Sports Betting in New York State

Sports bettingThis year, New Yorkers who want to be part of that action [March Madness] legally must still take their money to another state, with New Jersey the closest option. Next year, though, they should be able to place bets in New York, as the last of the state’s consequential bans on betting disappears. And this might be New York’s best chance to get gambling right and correct the mistakes of the past.

Over the decades, a step-by-step loosening of the state’s betting ban allowed lotteries, bingo, off-track betting, Indian casinos and slot-machine “racinos.” Then in 2013, the state constitution was amended to allow seven non-Indian casinos. The four approved for the Southern Tier and upstate have opened. Three more, in New York City and downstate, can be licensed and built starting in a few years. Those 2013 changes also approved on-site sports gambling for casinos, a bonus that didn’t pay off until last year, when the U.S. Supreme Court struck down a ban on sports betting in most states.

With Gov. Andrew M. Cuomo …

The Great Sport Betting Fix

How former ref Tim Donaghy conspired to fix NBA games

IT WAS DEC. 12, 2006, a Tuesday, an hour before midnight, at the Philadelphia Airport Marriott, inside that hotel’s primary restaurant, called at the time the Riverbend Bar & Grille. And it was there, in the otherwise vacant dining area, seated around a table, that Battista and Donaghy, with Martino witnessing, consummated their deal. Battista demanded that Donaghy never bet with Concannon again, and in exchange for providing Battista with his betting “picks,” Donaghy would receive $2,000 per game — but only if the pick won. Much later on he would come to call this meeting “the marriage.”

Accounts of the meeting differ. According to statements Donaghy made to federal law enforcement, Battista’s deal was effectively an act of extortion. You don’t want anyone “from New York” coming to your house, Battista told him. And: You don’t want the NBA to find out about what you’ve been doing with Concannon…

Scandal in $2.5M Sports Betting contest?

Ugly Ending to DraftKings Sports Betting National Championship

A national sports betting handicapping contest with a $2.5 million prize pool ended in controversy Sunday in New Jersey, after the Day 3 leader was prevented from making his final wager before the NFC divisional-round game between the Philadelphia Eagles and New Orleans Saints kicked off.

A contestant with the username rleejr86 ended up winning the first DraftKings Sports Betting National Championship instead, grabbing the $1 million first prize with a final bet of $47,500 on the Eagles +8.5.

The Saints won 20-14, but the Eagles covered the spread, boosting rleerjr86’s bankroll to a contest-winning $101,474.

More than 200 bettors from different parts of the country entered the $10,000 buy-in contest and combined to wager more than $5 million during the three-day event that was headquartered in Jersey City.

However, it was the bets that couldn’t be placed by the leader before the final game in the contest kicked off that were the source of dispute.

Professional sports bettor Rufus Peabody, competing under the username Opti5624, was leading the contest heading into the Eagles-Saints game, with a nearly $82,000 bankroll that he compiled after winning an all-in wager on the New England Patriots -3.5 against the Los Angeles Chargers in Sunday’s AFC divisional-round game. The Patriots won …

Would Sports betting hurt or help Washington’s horse-racing industry?

When the U.S. Supreme Court held the Professional and Amateur Sports Protection Act (PASPA) unconstitutional in May 2018, it left the decision whether or not to regulate and tax sports betting up to each state.

In Washington state, there are several stakeholders in the debate over potential regulations, ranging from behavioral health advocates to Washington’s tribes. Another eyes the impending, burgeoning industry with what seems to be a complex combination of worry and hope: horse racing.

Doug Moore, the Executive Secretary of the Washington Horse Racing Commission (WHRC), represented the WHRC at the Washington State House Commerce & Gaming Committee work session last week. Moore showed that the horse-racing industry in Washington has experienced a steep decline in recent years as other forms of gambling have been introduced — with the most significant impact hitting after the first tribal casino opened in 1991…

Is Fantasy Football A Game of Skill or A Game of Luck?

Skill or Chance fantasy sports

DALLAS – DEC 14: Taken in Texas Stadium on Sunday, December 14, 2008. Dallas Cowboys Quarterback Tony Romo waits for the snap from the center.

We could talk all day about probability theory, the law of large numbers, the gambler’s fallacy, Bertrand’s box paradox, the Monty Hall problem and other brain-teasing puzzles of probability and still fail to come to grips with Derrick Henry’s improbable fantasy football performance on Thursday (12/6/18) for the Tennessee Titans.

You could not have predicted the running back’s near 50-point performance. And nobody did because Henry wasn’t even the most productive fantasy back on his own team before re-entering the American sports consciousness for the first time since 2015 when he won the Heisman Trophy while playing at Alabama.

There was good news and bad news in all this, depending on your league and your perspective. Unless you play in a touchdown-only league or a very large standard league, chances are you weren’t victimized by Henry’s career day in Nashville, because your opponent had him on the bench. Nor did you benefit, because you also had him benched.

NY and CA are prime examples of why all states don’t have sports betting . . . yet

New York and California are prime examples of why all states don’t have sports betting . . . yet Off Shore Gaming Assocation Hartley examines why just a handful of U.S. states have passed sports betting laws, despite the repeal of PASPA nearly seven months ago.

Source: NY and CA are prime examples of why all states don’t have sports betting . . . yet

Daily Fantasy Tax Reporting

Sports betting“At the onset of Daily Fantasy Sports, there was much debate as to what type of “activity” individuals are engaging in. The IRS determined that playing DFS was a game of skill and technical ability. Players had to develop a strategy, research athletes, and build a team that will gain the most points possible in order to win a “set prize.” Compared to gambling activities, where the IRS views those activities as a game of “luck,” winning an undeterminable amount (the professional gamblers in the community would disagree). This distinction caused DraftKings and Fan Duel to mail out Form 1099-Misc to their participants. This opens up DFS income into a grey area of taxation. Is your playing style a hobby or full time job/business? We will discuss further.

Note: You cannot write off gambling losses against your DFS income. They are two different activities with different tax rules. Sorry!

If you have winnings of over $600 from any daily fantasy sports site, such as FanDuel or DraftKings, you will likely receive a Form 1099-MISC with the amount shown on Box 3. It is advised that you to report all earnings on your income tax return and not just earnings reported to you on a 1099-MISC or other tax forms…”

Daily Fantasy Tax Reporting.  Read the rest below.

RotoGrinders: Daily Fantasy Tax Reporting

EquiLottery Rebrands to Include Sports

CEO Brad Cummings

CEO Brad Cummings

EquiLottery, a gaming company best known for its live horse racing lottery game Win Place Show™, is transitioning its corporate identity and evolving its mission to better serve its lottery customers. Rebranded as EquiLottery Games, the company will expand its pioneering vision for live sports lottery games from a single horse racing product to now include baseball, basketball, football, golf, hockey, soccer and stock car racing.

These games are built on the same patented platform as Win Place Show, EquiLottery Games’ flagship product based on the results of live horse racing. Win Place Show will be launched on a trial basis by the Kentucky Lottery in March of 2019.

“We have always been a future-focused company, leading the way on products that combine the excitement of live sports with the lottery draw experience,” said EquiLottery Games CEO Brad Cummings. “Our original vision was to introduce live horse racing to new fans through government lotteries. We have now expanded our offerings to include lottery games based on all live sports. This solves a pain point for lotteries by allowing them to offer a form of sports wagering through their existing statutes and retail channels with low-risk games designed to appeal to their player base.”

EquiLottery Games will now introduce six new games for lotteries to offer their players in addition to Win Place Show. The team sport parlay game allows players to buy lottery tickets based on a slate of ten games from the big five professional sports in the U.S. — baseball, basketball, football, hockey and soccer. Matching the winner of all ten games returns an estimated top prize of $1,000. Car Cash features tickets listing three drivers in a 40-car race and pays out an estimated $50,000 top prize. Golfing for Gold is based on a ticket featuring three golfers and pays an estimated top prize of $2,000,000. All games are quick pick only, meaning the randomization happens at the pick while the draw is a live, authentic sporting event.

All EquiLottery duties will be assumed by EquiLottery Games, including the preparation for and launch of Win Place Show by the Kentucky Lottery beginning March 24, 2019. For more information on these new live sports lottery games, including specifics on how they work, as well as the vision for EquiLottery Games, visit www.EquiLotteryGames.com.

Press release

How DFS sites FanDuel and DraftKings are taking aim at the world of sports gambling

How daily fantasy sites FanDuel and DraftKings are taking aim at the world of sports gambling

New York Daily News Full coverage: How daily fantasy sites FanDuel and DraftKings are taking aim at the world of sports gambling

Study States that Sports Betting Could Help Sports Attract Younger Fans

Las Vegas sportsbook contestSports-betting adults are more affluent, younger, more diverse and better educated adults than the general population, according to an American Gaming Association (AGA) commissioned study from Nielsen Sports.

The research identifies groundbreaking demographic and behavioral characteristics of self-identified bettors who the AGA believes will populate the future legal U.S. betting landscape. A second, forthcoming element of the project will estimate the amount of revenue this demographic can help unlock for the major U.S. sports leagues….

Find the Full PDF Report from American Gaming Association