Weight of restrictions sinking small guys

Jul 23, 2002 6:06 AM

As I sit watching my retirement fund get crushed like an ant and these CEOs building million dollar homes on all us little guys who invested our hard earned money with confidence, I can’t help but think of all the comparisons that have been made over the years between the stock market and gambling on sports.

If you watch these shows, both have the same touts, the same hype, the same promises. The one thing that is not the same in some cases is the integrity of the industries. As for sports betting in Nevada there is no greater integrity than the way our race and sports books are run.

The only drawback is that most small books are getting run into the ground because of being so over-regulated as far as being able to take larger wagers. It has become almost impossible for these smaller books to compete with the big corporations that have five or more operations under one umbrella.

This is especially true during baseball season with no handle and very little chance, if any, to show any bottom line profit. So many restrictions have been placed on sports wagers over the past 10 years that if you bet over $1,000 dollars, everyone thinks you are a wiseguy or know the outcome of the game.

These regulations need to be eased or we will send our race and sports books to the ocean and lose the goose that laid the golden egg. We must remember that we here in Nevada are lucky enough to have the only legal game in the USA and it would be nice to keep it afloat.

In the past three years we have seen our sports book handle and win drop in each year. This trend needs to stop or you will need to look for your friendly or not so friendly bookie elsewhere.

I was in one of my favorite books yesterday and saw the sports book manager behind the counter (first time in weeks) with a smile on his face. I said baseball must have been good yesterday. With a wily grin he said he just noticed there’s three weeks until football.

Just a quick thought on football. Greed is our biggest enemy when wagering. If you like two games it is not a rule that you must look for that other team just so you can increase your payoff.

There is nothing wrong with hitting a two teamer or even a flat bet. Don’t get greedy. Every successful sports and race better I know exercises patience and won’t let greed get in the way. Remember the same mess that clutters up a one car garage will clutter up a two car garage.

Be patient, have fun and remember it’s a very long season. Forget about the market for a while, there is nothing you can do but wait it out. That’s what Ray P told me and Chuck said always listen to Ray. Stay cool, see you at Del Mar if you’re lucky.