5 Things To Know About The New Way To Bet On Sports
There’s been a lot of hype around the U.S. Supreme Court overturning a ruling on betting, but what does that mean for you, your paycheck and your state taxes?
There has been a lot of hype around the U.S. Supreme Court overturning a ruling on betting, but what does that mean for you, your paycheck and your state taxes?
Going all in,
The Last Night’s Game Team
Where were we? Before the ruling, if you wanted to place a bet on the outcome of an individual game it was illegal in all states, besides Nevada. The key word is individual games as other states had sports betting. Despite it being illegal to bet on individual games everywhere except Nevada, over $4.7 billion was bet on the Super Bowl - 97% illegally.
What does that mean for the cash burning a hole in my pocket? It will take some time for this to flush out. Much like legalizing marijuana, betting on individual games is determined at the state level. There are six states that are already working on laws to start operating. New Jersey is leading the pack, planning to take legal bets by Memorial Day, with other states hoping to get everything in place in time for the start of football season (Sept). WHY MARK CUBAN IS A BIG FAN
Everyone is looking to get a piece of the pie including professional teams that are hoping to drive attendance. Look no further than across the pond where many European sports stadiums have betting stations inside so you can bet while at the game. Adding live betting could help increase attendance at sporting events.
When we say everyone wants a piece of the pie, you didn’t think Uncle Sam wouldn’t be standing in line for a slice. Remember, winnings are taxable (provided the bet is legally placed). While those taxes may seem like a great revenue generator, don’t hold your breath. Sports betting revenue is a drop in the bucket for Nevada where it accounts for only two percent of the state’s gambling revenue. TAX ME
Ready to go all in? Here’s where your state stands as it relates to being able to place a bet on an individual game. Curious how to bet? Here’s our Five Things To Know About Sports Betting.
The trifecta to get you through your day
Keep up on the office chatter with today’s hot topics including why peeing in a cup could be hazardous to your baseball career, is P. Diddy the newest owner of a football team and which team literally won the lottery? READ
5 Things To Know About Sports Betting
August kicks off one of the busiest seasons at the sports book. football season. Between football, the Mayweather vs. McGregor fight and the talk of legalized sports betting, we want you to be in the know so you can join the conversation.
We’re betting on you,
The Last Night’s Game Team
Five things to know about sports betting
- Line makers are the individuals who set the point spread for the event. Yes, they’re humans. For example, in a casino sportsbook they determine the numbers by minimizing risk and maximizing the revenue. Hey Vegas wasn’t built on winners.
- As of this publication date, if you want to place your bets on the outcome of individual games it is illegal in all states, besides Nevada. The key word is individual games as other states have sports betting. Intrigued on going down the rabbit hole that is the legality of sports betting? Here’s a start.
- The commissioners of the four major sports (baseball, basketball, football and hockey) have met to discuss legalizing sports betting and there has been some progress. Concerns over fixing games and gambling addiction are some of the reasons legalizing sports betting isn’t an easy decision.
- Online daily fantasy sports, which is considered a skill-based game not gambling, hit a roadblock earlier this year. The two major companies, FanDuel and DraftKings, were severely strapped for cash and that necessitated a merger. The merger deal was ended by an FTC lawsuit.
- A few of the basics on betting:
- If there is a (-) in front of the team, they are favored to win. A (+) means they are the underdogs.
- The bigger the number is behind the (-), the less money you win.
- If you want to place an uncomplicated bet, go with the over/under. That’s when the total points between the two teams will either be greater (over) or less than (under) the projected total.
Want more? Here’s a guide to sports betting for newbies.
Overtime
- Who runs the world? In the sports world, it could soon be JAY-Z and Beyoncé. Rumor has it that the Queen B is interested in buying a stake of her hometown Houston Rockets, (NBA – National Basketball Association) which is for sale. Her husband, JAY-Z, used to be an owner of the Brooklyn Nets (NBA) before he sold his share to open a sports agency, Roc Nation.
Sideline stat
- More than $4.7 billion was bet on the last Super Bowl, but since Nevada is the only state where it’s actually legal, $4.5 billion of that was technically illegal.
Coaches’ corner
- It’s the most wonderful time of the year. Thursday marks the start of the NFL (National Football League) season with the Hall of Fame Game in Ohio between the Dallas Cowboys and the Arizona Cardinals. This game is played in advance of the NFL Hall of Fame induction this weekend.
