New Jersey Federal Sports Betting Update
We heard the news. While many corner bookies might be worried about big Las Vegas style bookies taking their lunch, there are some important positive things to keep in mind:
1- Not all States are going to legalize sports betting
Below you will find a map of what is expected over the next 5 years. As you can see, it is far from being in every state.
2- Count on Greedy Politicians to make it hard for new business
In Pennsylvania they want $10,000,000 upfront license and 38% of GROSS gaming revenue – that is before Federal, State, County and even city income taxes.
Basically, in many places they might make sports betting legal, but with taxes like those you’d need to charge 30% juice just to get by. What player wants to play like that?
3- Taxes for players
In Vegas, if you lose $1,000,000 playing in 2017 but then win $1,000,000 in 2018 you’d owe the Federal government close to $300,000 – causing you a net loss of $300k on something that should have been a toss.
Federal taxes are horrible for players in regulated books.
4- Media Attention will Drive more customers
This new decision is going to make sports betting a regular subject on the evening news. Many people would bet, but just don’t’ know anyone or really think about it. When news starts coming up about that big winner, the lucky couple, etc… many new gamblers are expected to enter the market.
So for many bookies, given points 1, 2, 3 and 4… you might actually see an uptick in action.
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