{"id":23457,"date":"2019-02-05T08:11:21","date_gmt":"2019-02-05T16:11:21","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=23457"},"modified":"2019-02-05T08:37:18","modified_gmt":"2019-02-05T16:37:18","slug":"sports-books-take-super-bowl-hit","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/sports-books-take-super-bowl-hit\/","title":{"rendered":"Sports books take Super Bowl hit"},"content":{"rendered":"

With 75% of bettors wagering on the New England Patriots<\/strong>, plus a “george” 53-1 side bet for in-store credit, FanDuel<\/strong> got taken to the woodshed<\/a> during Super Bowl LIII<\/strong>, losing $5 million.\u00a0\u201cAll of this combined to leave New England as the big loser for the FanDuel Sportsbook,” the nascent powerhouse<\/a>\u00a0admitted sportingly.\u00a0\u201cVery big in fact.\u201d Johnny Avello<\/strong>, who has traded in Wynn Resorts<\/strong> for DraftKings<\/strong>, said his new employer lost “very little” on the scantily watched game (which had the lowest Super Bowl ratings in a decade), despite paying out $11 million in wagers. While bets were off a bit in volume in Nevada<\/strong>, it was a good weekend for players there, too, as they took home almost $11 million of the $146 million handle, far better than last year.<\/p>\n

Sports betting might be an easier path to new revenue for Illinois<\/strong> than casino expansion, which the Lege has been circling for a decade without achieving anything. A new study<\/a> by\u00a0the Illinois Economic Policy Institute<\/strong> and the Project for Middle Class Renewal<\/strong> at the University of Illinois at Urbana-Champaign<\/strong> reports that sports wagering could “create 2,500 jobs, increase tax revenue by $100 million annually, grow the Illinois economy by over $500 million, and reduce illicit black market gambling,” numbers that are sure to get attention in the state capitol. Two bills are currently before lawmakers and Gov. J.B. Pritzker<\/strong> indicated an openness to sports betting while on the campaign trail. The joint report proposes “A balanced framework that combines the United Kingdom<\/strong>\u2019s15 percent tax on gross gambling revenues, a $100,000 annual license fee, and a small 0.05 percent ‘integrity fee’ on the total amount wagered to ensure compliance and prevent fraud may offer a way forward.” The tax level is meant to generate dollars for the treatment of problem gambling.”<\/p>\n

The ILEPI study takes issue with both of the bills before the Lege for excessively high \"\"tax rates, which it argues will only feed the black market. Said co-author Frank Manzo IV<\/strong>,\u00a0\u201cThis study demonstrates that any legislative proposals related to sports betting must strike a balance that minimizes black market activity, while maximizing economic benefits and tax revenues to fund public services.\u201d As for Illinois’ previous Great White Hope, slot routes, “companies have reaped hundreds of millions of dollars in profits while tax revenue failed to meet expectations\u2013 primarily because the machines were not allowed to be installed in Chicago and because lawmakers did not consider regulatory costs. The study also sternly warns that “gaming expansions are not panaceas that can resolve Illinois\u2019 fiscal issues.” (Clearly this should be required reading for every legislator in town.)<\/p>\n

The authors estimate that Illinois could be a $12 billion sports-betting market, or 4.5% of the national totality, presuming tax rates similar to Nevada’s. They also contend that it should be widely available, as limiting it to casinos and racetracks would be playing into the hands of the black market. Online and mobile wagering are proposed as the obvious solution. Somebody in Illinois has finally started talking sense. We’ll see if legislators are listening.<\/p>\n

Sports betting might also be a-borning in\u00a0Arizona<\/strong> under an innovative proposal by state Sen. Sonny Borrelli<\/strong> (R). He’s pitching the idea of licensing tribally operating sports books off-reservation in bars across the state<\/a>.\u00a0“This is a great way for the tribes to make some money, a great way for the state to make some money, and for the adult-beverage industry to also make money,” Borrelli said of his bill draft, which has the same low tax rate (6.75%) as Nevada, thereby keeping punters on the near side of the state line. Even Texas<\/strong> is getting into the act<\/a>, although proposed legislation would limit the number of providers to five. It also has a high hurdle (two-thirds majority) to clear in the Lege so keep your fingers crossed.<\/p>\n

* Group-travel suites? Rooms colored to suit your mood (red for passion, yellow for happiness)? These concepts<\/a> could be coming to Las Vegas<\/strong> if the casino-resort industry wants to stay on the curve. Don’t look for Big Gaming to adopt name-your-price haggling, though: Those resort fees are too precious to surrender.<\/p>\n

* Congratulations to Genting Group<\/strong>. Its Resorts World Sentosa<\/strong> in Singapore<\/strong> has had its license renewed<\/a> for another three years. If that’s the case, Marina Bay Sands<\/strong> should have a cakewalk.<\/p>\n","protected":false},"excerpt":{"rendered":"

With 75% of bettors wagering on the New England Patriots, plus a “george” 53-1 side bet for in-store credit, FanDuel got taken to the woodshed during Super Bowl LIII, losing $5 million.\u00a0\u201cAll of this combined to leave New England as … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[65,109,14,120,58,241,53,248,33,90,234,108,243,31,114],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/23457"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=23457"}],"version-history":[{"count":6,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/23457\/revisions"}],"predecessor-version":[{"id":23468,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/23457\/revisions\/23468"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=23457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=23457"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=23457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}