Betting Odds Sports: Evolution of Online Gambling to Include Trading in Sports Future Bets?
By William Spencer
General Online Casino News
The momentum is building in the United States for regulated online gambling and legalized sports gambling. As the two become accepted in the US, a new concept half-jokingly proposed by an ESPN writer may be the hot new game to emerge from legal Internet sports wagering.
Bill Simmons, a columnist for ESPN, suggested that eBay open a market for purchased future sports bets. His idea is that players who have invested in a preseason play on a team to win a championship should have the option to auction off that play as the season progresses and the odds drop (or rise, if the seller is willing to take a loss).
In other words, players could advertise they were selling, say, a ticket that pays $2000 on the New Orleans Saints to win the Super Bowl. It may have only cost $100 to buy that play before the season, but if it's week 14 and the Saints are 12-2, chances are the odds will have gone way down, and a $2000 winner would now cost perhaps $1000.
But, with the advent of online sports gambling, the initial player could sell his option for $500. The seller would get a sure thing, and the purchaser would get better odds than currently available.
A similar concept is being explored at certain games at the sports book at M Casino in Las Vegas. The M will let players bet during a game, moving odds as the game progresses.
"Trading in sports bets could be a lucrative new expansion of sports gambling," says gaming analyst Harold Bond. "Taking advantage of the swift transfer of information and mass market of the Internet offers second-guessers and risk-takers a chance to cash in or get out."
Betting Odds Sports: Evolution of Online Gambling to Include Trading in Sports Future Bets?
Monday, April 6, 2009
Betting Forum Sports: Young people betting on sports
Betting Forum Sports: Young people betting on sports
By KEVIN TRESOLINI
The News Journal
Delaware is home to only one professional sports franchise -- a minor-league baseball team -- and University of Delaware football is the only college team that draws large crowds.
But that does not tell the whole story about Delawareans' interest in sports.
Last year, when the Phillies marched toward the World Series title, it seemed everyone was wearing red. And that provided only temporary respite to the usual fall obsession, the Eagles.
This rabid allegiance to sports teams is maybe best seen on college campuses, where football and basketball teams move students to shave their heads, paint their bodies and brave subfreezing temperatures with no shirts.
On any given night, large-screen televisions in dormitory lounges at the University of Delaware are tuned to sports. Other students gather at campus bars and restaurants, where, for the past couple of weeks, the NCAA men's basketball tournament has brought in big crowds. Waitresses navigate tables of young fans in track jackets and team hats to deliver beer, chicken wings and the other necessities of a long
TV-watching encampment.
And many say their enjoyment of a game or passion for their team is raised when they have something riding on the outcome.
Sports betting was the fourth most popular form of gambling among participants in a survey of University of Delaware students released last month by the Delaware Council on Gambling Problems, trailing only the lottery, card games and casinos.
Twenty-eight percent of those surveyed had wagered on sports at least once, and 15 percent had gambled on sports in the previous year.
"I place bets with my friends a lot, especially now with the NCAA tournament going on," said UD student Jason Dague, 22, of Hershey, Pa. "I think I'm in about three different pools with people and I've spent probably around $70 or so on the brackets."
The urge to make some money because of one's supposed knowledge of sports can be strong, which may help explain the logic behind Gov. Jack Markell's proposal to re-institute sports betting in Delaware.
As the only state east of Nevada that can legalize sports betting, Markell sees it as a way to draw sports fans into the state and boost its sagging economy.
Markell hopes sports bettors also will spend money on slot machines, hotels, restaurants and other attractions.
"Legalized betting in Delaware is definitely a good thing," Dague said, "especially since it'll raise money for the state. It's also good for bettors, because it's organized and all set up for you. I still like betting among friends, but having that option is good, too."
"Legalized betting would definitely be great for people who do bet, as long as everything was controlled and regulated by the casinos," said UD student Matt Groth, 19, of Audubon, Pa.
Betting Forum Sports: Young people betting on sports
By KEVIN TRESOLINI
The News Journal
Delaware is home to only one professional sports franchise -- a minor-league baseball team -- and University of Delaware football is the only college team that draws large crowds.
But that does not tell the whole story about Delawareans' interest in sports.
Last year, when the Phillies marched toward the World Series title, it seemed everyone was wearing red. And that provided only temporary respite to the usual fall obsession, the Eagles.
This rabid allegiance to sports teams is maybe best seen on college campuses, where football and basketball teams move students to shave their heads, paint their bodies and brave subfreezing temperatures with no shirts.
On any given night, large-screen televisions in dormitory lounges at the University of Delaware are tuned to sports. Other students gather at campus bars and restaurants, where, for the past couple of weeks, the NCAA men's basketball tournament has brought in big crowds. Waitresses navigate tables of young fans in track jackets and team hats to deliver beer, chicken wings and the other necessities of a long
TV-watching encampment.
And many say their enjoyment of a game or passion for their team is raised when they have something riding on the outcome.
Sports betting was the fourth most popular form of gambling among participants in a survey of University of Delaware students released last month by the Delaware Council on Gambling Problems, trailing only the lottery, card games and casinos.
Twenty-eight percent of those surveyed had wagered on sports at least once, and 15 percent had gambled on sports in the previous year.
"I place bets with my friends a lot, especially now with the NCAA tournament going on," said UD student Jason Dague, 22, of Hershey, Pa. "I think I'm in about three different pools with people and I've spent probably around $70 or so on the brackets."
The urge to make some money because of one's supposed knowledge of sports can be strong, which may help explain the logic behind Gov. Jack Markell's proposal to re-institute sports betting in Delaware.
As the only state east of Nevada that can legalize sports betting, Markell sees it as a way to draw sports fans into the state and boost its sagging economy.
Markell hopes sports bettors also will spend money on slot machines, hotels, restaurants and other attractions.
"Legalized betting in Delaware is definitely a good thing," Dague said, "especially since it'll raise money for the state. It's also good for bettors, because it's organized and all set up for you. I still like betting among friends, but having that option is good, too."
"Legalized betting would definitely be great for people who do bet, as long as everything was controlled and regulated by the casinos," said UD student Matt Groth, 19, of Audubon, Pa.
Betting Forum Sports: Young people betting on sports
Sports Purity Unaffected by Online Gambling and Betting Sports, UK Finds
Sports Purity Unaffected by Online Gambling and Betting Sports, UK Finds
A new study by the UK Gambling Commission suggests that online casinos and sports gambling have not interfered with honest and uncorrupted results of sports matches.
The mass of funding lobbying against legal sports gambling in the US is derived mainly from the National Football League and other US sports leagues, attempting to guard the integrity of games. But a new study by the UK Gambling Commission suggests that online casinos and sports gambling have not interfered with honest and uncorrupted results of sports matches.
In the last 18 months, the commission received reports of about 50 incidents which aroused suspicions regarding gambling influence. Over half were quickly found to be unsubstantiated.
While the remainder are still in question, only a handful are deemed worthy of continued inquiry. Further, the commission found the number of suspicious results to be equal or less than before the advent of legal online sports gaming.
Online sports books have long contended NFL policy leaves its players and game results at risk. The gambling operators say illegal sports betting poses far greater dangers for the league than regulated and transparent sports wagering.
European lawmakers have recognized this concept for some time. Cooperation between online casinos and sports officials has led to tight and secure measures against undue influence.
Brain Pomeroy, the Gambling Commission Chairman, said, "While limited evidence has so far emerged to support the widespread concern about the risks to betting integrity, combating those risks by working effectively with our partners is a key priority for the Gambling Commission.
"Our integrity team is already working with CCPR, sports governing bodies and betting operators to develop enhanced joint working.
Sports Purity Unaffected by Online Gambling and Betting Sports, UK Finds
A new study by the UK Gambling Commission suggests that online casinos and sports gambling have not interfered with honest and uncorrupted results of sports matches.
The mass of funding lobbying against legal sports gambling in the US is derived mainly from the National Football League and other US sports leagues, attempting to guard the integrity of games. But a new study by the UK Gambling Commission suggests that online casinos and sports gambling have not interfered with honest and uncorrupted results of sports matches.
In the last 18 months, the commission received reports of about 50 incidents which aroused suspicions regarding gambling influence. Over half were quickly found to be unsubstantiated.
While the remainder are still in question, only a handful are deemed worthy of continued inquiry. Further, the commission found the number of suspicious results to be equal or less than before the advent of legal online sports gaming.
Online sports books have long contended NFL policy leaves its players and game results at risk. The gambling operators say illegal sports betting poses far greater dangers for the league than regulated and transparent sports wagering.
European lawmakers have recognized this concept for some time. Cooperation between online casinos and sports officials has led to tight and secure measures against undue influence.
Brain Pomeroy, the Gambling Commission Chairman, said, "While limited evidence has so far emerged to support the widespread concern about the risks to betting integrity, combating those risks by working effectively with our partners is a key priority for the Gambling Commission.
"Our integrity team is already working with CCPR, sports governing bodies and betting operators to develop enhanced joint working.
Sports Purity Unaffected by Online Gambling and Betting Sports, UK Finds
NCAA Fights Legal Gambling, But Takes Casino Sponsor Money for Betting Sports
NCAA Fights Legal Gambling, But Takes Casino Sponsor Money for Betting Sports
By Pete Gunnel
General Online Casino News
The NCAA is rushing around the country lobbying against liberalizing gambling laws and threatening states that consider adopting Internet gaming or sports betting as revenue producers. Yet, the same organization is chock-full of members accepting advertising dollars from casinos and other gambling interests.
The NCAA has long been decried by from within as well as without for its hypocritical ways. The organization is supposed to operate for the benefit of student-athletes, but conducts itself as an aggressive corporation. Players are forbidden under the harshest of penalties from exploiting their fame, yet the NCAA routinely cashes in on the exploits of its slaves...er, students...ok, let's say athletes.
Now, even as the collegiate athletic association tells Delaware it will never host a sanctioned event if the state legalizes sports gambling, schools across the country are happily promoting gambling in their arenas. The NCAA outlook is that it's ok for its members to take gambling money, but nobody else should do so.
Washington State, Arizona State, Arizona, Oregon, and Oregon State all publicize casinos and gambling at arenas and in programs. By the by, Oregon was a state that had legal sports gambling funding education in the state, but was pressured to drop the program by the NCAA. Shooting down educational revenues is an awkward position for an organization of universities.
The University of New Mexico inked a five-year deal with the Route 66 Casino to be the "exclusive gaming sponsor." Perhaps Delaware just needs to make an offer to be the exclusive sports gaming state?
NCAA Fights Legal Gambling, But Takes Casino Sponsor Money for Betting Sports
By Pete Gunnel
General Online Casino News
The NCAA is rushing around the country lobbying against liberalizing gambling laws and threatening states that consider adopting Internet gaming or sports betting as revenue producers. Yet, the same organization is chock-full of members accepting advertising dollars from casinos and other gambling interests.
The NCAA has long been decried by from within as well as without for its hypocritical ways. The organization is supposed to operate for the benefit of student-athletes, but conducts itself as an aggressive corporation. Players are forbidden under the harshest of penalties from exploiting their fame, yet the NCAA routinely cashes in on the exploits of its slaves...er, students...ok, let's say athletes.
Now, even as the collegiate athletic association tells Delaware it will never host a sanctioned event if the state legalizes sports gambling, schools across the country are happily promoting gambling in their arenas. The NCAA outlook is that it's ok for its members to take gambling money, but nobody else should do so.
Washington State, Arizona State, Arizona, Oregon, and Oregon State all publicize casinos and gambling at arenas and in programs. By the by, Oregon was a state that had legal sports gambling funding education in the state, but was pressured to drop the program by the NCAA. Shooting down educational revenues is an awkward position for an organization of universities.
The University of New Mexico inked a five-year deal with the Route 66 Casino to be the "exclusive gaming sponsor." Perhaps Delaware just needs to make an offer to be the exclusive sports gaming state?
NCAA Fights Legal Gambling, But Takes Casino Sponsor Money for Betting Sports
Betting Sports Tip: 8 Reasons Why Online Poker is Better Than the Real Thing
Betting Sports Tip: 8 Reasons Why Online Poker is Better Than the Real Thing
by Simon M Skinner
8. You can play in your PJs! You may be a sexy mama in a red dress but playing in your lingerie is frowned upon in Las Vegas! Playing poker online allows you to dress or loojk as you please. Being in the comfort of your own home will also help you relax and concentrate on the game.
7. You never have to leave the casino. While it is a good idea to get up for eating and sleeping breaks, there is no time obligation on online poker. You can play against real opponents any time, night or day and never have to worry about time running out. You also save money on gas, food and that fancy tuxedo rental.
6. It’s your game. You call the shots and get get to decide what flavor of poker you wish to play. Most casinos only have limited versions of poker (usually the most popular versions of poker. When you play online poker you can play any flavor of poker ever devised
5. Speedy Gonzales. THe modern internet allows all programs to run faster. By playing online you play approximately 50% more hands in an hour than you would do in an online casino.
4. Anonymity You dont give away any tell tale signs physically and dont have to have a ‘poker face’. You can also easily change your playing style in order to bluff your opponents. This is harder face to face!
3. You can use poker tools to help your game. Playing from home allows you to have as many tools and toys as you want. You can look at hand histories and use tools to track your betting rate. There are all sorts of tools to help you improve your game. If you try bringing electronic toys into a Vegas casino and you will probably need a lawyer.
2. It’s cheaper You do not have to make the trip to an actual casino. You do however pay less rake though but you avoid paying the dealer a tip!
1. More tables and more chances to play! If you have ever visited a real casino then you know how crowded the property can get. With online poker there is no long waiting periods for tables to open. Additionally, you can take part in “multi tabling” and play several games at once. Some experienced online players can handle up to 10 or more games at the same time. Don’t try this in Vegas unless you’ve mastered human cloning.
Betting Sports Tip: 8 Reasons Why Online Poker is Better Than the Real Thing
by Simon M Skinner
8. You can play in your PJs! You may be a sexy mama in a red dress but playing in your lingerie is frowned upon in Las Vegas! Playing poker online allows you to dress or loojk as you please. Being in the comfort of your own home will also help you relax and concentrate on the game.
7. You never have to leave the casino. While it is a good idea to get up for eating and sleeping breaks, there is no time obligation on online poker. You can play against real opponents any time, night or day and never have to worry about time running out. You also save money on gas, food and that fancy tuxedo rental.
6. It’s your game. You call the shots and get get to decide what flavor of poker you wish to play. Most casinos only have limited versions of poker (usually the most popular versions of poker. When you play online poker you can play any flavor of poker ever devised
5. Speedy Gonzales. THe modern internet allows all programs to run faster. By playing online you play approximately 50% more hands in an hour than you would do in an online casino.
4. Anonymity You dont give away any tell tale signs physically and dont have to have a ‘poker face’. You can also easily change your playing style in order to bluff your opponents. This is harder face to face!
3. You can use poker tools to help your game. Playing from home allows you to have as many tools and toys as you want. You can look at hand histories and use tools to track your betting rate. There are all sorts of tools to help you improve your game. If you try bringing electronic toys into a Vegas casino and you will probably need a lawyer.
2. It’s cheaper You do not have to make the trip to an actual casino. You do however pay less rake though but you avoid paying the dealer a tip!
1. More tables and more chances to play! If you have ever visited a real casino then you know how crowded the property can get. With online poker there is no long waiting periods for tables to open. Additionally, you can take part in “multi tabling” and play several games at once. Some experienced online players can handle up to 10 or more games at the same time. Don’t try this in Vegas unless you’ve mastered human cloning.
Betting Sports Tip: 8 Reasons Why Online Poker is Better Than the Real Thing
Top 9 Methods To Win At Betting Sports
Top 9 Methods To Win At Betting Sports
By Simon M SkinnerIf you are looking to try your luck at sports betting then know that you do have greater odds of winning in this game than you would in roulette or craps. While those are games of chance, sport betting is a game of predicting a foreseeable outcome. Here are some tips on how to win big at the big game:
9. Place Bets on the Right Sports Book By placing bets on the right book, you increase your odds of winning by 3% - an enviable edge.
8.Bet Against the Public Many bettors choose to “fade the public” and bet against the outcome everyone else is counting on. This can be a winning strategy for you.
7.Do Your Homework Before the Game To make the most of sports betting, learn everything you can about the sport. Think about the things which a lot of people are unaware of. Even bookies don’t know every little detail; if you can become an expert, it can work in your favor as a sports bettor.
6.Choose the Underdog at Home The underdog is statistically a good bet when they are playing a home game. Teams tend to put forth their best effort for the home crowd, so don’t count on the favorite on the underdog’s turf.
5.Bet at Just the Right Time Bettors who bet on underdogs usually bet early. Therefore, if you are betting on an underdog try and bet late. If you are betting on the favorite then bet early. Going against the grain in sports gambling is often a smart move.
4.Make Arbitrage Bets Regardless of the outcome of a game, you can make money by making arbitrage bets. You only bet on something specific within the game and can make money no matter how the game itself turns out.
3.Square or Sucker Lines Most bettors will try to avoid square lines (lines which are made to lure people into betting one way or the other). You can even make money off of these by keeping an eye on the odds.
2.Never Gamble While Drinking This should go without saying, but drinking can impair your judgment and makes you more likely to make rash decisions. Don’t drink and bet, please.
1.Manage your Gambling Money Another lesson in common sense that is often ignored when it comes time to put down a wager: never bet more than you can afford to lose. In fact, it is recommended that you set aside a portion of your money for betting and to stick with it, regardless of your winnings or losses. Lastly, try to spread your total among a few smaller bets rather than risk it all on one sure thing that may not be as predictable as everyone thinks.
Top 9 Methods To Win At Betting Sports
By Simon M SkinnerIf you are looking to try your luck at sports betting then know that you do have greater odds of winning in this game than you would in roulette or craps. While those are games of chance, sport betting is a game of predicting a foreseeable outcome. Here are some tips on how to win big at the big game:
9. Place Bets on the Right Sports Book By placing bets on the right book, you increase your odds of winning by 3% - an enviable edge.
8.Bet Against the Public Many bettors choose to “fade the public” and bet against the outcome everyone else is counting on. This can be a winning strategy for you.
7.Do Your Homework Before the Game To make the most of sports betting, learn everything you can about the sport. Think about the things which a lot of people are unaware of. Even bookies don’t know every little detail; if you can become an expert, it can work in your favor as a sports bettor.
6.Choose the Underdog at Home The underdog is statistically a good bet when they are playing a home game. Teams tend to put forth their best effort for the home crowd, so don’t count on the favorite on the underdog’s turf.
5.Bet at Just the Right Time Bettors who bet on underdogs usually bet early. Therefore, if you are betting on an underdog try and bet late. If you are betting on the favorite then bet early. Going against the grain in sports gambling is often a smart move.
4.Make Arbitrage Bets Regardless of the outcome of a game, you can make money by making arbitrage bets. You only bet on something specific within the game and can make money no matter how the game itself turns out.
3.Square or Sucker Lines Most bettors will try to avoid square lines (lines which are made to lure people into betting one way or the other). You can even make money off of these by keeping an eye on the odds.
2.Never Gamble While Drinking This should go without saying, but drinking can impair your judgment and makes you more likely to make rash decisions. Don’t drink and bet, please.
1.Manage your Gambling Money Another lesson in common sense that is often ignored when it comes time to put down a wager: never bet more than you can afford to lose. In fact, it is recommended that you set aside a portion of your money for betting and to stick with it, regardless of your winnings or losses. Lastly, try to spread your total among a few smaller bets rather than risk it all on one sure thing that may not be as predictable as everyone thinks.
Top 9 Methods To Win At Betting Sports
Betting Sports seems a sure gamble
Betting Sports seems a sure gamble
By CRIS BARRISH
The News Journal
The early line is in on Delaware sports betting and other gambling-related legislation the Markell administration is pursuing.
The picks:
• Sports betting looks like a lock to be operating by the fall at the state's three racetrack casinos.
• Getting the casinos to give more of their revenue to the state also appears to be a sure thing.
• Facing long odds, however, is Gov. Jack Markell's gambit to have up to 10 sports betting parlors and authorize three new casinos.
The picks aren't coming from Las Vegas oddsmakers, but from the players who will decide the issue: members of Delaware's General Assembly. In interviews with leaders of both parties and nearly a third of all Delaware lawmakers, there was a general consensus on what would likely be the outcome of the three prongs of Markell's proposal.
"They went for the whole tamale, but in reality, they are going to get something much smaller," said state Rep. Joe Booth, a Georgetown Republican.
Even Sen. President Pro Tem Thurman Adams, who doesn't often tip his hand, agreed that sports betting and a bigger share of revenue for the state are likely, but new gambling venues are not.
Markell is keenly aware of the sentiment among lawmakers and has adjusted his sights accordingly, chief of staff Thomas McGonigle said.
The governor's office is already working with some on a compromise bill that would retain these elements of the original: restrict sports betting to the so-called "racinos" and increase the state's share of slots revenue.
But in a new provision, Markell wants to charge a total of $4.5 million in annual licensing fees to be split among the racinos that conduct sports betting.
Markell also would drop the provision for sports betting parlors and new casinos, for now. "I'm still hopeful we're going to get something through that works and relates to the additional venues. People want to take a little more time. The substitute bill would give us some time to study."
The bill would set up a group to study the possibility of expanding gambling further, including the addition of table games such as blackjack, McGonigle said Friday. A report would be issued by year's end.
Rep. Pete Schwartzkopf recently said he would introduce the new bill containing the provisions outlined by McGonigle.
Racino officials, who opposed the original bill, said they would fight against the compromise. Lobbyist Robert L. Byrd, who said he spoke for the state's three racinos, said the new bill was "more onerous" financially than the original and also left open the possibility that new casinos could be authorized by next year.
Should the measure pass, it would generate about $7.5 million in additional revenue from the new slots revenue formula for the financially ailing state in the fiscal year that ends June 30, McGonigle said. For the next fiscal year, Markell is forecasting at least $55 million in additional revenue from sports betting and the new revenue formula for a state facing a projected $750 million shortfall in fiscal 2010.
"The most pressing matter right now is to enact sports betting with a new revenue split and that really needs to get done fast," McGonigle said. "But the governor has heard the concerns raised regarding the new venues and does believe we need a careful approach, though he does believe it is something we need to pursue."
NCAA, NFL threats backfireBy indicating they are poised to approve sports betting, lawmakers are rejecting pressure from both the National Collegiate Athletic Association and the National Football League, which are both lobbying hard against the proposal.
The NCAA threatened to prohibit Delaware colleges from hosting tournament games in any sports. The NFL's commissioner has charged that sports betting in Delaware would threaten the game's integrity and suggested the league might pursue legal action to stop it.
More casinos 'a hard sell'
Markell's bid to authorize new casinos and dot the state with sports betting parlors, however, has not caught on with lawmakers.
In recent two public hearings, casino workers and executives complained that new competition would hurt their operations and lead to layoffs. Denis McGlynn, chief executive at Dover Downs, said in an interview that Delaware's casinos aren't even using up their current allotment of slot machines because there isn't enough demand.
Lawmakers said that for now, they are satisfied with the three casinos: Dover Downs, Delaware Park and Harrington Raceway. And they want to confine legal gambling to places where it is already practiced.
In recent years, several developers have proposed putting a hotel and casino on Wilmington's riverfront. Last month, a group proposed putting a casino in Millsboro. Rep. Booth said some have talked about operating a casino boat downstate.
"I think that with casinos, there is a saturation point," he said.
Betting Sports seems a sure gamble
By CRIS BARRISH
The News Journal
The early line is in on Delaware sports betting and other gambling-related legislation the Markell administration is pursuing.
The picks:
• Sports betting looks like a lock to be operating by the fall at the state's three racetrack casinos.
• Getting the casinos to give more of their revenue to the state also appears to be a sure thing.
• Facing long odds, however, is Gov. Jack Markell's gambit to have up to 10 sports betting parlors and authorize three new casinos.
The picks aren't coming from Las Vegas oddsmakers, but from the players who will decide the issue: members of Delaware's General Assembly. In interviews with leaders of both parties and nearly a third of all Delaware lawmakers, there was a general consensus on what would likely be the outcome of the three prongs of Markell's proposal.
"They went for the whole tamale, but in reality, they are going to get something much smaller," said state Rep. Joe Booth, a Georgetown Republican.
Even Sen. President Pro Tem Thurman Adams, who doesn't often tip his hand, agreed that sports betting and a bigger share of revenue for the state are likely, but new gambling venues are not.
Markell is keenly aware of the sentiment among lawmakers and has adjusted his sights accordingly, chief of staff Thomas McGonigle said.
The governor's office is already working with some on a compromise bill that would retain these elements of the original: restrict sports betting to the so-called "racinos" and increase the state's share of slots revenue.
But in a new provision, Markell wants to charge a total of $4.5 million in annual licensing fees to be split among the racinos that conduct sports betting.
Markell also would drop the provision for sports betting parlors and new casinos, for now. "I'm still hopeful we're going to get something through that works and relates to the additional venues. People want to take a little more time. The substitute bill would give us some time to study."
The bill would set up a group to study the possibility of expanding gambling further, including the addition of table games such as blackjack, McGonigle said Friday. A report would be issued by year's end.
Rep. Pete Schwartzkopf recently said he would introduce the new bill containing the provisions outlined by McGonigle.
Racino officials, who opposed the original bill, said they would fight against the compromise. Lobbyist Robert L. Byrd, who said he spoke for the state's three racinos, said the new bill was "more onerous" financially than the original and also left open the possibility that new casinos could be authorized by next year.
Should the measure pass, it would generate about $7.5 million in additional revenue from the new slots revenue formula for the financially ailing state in the fiscal year that ends June 30, McGonigle said. For the next fiscal year, Markell is forecasting at least $55 million in additional revenue from sports betting and the new revenue formula for a state facing a projected $750 million shortfall in fiscal 2010.
"The most pressing matter right now is to enact sports betting with a new revenue split and that really needs to get done fast," McGonigle said. "But the governor has heard the concerns raised regarding the new venues and does believe we need a careful approach, though he does believe it is something we need to pursue."
NCAA, NFL threats backfireBy indicating they are poised to approve sports betting, lawmakers are rejecting pressure from both the National Collegiate Athletic Association and the National Football League, which are both lobbying hard against the proposal.
The NCAA threatened to prohibit Delaware colleges from hosting tournament games in any sports. The NFL's commissioner has charged that sports betting in Delaware would threaten the game's integrity and suggested the league might pursue legal action to stop it.
More casinos 'a hard sell'
Markell's bid to authorize new casinos and dot the state with sports betting parlors, however, has not caught on with lawmakers.
In recent two public hearings, casino workers and executives complained that new competition would hurt their operations and lead to layoffs. Denis McGlynn, chief executive at Dover Downs, said in an interview that Delaware's casinos aren't even using up their current allotment of slot machines because there isn't enough demand.
Lawmakers said that for now, they are satisfied with the three casinos: Dover Downs, Delaware Park and Harrington Raceway. And they want to confine legal gambling to places where it is already practiced.
In recent years, several developers have proposed putting a hotel and casino on Wilmington's riverfront. Last month, a group proposed putting a casino in Millsboro. Rep. Booth said some have talked about operating a casino boat downstate.
"I think that with casinos, there is a saturation point," he said.
Betting Sports seems a sure gamble
Subscribe to:
Posts (Atom)
