Olympic betting will get back to Las Vegas after having a 15-year hiatus, a move anticipated to bring millions of dollars in revenues to casinos and bookmakers.
Olympic gambling in Nevada will return for the 2016 Summer Games in Rio de Janeiro after the state’s Gaming Control Board unanimously approved an amendment within a unique conference last week.
The revision to its gaming regulations enables bookmakers to put betting lines on any event that is athletic by the International Olympic Committee, with one stipulation being that A.G. Burnett, chairman of the video gaming board, gets the authority to get rid of any competition from wagering task.
Las Vegas activities books wasted virtually no time in publishing odds that are initial. Just mins after the board’s decision, William Hill US place Usain Bolt as a -200 favorite for the men’s 100m, as well as the US basketball group as a whopping favorite that is-320.
‘With more than two from every three Americans having watched the London Olympics in 2012, the games in Rio have the prospective in order to make an impact that is sizable 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 menu that is olympic in next 18 months prior to the games.’
Betting on Amateurs?
Senator John McCain (R-AZ) successfully led a ban in 2001 to prohibit all sports betting on amateur competitions and events that are athletic. Although the Olympics began being a competition among amateurs, nearly all individuals 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 long troubled Las Vegas throughout the summer that is typically slow betting months. With baseball being the only major sport in the usa in season, bookies are excited to have the Olympics back their arsenal for 2016.
‘ This is a thing that is good the industry and will help drive business during what sometimes can be quite a sluggish period for the books,’ CG Technology VP Quinton Singleton remarked.
Sports wagering has been on the rise for each of the last five years with a record-setting $3.9 billion in bets in 2014, an increase of 7.7 percent from 2013. The World Cup had a tremendous effect that exceeded many forecasts. Interest in soccer, while typically reduced in the United States than many other countries, spiked likely due to its hosting in Brazil, country with time areas differing as little as one hour from America.
The 2012 London Olympics was the most-watched television occasion in the history of the United States. Significantly more than 219 million Us citizens watched the games, and taking into consideration the time that is substantial, insiders believe the record won’t last long. Many viewers struggled watching ‘live’ events that were taped hours earlier.
With only a five-hour time difference between Vegas and Rio, gambling task will likely surge for the 2016 Olympics as Nevadans will be slot game titanic able to see the events in genuine time.
Getting a slice of the multibillion-dollar pie is something chances manufacturers are excited to receive, because they missed away 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 place a bet right here,’ Singleton stated.
New Gambling Overhaul Bill Presented In Florida
Republican frontrunner Dana Young has introduced a bill that could permit two resort casinos in Southern Florida. (Image: floridapolitics.com)
Florida’s gambling industry has been in desperate need of an overhaul, as a mish-mash of various rules and regulations have created a situation that is uncertain 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 create a method that everybody in Florida can (hopefully) live with.
Major Resort Casinos Would Be Greeting in South Florida
Perhaps the addition that is biggest under Young’s legislation is the two destination resort casinos that would be allowed in South Florida. This is something which major gaming firms, including Genting as well as the Las Vegas Sands, have actually been pushing for in circumstances that currently just allows complete casino gambling to be offered by the Seminole Tribe of Florida. The resort that is new, however, would be necessary to buy gaming licenses from active operators such as race tracks in order to build their facilities.
The bill would also give assistance to the pari-mutuel operators in South Florida. Dog songs would be allowed to operate slots regardless if they are doing 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 rates would be reduced for also casinos.
The bill would create a state also gambling commission to oversee the video gaming industry in Florida. The proposal also asks to create a constitutional amendment that would prohibit all new forms of gambling in Florida unless voters were 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 provide a clear blueprint for the path it’ll ingest the future,’ younger said at a news meeting. ‘The bill provides for a contraction that is unprecedented of in the state.’
Opponents See Bill as Gambling Expansion
Nevertheless, not everyone agreed with that assessment. In fact, 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 to wall surface casino gambling in Florida, therefore the social expenses and crime that go with it.’
No Casinos is a group backed by Florida’s entertainment industry, including operators like Disney and Universal. They also noticed that with gambling enterprises in some other parts of the country struggling, adding more casinos in Florida may not be the profitable move that supporters claim it would be.
But, the bill does not contain much in the real means of conditions including the Seminoles. Right now, the Seminoles operate the Seminole complex Rock Hotel & Casino and other venues under a compact with the state that is defined to expire on 31 july. Right now, the Seminole Tribe pays the state over $200 million each 12 months for exclusive rights to blackjack inside the state.
Governor Rick Scott invested time year that is last with the tribe, and nearly reached a seven-year renewal of the lightweight, nevertheless the two sides could not finalize a contract.
‘We are undoubtedly available to continuing dialogue with the tribe as to the way they fit in the larger picture,’ Young said. ‘ But since there’s no agreement at this true point, we’ve not included them in this bill.’
Bidding Reopened For Southern Tier Casino In Ny
Gaming Facility venue Board seat Kevin Law states the board is hoping for more competition within the Southern Tier bidding process. (Image: yogonet.com)
The nyc casino bidding process isn’t over just quite yet. As expected, the Gaming Facility venue Board agreed upon Friday to reopen the bidding for a casino in the Southern Tier region, once again allowing the possibility that a casino that is fourth could be awarded in the state.
According to board chairman Kevin Law, it is expected that a decision that is final whether or otherwise not to approve a casino for the location should come by this summer.
Brand New Round of Bidding Was Anticipated
The move was an expected one. In the end, Governor Andrew Cuomo wrote the board actually late this past year in order to ask it to offer the Southern Tier another chance to create new proposals that they might be willing to accept.
People of the board have also talked publically about how exactly there’s absolutely no genuine harm in reopening the process: when there isn’t a new proposal they can always say they want to stick with only the three casinos that are currently set to be built in upstate New York that they like.
The first time around on the other hand, if someone steps up to wow the board, they might get the license that eluded the region.
‘we are hoping that there surely is going to be competition, Law said. ‘We only got three bids for the entire combined region for the very first time around, so to expect numbers larger than that is probably unrealistic, but you never know.’
New Report Outlines Selection Process
On a single days that this decision had been reached, the board also circulated a nearly 800-page report that outlined exactly why the three winning bidders were chosen, and while one other 13 projects were rejected.
Maybe the many interesting battle took invest 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 new york.
However, all regarding the Orange County proposals were refused; instead, the Montreign Resort Casino in Thompson, within the heart of Sullivan County and the Catskills, was the bidder that is winning.
The newly-released report explains how the committee stumbled on that decision. The board was willing to concede that a casino in Orange County would 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.
Nonetheless, placing a casino in Orange County would have really harmed the prospects of any casino placed further north in the Catskills. Which was a problem, as the Catskills was seen being an area of even more need that is economic could really use the stimulus that the casino project might provide.
Montreign ended up being chosen over other gambling enterprises in the Catskills for different reasons. A mohegan that is competing sun in Thompson was considered too small, while the Nevele in Ellenville was discounted because it didn’t add entertainment options beyond gambling.
The report also offered some understanding into why probably the most promising bid in the Southern Tier, the Tioga Downs proposal, was refused. According to the board, the plan lacked ‘a cohesive site layout and design.’
The board also used the report to as soon as again reiterate their thinking for not initially selecting the utmost of four upstate casinos. The reason that is main down to the fact regional competition has made oversaturation a real danger, and that the board desired to ensure the three casinos that were chosen could have enough customers to be successful.