After all the talking heads how about we just leave sports betting to Nevada
April 24, 2018 3:00 AM
by Scott Schettler
As the country breathlessly awaits the Supreme blessings on sports betting, more and more “experts” are being given media space. Lazy journalists regurgitate this nonsense like giddy groupies.
No need for fact checking or even running these stories past anyone, like a veteran bookie, to get an educated opinion. Nah, that would ruin the hype.
The most annoying, to me anyway, are the research companies and their analysts who have never made or taken a bet. They only know the gross figures and few give a thought to the net. The gross sports betting figure used by these “experts” to sensationalize their smiley face predictions comes in anywhere from 150-300 billion dollars and they go from there.
Simple, just pick any figure in that range, multiply it by 1%, 2%, 4%, 10% and – shazam! – you’ll get the tax bonanza the state will rake.
Some want to dip into the win, others want a cut of the gross. West Virginia want’s 10% of the gross. Good luck with that. More money for that black hole; but what could go wrong since politicians and bureaucrats will be watching the action?
Forget bookmaking has an historic low, very low profit margin that can top out at around 4% over the years and combined sports seasons – if all goes well. Take off the rose-colored glasses and figure in the 1% “integrity fee” the professional leagues want to extort. Aren’t the games and players playing with integrity now?
That’s just the leagues’ rake. Now groups of players in addition to the players union have come, although late, to the trough. They want their cut in addition to the leagues’ integrity fee. Add another percentage point or two to the orgy.
These 15-watt bulbs want to dictate what games they will allow to be booked and at what odds; what “exotic” bets they will allow. Get this, they want only stats and information they sanction to be used. This is a shot at the leagues as well as the owners. It’ll be a wonderful day in the neighborhood boys and girls.
A trend is becoming evident that will be the 2000 pound gorilla in the room. The trend is to let homegrown lottery commissions, gaming commissions, racing commissions and yet to be appointed panels run the whole thing.
Using Las Vegas expertise and established operations is rarely mentioned or considered in most of these plans. What is being discussed though is fantasy-type pools and forms of pari mutual betting, which is not conducive to sports betting.
They’ll recruit Las Vegas sportsbook personnel and then those aforementioned politicians and bureaucrats will pile on and turn their jobs into a nightmare before the different schemes eventually go belly up or just become parlay card joints.
I’ll take fries with that parlay please.