On Tuesday, MGM announced it was ready to take sports bets at Borgata’s sportsbook on the first day regulators allowed it, but recent news about the NJ sports betting bill could put a damper on that.
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Get ahead of the game and fill more than your bankroll this week courtesy of some big money NJ online casino promos at Golden Nugget, playMGM, and Virgin Casino.
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The American Gaming Association (AGA) wants to repeal or reduce the federal excise tax on sports betting, a highlight among post-PASPA priorities released Thursday by the group.
Gaming’s lobbying arm also encouraged federal lawmakers to let state and tribal authorities set their own sports betting rules. That backs comments AGA President Geoff Freeman made after PASPA’s repeal, saying “that ship has sailed” on federal legislation.
AGA’s priorities also include creating a national sports-betting data repository to help law enforcement, casino operators, and sports leagues monitor suspicious activity.
Freeman’s letter to federal legislators lays out the AGA’s preferred guidelines, but its most interesting ask comes at the end. In a section discussing potential next steps, Freeman implores Congress to examine the 0.25 percent federal tax on handle.
For its part, one notable example where Congress can make an immediate impact is reexamining the federal excise tax currently levied on sports wagers. This 1951 tax was originally intended to serve as an enforcement tool against illegal gambling, but instead hinders the ability of the legal market to compete with illegal operations that do not pay any taxes.
Freeman likely will have an ally in Nevada Rep. Dina Titus, D-Las Vegas. Titus called for an end to the federal tax late last year.
As Freeman references, the tax came into existence in 1951 as a method of helping states crack down on gambling activity. At 10 percent of handle, the tax crippled most operators and chilled potential new operations.
Congress reduced the tax from 10 percent to 2 percent in 1974, ushering in a boom of sports betting in Nevada. A further cut to the current amount came in 1984.
The federal cut of sports wagers could have reached more than $10 million in 2017 if Nevada’s handle reached $5 billion. That figure barely creates a ripple in the massive federal budget, but every drop of tax revenue will matter as states create sports betting legislation.
Putting a few million dollars back into the pie could allow sportsbook operators to offer more competitive prices, especially in states with outsized taxes like Pennsylvania.
An AGA press release laid out five priorities for lawmakers:
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The recent Supreme Court decision legalizing sports betting kept analysts busy analyzing, writers frantically writing, and bettors eager to bet.
The opinion was a win for states rights. And while the overturning Professional and Amateur Sports Protection Act (PASPA) was specific to sports betting, the challenge was really about whether Congress can legislate how states act.
In its ruling, the Supreme Court opened the door for federal legislation addressing sports wagering. That doesn’t mean the government will legislate sports betting. It merely says they can and if they do it will likely be constitutional.
For now, though the Supreme Court opened the door for legalized sports betting throughout the United States. And while that is great news for sports enthusiasts, it is still not a free and open market.
Here are five things the Supreme Court decision didn’t do.
While the decision opens the door for legalized sports betting, it does not change the legality of sports wagering. The Supreme Court gave the power to the states.
It’s been one week since the decision and no legal sports bets have been wagered outside of Nevada, where sports betting was allowed under PASPA.
Ahead of the decision, a few states moved forward and passed laws to address sports betting. Since the ruling, more states have taken up the topic.
For instance, New Jersey, the state that challenged PASPA, has an unregulated sports betting law on the books. Officials are introducing legislation to regulate the activity and includes a bad actor clause for any entity that accepts a bet before the legislation is complete. Key officials are pushing for a June 7 vote.
And while New Jersey is moving fast, Delaware might be the first state to accept a legal sports bet outside of Nevada. Delaware confirmed that existing laws put the state in a position to accept sports wagers almost immediately.
The team at Legal Sports Report are keeping track of the national sports betting landscape. To find out what is happening in a specific state, visit the Sports Betting Bill Tracker.
The Interstate Wire Act of 1961 prohibits bets and the transfer of gaming information between states.
It brings into question how officials will interpret the Wire Act post-PASPA. The Wire Act exempts the transmission of information that supports the placing of wagers in states where sports betting is legal. It does not, however, exempt the bet.
As a side note, poker is different than sports betting. The combination of poker player pools between Nevada, New Jersey, and Delaware falls outside of the scope of the Wire Act.
New York sought clarification in 2011 and the Department of Justice responded:
“Interstate transmissions of wire communications that do not relate to a ‘sporting event or contest’ fall outside the reach of the Wire Act.”
The Wire Act was enacted to help support the gambling laws in each state. It seems likely at some point in the future that the Wire Act will be challenged to allow multi-state sports betting between states that legalized the activity. For now, the Wire Act is in play.
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Visit WSOP NJStates have the ultimate say of what sports betting activity takes place within its borders. That includes authoring legislation that discusses licensing and regulations. Even New Jersey is rushing to regulate the market to counter the unregulated sports betting law that is in effect.
As the first wave of legislation passes, it is unlikely that any state will create a free market. Likely states will be looking to Nevada and other early adopters as a model to create its legislation.
Any entity that wants to open a sports book must follow the regulations outlined by the state they wish to operate in.
The Unlawful Internet Gambling Enforcement Act (UIGEA) prohibits payments from financial institutions to gambling sites. Specifically, it says:
“The Act prohibits gambling businesses from knowingly accepting payments in connection with the participation of another person in a bet or wager that involves the use of the Internet and that is unlawful under any federal or state law.”
The legalization of sports betting is now in the hands of individual states. The bet must originate and stay within a state where sports betting is legal.
The law focuses on the organizations accepting bets originating in the U.S. in violation of existing laws. The law does not mention individuals. An arrest of an American placing a bet with an offshore sportsbook is unlikely.
The risk to Americans is if enforcement of the laws forces the offshore sportsbook to shut down. Any money on with the offending entity is in jeopardy.
Sports betting is a game of chance while daily fantasy sports (DFS) has been deemed a game of skill by the courts. Because of this designation, daily fantasy sports betting is legal.
Some experts believed PASPA applied to DFS, but it was never challenged. Some states prohibit DFS due to existing laws in those states. State legislation addressing sports betting will apply to daily fantasy sports only if specifically addressed.
The bottom line is it all comes down to how each state decides to regulate sports betting. The Supreme Court may have opened the door, but that doesn’t give everyone the freedom to walk in.
The post Five Things the Supreme Court Sports Betting Decision Didn’t Do appeared first on Play USA.
VirginCasino.com is kicking off the Memorial Day weekend early, offering two promotions that will make your holiday even better!
The first promotion at Virgin began Monday, May 21 and runs through the end of Memorial Day on Monday, May 28. It will award five $200 Omaha Steaks Gift Cards that will make for some great summer grillin’.
Every time a registered player wagers at least $50 on any slot, table game, video poker, Keno or 90 Ball Bingo during that promotion period, they will be automatically entered into the prize drawing for the gift cards. Up to five entries can be earned per day during the one-week period, giving players up to 40 chances to win some tasty Omaha Steaks.
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As you head down the stretch toward that nice, long holiday weekend, Virgin’s NJ casino bonus will fill it with lots of fun… and a different bonus each day.
This promotion kicks off on Friday, May 25 and will run through Memorial Day (Monday, May 28). Here’s the scoop on what you can get to brighten your weekend:
In case you hadn’t noticed, you kind of get two bangs for your buck almost every day. Wagering $50 or more gets you not only a Memorial Day Weekend Bonus each day but also at least one entry into the Omaha Steak prize drawing!
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This is a NetEnt slot that delves into mythology. Enter the barren landscape with Stonehenge-like structures that lead to the fortress city of Asgard. The symbols in this game are chiseled in stone, including the W in the Wild symbol. The reels don’t spin but instead rely on an Avalanche feature, where they rain down from the top.
A win will cause the symbols to explode, triggering new symbols to rain down. Some symbols will show as Colossal 2×2 or 3×3 grids. These Colossal symbols can be included in a win, but if they aren’t, and they need to move down, they may just crush a single symbol or two and increase the multiplier for the next Avalanche.
There is a Bonus Wheel, which occurs in a 3×3 grid on reels 3, 4 and 5. Get an Avalanche and trigger the wheel to win free games or a cash prize.
This slot harkens back to the Wild West with a nod to the Native American culture during that time period. You’ll find Wilds, Expanding Chief Wilds and Heap Wilds (which expand to full reel height and can spread 5 reels wide!).
The Bonus Game features three different games: Totem Riches, Cash Canyon and Free Spins Gamble. Be on the lookout for the Mystery Symbol upgrade and the Super Golden Bonus Wheel.
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Visit Virgin CasinoThis slot is based on the game of the same name that gained popularity back in the late 1980s on game consoles such as Atari, Sega, and Nintendo. The symbols are all Tetris game pieces in varying colors and configurations, as well as 10-Ace.
Like Fruit Spins, there are no Wilds to be seen. But there is a Tetrimino feature that randomly kicks in adding additional lines of one symbol to some or all of the reels, making winning combinations easier to achieve.
The Scatter is in play on reels 2-3-4 and you’ll need three to move on to the Free Spins bonus round, which has a complicated play pattern. Also available are three Jackpots. The Mini is 50x your total stake, Minor is 250x your total stake, and the Major is 2500x total stake.
Have a great Memorial Day weekend!
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Atlantic City casinos can thank their lucky stars that the state legalized online gaming some five years ago. NJ online gaming now constitutes more than 12 percent of all gaming revenue.
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Rush Street Interactive’s partnership with Kambi Group gets them closer to NJ sports betting with its PlaySugarhouse NJ gambling site as a possible online sports betting test.
The post Rush Street Inks Deal With Kambi, Gets Set For Sports Betting At NJ Online Casino appeared first on .
Rush Street Gaming, which owns two Pennsylvania casinos, is partnering with gambling software company Kambi to prepare to offer sports betting now that it is legal in the Keystone State.
The post Rush Street Teams Up With Kambi For Sports Betting appeared first on PA Online Casino News.
After the NJ sports betting case came to a close, NCAA schools in New Jersey, Pennsylvania and across the US responded in typical fashion before the NCAA changed its tune on legal US sports betting.
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