Sports betting now legal in NJ
U.S. supreme court just ruled and now sports betting is legal
Supreme Court strikes down federal law banning sports gambling in most states https://www.cbsnews.com/news/supreme-court-strikes-down-federal-law-banning-sports-gambling-in-most-states/
It’s about time! I got bills to pay. Can’t wait to invest some of my derby money!!!
Oh thank God! Now all of my coworkers won't go to jail for sweet 16 brackets and superbowl pools :)
CBB, I'm hoping that it'll be added to the menu of NJ online casinos... I certainly dont want to have to drive to AC or one of the racetracks to place a bet on a football game. I would probably just stick with my bookie, if that were the case.
It will be interesting to see if we get any stand alone sports books outside of the casino type environment. I have been to several books in Vegas that exist that are set up in a manner that are restaurant/lounges as well as sports books. Great place for Sunday football games. I am sure our liquor license laws may prevent us from seeing that though.
What would be smart is if they could do something with lottery terminals to accept the bets or do it like they have keno in some states in bars - there’s a tablet at your table you can play from - would be fun in sports bars for sure
They have some version of Keno in NJ bars now... freaked me out when I saw it. Thought I died and wound up in hell (aka Massachusetts).
Sports betting was pursued by NJ ostensibly to "save Atlantic City and the struggling horse racetracks".
I don't think there's any way that it's going to be allowed in regular bars on a widespread basis. My thought is that our best hope is online, much like you can now gamble in online casinos and play poker for $ online in NJ as well. You might need to upgrade to that smart phone, Calico (-;
It's a $150 billion/year underground industry - this could really help NJ's tax woes.
skippy - it won't help squat. Trust me, NJ government manages to mismanage everything. However, it will provide fun for sports gamblers.
Maybe they can open a hookah bar on main street with sports gambling and marijuana
I received an email from DraftKings minutes after the announcement. They will be involved I’m sure
HOW will we tell it all apart ? The Mafia,NBA.NFL,MLB,etc,plus legal pot. The cost to public to police all this mess will dwarf any gains.
Just think about the Atlantic City fiasco ,and the "teaser" lottery which squeezes money from those who can least afford it,all in the name of education or seniors.Do you realize,people actually believe Trenton's B/S ??
They are going to tax you when you place your bet and when you win your bet. Illegal Bookmakers will still be in business.
"They are going to tax you when you place your bet and when you win your bet." - Says the guy who's obviously never set foot in a casino, sports book, OTB or race track in his life.
Yea not sure how they can tax you when you place your bet. Also only time I’ve had a casino hold taxes and issue me a 1099 was when I won more than $5k at a slot machine. But then you can still write off your gambling losses. $100 bet here and there they aren’t going to issue you 1099s. The taxes to the state will come from the businesses taking the bets that are making the real money off these bets. Not from the small individuals
Under the bill Sweeney, the Senate president, introduced Monday, the state would impose an 8 percent gross revenue tax on bets placed at casinos and tracks.
It would also institute a 12.5 percent tax on online sports bets placed through licensed casinos. All of those funds would be dedicated to programs that benefit seniors and the disabled.
Plus, another 1.25 percent tax would be place on gaming revenue at racetracks. That would be go to county and local governments for economic development purposes.
Thank you Skippy for for backing up my post,ianimal is another one of those leftists Kool Aid drinkers trying to destroy the truth. He is one of the many who protect the left on this blog.
P.S. ianimal, I have been a gambler my whole life. You are a jerk for trying to label someone who you know nothing about!
Lol. That's funny, hammerhead. I'm about the most conservative gambler you'll ever meet. If Sweeney and Murphy think that anyone but the biggest rubes and degenerates are going to pay an 18-22.5% vig to bet legally, they've killed the golden goose before it laid its first egg.
There's just no margin there. You would have to win 60% of your bets just to break even. Who's going to pay $120 to win $100 on a coin flip? It's too ridiculous to be believed. Hopefully PA isnt quite so greedy. I'll happily wager my $ over there instead.
Simmer down, snowflake. Like I said, it was too ridiculous to be believed. Apparently that doesn't stop it from being true, however. You want a little salve for that owwie on your butt?
No word yet if they will make withholding mandatory over a certain payout ( like horse racing - ergo any winning larger than 300x your bet) or they will W2G you. And you’re right that’s a huge vig - you’re competing against a billion dollar underground industry that makes their money on the spread and the 3points. If you calculate it mathematically though I don’t know why anyone would want to write sports bets legally - it’s not like licensed sports books can lay bets in another city to defer against payouts and I think once they set the line on a game it’s static - unlike underground sports books. I don’t know enough about this type of gambling - I’ll look up how they work in Vegas.
Do not ever under estimate the greed of Democrats to tax you into penury to pay for their Socialist Utopia.
OK so here's what this may look like - keep in mind I know less than nothing about sports.
the way legal sports books generate revenue is by holding 10 points when win and charging 10 points when you lose - this way they make money on every wager placed. this is to ensure fairness as the house has no interest in the outcome of the game.
e,g you have to bet $110 to win $100
then you are going to have to pay the state 18-22.5 points on top of that? so ergo bet $135 to win $100? the only way they will be able to make money is people buying point spreads and with the money line on baseball. nobody in there right mind is going to see this as a good deal.
No, the 18-22.5% I used was a total that included the 10% vig to the "house". The State's cut is 8-12.5%.
Skippy - Legal sports book lines move up and down all day long. Nothing remotely static about them.
I suppose they would have to ensure equal bets on both sides - interesting topic to learn about
"Bookies now on the unemployment line..."
Nope - Bookies give 1 thing the state will not give and that is credit. The state is not going to take a bet on credit - maybe a credit card but not your full faith and credit. Who are they going to send out to collect the Vig - the NJ State Police?
The leagues want a piece of the action now - Sweeney said he will give them the same percent they get from Vegas which is 0%...
That's why these leagues are lobbying for a Federal Law - a piece of the action.
You will see before the 1st Giants/Jets regular season game legal betting at the Meadowlands on the game...no joke.
Between the pot and the gambling - multi Billions of Dollars to be made - heck this state might start making some cash to pay teacher/unions pensions etc.
There are very few avenues to place bets so far. When that opens up you will see that revenue tick up for sure.
Not sure how you can say there are very few avenues when at least 2 of the largest sports gaming companies draftingkings and fan duel are in the market with apps/websites that are accessible via computers and phones. If nj had limited it to AC, racetracks or brick and mortar then sure you could say limited avenues are the cause for low revenue. But it is literally accessible to everyone sitting on their couch or on the go anywhere in NJ can't get more accessible than that. They simply grossly over estimated the potential revenue and are doing the same with legal pot. But again any revenue is good revenue just don't expect nj to come out of red in our lifetime.
I guess I should restate. Brick and Mortar gambling is what I meant. With that said this news just came in. $1.24 BILLION made in sports bets in first 6 1/2 months of sports betting, according to just published report by New Jersey Division of Gaming Enforcement.
Not sure what that equates to in Tax dollars but will be interested to see.
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