Despite Opposition, Delaware Might Bring Back Sports Betting
By Steve Berkowitz, USA TODAY
Legal, lottery-style betting on pro and college sports events might be coming to Delaware, where several recent developments could prompt lawmakers to activate the state's exemption from the 1992 federal law that generally bans such gambling.
A governor who opposed sports betting has departed after serving the maximum two four-year terms. The state projects an estimated $600 million budget deficit for the fiscal year that begins July 1. And the pillars of its gaming industry — horse racing and slot machines — are up against challenges from the introduction, or approval, of slot machines in Pennsylvania and Maryland.
"This year is different," state House Speaker Pete Schwartzkopf said.
Delaware's House of Representatives passed a sports-betting bill last year 28-10, but it didn't get past a state Senate committee because of disagreements over operational details and then-Gov. Ruth Ann Minner's opposition.
Schwartzkopf and Senate Majority Leader Tony DeLuca say a sports-betting bill will be introduced after legislators reconvene March 17, following six weeks of budget hearings. "A properly written bill stands a pretty good chance" of becoming law, Schwartzkopf said.
Gov. Jack Markell has asked the state's finance office to talk with companies that would be interested in running a sports lottery about the amounts of direct and ancillary revenue this type of betting could produce, spokesman Joe Rogalsky said.
Delaware, Montana, Nevada and Oregon have exceptions to the federal sports-betting ban because they had forms of legalized pro and college sports betting before or close to the time when legislation was introduced in 1991. Nevada was the only state with largely unlimited sports betting. Delaware and Oregon had operated sports lotteries, so named because they require players to wager on more than one outcome in a single bet known as a parlay; this creates more of an element of chance than is involved with betting on a single outcome in a sporting event.
Parlay betting on NFL games under the lottery system was allowed in Oregon from 1989 until 2006, when state lawmakers voted to end it.
It wasn't because of pressure from the NFL. And it wasn't because bettor interest had declined; in 2006, sales for the so-called sports lottery increased for a fifth consecutive year and set a record of $14 million.
"The rationale was that the state could realize more economic benefit from hosting NCAA (basketball) tournament games — specifically men's games," Oregon Lottery spokesman Chuck Baumann says.
And, Baumann says, the NCAA Division I men's basketball committee had made clear that if sports betting existed in Oregon, tournament games would not. In March, first- and second-round games will be played in Portland, the state's first men's tournament games since 1983.
As lawmakers in Delaware consider allowing pro and college sports parlay betting, they say they aren't worrying much about pressure from the NCAA, NFL or any other sports organization.
And such opposition will come "vigorously," says Laird Stabler, a lobbyist in Delaware who represents the NFL, NBA, Major League Baseball and the NCAA, "all of which strongly oppose states legalizing, and thereby promoting, betting on their sporting events."
But there are no venues in Delaware large enough for an event such as the NCAA men's basketball tournament, and legislators, facing a projected $600 million deficit for fiscal 2010 and threats to the state's lucrative gaming industry, are unlikely to be swayed by impact on possible NCAA postseason home games for the University of Delaware or Delaware State, says DeLuca.
"We have seen lobbying for the NFL come in," says DeLuca, referring to last year when the state House of Representatives approved sports-betting legislation that had faltered in the Senate. "They say they don't want to be associated with gambling. With no disrespect intended, I think that boat has already sailed."
DeLuca and Schwartzkopf say the primary obstacles to passage of a bill by legislators are mechanical issues: whether sports betting would be limited to casinos at the state's three horse racing tracks; the cost of licensing and specifics of how the betting would work.
"There are all kinds of people with vested interests," DeLuca says. "And I'm sure there will be lively debate, but I would say (a bill) is going to be successful."
This is not only a function of potential revenue gain, Schwartzkopf says, but also prevention of projected revenue loss. Delaware has a lottery, slot machines and horse racing. In fiscal 2008, it got more than $250 million of its $3.3 billion budget from slots and the lottery — $213 million from slots. That makes the lottery and slots the state's No. 4 income source to personal income taxes, franchise taxes and abandoned property.
Pennsylvania introduced slot machines in 2007. Maryland voters in November approved slots, which could start operating in 2010. Delaware has avoided large revenue losses to Pennsylvania by adding machines, extending hours and using promotions, says Thomas J. Cook, the state's deputy secretary of finance. Without sports betting, Cook says, Delaware could lose $70 million a year in revenue once Maryland's slots are fully operational.
Stabler says he questions the degree to which sports betting in Delaware could offset that.
"Even without the (budget) deficit, we have to stay competitive," Schwartzkopf says. "The bottom line with sports betting is that only Delaware can do it east of the Mississippi (federal law also allows it in Nevada and Montana). Sports betting can draw people away from the other states. And while there is money to be made on sports betting, the real dollars are in the carryover to casinos" in slot play and meals.
Despite Opposition, Delaware Might Bring Back Sports Betting
Tuesday, February 24, 2009
MGM Mirage, Bally’s, Wynn, Harrah’s Lose Out on Betting Sports During Tough Economic Times
MGM Mirage, Bally’s, Wynn, Harrah’s Lose Out on Betting Sports During Tough Economic Times
By Jagajeet Chiba
February 23, 2009
Las Vegas is hurting during these rough economic times. Hotels on the strip have drastically slashed room rates in an effort to compete.
But the likes of MGM Mirage, Bally's, Wynn, Harrah's and a whole slew of others appear to be losing out in a big way.
The online gambling sector is a multi-billion dollar industry that continues to thrive despite the economic downturn. Sure these Vegas giants want to get in on the action once all the legalities are ironed out.
However, Vegas casino companies can be doing more now to capitalize on the Internet gambling market. And the Las Vegas hotel casinos need to start marketing more effectively. The bleeding continues to get worse.
Just how bad are things with the casinos?
From the Motley Fool earlier this month:
"Seventeen casino operators are at a high risk of default, says Moody's Investors Service. The endangered species list contains mostly small, private companies. And those are just the worst of the bunch. No commercial casino operator followed by Moody's or Fitch Ratings has an investment-grade rating. "
According to Motley Fool, Harrah's Entertainment, which was taken private in early 2008, saw its long-term debt nearly double to $24 billion by Sept. 30, compared to Dec. 31, 2007. In late December 2008, Harrah's won some breathing room by exchanging some existing debt for new debt, pushing back the maturity dates on obligation.
MGM Mirage, Bally’s, Wynn, Harrah’s Lose Out on Betting Sports During Tough Economic Times
By Jagajeet Chiba
February 23, 2009
Las Vegas is hurting during these rough economic times. Hotels on the strip have drastically slashed room rates in an effort to compete.
But the likes of MGM Mirage, Bally's, Wynn, Harrah's and a whole slew of others appear to be losing out in a big way.
The online gambling sector is a multi-billion dollar industry that continues to thrive despite the economic downturn. Sure these Vegas giants want to get in on the action once all the legalities are ironed out.
However, Vegas casino companies can be doing more now to capitalize on the Internet gambling market. And the Las Vegas hotel casinos need to start marketing more effectively. The bleeding continues to get worse.
Just how bad are things with the casinos?
From the Motley Fool earlier this month:
"Seventeen casino operators are at a high risk of default, says Moody's Investors Service. The endangered species list contains mostly small, private companies. And those are just the worst of the bunch. No commercial casino operator followed by Moody's or Fitch Ratings has an investment-grade rating. "
According to Motley Fool, Harrah's Entertainment, which was taken private in early 2008, saw its long-term debt nearly double to $24 billion by Sept. 30, compared to Dec. 31, 2007. In late December 2008, Harrah's won some breathing room by exchanging some existing debt for new debt, pushing back the maturity dates on obligation.
MGM Mirage, Bally’s, Wynn, Harrah’s Lose Out on Betting Sports During Tough Economic Times
Global Financial Crisis Does NOT Affect Betting Sports
Global Financial Crisis Does NOT Affect Betting Sports
Blair Speedy | February 25, 2009
Article from: The Australian
Northern Territory-based gambling company, Centrebet, expects a 10 percent rise in annual profit as the global financial crisis fails to quench the desire to bet.
Centrebet, which recently launched a hostile takeover bid for rival International All Sports, reported a net profit of $5.3 million after tax for the first half of the financial year, down 11 per cent from the previous first half.
However, the bottom-line result was reduced by $1.2 million in unrealized foreign exchange losses and an extra $2.5 million in marketing costs, which helped to boost revenue by 11 per cent to $34.6 million.
Chairman Graham Kelly was pleased with Centrebet's outlook for solid growth despite declining economic conditions.
Managing director Con Kafataris affirmed forecasts for full-year profit to rise by at least 10 per cent.
Revenue from Australian online gambling was up 23 per cent while the Europe rose 11 per cent.
Wagering revenue was up 15 per cent to $25.9 million while sports betting revenue was up 14 per cent to $15.8 million, including a 30 per cent rise in online racing revenue to $8 million.
Global Financial Crisis Does NOT Affect Betting Sports
Blair Speedy | February 25, 2009
Article from: The Australian
Northern Territory-based gambling company, Centrebet, expects a 10 percent rise in annual profit as the global financial crisis fails to quench the desire to bet.
Centrebet, which recently launched a hostile takeover bid for rival International All Sports, reported a net profit of $5.3 million after tax for the first half of the financial year, down 11 per cent from the previous first half.
However, the bottom-line result was reduced by $1.2 million in unrealized foreign exchange losses and an extra $2.5 million in marketing costs, which helped to boost revenue by 11 per cent to $34.6 million.
Chairman Graham Kelly was pleased with Centrebet's outlook for solid growth despite declining economic conditions.
Managing director Con Kafataris affirmed forecasts for full-year profit to rise by at least 10 per cent.
Revenue from Australian online gambling was up 23 per cent while the Europe rose 11 per cent.
Wagering revenue was up 15 per cent to $25.9 million while sports betting revenue was up 14 per cent to $15.8 million, including a 30 per cent rise in online racing revenue to $8 million.
Global Financial Crisis Does NOT Affect Betting Sports
TIGER WOODS WGC ACCENTURE MATCHPLAY BETTING SPORTS TIPS
TIGER WOODS WGC ACCENTURE MATCHPLAY BETTING SPORTS TIPS
February 23, 2009 - Kyle Foster
Tiger Woods is going to be back in action for the first time in a long time at the WGC Accenture Matchplay Championship in Tucson, Arizona. With this being a non-traditional PGA Tour fixture, combined with the fact that Woods does commercials for Accenture, you have to wonder whether Woods was rushed back into contention for this one or whether he's truly been fit to perform for quite a while. I think he will be coming back with a lot of momentum, and we all know that Woods is here to play and when he plays- he wins.
Since this is a matchplay fixture featuring seeded players, it's important to know which brackets are up for grabs. At Paddy Power, one of the most interesting markets is the bracket betting. Tiger Woods (15/8) is the top seed in the Bobby Jones bracket among names like Geoff Ogilvy (15/2), Camillo Villegas (8/1) and Mike Weir (11/1). The unfortunately named Rory McIlroy (15/1) will also be in contention, and he can be happy about not being handicapped in certain areas like other Rory's.
Sergio Garcia (9/2) leads the Gary Player bracket, in-form Phil Mickelson (4/1) leads the Ben Hogan bracket while Henrik Stenson (5/1) sits atop the Sam Snead bracket. Anthony Kim (11/2) and Padraig Harrington (13/2) are sitting just behind him and I expect this to be by far the most competitive bracket.
You can also bet on Tiger Woods versus the field and back Tiger at 11/2. You can back the field (basically, Tiger Woods to not win the tournament) pays 1/10. You can take this a step further and back the Big 5 (Woods, Mickelson, Garcia, Stenson & Kim) at 7/4 or you can back the field at 2/5.
In terms of outright betting, Woods is listed at 11/2, Phil Mickelson sits at 14/1, Sergio Garcia is at 18/1 while Henrik Stenson sits at 20/1. Anthony Kim is listed at 22/1 with Geoff Ogilvy not far off at 25/1. Adam Scott has a base price of 30/1 with Camillo Villegas, Ernie Els and Padraig Harrington all rounding off the likely winners at 33/1.
TIGER WOODS WGC ACCENTURE MATCHPLAY BETTING SPORTS TIPS
February 23, 2009 - Kyle Foster
Tiger Woods is going to be back in action for the first time in a long time at the WGC Accenture Matchplay Championship in Tucson, Arizona. With this being a non-traditional PGA Tour fixture, combined with the fact that Woods does commercials for Accenture, you have to wonder whether Woods was rushed back into contention for this one or whether he's truly been fit to perform for quite a while. I think he will be coming back with a lot of momentum, and we all know that Woods is here to play and when he plays- he wins.
Since this is a matchplay fixture featuring seeded players, it's important to know which brackets are up for grabs. At Paddy Power, one of the most interesting markets is the bracket betting. Tiger Woods (15/8) is the top seed in the Bobby Jones bracket among names like Geoff Ogilvy (15/2), Camillo Villegas (8/1) and Mike Weir (11/1). The unfortunately named Rory McIlroy (15/1) will also be in contention, and he can be happy about not being handicapped in certain areas like other Rory's.
Sergio Garcia (9/2) leads the Gary Player bracket, in-form Phil Mickelson (4/1) leads the Ben Hogan bracket while Henrik Stenson (5/1) sits atop the Sam Snead bracket. Anthony Kim (11/2) and Padraig Harrington (13/2) are sitting just behind him and I expect this to be by far the most competitive bracket.
You can also bet on Tiger Woods versus the field and back Tiger at 11/2. You can back the field (basically, Tiger Woods to not win the tournament) pays 1/10. You can take this a step further and back the Big 5 (Woods, Mickelson, Garcia, Stenson & Kim) at 7/4 or you can back the field at 2/5.
In terms of outright betting, Woods is listed at 11/2, Phil Mickelson sits at 14/1, Sergio Garcia is at 18/1 while Henrik Stenson sits at 20/1. Anthony Kim is listed at 22/1 with Geoff Ogilvy not far off at 25/1. Adam Scott has a base price of 30/1 with Camillo Villegas, Ernie Els and Padraig Harrington all rounding off the likely winners at 33/1.
TIGER WOODS WGC ACCENTURE MATCHPLAY BETTING SPORTS TIPS
Monday, February 23, 2009
Lawmakers Want Sports Betting in Rhode Island
Lawmakers Want Sports Betting in Rhode Island
Say revenue could help close massive budget gap
Updated: Wednesday, 18 Feb 2009, 6:42 PM EST
Published : Wednesday, 18 Feb 2009, 4:42 PM EST
PROVIDENCE, R.I. (WPRI) - As a way to balance the budget, two Rhode Island lawmakers want to bring sports betting to Rhode Island.
State Sen. John Tassoni (D-Smithfield) and State Rep. William San Bento (D-Pawtucket, North Providence) claim making it legal will generate millions of revenue for Rhode Island, which is struggling to close at $357 million deficit.
They have filed a bill with the General Assembly that would ask Congress to lift a federal ban.
Tassoni said in Las Vegas, where sports betting is legal, the 2006 Super Bowl alone generated $95 million in bets.
He also said organized crime members in Rhode Island have been cashing in for years with illegal bookmaking, and now it's time for Rhode Island to get a cut.
"That business is a $720 billion business. Why not give it to the states?" Tassoni said.
Tassoni said Twin River and Newport Grand, the state's two gaming facilities, would manage the bets; creating jobs and boosting tourism.
However, not all lawmakers on Smith Hill are buying the idea.
"A difficult economy creates a lot of bad ideas and this is just one," said State Rep. Robert Watson (R-East Greenwich) . "I would suppose 18-, 19-, 20-year-olds could stimulate the barroom economy if we lowered the drinking age."
Watson said the government doesn't need a new source of revenue, it needs to cut spending.
If the bill does make it through the State House, lawmakers in Washington would still need to take up the issue.
When asked, Rhode Island's Congressional delegation said they generally don't support sports betting as a revenue stream.
Lawmakers Want Sports Betting in Rhode Island
Say revenue could help close massive budget gap
Updated: Wednesday, 18 Feb 2009, 6:42 PM EST
Published : Wednesday, 18 Feb 2009, 4:42 PM EST
PROVIDENCE, R.I. (WPRI) - As a way to balance the budget, two Rhode Island lawmakers want to bring sports betting to Rhode Island.
State Sen. John Tassoni (D-Smithfield) and State Rep. William San Bento (D-Pawtucket, North Providence) claim making it legal will generate millions of revenue for Rhode Island, which is struggling to close at $357 million deficit.
They have filed a bill with the General Assembly that would ask Congress to lift a federal ban.
Tassoni said in Las Vegas, where sports betting is legal, the 2006 Super Bowl alone generated $95 million in bets.
He also said organized crime members in Rhode Island have been cashing in for years with illegal bookmaking, and now it's time for Rhode Island to get a cut.
"That business is a $720 billion business. Why not give it to the states?" Tassoni said.
Tassoni said Twin River and Newport Grand, the state's two gaming facilities, would manage the bets; creating jobs and boosting tourism.
However, not all lawmakers on Smith Hill are buying the idea.
"A difficult economy creates a lot of bad ideas and this is just one," said State Rep. Robert Watson (R-East Greenwich) . "I would suppose 18-, 19-, 20-year-olds could stimulate the barroom economy if we lowered the drinking age."
Watson said the government doesn't need a new source of revenue, it needs to cut spending.
If the bill does make it through the State House, lawmakers in Washington would still need to take up the issue.
When asked, Rhode Island's Congressional delegation said they generally don't support sports betting as a revenue stream.
Lawmakers Want Sports Betting in Rhode Island
Sports Tip: Jerry Jones Says ESPN Mis-reported Stories
Sports Tip: Jerry Jones Says ESPN Mis-reported Stories
All Jerry Jones wanted to do Saturday was announce that George Strait would open the new stadium with a concert in June.
But, he was surrounded by a horde of reporters who haven’t had his attention since the Dallas Cowboys troubling collapse in December. And they peppered him for 30 minutes on Terrell Owens.
Jones said he and his son, Stephen, never discussed releasing Owens, and he indicated that Owens will remain on the team. The report, written in January by Ed Werder, quoted two sources who said Stephen Jones was persuading his dad to release Owens to improve team chemistry. One of those sources very well could have been Dan Reeves, who spent one day in Valley Ranch as a consultant before bolting through the door when Jones put this odd clause in his contract that would basically make him punch a time clock.
I don’t entirely believe Jones is wrong when he says ESPN was writing irresponsible reports. They do it often, and they hever correct the errors. They just act like it news that keeps developing—but what it is really is reporting bad information and then correcting it later through a “developing story.”
Although dropping Terrell Owens has its pros, it also has cons. Pros: team chemistry should improve, Roy Williams can handle the No. 1 role, Miles Austin can take more snaps, Jason Witten can return to 90 catches and 10 touchdowns performances and Tony Romo doesn’t need to worry about getting Owens the ball. The cons are the Cowboys lose a top 6 receiver in the NFL, take a rather large hit in the wallet, and the Cowboys get nothing for him–probably the biggest con.
If the Cowboys could work out a trade in Baltimore for Lewis and draft picks, terrific…but doubtful. If the Bengals lose their two top receivers, maybe they’d have interest in Owens for two first round picks. Would the Titans want him? Oakland Raiders might be the best possibility for the Cowboys because it is a team that desperately needs a talented wide receiver.
Sports Tip: Jerry Jones Says ESPN Mis-reported Stories
All Jerry Jones wanted to do Saturday was announce that George Strait would open the new stadium with a concert in June.
But, he was surrounded by a horde of reporters who haven’t had his attention since the Dallas Cowboys troubling collapse in December. And they peppered him for 30 minutes on Terrell Owens.
Jones said he and his son, Stephen, never discussed releasing Owens, and he indicated that Owens will remain on the team. The report, written in January by Ed Werder, quoted two sources who said Stephen Jones was persuading his dad to release Owens to improve team chemistry. One of those sources very well could have been Dan Reeves, who spent one day in Valley Ranch as a consultant before bolting through the door when Jones put this odd clause in his contract that would basically make him punch a time clock.
I don’t entirely believe Jones is wrong when he says ESPN was writing irresponsible reports. They do it often, and they hever correct the errors. They just act like it news that keeps developing—but what it is really is reporting bad information and then correcting it later through a “developing story.”
Although dropping Terrell Owens has its pros, it also has cons. Pros: team chemistry should improve, Roy Williams can handle the No. 1 role, Miles Austin can take more snaps, Jason Witten can return to 90 catches and 10 touchdowns performances and Tony Romo doesn’t need to worry about getting Owens the ball. The cons are the Cowboys lose a top 6 receiver in the NFL, take a rather large hit in the wallet, and the Cowboys get nothing for him–probably the biggest con.
If the Cowboys could work out a trade in Baltimore for Lewis and draft picks, terrific…but doubtful. If the Bengals lose their two top receivers, maybe they’d have interest in Owens for two first round picks. Would the Titans want him? Oakland Raiders might be the best possibility for the Cowboys because it is a team that desperately needs a talented wide receiver.
Sports Tip: Jerry Jones Says ESPN Mis-reported Stories
Betting Sports Tip for NBA Second Half Season 2009
Betting Sports Tip for NBA Second Half Season 2009
Submitted by Tony George on Sat, 02/21/2009 - 18:05.
The All Star Break is in the past signaling the "second half" of the 2009 NBA Picks season and this means all new betting trends to consider.
Like any season in the past, the first part has brought both surprises (Atlanta) and disappointments (Phoenix) of NBA Picks. However, even though we might have had an advantage in NBA Picks early in the season the odds makers have a tendency to even the score out making the necessary adjustments to the number. With that being said, I still decided to search for any angles that we might be able to capitalize on with our NBA Picks.
After all, teams don't necessarily perform later in the season as they did in the first part (Philly last season went from 18-30 SU in the first part to 22-12 and a 61% ATS performance). So, what NBA Picks angles might we have this year? Let's take a look:
Scenario #1 - Home Favorites It doesn't appear that we have an advantage here as home favorites in the past hit 50.9% ATS in the second half versus 49.4% in the first half of NBA picks.
Scenario #2 - Double Digit Home Favorites This angle showed a bit more promise, but not much as double digit home favorites in the second half were 41.7% ATS versus 47% previously.
Scenario #3 - Home Underdogs This trend is one to stay away from as home dogs actually did better during the first half of the season going from 49.2% ATS to 45%. Looking at it from the reverse side it give us Road Favorites a 55% ATS NBA Picks (certainly a money maker).
Scenario #4 - Double Digit Home Underdogs This angle produced a very solid betting proposition as double digit home underdogs did a complete reversal from the first half of the season hitting 61.3% ATS versus only 26.7% the second half. It could be that our double digit home pups realize that the playoffs are more than likely a dream and are just playing out the season. So all and all if you are looking for an angle that historically has produced some solid ATS NBA Picks performance during the second half of the season it is our Double Digit Road Favorites (73.3% ATS).
Betting Sports Tip for NBA Second Half Season 2009
Submitted by Tony George on Sat, 02/21/2009 - 18:05.
The All Star Break is in the past signaling the "second half" of the 2009 NBA Picks season and this means all new betting trends to consider.
Like any season in the past, the first part has brought both surprises (Atlanta) and disappointments (Phoenix) of NBA Picks. However, even though we might have had an advantage in NBA Picks early in the season the odds makers have a tendency to even the score out making the necessary adjustments to the number. With that being said, I still decided to search for any angles that we might be able to capitalize on with our NBA Picks.
After all, teams don't necessarily perform later in the season as they did in the first part (Philly last season went from 18-30 SU in the first part to 22-12 and a 61% ATS performance). So, what NBA Picks angles might we have this year? Let's take a look:
Scenario #1 - Home Favorites It doesn't appear that we have an advantage here as home favorites in the past hit 50.9% ATS in the second half versus 49.4% in the first half of NBA picks.
Scenario #2 - Double Digit Home Favorites This angle showed a bit more promise, but not much as double digit home favorites in the second half were 41.7% ATS versus 47% previously.
Scenario #3 - Home Underdogs This trend is one to stay away from as home dogs actually did better during the first half of the season going from 49.2% ATS to 45%. Looking at it from the reverse side it give us Road Favorites a 55% ATS NBA Picks (certainly a money maker).
Scenario #4 - Double Digit Home Underdogs This angle produced a very solid betting proposition as double digit home underdogs did a complete reversal from the first half of the season hitting 61.3% ATS versus only 26.7% the second half. It could be that our double digit home pups realize that the playoffs are more than likely a dream and are just playing out the season. So all and all if you are looking for an angle that historically has produced some solid ATS NBA Picks performance during the second half of the season it is our Double Digit Road Favorites (73.3% ATS).
Betting Sports Tip for NBA Second Half Season 2009
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