either would have handed them an enormous victory as they fight for a cut of sports betting revenue. After striking out on integrity fees in West Virginia sports betting and New Jersey sports betting laws this year, the leagues looked at New York as their best chance. They likely hoped to hold up the New York sports betting legislation as a model for other state legislatures to copy. Without a law, the leagues essentially go back to the starting line with other states as they consider sports betting."
sports-betting  new-york 
june 2018 by jnchapel
Monmouth Park racing not 'cannibalized' on first weekend
"For the weekend, on-track handle for the two days was up 18 percent, while attendance jumped 21 percent, which equates to more money spent on concessions. 'I attribute the numbers to two things,' Drazin said. 'I think the bundled stakes program (on Sunday) is well received by the public, and I think sports betting really brought a lot more people in and they were the kind of people wo were wager on racing, too. Frankly, it's not even football season. There's not even that much going on. There's World Cup, there's baseball and there are futures, but this is probably a fraction of what we will see in football season' ... the question now is how much money the track made on sports betting."

See @o_crunk thread: https://twitter.com/o_crunk/status/1008696521536212992
horseracing  sports-betting  new-jersey  monmouth-park 
june 2018 by jnchapel
The 'homer effect': A new bookmaking quandary
"When the odds to win Super Bowl LIII were posted last Thursday at Monmouth Park in New Jersey, there were no signs of regional bias, no apparent concerns from bookmakers that they'd be overwhelmed, for example, by bets on the Philadelphia Eagles from local fans. The Eagles were 17-2 to win the Super Bowl at the new William Hill sportsbook at Monmouth Park, just like they were at the William Hill sportsbook at Casino Royale on the Las Vegas Strip. Philly's Super Bowl odds were 8-1 at the Borgata in Atlantic City, an MGM property; they were also 8-1 at the MGM Grand in Las Vegas. Until recently, this wasn't something Las Vegas had to deal with, but it's coming."
sports-betting 
june 2018 by jnchapel
You can't bet on Rutgers: The first day of sports gambling in New Jersey
"That guy who tweets in all caps was there, just like in Delaware, screaming at the top of his lungs and placing a $5,000 bet on the White Sox. They lost, 5-2; he said he also lost $4,000 in Delaware. He sells picks, too, if you'd like to share in that success."
horseracing  sports-betting  new-jersey  monmouth-park 
june 2018 by jnchapel
NJ sports betting: The case for Justify running in the Haskell
"And as I stood in the north end of the grandstand on Thursday morning, where the Monmouth Park Sports Book by William Hill was the epicenter of the state's new sports betting industry, it was apparent why it's so important the track land Triple Crown winner Justify for Haskell Day on July 29. The stakes have been raised, and introducing sports betting to a broader audience, thus taking full advantage of a potentially game-changing alternative revenue stream for the financially troubled racetrack, is the single-most important function of the current meet. If horsemen want more racing days and higher purses in the future, it starts with bringing the sport's latest superstar to the area."
horseracing  sports-betting  new-jersey  monmouth-park 
june 2018 by jnchapel
Two $20 bets, and they're off to sports betting in New Jersey
"Our goal is to increase purses and add more racing dates," Drazin said. Drazin estimates that once the New Jersey sports betting market stabilizes, Monmouth could handle $1 billion a year. "We think the illegal sports betting market nationally, offshore and books, is around $40 billion," he said. "Because of the demographics in New Jersey, we think total betting will reach $10 billion annually. In a mature market, we think Monmouth will take in 10 percent of the state's total handle."
horseracing  sports-betting  new-jersey  monmouth-park 
june 2018 by jnchapel
You can now place sports bets (legally) in New Jersey
"The Borgata and Monmouth Park Racetrack in Oceanport were the only places prepared to accept gamblers as sports betting started in New Jersey, and both were inundated with people apparently delighted to have the chance to part ways with their money. At both venues, officials described the moment in soaring terms — as the dawn of a 'new era' in New Jersey, and a significant opportunity to invigorate lagging Atlantic City casinos and the state's racetracks."
horseracing  sports-betting  new-jersey  monmouth-park 
june 2018 by jnchapel
Legalized sports betting is already a big hit in Delaware
One bettor: "With the bookie, you've got to wait," he says. "You don't get paid till the following week." And another: "I love sports," she says. "I love that sports betting is legal."
horseracing  sports-betting  mid-atlantic  delaware-park 
june 2018 by jnchapel
NY sports betting bills start to move, lawmakers agree on identical language
"The effort to legalize NY sports betting would allow for wagering at the state's gaming facilities through partnerships with four existing commercial casinos in the state. Those would include horse racing tracks, off-track betting parlors and Native American casinos. It would also allow for mobile wagering ... sports betting revenue would be subject to a tax rate of 8.5 percent ... the bills also give the leagues the right to dictate where some forms of data come from and codify direct involvement for the leagues in integrity monitoring and any investigations that might come up."
sports-betting  new-york 
june 2018 by jnchapel
Sports betting bill written to include site that won't host horse racing
"Anything that would go there would be a multimillion-dollar investment. They'd have to build a structure and spend a lot of money," Sweeney said in a phone interview. "They qualified. They’re a former racetrack. Once the voters passed the initiative, Cherry Hill was in, just like Atlantic City." [Cherry Hill is the former Garden State Park site.]
horseracing  sports-betting  new-jersey 
june 2018 by jnchapel
New Jersey legalizes sports betting
"Mr. Murphy's office would not divulge which team the governor might bet on Thursday at Monmouth Park, or even which sport. He could bet the lone New Jersey team — the Devils — to win the Stanley Cup in 2019 at odds that are about 80 to 1, or wager on the Jets or Giants, who play in New Jersey, as underdogs to win the Super Bowl. But if he bets the World Cup, which the United States failed to qualify for, Germany, where Mr. Murphy served as ambassador under President Barack Obama, is a 4-to-1 favorite."
horseracing  sports-betting  new-jersey  monmouth-park 
june 2018 by jnchapel
NJ governor: 'Dream of legalized sports betting' begins Thursday
Betting opens at Monmouth Park on Thursday. "To start, all bets must be placed in person. Mobile sports betting is legal under the new legislation and will be available in the future."
horseracing  sports-betting  new-jersey  monmouth-park 
june 2018 by jnchapel
Horsing around with sports-betting, Murphy swallows his own poison pill
"There is no basis in law for this threat," said Ray Lesniak, the former state senator who sponsored the 2014 repeal bill. "It's an abuse of government power and should be withdrawn. It's frightening that a state government agency can threaten a legitimate business like this."
horseracing  sports-betting  new-jersey  monmouth-park 
june 2018 by jnchapel
Betfair US inks NJ, NY sports betting deals
"FanDuel is not a minor part of the plans in these two states and beyond. According to Levin, it's 'very likely' that FanDuel will be deployed as Betfair's primary brand across the US. That means we could be seeing FanDuel-branded sportsbooks in the two states in question. TVG will remain as the primary brand for horse betting. Of course, none of this is official until the acquisition goes through."
horseracing  sports-betting  new-jersey  betfair 
june 2018 by jnchapel
NJ sports betting: Governor halts Monmouth Park opening
"... it's almost certain there will be no sports betting at Monmouth Park on Friday as planned, with Gov. Phil Murphy just the latest to thwart the track's attempts to open its new $2.5 million sports book. Murphy informed Monmouth Park president and CEO Dennis Drazin that he did not want the track to start taking bets on sporting events before he had a chance to review the bill, which was approved by the legislature in Trenton on Thursday afternoon. Murphy did not provide a timeframe for the review ... if Murphy’s message about not wanting Drazin to move forward without his blessing, even though the final obstacle had been removed, wasn’t crystal clear, the New Jersey Racing Commission threw up a last-minute roadblock of its own. The Racing Commission, charged with licensing racetracks for sports betting, drafted a letter to Monmouth Park stating that any track that opens for sports betting before the governor signs the bill will have its bets subject to review, which could delay the licensing process."
horseracing  sports-betting  new-jersey  monmouth-park 
june 2018 by jnchapel
Delaware generates $322,135 in bets on Day 1 of full-scale betting Tuesday
"To start, sports betting was offered only at Dover Downs, Delaware Park and Harrington Raceway & Casino. While there were no championship events Tuesday, there was plenty of baseball. Delaware Gov. John Carney made the first wager, risking $10 on the Philadelphia Phillies to beat the Chicago Cubs. The Phillies won 6-1."
horseracing  sports-betting  mid-atlantic  delaware-park 
june 2018 by jnchapel
Delaware Park to offer full sports wagering next week
"Delaware, which has long offered sports parlay cards, will expand its sports-wagering menu to include single-game events beginning June 5 at its three casinos: Delaware Park, Dover Downs, and Harrington Raceway ... bettors will be able to wager on single events of professional baseball, football, hockey, soccer, golf, and auto racing. Expanded sports wagering should increase the amount of money generated for tracks and purses in the state. For the most recent six months tracked, ending Feb. 4, parlay sports wagering at Delaware Park generated $1,232,282 for the track and $292,820 for Thoroughbred purses."
horseracing  sports-betting  mid-atlantic  delaware-park 
june 2018 by jnchapel
NJ sports betting: Leagues say they don't owe Monmouth Park $150M
"Attorney Jeffrey Mishkin, representing the four major pro sports leagues and the NCAA, in the new court filing said the NJTHA is 'entitled to no recovery as a matter of law' and noted that arguments that the federal ban was unconstitutional were not supported until the Supreme Court weighed in."
horseracing  sports-betting  new-jersey  monmouth-park 
may 2018 by jnchapel
Can leagues own data rights when it comes to US sports betting?
"There now appears to be a pivot from the 'integrity fee' push to a data rights fee, which is effectively a legislative requirement that betting operators use official league data ... the sports leagues likely face an uphill battle in justifying a legal basis to receive data rights fees in the new world of legalized sports betting ... the United States has a constitution that contains the First Amendment, which may pose a formidable obstacle to the leagues hopes of monetizing data that is in the public domain."
sports-betting  data 
may 2018 by jnchapel
Need for legislation tempers sports betting euphoria
"The effort by the leagues to establish a fiduciary right to betting revenue – whether through legislation, negotiation, or litigation to define its 'intellectual property' in relation to sports bets – will have an outsized effect on the future direction of sports betting. The fee the NFL and other leagues are seeking represents a significant portion of a bookmaker’s typical margin under the existing business model in Las Vegas."
horseracing  sports-betting 
may 2018 by jnchapel
Monmouth Park hits leagues for $150 million claim
"Dennis Drazin, a consultant for the horsemen's group, said, 'When you add up the numbers it comes to $150 million to $200 million, and it may be more. That number doesn’t come out of air,' he said. 'I'm sure the leagues will have something to say about it. We know the leagues are wrong. It’s pretty clear we are entitled to damages.' The motion claims the leagues acted in bad faith when they sought to block sports betting because they promoted and endorsed fantasy sports games, a form of gambling that relies on player performance." [Includes links to court documents.]
horseracing  sports-betting  new-jersey  monmouth-park 
may 2018 by jnchapel
TDN Q & A: Dennis Drazin
"I had been telling people they need to be proactive and get involved in the early stages. Now that this is a reality everybody is doing more than they did before. The NTRA is monitoring the situation and is working to make sure racing gets some share. In other states, horsemen have to be proactive and go to their legislators and lobby, testifying about the need for horse racing to get a share. Otherwise they can be left out. If they are saying that New Jersey got a piece so we will too, they are mistaken. They really have to be out their doing their homework, going to legislators and educating them. They need to go to their governors to advocate their positions. Those who aren’t aggressive will lose out."
horseracing  sports-betting  new-jersey  monmouth-park 
may 2018 by jnchapel
Sports betting and racing: After Jersey, then what?
"Delaware's horse racing industry is also well-positioned to benefit from sports betting because Delaware is the only state where sports betting laws are in place that require part of the profits to go to purses. According to Delaware Thoroughbred Horsemen's Association President Bessie Gruwell, 9.6% of the revenue from the parlay bets go to purses and that will not change for single-game bets, which are much more popular with gamblers than the parlays."
horseracing  sports-betting 
may 2018 by jnchapel
Mass. gaming board chair says states should oversee sports bets
Re: integrity fees: "It's just an attempt by the leagues for revenue sharing," Crosby said. "They can go for it if they want to. There's nothing wrong with trying to get in on the pot."
sports-betting  massachusetts 
may 2018 by jnchapel
DeLeo sweeps sports betting off the 2018 legislative table
"I think that there are so many questions that have to be answered and I think that right now for us to be able to expect to do this within the last two months of session, I'm not saying we’re not going to talk about it, we're going continue to try to come to some type of an answer yes or no, but what I'm saying is I think it would be very, very difficult," DeLeo told reporters.
sports-betting  massachusetts 
may 2018 by jnchapel
Paddy Power Betfair buys FanDuel in first deal of legal gambling era
"Paddy Power is paying for FanDuel with the equity of its relatively modest U.S. business, and will own 61 percent of the combined company, with the ability to eventually own all of it. It is also contributing $158 million in cash to pay down FanDuel’s $76 million in debt and to fund the operations of the new business (which means if you’re trying to figure out what this deal is worth to FanDuel’s investors, you can’t count the value of that cash). FanDuel had revenue of $124 million last year, and Paddy Power’s U.S. group had revenue of $141 million. Both were unprofitable."
sports-betting  betfair  fanduel 
may 2018 by jnchapel
Will D.C. legalize sports gambling? ‘Everything is on the table,’ one lawmaker says
"Sports betting has been against the law in the District since very early in the 20th century, when the city’s congressional overlords enacted Washington’s criminal code and made it illegal 'to bet, gamble, or make books or pools on the result of any trotting race or running race of horses, or boat race, or race of any kind, or on any election or any contest of any kind, or game of base ball.' The current D.C. law retains much of the same language but expands the list of sports to include just about everything ... the law means you can’t even place a legal online bet on a horse race in the District, a practice that is allowed in 38 states, including neighboring Virginia and Maryland. Asked about that particular angle, Evans said that 'everything is on the table.'"
sports-betting  horseracing 
may 2018 by jnchapel
NFL's Goodell lays out 'core principles' for sports betting regulation
"1. There must be substantial consumer protections. 2. Sports leagues can protect content and intellectual property from those who attempt to steal or misuse it. 3. Fans will have access to official, reliable league data. 4. Law enforcement will have the resources, monitoring and enforcement tools necessary to protect fans and penalize bad actors at home and abroad."
sports-betting  legislation 
may 2018 by jnchapel
Supreme Court decision that was a wild card
"... as in any other sports or business story, more interesting than the transactional side was the human aspect of the game. Its characters, their strategies and their motivations will provide an opportunity for countless Times stories in the years to come. A big win or a big loss isn’t a particularly gripping read for the average person. But, Mr. Draper said, 'if you're a sports better who's constantly winning, what is it you know about sports or recognize about the games that people sitting on the sidelines don’t?' (The way The Times covers horse racing could be a good model for the coverage, he noted.)"
media  sports-betting 
may 2018 by jnchapel
In New Jersey, a $3 million bet that a sports bar could take bets
"There was little to suggest that this spot, the William Hill Sports Bar, might in a few weeks take a turn in the national spotlight as the first venue in the country outside of Nevada where gamblers can place sports bets in the aftermath of the Supreme Court’s landmark decision paving the way for such wagering ... a room that was essentially a formica-lined cafeteria received a $3 million dollar face-lift that started five years ago as the operator of the track and one of the world’s biggest sports betting operators formed a partnership to wager that New Jersey would prevail in its legalization efforts."
horseracing  sports-betting  new-jersey  monmouth-park  wiliam-hill 
may 2018 by jnchapel
NJ sports betting: Justify bonus likely to be tied to future bet
"Monmouth Park officials are leaning toward tying a $5 million bonus designed to attract Kentucky Derby/Preakness winner Justify to the betfair.com Haskell Invitational to a future bet on the 2019 Super Bowl winner. 'Because I think it's important to the launch of sports betting, I want to tie it all to that Super Bowl bet that I've been talking about,' said Monmouth Park president/CEO Dennis Drazin ... [Justify's] owners would also need to place a winning 2019 Super Bowl bet at Monmouth the day of the Haskell in order to collect the $5 million bonus should Monmouth officially choose that bonus option."
horseracing  sports-betting  new-jersey  monmouth-park  haskell 
may 2018 by jnchapel
Sports betting can transform racing’s finances and the live track experience
"In New York, in 2013 legislation was somehow passed that granted four new as yet undeveloped full-blown casinos, and sports betting licenses to them and them only. However, no specific rules and regulations were included in the bill, leaving the overwhelming percentage of the racing and gaming facilities currently out of this now 5-year-old sports betting legislation. Clearly, racetracks (harness and Thoroughbred), racinos and the five remaining OTB (off-track betting) regional operations will need to be included. Assemblyman Gary Pretlow, who chairs the Racing and Wagering Committee, has stated that the OTBs have to be included in any NY state sports wagering plan. If historic behavior prevails, this will be a political and operational nightmare."
horseracing  sports-betting 
may 2018 by jnchapel
Here comes NY sports betting? Gaming commission preps regulations
"There are a couple possible paths to broader NY sports betting, and all of them go through Sen. Bonacic. He chairs his chamber's Racing, Gaming and Wagering Committee, and he's trying to get some traction underneath his own piece of legislation. On Monday, Boncaic filed an amendment to his bill (S 7900), which would expand sports betting permissions to tracks and off-track betting parlors. The bill does have a fair amount of support, but it's not clear if there’s enough to get it moving in the next couple weeks. Bonacic's amendment tightens the restrictions on the number of mobile betting partnerships (or 'skins') a casino can have, and requires servers to be located inside a licensed facility. It also removes a stipulation requiring in-person registration for remote betting accounts and creates interstate provisions for data sharing."
sports-betting  new-york 
may 2018 by jnchapel
Why a federal sports betting bill will fail in 2018
"Problem No. 1: Unwinding a bunch of sports betting laws."
sports-betting  legislation 
may 2018 by jnchapel
NFL commissioner Roger Goodell wants Congress to enact uniform betting standards
"... unlike Major League Baseball and the NBA, the NFL is not interested in receiving a direct cut of action through a fee, league sources told ESPN's Don Van Natta. The league instead is more focused on data and video rights as a potential monetization opportunity, sources said."
sports-betting 
may 2018 by jnchapel
Timeline of how we got to legalized sports betting
"For 26 years, the Professional and Amateur Sports Protection Act of 1992 made the business of bookmaking illegal in all but a handful of states, most notably Nevada. Much like with alcohol during the Prohibition Era, those interested in betting on sports outside of Nevada simply participated in a thriving black market that's believed to handle an estimated $150 billion in bets annually. On May 14, 2018, the sports betting prohibition era ended, with a resounding Supreme Court decision that struck down PASPA and set the country on a path to widespread legal sports betting. Here is a look back at some memorable moments from the past three decades in American sports betting."
sports-betting 
may 2018 by jnchapel
Will sports betting save horse racing?
"According to the champions of sports betting we can expect dramatic results from the Supreme Court's decision to legalize the practice. Atlantic City will be renewed to it's former glory, Sinatra will rise and headline the Tropicana and horse racing will be magically reinvigorated with Unicorn harness racing nightly at the Meadowlands. I understand the court's decision is a big victory for the state, but perhaps it's time to pump the breaks a bit on the expectations."
horseracing  sports-betting  new-jersey 
may 2018 by jnchapel
The future of sports viewing — a flurry of in-game bets
"The possibilities are endless, giving spectators the chance to put money on the line virtually every second of the game, a phenomenon known as in-game wagering. This is the future of the American sports fan experience, industry experts say, and not a particularly distant one. With the US Supreme Court this week clearing the way for a national expansion of sports betting, many specialists predict an explosion of mobile games and fantasy competitions that will connect viewers — play by play — to the center of the action."
sports-betting  mobile  wagering 
may 2018 by jnchapel
With Supreme Court ruling, sports betting could become a friend and foe to horse racing
1. "I don't think we think it's a negative thing at all," said Tiffani Steer, vice president of communications and events for Stronach Group, which owns Pimlico and Laurel Park, among other racetracks. "I think that what it does is offer actually more for a customer. So if you want to come and wager on horse racing and wager on an NBA or an NFL game, you can do that, too. And vice versa: I think it potentially opens up horse racing to perhaps a whole set of customers who may not normally consider horse racing or come to a track because perhaps they're more attracted to traditional sports betting."

2. Shifler said he'd be reluctant to risk his money on a sport as unfamiliar as horse racing. He'd stick to what he knows: professional football. But it was a welcome change to even consider such a possibility of striking it rich. "It's nice to have the options, for sure," he said. "Legally, anyway."
horseracing  sports-betting  mid-atlantic  maryland  stronach 
may 2018 by jnchapel
Horse betting has to modernize, or else sports gambling will leave it behind
"The good news ... is that there’s time to ramp up for the competition — time to build better streaming services and user-friendly apps, and time to make data more accessible, lower takeout, and create new wagering options, such as expanding the kind of fixed-odds play that’s available on Betfair’s New Jersey betting exchange. It will take most states months, or even years, to legalize sports betting."
horseracing  sports-betting  portfolio 
may 2018 by jnchapel
Sports betting will likely not be a positive for horse racing
"Sports betting's passage has not guaranteed even one dollar to horse racing."
sports-betting  horseracing 
may 2018 by jnchapel
Sports betting could soon be legalized and media companies can’t wait
"In-game betting — where you wager on the game while it's being played — dominates the legal market for soccer gambling in the U.K. So it's easy to imagine a mobile prompt from Turner's Bleacher Report that doesn't just tell you that the Celtics-Sixers game has gotten interesting in the fourth quarter, but asks if you want to place a bet."
sports-betting  media 
may 2018 by jnchapel
If legalized, sports betting could take many forms
"The lucrative potential of legalized sports betting is likely to touch off a scrum for a share of the new market, from casinos to racetracks to daily fantasy sports sites. 'It's going to be a free-for-all,' said Clyde Barrow, a University of Texas professor who closely follows the New England casino industry. 'Consultants are going to make a lot of money doing studies,' he said."
horseracing  sports-betting  new-england  massachusetts 
may 2018 by jnchapel
Who wins from sports betting?
"We woke up in a different world today. Yesterday, outside of the state of Nevada, the only legal 'sports' betting in the United States was on horse racing. Today, or more realistically in the coming months and years, Americans will be able to bet on baseball, basketball, football and hockey, among other sports. They'll be able to bet on the next pitch, the next touchdown. And this helps racing how exactly?"
horseracing  sports-betting 
may 2018 by jnchapel
Sports betting brings massive opportunity to horse racing
"What Monmouth did – and does – can surely serve as a lesson to racetracks from New York to California on how to prosper in the coming years. Rather than play it safe and play a game of wait-and-see, Drazin and his team have already spent about $2 million to build an area for the sportsbook. Aside from being at the forefront of the court case, they were also wise enough to enlist a valuable partner in William Hill, who has a long and successful history in areas of sports betting foreign to horse racing entities, tasks such as setting odds and laying off bets - and they also brokered an advantageous deal for those services."
horseracing  sports-betting 
may 2018 by jnchapel
Could sports betting boost the action at horse racing tracks?
Horse racing, in anticipation of the decision, has long envisioned sports betting as a potential stimulus to the struggling industry.

"We would pursue [a sports book] at every one of our racetracks," said Tim Ritvo, chief operating officer of the Stronach Group, which owns Santa Anita and others ...

"What we'd want is a level playing field," said Ritvo, who maintained that accepting bets on racing demonstrates a level of expertise that would serve it well with expanded sports wagering.

"This is a new form of gaming that we should both be entitled to," he added. "Obviously, we wouldn't be opposed to the casinos. Hopefully, they wouldn't be opposed to us."

Ritvo would not guess whether a sports book at the track would cannibalize or bump up wagering on races. "The question is," he said, "can you convert it into revenue?"
horseracing  sports-betting  california  stronach 
may 2018 by jnchapel
Supreme Court opens door for added sports gambling
Experts believe sports wagering could be a good fit for tracks and online advance-deposit wagering outlets, as it's more complementary to pari-mutuel wagering than slot machines. On the other hand, it's a similar game to betting horses and typically features a lower takeout than pari-mutuel wagering. At the National HBPA meeting, tote company executive Michele Fischer said horse racing needs to make sure sports bettors place their wagers on site at tracks or through ADW outlets ...

"The No. 1 thing you should do is to get on the phone with a William Hill, or someone else in this business, because this is not our business," Waldrop said. "We don't understand this. It's vastly more complicated and risky than pari-mutuel wagering. You need to get experts that are out there who can advise you. You should not go down this road thinking this is just another case where you can divvy up purse money. It is much more complicated.

"If you're not prepared (and) well advised, you'll be left behind for any number of reasons."
horseracing  sports-betting 
may 2018 by jnchapel
Supreme Court ruling favors sports betting
The Supreme Court struck down a 1992 federal law on Monday that effectively banned commercial sports betting in most states, opening the door to legalizing the estimated $150 billion in illegal wagers on professional and amateur sports that Americans make every year.

The decision seems certain to result in profound changes to the nation’s relationship with sports wagering. Bettors will no longer be forced into the black market to use offshore wagering operations or illicit bookies. Placing bets will be done on mobile devices, fueled and endorsed by the lawmakers and sports officials who opposed it for so long. A trip to Las Vegas to wager on March Madness or the Super Bowl could soon seem quaint.

The law the decision overturned — the Professional and Amateur Sports Protection Act — prohibited states from authorizing sports gambling. Among its sponsors was Senator Bill Bradley, Democrat of New Jersey and a former college and professional basketball star. He said the law was needed to safeguard the integrity of sports.

But the court said the law was unconstitutional ...

The ruling in Murphy v. National Collegiate Athletic Association, No. 16-476, is also likely to be a boon for media and data companies that have existing relationships with the major sports leagues. They include television networks like ESPN, which is likely to benefit from more fans having a more deeply vested interest in the action — resulting in higher ratings.

In addition, an entire industry has been created anticipating this kind of sweeping change. It includes data companies like Sportradar, which compiles and distributes instant information. Sportradar already has a relationship with the N.F.L. and the N.B.A., as well as the International Tennis Federation.
sports-betting 
may 2018 by jnchapel
As others race ahead with sports betting, DeLeo blows the whistle
"In Rhode Island, the governor assumed the state would be collecting revenue from sports betting when she proposed her fiscal 2019 budget. And in Connecticut, Gov. Dannel Malloy said Monday he is prepared to call lawmakers into a special session to consider legalizing sports betting. Massachusetts has, so far, taken the wait-and-see approach. Gov. Charlie Baker, House Speaker Robert DeLeo and Senate President Harriette Chandler each said Monday that Massachusetts should look into legalizing sports betting, which the MGC estimated could generate between $9 million and $61 million in state tax revenue a year, but none went a step further to call for passage of such a bill."
sports-betting  wagering  massachusetts  legislation 
may 2018 by jnchapel
Sports betting provides plenty of upside for racing
"While all forms of gaming ultimately compete for shares of the wagering wallet, we believe the cannibalization threat [to horse racing] from legal sports betting is limited."
horseracing  sports-betting 
may 2018 by jnchapel
Horse racing channel ready at gate for legal U.S. sports betting
"Paddy Power seem to be potentially well-positioned in the U.S.," said James Kilsby, a managing director with Gambling Compliance, a consulting firm. "They check a lot of boxes when you think about the kind of experience and assets that might be an advantage in the U.S. sports-betting market."
horseracing  sports-betting  betfair  tvg  new-jersey 
may 2018 by jnchapel
Congratulations, sports media: You just got a big business-model subsidy
"... an awful lot of sports reporting is about to move from entertainment information — stuff you read because you enjoy it — to production information — stuff you read because you think it'll help you make money. Whatever your thoughts on gambling — I tend to come down on the side that it's a giant vacuum sucking money out of the wallets of middle- and working-class Americans, ruining a lot of lives in the process, but hey, that's just me — the opportunity for sports journalism is clear."
media  journalism  sports-media  sports-betting  business-media 
may 2018 by jnchapel
Four reasons Las Vegas sports betting is surging
"In terms of new technology, one of the great mysteries in horse racing is that despite having a near-monopoly on Internet wagering since 2006 with the passage of the UIGEA, it simply has not grown the wagering pie. I think much of that hinges on racing’s protective nature, and unwillingness to embrace disruption. Through the internet, racing has clung to average cost pricing, where average cost pricing makes little sense to online users. An average cost pricing-marginal cost pricing hybrid was needed, because in the 21st century, gambling over the web is a high volume, low margin business. Racing has tried to stuff square pegs into round holes. It just has not worked."
wagering  sports-betting  las-vegas 
may 2016 by jnchapel
How Art Manteris shaped Vegas bookmaking
"It was the early 1990s, just years before the federal prohibition on expanding sports betting was put into place. Manteris and Roxborough began to discuss bringing Vegas-style sports betting to horse racing tracks across the nation. The two influential Nevada figures travelled around, meeting with officials at race tracks like Laurel Park and Churchill Downs. They were making headway at Laurel Park in Maryland. The track had even begun construction of an on-site sports book, when the tone of the discussions changed suddenly. Horse racing powers-that-be got involved, teamed with the professional sports leagues and adamantly opposed sports gambling. The result was the Professional Amateur Sports Protection Act of 1992, a federal statute that has prevented the expansion of sports betting in the U.S. 'It's the biggest blunder in the history of racing,' Manteris said."
horseracing  wagering  sports-betting  bookmakers  las-vegas 
july 2015 by jnchapel

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