Twice weekly, we’ll comb through as many articles, tweets and podcasts as we can find related to the world of sports betting and daily fantasy sports, and publish the good stuff here.
Stumble upon something you think we should include? Email info@bettingtalk.com.
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On Wednesday, New York Governor Andrew Cuomo finally signed the bill into law that will legalize and regulate daily fantasy sports in his state. The New York Time’s Joe Drape suggests this could open the door for sports betting in New York.
“With the future of fantasy sports affirmed in New York, we expect our legislative momentum will only accelerate as more states address the issue,” FanDuel’s chief executive, Nigel Eccles, said. “Fantasy sports fans: Take comfort; FanDuel’s future is bright.”
The biggest winner, however, is anyone who has ever bet on sports games in office pools or with offshore sites or neighborhood bookies and wants to do it legally. That is now a step closer.
The 2016 Summer Olympics officially begin today and bettors in Nevada will once again be able to bet on the Games.
Though the Olympic market will not make a seismic alteration to the city’s betting landscape, for the casinos, it has been a welcome addition, or re-addition. The last Olympics to be bet on in Nevada was the Summer Games in Sydney in 2000. The following year such wagers were prohibited, at a time when Sen. John McCain was pushing for a ban on betting on all amateur sports.
“The timing is good, and it will be very popular,” Jason Simbal, vice president of risk management for CG Technology, which provides the framework for several Vegas sports books. “It is a relatively low-action time of year, and it will give the customers the opportunity to bet on an event, the Olympics, that will be incredibly widely watched on television.”
A New York Times article discusses odds of some heavy favorites for the Rio Olympics.
You probably expect the American women’s basketball team to win the gold medal. If it happens, it won’t make you rich: the odds are 1-10, meaning you put up $10 for a chance to win just $1 of the bookmaker’s money. The American men are even bigger favorites, at 1-12. The other Dream Team at these Games is the Russian women’s synchronized swimming team, at 1-10.
The American Gaming Discussion visited Mississippi to discuss the prospect of legal sports betting in the state.
Mississippi legislators have been extremely cautious about making any changes to the casino laws because of the opposition to gambling in some parts of the state.
But Larry Gregory, executive director of the Mississippi Hotel and Lodging Association, said sports betting may be the next big step in Mississippi’s 25 years of casinos.
“It could add another level to this platform of revenue and bring even more income to the state and its economy,” he said.
Nevada Governor Brian Sandoval announced a partnership where UNLV will share sports betting research with the University of Sydney.
According to the statement, conversations at a gaming conference spurred “a need to evaluate regulatory requirements in minimizing the risks posed by gambling to maintain sports integrity.”
Gambling and money laundering can threaten the integrity of sports, the governor’s office says, and the agreement between Nevada and the University of Sydney will provide for understanding issues related to sports betting, the integrity of sports, gambling regulations and the psychology of gambling behaviors.
“As our state takes leadership of the emerging interactive gaming industry, it is important that this new segment of gaming be as accountable and regulated as the traditional gaming industry is in Nevada,” said Governor Brian Sandoval in the statement.
A lawyer analyses China’s ban on sports betting, saying it’s a “lose-lose solution.”
Gambling has been outlawed since the establishment of the “new China” by Mao Zedong. Despite the government’s effort to quash nearly all forms of wagering, people’s love for gambling only seems to grow as the average income rises. Lately, this trend has been aided by President Xi Jinping’s promotion of the sports industry, especially in the sport of soccer. During the UEFA Euro 2016 tournament, police seized tens of millions of dollars and arrested over 500 people in crackdowns on illegal gambling operations.
Current Chinese law bans all sports betting except in the form of the government-run Sports Lotteries. The country’s criminal law makes it a crime punishable by imprisonment of up to three years to operate a gambling establishment, whether in-person or online.
As more and more gambling activities moved online, the Chinese Supreme Court issued the Opinions of the Supreme People’s Court, the Supreme People’s Procuratorate and the Ministry of Public Security on Several Issues concerning the Application of Law in the Handling of Criminal Cases of Internet Gambling (the “Opinion”) to provide clearer guidance on the issue of Internet gambling. The Opinion extends the reach of the criminal code and related regulations by broadening the jurisdictional coverage and expanding the definition accomplice crimes.