Olympic betting will return to Las Vegas following a 15-year hiatus, a move anticipated to bring huge amount of money in revenues to casinos and bookmakers.
Olympic wagering in Nevada will return for the 2016 Summer Games in Rio de Janeiro after the state’s Gaming Control Board unanimously approved an amendment throughout a unique meeting week that is last.
The modification to its gaming regulations permits bookmakers to place betting lines on any athletic event sanctioned by the International Olympic Committee, with one stipulation being that A.G. Burnett, chairman of the video gaming board, has the authority to get rid of any contest from gambling task.
Las Vegas sports books wasted almost no time in publishing initial chances. Just mins after the board’s choice, William Hill US place Usain Bolt as being a -200 favorite for the guys’s 100m, while the United States basketball group as a whopping -320 favorite.
‘With more than two from every three Americans having watched the London Olympics in 2012, the games in Rio have the potential to create a sizable impact in August of 2016, like we saw last June using the World Cup,’ William Hill CEO Joe Asher said. ‘We look ahead to continually expanding our Olympic menu in the next 18 months prior to the games.’
Betting on Amateurs?
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Senator John McCain (R-AZ) successfully led a ban in 2001 to prohibit all recreations betting on amateur competitions and athletic events. Although the Olympics began being a competition among amateurs, nearly all participants today are professional athletes with substantial sponsorship deals, regularly competing in national sporting leagues and federations.
After all, it’s a tough argument to defend Michael Phelps, Alex Morgan, LeBron James, Usain Bolt, Lolo Jones, and Lindsey Vonn as ‘amateur athletes.’
The ban has very long troubled Las Vegas through the typically sluggish summer activities gambling months. With baseball being the only sport that is major the usa in season, bookies are excited to have the Olympics back in their arsenal for 2016.
‘ This will be a good thing for the industry and can help drive company during what sometimes can be a sluggish period for the books,’ CG Technology VP Quinton Singleton remarked.
Continued Growth
Sports betting has been on the rise for each of days gone by five years with a record-setting $3.9 billion in wagers in 2014, an increase of 7.7 % from 2013. The World Cup had an impact that is tremendous exceeded many forecasts. Interest in soccer, while typically lower in the United States than other countries, spiked likely because of its hosting in Brazil, a national nation with time zones differing less than one hour from America.
The 2012 London Olympics was the television that is most-watched in the real history of the United States. More than 219 million People in the us watched the games, and considering the substantial time difference, insiders think the record won’t last long. Many viewers struggled watching ‘live’ events which were taped hours earlier.
With only a five-hour time difference between Vegas and Rio, wagering activity will probably surge for the 2016 Olympics as Nevadans should be able to see the events in real time.
Getting a slice of this pie that is multibillion-dollar something odds makers are excited to receive, while they missed down in 2012. ‘You’d have people coming over from the UK, where it was legal to bet on the Olympics, and wondering why they couldn’t here place a bet,’ Singleton stated.
New Gambling Overhaul Bill Presented In Florida
Republican frontrunner Dana Young has introduced a bill that will allow for two resort casinos in Southern Florida. (Image: floridapolitics.com)
Florida’s gambling industry has been around hopeless need of an overhaul, as a mish-mash of various rules and regulations have created an uncertain situation for operators and legislators alike.
Now, a package that is new of from House Republican Leader Dana Young (R-Tampa) would seek to update gaming laws within the state in order to generate something that everybody else in Florida can (hopefully) live with.
Major Resort Casinos Would Be Welcome in South Florida
Perhaps the addition that is biggest under younger’s legislation will be the two destination resort casinos that would be allowed in South Florida. This will be something that major gaming organizations, including Genting and the Las Vegas Sands, have been pushing for in a state that currently only allows complete casino gambling to be offered by the Seminole Tribe of Florida. The resort that is new, however, could be necessary to buy gaming licenses from active operators such as for example race tracks so that you can build their facilities.
The bill would give help to also the pari-mutuel operators in Southern Florida. Puppy songs would be allowed to use slots even though they do maybe not continue to race dogs, an activity which has lost popularity and it is increasingly used only as a justification for operating gaming devices. Tax prices would additionally be paid off for casinos.
The bill would also develop a state gambling commission to oversee the gaming industry in Florida. The proposal also asks to create a constitutional amendment that would prohibit all brand new kinds of gambling in Florida unless voters had been willing to approve it via a referendum that is statewide.
‘Under the scenario presented in my bill, Florida takes back control of existing gaming in our state and offer a blueprint that is clear the road it will consume the future,’ Young stated at a news meeting. ‘The bill provides for an unprecedented contraction of gaming in the state.’
Opponents See Bill as Gambling Expansion
However, not everyone agreed with that assessment. In reality, a minumum of one opponent said that rather than contract gaming, Young’s bill would open the doors to wider gambling through the entire state.
‘ This bill would cause the biggest expansion of gambling in Florida history,’ said No gambling enterprises manager John Sowinski. ‘It invites wall surface to wall casino gambling in Florida, and the costs that are social crime that go with it.’
No gambling enterprises is a group backed by Florida’s entertainment industry, including operators like Disney and Universal. Additionally they pointed out that with gambling enterprises in some other parts of the country struggling, adding more casinos in Florida may possibly not be the lucrative move that supporters claim it could be.
Nonetheless, the bill does not include much in the method of conditions including the Seminoles. Right now, the Seminoles operate the Seminole Hard Rock Hotel & Casino and other venues under a tight with the state that is scheduled to expire on July 31. Right now, the Seminole Tribe pays the state over $200 million each year for exclusive rights to blackjack inside the state.
Governor Rick Scott spent time year that is last with the tribe, and nearly reached a seven-year renewal of this lightweight, nevertheless the two edges couldn’t finalize a contract.
‘We are undoubtedly ready to accept continuing dialogue with the tribe as to how they fit within the larger picture,’ younger said. ‘ But since there’s no contract only at that point, we now have not included them in this bill.’
Bidding Reopened For Southern Tier Casino In Nyc
Gaming Facility Location Board seat Kevin Law claims the board is hoping for more competition into the tier bidding process that is southern. (Image: yogonet.com)
The nyc casino bidding process isn’t over just quite yet. As anticipated, the Gaming Facility Location Board agreed on Friday to reopen the bidding for a casino into the Southern Tier region, yet again allowing the possibility that a 4th casino license could possibly be awarded in the state.
According to board chairman Kevin Law, it is anticipated that a decision that is final whether or otherwise not to accept a casino for the spot should come by come july 1st.
Brand New Round of Bidding Was Anticipated
The move was an expected one. Another chance to come up with new proposals that they might be willing to approve after all, Governor Andrew Cuomo wrote the board personally late last year in order to ask it to give the Southern Tier.
Members of the board have also talked publically about how precisely there is absolutely no real harm in reopening the method: when there isn’t a new proposition that they like, they could always say they desire to stick with only the three casinos being currently set to be built in upstate brand new York.
On the other hand, if someone measures up to wow the board, they might get the license that eluded the region the first time around.
‘We’re hoping that there surely is going to be competition, Law said. ‘We just got three bids for the whole combined region for the first time around, so to expect numbers larger than that is probably unrealistic, but you never know.’
Brand New Report Outlines Selection Process
On a single days that this decision ended up being reached, the board also released a report that is nearly 800-page outlined exactly why the 3 winning bidders were chosen, and while one other 13 projects were rejected.
Perhaps the many battle that is interesting place in the Hudson Valley/Catskills region, where also major gambling companies like Caesars and Genting were interesting in placing a casino in Orange County given its proximity to nyc.
However, all of the Orange County proposals were refused; instead, the Montreign Resort Casino in Thompson, in the heart of Sullivan County and the Catskills, was the winning bidder.
The report that is newly-released how a committee came to that decision. The board was willing to concede that a casino in Orange County might have been extremely lucrative, given how people that are many in and around New York City and the fact that 50 million tourists see the area every year.
But, placing a casino in Orange County would have seriously harmed the prospects of any casino placed further north in the Catskills. That was a challenge, because the Catskills was seen as an part of much more need that is economic could really use the stimulus that a casino task might provide.
Montreign ended up being chosen over other casinos into the Catskills for different reasons. A mohegan that is competing sun in Thompson was considered too small, while the Nevele in Ellenville was reduced since it don’t add entertainment options beyond gambling.
The report also offered some insight into why the most promising bid in the Southern Tier, the Tioga Downs proposal, was refused. Based on the board, the master plan lacked ‘a cohesive site layout and design.’
The board also used the report to once again reiterate their thinking for not initially selecting the most of four upstate casinos. The main reason came down to the fact that local competition has made oversaturation a real danger, and that the board desired to ensure the 3 casinos that were chosen would have sufficient customers to become successful.
