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Can Sports Betting Do for Atlantic City What Donald Trump Couldn’t?

ATLANTIC CITY — The last time there was so much hype about the future of this troubled seaside resort, Donald J. Trump was doing most of the hyping.

The president, then a casino impresario, opened the Trump Taj Mahal, the biggest gambling venue on the boardwalk, with great fanfare and at a cost of $1.2 billion in 1990, only to have it collapse into bankruptcy the following year. After years of decline, it shut down in 2016, seemingly consigned to symbolize the ruinous excess here during the Trump era.

But now, less than two years later, the old Taj, stripped of its faux minarets, concrete elephants and any evidence of the Trump name, is about to reopen as the Hard Rock Hotel & Casino. On the same day, June 28, another failed casino — the epically disastrous Revel — is being reanimated a short stroll up the boardwalk as the Ocean Resort.

These revivals are scheduled just as New Jersey’s casinos scramble to cash in on another way of separating gamblers from their savings: wagering on sporting events. The Borgata casino started taking bets on sports on June 14 and others, including the Ocean Resort, are rushing to install sports books in prominent spots on their casino floors. Adding a popular form of gambling could help draw customers during the dreary winter months.

Altogether, poker domino it adds up to more opportunity than many people who live and work here could have imagined just a few bleak years ago when five of the city’s 12 casinos failed and a state takeover rescued the city from a bankruptcy filing.

Though this once famous gambling mecca still has far to go to reverse its fortunes, some boosters are already painting a rosy picture.

“All around us we get glimpses of Atlantic City’s future, as new buildings rise and old streets get new life breathed into them,” Gov. Philip D. Murphy, a Democrat, told a lunchtime crowd at a recent gaming conference here. “Not long ago — it was not long ago at all — folks were writing Atlantic City off. It was past its prime. The economy was dead. Now, when people speak of Atlantic City, they speak of renewal, they speak of opportunity.”

New Jersey became the second state — Nevada was the first — with a legal casino when Resorts International opened on the boardwalk in 1978. But a gaming license has not always been a sure thing. In a race to cash in, Trump and his competitors often borrowed more than they could pay back.

At one point, this small city had 13 casinos, three of them controlled by Trump. But each of his properties fell into bankruptcy and he eventually withdrew from the business. Caesars Entertainment, which still owns three casinos here, had been saddled with about $25 billion in debt before it went into bankruptcy in 2015.

Column: Sports betting is here, leagues should stay away

They’ve been taking action for two weeks now in New Jersey, where basketball great Julius Erving helped kick things off with a $5 bet on the Philadelphia Eagles to repeat as Super Bowl champions.

Sports betting is here, and it’s not going anywhere soon. States are embracing their newly won right to offer wagers, and fans are responding by lining up at the betting windows to throw a few bucks on their favorite teams.

And, surprisingly enough to some, the major sports leagues have — so far at least — somehow managed to survive.

No one has tried to fix anything, as the NFL for years claimed would happen if sports betting was legalized. No one has cried foul over some shenanigans going on in a game.

And, best of all, no greedy sports league has managed to dip its fingers into the pie.

That may change if New York eventually passes a sports betting bill that didn’t make the cut with legislators this year. Proposed legislation there calls for a 0.2 percent cut of betting revenue for the sports leagues, which claim they need it to pay for extra expenses associated with legal sports betting.

It’s a bad idea, daftar poker nothing more than a money grab by leagues that for years decried sports betting as immoral and a threat to their games — until they figured out there might be some money to be made on it.

But if the anecdotal evidence of two weeks of legal betting in a few states is any indication, there’s a ton of money to be made.

A report released Wednesday by GamblingCompliance, a Washington-based research firm, predicted sports betting will be legal in 25 to 37 states within five years. Billions of dollars will be wagered, with gross gaming win expected to top $5 billion by 2023 alone.

That translates into total wagering of some $100 billion a year alone, a staggering figure 20 times what was bet legally in Nevada last year.

Bookies will get their cut, and so will the states taxing the winnings. The report predicts New Jersey and Pennsylvania will surpass Nevada in sports betting revenue within five years, with just over $300 million in win each, and New York will likely end up being the biggest sports betting market in the nation once legislation is passed there to legalize it — especially if it includes online betting.

“Online sports betting in New York is single biggest opportunity we see emerging in next few years,” said James Kilsby, managing director of GamblingCompliance.

So far, at least, it appears the sports betting market will be robust. Bettors in New Jersey have already embraced the limited rollout there, and five other states are on track to offer betting by the upcoming NFL season.

Whether the sports leagues end up getting a piece of the action remains to be seen. New Jersey specifically cut the leagues out, not surprising because they fought the state in court for years over efforts to legalize sports betting, and there is no fee in any of the states on the verge of offering bets.

The Rundown: Sine die! After multiple special sessions, sales tax renewal approved to shore up state finances

Today in The Rundown: The Legislature has wrapped up another special session — this time agreeing to renew a sales tax hike to prop up the state’s perpetually distressed budget until at least 2025.

Programming note: With the end to the special session, poker indonesia The Rundown is taking a brief hiatus. You won’t be seeing it in your inbox as regularly, but be sure to subscribe for when we ramp back up. Thanks so much for reading!

Be sure to sign up to get The Rundown in your inbox by filling out the form here.

The Countdown…

Days until the start of the new fiscal year: 6

The News

Session: The Legislature wrapped up its third special session of the year Sunday night. Unlike past special sessions that collapsed after lawmakers couldn’t reach a tax deal, this one ended with a sales tax revenue stream that will run through 2025.

You know again, we’re going to have to look at all of the options that we have, the way that we address sales tax internally. There are other states now that are going to have to adjust their own state laws in order to take benefit from this ruling, and adjust to the new Internet tax and how that’s going to be done. So we have to kind of wait and see how different states go about it, make some decisions about whether there’s anything we can do within the state, and then beyond that I think there’s a case to be made that Congress probably should get into this issue a little bit more deeply.

But it seems like confusion is going to rain for a while.

Well I mean, I’ve heard that this is going to be into effect within 30 to 90 days. That’s something that our retailers are going to have to really ramp up on, and we’re going to have to see what we can do to help them.

So what advice would you give a retailer in New Hampshire right now?

Well I would say pay very close attention to what goes on the next week or two, and get an idea from us as we start to be able to really get into what the implications of this will be and what the requirements will be. We’ll certainly be willing to work with businesses to answer any questions they might have.

On the flip side, if Leonard and the Spurs are donezo, they need to weigh alternatives. Unloading him onto a team that doesn’t need to send back equal money puts them in play for more expensive signings. Packages built around picks and prospects will beg them to hit reset, but they’ll need to consider more immediate-leaning moves if they’re not planning to reroute Aldridge.

N.H. Officials Respond to SCOTUS Decision on Internet Sales Tax

A major U.S. Supreme Court ruling last week could force New Hampshire businesses to collect a sales tax on behalf of other states.

The ruling in the case of South Dakota v. Wafair overturned more than 50 years of legal precedent. The decision is seen as a blow to New Hampshire businesses, which say collecting a sales tax on behalf of other states is burdensome.

Morning Edition Host Rick Ganley spoke with Taylor Caswell, a commissioner at the New Hampshire Department of Business and Economic Affairs, about how the state plans to respond.

Editor’s note: this transcript has been edited lightly for clarity.

Governor Sununu and numerous state officials, you included, have come out against this ruling saying that it would be bad for the state’s economy. Can you explain how this would affect the average New Hampshire small business owner for instance?

Sure, for years we have operated like every other state. There’s a physical presence rule that goes with the charging of sales tax. poker domino And for years that’s worked very well. This decision overturns that physical presence rule and says effectively that even if you sell as a retailer outside of New Hampshire to another state, you have to charge a sales tax for that taxing authority, that state or that locality into which you’re selling, hold on to it, process it and then send it into that state at the end of the year, or at the end of the quarter. When you consider that there are 12,000 separate taxing entities across the United States, and you consider that New Hampshire is not one of them, it is a burdensome issue. And it’s really one that, for me, emphasizes the fact that New Hampshire has had a very definitive affirmation that says we do not charge state sales tax. And we’ve done that to give our residents and our retailers a competitive advantage, quite frankly, and now that’s in a lot of ways being taken away from us.

Okay, so what about consumers living in New Hampshire? You mentioned that New Hampshire advantage that we’ve always pushed.

Well, I mean one would imagine that the new administrative burden that is now going to be placed on our retailers is going to somehow find its way into the cost of products that inherently have never had sort of that tax addition to the cost. I think we’re seeing a lot of employers, especially in downtown retailers that are looking for a way to supplement what they are selling right there on Main Street by being able to access the Internet in the same tax free way — traditionally that we’ve been able to do it in New Hampshire. It takes away that option. And I haven’t had an opportunity to talk to a lot of retailers just yet, but I have to imagine that the impact of collecting, and monitoring and applying to these 12,000 districts is going to be a burden on them. That’s going to be a cost.

NBA Teams Entering Franchise-Altering Free Agency

Jason Miller Images

Free agency is an important time for every NBA team. Even the squads that don’t have cap space will face certain stakes come July 1.

Some teams trip over themselves to add A-list talent. Others try to prevent irreplaceable players from leaving. Capped-out suitors must hunt for bargains. Rebuilding teams aim for leaps. Fallen contenders adapt to new realities.

What happens over the summer is a tone-setter. We’re looking for the franchises with the most on the line. Run-of-the mill stakes don’t cut it.

The Denver Nuggets are a good cutoff for this exercise. They’re declining Nikola Jokic’s team option and plan to offer him a five-year max deal, according to Yahoo Sports’ Shams Charania. His salary in 2018-19 roughly $25.3 million will drag them into the luxury tax $123 million.

Scores of offseason scenarios are now on the table for them. daftar poker Do they submit to the tax and keep their core together? Will they let Will Barton walk in free agency and cut additional costs? Are they so committed to their nucleus they’ll sweeten salary dumps on all their expiring contracts, look to spend money on free agents and then cannonball deeper into the tax by reupping Jokic after the fact?

Denver’s summer will be big, but not big enough. More precarious situations will get the apple of our affections—extreme cases in which entire eras and windows, both new and old, are hanging in the balance.

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Marcio Jose Sanchez

Every offseason has been a course-correcting experience for the second-era LeBron James Cleveland Cavaliers. His short-term contracts kept them on default tilt, while the Golden State Warriors’ budding dynasty and Kyrie Irving’s departure contributed to annual wholesale reassessments.

This summer won’t be any different. If anything, it will be the most crucial offseason the Cavaliers have faced since James returned in 2014. He has their entire future on a string as he contemplates his player option.

Losing him will be a death blow. Depending on the day, it’s also the most likely outcome. The Houston Rockets, Los Angeles Lakers and Philadelphia 76ers, among a select few other teams, are all expected to pique his interest, according to the New York Times’ Marc Stein. Each destination arguably offers him a better crack at taking down the Warriors in the short or long hauls.

If he leaves in free agency or by way of a forced trade, then James will force Cleveland to start over. Though Clevelandm’s Terry Pluto has heard the Cavaliers will resist a full-scale teardown, they’ll have no other choice. A soon-to-be 30-year-old Kevin Love, Collin Sexton, a mishmash of veterans and scattered youth does not equate to relevance.

“They have some ammo now, thanks to that Nets pick Sexton, but they are poorly prepared for a potential transition of this magnitude,” ESPNm’s Zach Lowe wrote. “If LeBron leaves again, it will be a long while before we are talking about Cleveland basketball in May.”

Tanking has finite appeal since lottery reform will take effect ahead of next year’s draft. The Cavaliers will consider plumbing rock bottom anyway. Collecting losses still improves their chances at landing a top selection, and the draft is their best hope at getting another cornerstone for the post-LeBron cycle. Cleveland is not a free-agent hot spot without him, and the Cavaliers won’t have cap space even if he bolts.

Odds Shift in Battle For Sports Betting Supremacy: Part II

The post Odds Shift in Battle For Sports Betting Supremacy: Part II appeared first on SportsHandle.

In Part II of this look at the major players in the highly contested race for dominance in the emerging business of legalized sports wagering, Sports Handle continues its examination of prospective operators as they try and plant their corporate flag in the various states legalizing sports betting. Read Part I here.

We continue to use our “futures book” format to handicap prospects and developments in the wake of the U.S. Supreme Court ruling in May, in which the high court overturned the federal law that had banned single-team sports betting in every state except Nevada. And we reconsider what we predicted in the beginning of March, and what we might expect in the immediate future.

Our future book odds have been adjusted accordingly.

With an Expansion of Legal U.S. Sports Betting as More Sports Betting Legislation Passes, Which Operators Will Reign Supreme? Handicapping the Field. GVCLadbrokesCoral:  301 opening line 20-1

It’s hard to believe the combination of these major European brands, through recent mergers and acquisitions, has for the most part been non-factor in the emerging U.S. sports wagering marketplace. The exception is Scientific Games’ usage of its “Stadium” betting platform in Delaware.

As we pointed out in March, this conglomeration has the biggest share of the betting action in the UK, Germany and Italy. poker indonesia There’s been no announcement of their possible expansion, beyond Stadium, into the U.S., but it wouldn’t be surprising if they were negotiating behind the scenes in a major state where they might be able to set up shop. Many prospective states, including Connecticut, have quietly sent out RFP’s requests for proposal.

As we said, GCVLadbrokesCoral ownscontrols Stadium Technology Group, software provider of the most widely-used betting platform in Nevada. Oddly in Delaware, Scientific Games, through its lottery division, manages the technical logistics of sports wagering but is using another company’s GCVLadbrokesCoral betting platform with the “risk management” overseen by William Hill.

This strange alignment leads to the assumption that we could see more of this kind of arrangement in other states new to sports betting.

Churchill Downs .:  401 opening line 30-1

We pointed out in March that the company bought Presque Isle Downs, a racetrack with slot machines in Erie, Pennsylvania, in a move that may have been partially prompted by the desire to become a major national sports wagering brand name. That speculation was bolstered by the recent announcement that the Churchill has joined with Golden Nugget Atlantic City GNAC to offer legal sports betting and online gaming markets.

Churchill Downs said at the time it hopes to begin accepting legal wagers for sports betting and online gaming in New Jersey during first quarter 2019. The company and Golden Nugget owner Tilman Fertitta had to be holding their collective breath when New Jersey lawmakers initially wanted to exclude GNAC from sports betting because of billionaire Fertitta’s ownership of the NBA Houston Rockets. A last minute carve out in the New Jersey laws allows GNAC to operate a sports book, but without any NBA wagering.

Churchill, a Louisville, Kentucky-based, publicly traded company, also announced a partnership with SBTech to utilize its integrated technology platform for its new gaming operations. Churchill also said, as we surmised, that it would join the sports wagering market in Pennsylvania when legal and ready.

The odds have moved upwards because the ChurchillGNAC alliance has said it would wait until 2019 to begin operations. It’s unclear if that’s still the case. It will be difficult to pass on the upcoming start of the next NFL season and it will be hard because some competitors in Atlantic City are up and running. But, if the software isn’t ready and if Churchill is still determining how to access its significant horse racing online betting platform and those customers, waiting may be the best plan.

 

West Virginia resort to use FanDuel for sports wagering

Updated 3:07 pm, Tuesday, June 26, 2018

CHARLESTON, W.Va. AP — A West Virginia resort owned by Gov. Jim Justice has chosen FanDuel to handle sports betting by its customers in the fantasy sports company’s first such wagering arrangement.

The Greenbrier announced Tuesday that New York-based FanDuel will provide retail, online and mobile sports wagering services for the resort in White Sulphur Springs.

West Virginia lawmakers this year approved sports betting at the state’s five casinos and on approved mobile apps, shortly before the U.S. Supreme Court overturned a federal law that had banned most sports betting.

The NFL, NBA and others want Congress to set uniform, nationwide rules on sports gambling for all states, saying the integrity of athletics is at stake.

The West Virginia Lottery Commission approved rules governing sports betting last week. The rules spell out what information casinos have to supply to the Lottery and what they need to do to stay within compliance. The goal is to let the betting begin by the start of football season in September.

Conservative estimates are that the law would generate state revenue of about $5 million in its first year.

Justice allowed the sports betting bill to become state law without his signature. Before he became governor, Justice named his daughter, Jill Justice, as president of the resort, which her father bought out of bankruptcy in 2009. His son, Jay Justice, now handles his coal and agriculture operations.

Jill Justice said in a statement the Greenbrier is “excited to be able to offer this service to those guests who are interested.”

FanDuel spokeswoman Emily Bass said in an email it’s the company’s the first sports betting arrangement with a U.S. resort. poker domino FanFuel merged this year with European bookmaker Paddy Power Betfair, which has similar deals with Meadowlands Racetrack in New Jersey and Tioga Downs in New York.

Earlier this month FanDuel rival DraftKings signed a deal with an Atlantic City, New Jersey, casino to offer sports betting in New Jersey.

“We are equipped to take on the opportunity to get a sports betting license in every market and are taking the appropriate steps to do so,” Bass said.

The NFL’s Houston Texans are holding their training camp at The Greenbrier starting in late July. Next week the resort will host the PGA Tour’s A Military Tribute at The Greenbrier, formerly known as The Greenbrier Classic.

The Greenbrier’s onsite betting will take place at an underground casino open only to resort guests and event participants, golf and tennis members and Greenbrier Sporting Club members.

“As we work towards building out a top sports betting product for the upcoming NFL season, we look forward to bringing West Virginia residents, sports fans, and visitors to The Greenbrier the best interactive sports experience on the market,” FanDuel CEO Matt King said in a statement.

Sports betting revenues expected to begin this fall in W.Va.

CHARLESTON — While many sports fans anticipate the beginning of football season for an opportunity to cheer their favorite teams, tailgating and other social aspects, there is another segment looking forward to the sights and sounds of gridiron action.

Casinos in West Virginia expect to begin accepting wagering on professional and collegiate contests this season, an action that could potentially bring millions of dollars in revenue to the state.

An update was given on SB 415, daftar poker the implementation of sports wagering by the West Virginia Lottery, before the Joint Standing Committee on Finance at the state Capitol on Monday, the second of a three-day legislative interim session

The bill passed during the 2018 regular session and Gov. Jim Justice signed it into law March 9.

But West Virginia still needed the U.S. Supreme Court to strike down a 1992 federal law that banned additional states from implementing sports wagering, which it did by a 6-3 decision on May 14.

Work has been in place for the past few months to secure the infrastructure needed to begin accepting sports wagers in West Virginia’s casinos and on mobile apps, said Danielle Boyd, managing general counsel of the West Virginia Lottery.

The Lottery Commission approved emergency rules on June 21.

Boyd conceded that the goal is “ambitious, but realistic” in terms of being ready to accept wagers this football season, as casinos are building “sports wagering lounges” at their properties, while also building digital platforms on mobile applications.

Boyd also shared with the committee her experience in working with New Jersey officials who have already implemented sports wagering, describing the relationship as greatly beneficial to West Virginia.

Sports wagering apps have the technology to determine the geo-location of its user, Boyd explained, to ensure compliance with state and federal laws. Users of the new app must be located within West Virginia’s borders at the time of their wager, she said. She used a video provided by New Jersey officials as an example.

Boyd answered concerns about security against cyber-attacks and possible compromising of users’ bank information.

“There is every day monitoring of all transactions,” she told the committee. “There are multiple protections in place..”

In the current rules, there is no provision for integrity fees paid to sports leagues, Boyd said.

Alan Larrick, director of the West Virginia Lottery, described discussions between the casinos and sports leagues regarding integrity fees, “ongoing.”

∫∫∫∫

Dave Hardy, cabinet secretary of the Department of Revenue, and Mark Muchow, deputy secretary of the Department of Revenue, gave a brief FY 2018 budget update before the committee.

Hardy said in this final week of the fiscal year, he anticipates finishing with a surplus, saying, “The numbers since October 1 2017 have been consistently better.”

He also said because of the steady positive numbers, it appears to be “more than a brief spurt.”

Muchow told the committee as much as $50 million in revenue may be lost in the inability to capture online sales taxes currently, “regarding companies that have no physical presence in the state of West Virginia.”