Another week flies by as gamblers got to enjoy the madness of March in all its glory. And while the games were fun there was a certain something lacking as favorites dominated the opening games. All 16 teams that were favored won over the weekend to punch their ticket to the Sweet 16. The first time this has ever happened. All this leaves for a chalky round of 16, with no Cinderella to be found. But there are plenty other happenings for those not really a fan of the hardwood. Major League Baseball is set to have their true opening day (sorry Japan) where the marathon season kicks off with everyone starting at zero. And the spread of legalized sports betting continues throughout the US with various news breaking rapidly on who is pushing what bill in various states. A quick look around the industry follows in this week's edition of The Gambler's Report.
Betting NCAA Tournament Tips Relating to Seeding - Rounds 1 and 2
Difference In Madness
While it seems like almost everyone has wagered on March Madness in the past in some form of office pool this was the first year with expanded legal sports betting in the US. Nevada has always been king of March Madness and while that title still stands it appears the king has picked up a royal court. New Jersey, Pennsylvania, Deleware, Rhode Island, Mississippi, West Virginia, and New Mexico all joined The Silver State in offering some form of legal sports betting. Let's hope by next years tourney that list has at least doubled.
Razorback's Getting Close
Arkansas has taken a few steps toward getting sports betting up and running with a chance at having the operation a go before the end of 2019. One rule that sticks out states "betting on amateur sporting events in the state must be done on-site at a licensed casino and cannot be conducted via telephone or Internet." Commission chairman Alex Lieblong attributed this rule to adding a potential "safety net by keeping it in-house." Don't think it accomplishes much as you can usually pretty easily call whoever is physically in the casino but I guess these states are trying various things to look like they are doing something.
The Gambler's Report: Here Comes The Madness
Great State of Montana
Montana has joined the states having recently introduced a sports betting bill. Looks like they are looking at an 8.5 percent tax on book's gross receipts minus winning and a federal excise tax each quarter for deposit in a special revenue fund. The bill also outlines costs such as a $1,000 annual licensing fee, a $100 for betting kiosks and 5% of net income to be paid to the licensed gambling location in which they are operating. The initial bill restricts online gambling to being done on a physical location that is licensed. Will probably take a few years before some states start allowing all over the state.
A quick look around payout reports shows everything going as planned thru much of March. No major issues reported other than a few people with complaints about random books most have never heard about. As always Bitcoin remains the fastest and most efficient method of both sending and receiving funds with payouts often quoted in hours as opposed to days or weeks.