Sports Wagering one step closer in NJ....

[onefast99]

Originally Posted by badcompany

In the meantime, the AC downward spiral continues.

I would imagine the accountants are re-thinking their new revenue stream and the BK may end up being modified. As the creditors know sports wagering can indeed change the AC landscape.

[cj]

Matt Hegarty ‏@DRFHegarty 14m Dennis Drazin, head of Monmouth Park, says track will not offer sports wagering until at least mid-Oct.

[mgoldie1]

I believe that Senator Lesniak is introducing another bill that will better adhere to the proper language about "repealing the sports betting prohibition." He better get it done soon, because it still has to be voted on and Christie stiill has to sign it and it has to get to a Judge before he makes his formal opinion. NJ got a little lucky, ironically, as the leagues requested and were given a one week extension for their response. Should be interesting to see what happens.

[Redboard]

We all knew this was coming but the question I have is going to shut down the tracks/casinos when they start sports betting? It won’t be the NJ state police or the Atlantic City police, since Christie said it’s not breaking any state laws. The army, marines, FBI, CIA, or how about the old alcohol, firearms and tobacco force? Bring Elliot Ness out of retirement.

http://www.philly.com/philly/busines...d4938c765.html

My guess is , they'll probably just arrest the track/casino president or CEO like they did when they went after the online poker sites.

[SandyW]

Originally Posted by Redboard

We all knew this was coming but the question I have is going to shut down the tracks/casinos when they start sports betting? It won’t be the NJ state police or the Atlantic City police, since Christie said it’s not breaking any state laws. The army, marines, FBI, CIA, or how about the old alcohol, firearms and tobacco force? Bring Elliot Ness out of retirement.

http://www.philly.com/philly/busines...d4938c765.html

My guess is , they'll probably just arrest the track/casino president or CEO like they did when they went after the online poker sites.

As I have said in the past , New Jersey has a long road to hoe before sports betting comes to fruition, IF EVER.

[biggestal99]

Originally Posted by SandyW

As I have said in the past , New Jersey has a long road to hoe before sports betting comes to fruition, IF EVER.

Again sandy ever is along time.

We will see if judge shipp amends the injuction or not.

My feeling is that he will, the injuction was not in accordance to PASPA, he will amend it to reflect the PASPA prohibitions.

Allan

[badcompany]

Originally Posted by onefast99

I would imagine the accountants are re-thinking their new revenue stream and the BK may end up being modified. As the creditors know sports wagering can indeed change the AC landscape.

Maybe I'm missing something, but, I don't see how a few sports books are going to change AC's fate. The majority of betting is on football which is a short week, short season sport.

Here are the Vegas numbers, peanuts compared to slots.

[onefast99]

Originally Posted by badcompany

Maybe I'm missing something, but, I don't see how a few sports books are going to change AC's fate. The majority of betting is on football which is a short week, short season sport.

Here are the Vegas numbers, peanuts compared to slots.

SW will help stem the tide of recent casino closings and down sizing in Atlantic City. It isn't a cure all it is a much needed revenue source. The fact remains casino growth to the Northern part of NJ is what will eventually help out those casinos who have stayed and can now become involved in the casino expansion.

[Canarsie]

Originally Posted by Redboard

We all knew this was coming but the question I have is going to shut down the tracks/casinos when they start sports betting? Bring Elliot Ness out of retirement.


My guess is , they'll probably just arrest the track/casino president or CEO like they did when they went after the online poker sites.

That's exactly my thinking and why I keep questioning who is going to bail out the poor teller if he gets arrested. If management thinks there's a 1% chance of getting popped SW is dead. They wouldn't be able to be any part of it with a criminal record.

Hell would freeze over for me to take a bet even if they offered me 200k a year. I would be working a few days and then wind up in the hoosegow while management would probably said "he disobeyed our orders , he wasn't supposed to do it that way".

For once I would SUPPORT these management types if they had enough courage to say " if anyone is going to jail it's me I'm the person responsible". If they want I could write out a statement for them and they can have a press conference this afternoon.

While I really don't know the reason Gural won't start up SW my hunch is he has a higher regard for his employees (and himself) than the people grandstanding at Monmouth Park.

[Hambletonian]

casinos make very little from sports betting, I have mentioned this many times before, and when you consider churn sports betting is the last thing they want you to tie up your money with. it is just an amenity to draw people in who would otherwise not attend. I go to Las Vegas 1 a year to bet sports, and if there was no sports betting I would not even consider it.

if it ever gets going at Monmouth, they will have to hope the sports bettors are all new customers, because their daily churn will take a strong hit if horse players start tying up their bankrolls for 3 hours betting football.

[onefast99]

Originally Posted by Canarsie

That's exactly my thinking and why I keep questioning who is going to bail out the poor teller if he gets arrested. If management thinks there's a 1% chance of getting popped SW is dead. They wouldn't be able to be any part of it with a criminal record.

Hell would freeze over for me to take a bet even if they offered me 200k a year. I would be working a few days and then wind up in the hoosegow while management would probably said "he disobeyed our orders , he wasn't supposed to do it that way".

For once I would SUPPORT these management types if they had enough courage to say " if anyone is going to jail it's me I'm the person responsible". If they want I could write out a statement for them and they can have a press conference this afternoon.

While I really don't know the reason Gural won't start up SW my hunch is he has a higher regard for his employees (and himself) than the people grandstanding at Monmouth Park.

He won't do SW until he sees it has survived any possible legal issues. He also is the one sitting at the Meadowlands with a backer that is patient enough to wait and become the first to get a shot at a full service casino on or near his track!

[Stillriledup]

Originally Posted by Hambletonian

casinos make very little from sports betting, I have mentioned this many times before, and when you consider churn sports betting is the last thing they want you to tie up your money with. it is just an amenity to draw people in who would otherwise not attend. I go to Las Vegas 1 a year to bet sports, and if there was no sports betting I would not even consider it.

if it ever gets going at Monmouth, they will have to hope the sports bettors are all new customers, because their daily churn will take a strong hit if horse players start tying up their bankrolls for 3 hours betting football.

Good points.

I think their theory might be that horsebettors aren't going to tie up horse betting money for 3 hours betting on a "9-10 shot" and the sports betting will draw a completely different crowd who might spend money on hotels in the area and whatnut. I think they're thinking they can make a few bucks on sports bets as well as help the local economy.

[badcompany]

Originally Posted by Hambletonian

casinos make very little from sports betting, I have mentioned this many times before, and when you consider churn sports betting is the last thing they want you to tie up your money with. it is just an amenity to draw people in who would otherwise not attend. I go to Las Vegas 1 a year to bet sports, and if there was no sports betting I would not even consider it.

if it ever gets going at Monmouth, they will have to hope the sports bettors are all new customers, because their daily churn will take a strong hit if horse players start tying up their bankrolls for 3 hours betting football.

x2 on the good points.

I would add that the entire concept is obsolete as a physical location is completely unnecessary for sports betting. The idea that the people from NYC who used to go to AC will do so, now, just to bet a game, is fantasy.

[thaskalos]

Originally Posted by badcompany

Maybe I'm missing something, but, I don't see how a few sports books are going to change AC's fate. The majority of betting is on football which is a short week, short season sport.

Here are the Vegas numbers, peanuts compared to slots.

The sports betting business cannot be judged simply by looking at the Nevada numbers...because there is also a thriving ILLEGAL side of it to consider. If you include the illegal action...then the numbers multiply a hundred-fold. $3.5 billion is wagered legally on sports each year...but the FBI estimates that an additional $2.5 billion in illegal wagers is bet on March Madness alone. There is an estimated $380 billion wagered illegally on sports in this country.

[badcompany]

Originally Posted by thaskalos

The sports betting business cannot be judged simply by looking at the Nevada numbers...because there is also a thriving ILLEGAL side of it to consider. If you include the illegal action...then the numbers multiply a hundred-fold. $3.5 billion is wagered legally on sports each year...but the FBI estimates that an additional $2.5 billion in illegal wagers is bet on March Madness alone. There is an estimated $380 billion wagered illegally on sports in this country.

I don't disagree, but, if Vegas hasn't capitalized on this action, why would Atlantic City?