The Gambler's Report: Sports Betting Legalization A Good Call?

Another week flies by and there is plenty to check out around the sports betting world. College football has passed thru week 8 and another huge upset rock the standings, as #2 Ohio State loses to unranked Purdue 49-20.  The NFL pushed thru week 7 and the division standings are starting to take shape.  MLB has reached the World Series where two historic franchises in the Red Sox and Dodgers will play for it all. And the sports betting wave that is sweeping the US continues to dominate the news as more states look at legislation that could potentially legalize betting on games as early as 2018-2019. Let's dive right in and take a quick look around the industry in this week's Gambler's Report.  

Increased Revenue

Among all the leagues talks about how much they needed an integrity fee to accompany any legalization of sports betting very few mentioned any potential spikes in revenue they may have from increased interest. Well, the American Gaming Association recently commissioned a study that looked at just that. The study, conducted by Nielsen Sports, found that with widely available, legal and regulated sports betting, MLB could earn an extra $1.1 billion, while the NBA may see a revenue increase of $585 million. Earlier, the AGA released a study with similar results including the NFL and NHL. But hey,  these guys need an integrity fee that would get passed onto the punter as well.  

Initial Returns Are In

West Virginia took in approximately $100 million in sports betting action in the first two months since launch. The state has collected more than $200,000 in taxes which is not bad considering the majority of this timeframe only had a single operator up and running. The state set annual projections around $5.5 million.  

 


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Finally, A Policymaker Makes Sense

The lead policymaker on Illinois' sports betting bill wants to make sure not to tax sports betting at too high of a rate. State Rep. Lou Lang warned lawmakers to take their time to get it right, including not taxing too much. "It will drive people out of the market and it will hurt the bottom line for the state. For me, this is about the bottom line for the state and economic development." Even if the only reason is to simply not drive away people I'll take it. Most of these states seem intent on taxing as absolute much as they can right off the bat.  

Offshore Report

The home stretch of October and looking at payout reports show everything generally going within stated time frames. I've said it before and will say it again, Bitcoin remains easily the quickest and most efficient way to both deposit and withdraw your funds. If you have never used before you are really missing out.  Withdrawals are often processed in hours instead of days and weeks. 

Sad news out of Costa Rica as it has been reported that William Sean Creighton (aka Tony from 5dimes) has been found dead after the recently reported kidnapping. THE OIJ has yet to publicly confirm but the 43-year-olds body has reportedly been found. This is a big loss for the offshore industry as Tony ran one of the biggest and best offshore shops you will find. RIP Tony and my thoughts and prayers are with his family in this time of tragedy.

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