Americans will wager 95 billion on football this season (1 Viewer)

[timschochet]

http://espn.go.com/chalk/story/_/id/13614240/research-shows-united-states-dominate-global-legalized-sports-betting-market

With an estimated $95 billion expected to be bet -- mostly illegally -- on NFL and college football this season, research shows that a legal sports betting market in the United States would be the largest in the world and could potentially generate as much annual revenue as the NFL itself.

Calling the U.S. sports betting market a "sleeping giant," global gaming research firm GamblingCompliance projects that a fully developed legal American market -- where bets are placed at casinos, online and at retail bookmaking shops -- would produce $12.4 billion in annual revenue.

That's more than five times bigger than the United Kingdom's regulated sports betting market and more than 11 times greater than Italy's gambling revenue.

In comparison, NFL teams shared more than $7.2 billion in league revenue in the 2014 fiscal year. ESPN sports business reporter Darren Rovell estimates the NFL's total annual revenue to be more than $12 billion.

The American Gaming Association issued a release Wednesday estimating Americans will bet $95 billion on NFL and college football this season, with less than four percent of the money believed to be wagered legally.

"Illegal sports betting is reaching new heights of popularity in America," Geoff Freeman, president and CEO of the American Gaming Association, said in the release. "It's clear that a federal ban on traditional sports betting outside of Nevada is failing."

Currently, Nevada is the only state allowed under federal law to offer a full menu of sports betting, including single-game wagering, the most popular form in the U.S. In 2014, Nevada sportsbooks won $227.04 million, an all-time record, according to gaming control.

New Jersey has been trying to bring legalized sports betting to its struggling casinos and racetracks for three years, but was sued by the NCAA, NFL and other professional sports leagues and recently lost in federal appeals court for the second time. On Tuesday, New Jersey Gov. Chris Christie filed a petition for a rehearing with the Third Circuit Court of Appeals.

In 2015, six states -- Indiana, Minnesota, Mississippi, New York, South Carolina and Texas -- have considered sports betting bills. And some of the sports leagues have softened their stance on legalizing sports betting, with the NBA leading the way.

NBA commissioner Adam Silver has called for Congress to create a federal framework that could be adopted by states interested in offering legal sports betting.

"We agree with the Third Circuit's decision reaffirming that the appropriate path to legal sports betting is through Congress," NBA spokesman Mike Bass said in a statement after the most recent court decision in the New Jersey case. "We continue to support a federal legislative solution that would protect the integrity of the game while allowing those who engage in sports betting to do so in a legal manner."

MLB commissioner Rob Manfred has said a "fresh approach" to sports betting is needed. The NFL remains opposed, but is studying the issue privately and has sat down with the American Gaming Association to discuss sports betting, according to sources. The NCAA also remains adamantly opposed to legalizing sports betting.

 

[moleculo]

I bet that's wrong.

 

[timschochet]

They don't want to legalize it because they think it will bring cheating and corruption (and they're probably right.)

But damn that's a lot of money.

 

[Da Guru]

When teams do not report injuries the get huge fines. Why is that??

 

[Frostillicus]

When teams do not report injuries the get huge fines. Why is that??

Jimmy Dix already covered this.

 

[Homer J Simpson]

They don't want to legalize it because they think it will bring cheating and corruption (and they're probably right.)

But damn that's a lot of money.

Why would legalizing it bring cheating and corruption? $95 billion isn't currently incentive enough?

 

[timschochet]

When teams do not report injuries the get huge fines. Why is that??

Certain coaches get around this, though don't they? Belichick always seems to have everybody as "questionable".

 

[timschochet]

They don't want to legalize it because they think it will bring cheating and corruption (and they're probably right.)

But damn that's a lot of money.

Why would legalizing it bring cheating and corruption? $95 billion isn't currently incentive enough?

Good point. But maybe if it's more organized...

 

[dino259]

Tax Free

 

[timschochet]

How much of this is fantasy football?

 

[dschuler]

How much of this is fantasy football?

Fantasy football isn't consdered sports gambling, at least legally. This is the reason you can make a credit card purchase on fanduel. Online poker players will remember only being able to use a debit card because that's actually cash. There was a recent ruling that said fantasy football was a game of "skill" and not luck. LOL. I'm thinking this logic is how sports gambling finally gets legalized.

 

[timschochet]

How much of this is fantasy football?

Fantasy football isn't consdered sports gambling, at least legally. This is the reason you can make a credit card purchase on fanduel. There was a recent ruling that said it was a game of "skill". LOL. I'm thinking this logic is how sports gambling finally gets legalized.

Seriously? How is FF any more a game of skill than blackjack?

Oh well. So anyhow, in addition to the 95 billion estimated here, we can add all the millions spent on Fantasy Football? (Including of course, legal sites like Footballguys who earn money simply by dispensing advice.)

 

[The General]

FF seems as much skill/luck as the stock market.

 

[ghostguy123]

They don't want to legalize it because they think it will bring cheating and corruption (and they're probably right.)

But damn that's a lot of money.

Why would legalizing it bring cheating and corruption? $95 billion isn't currently incentive enough?

Good point. But maybe if it's more organized...

Is there more cheating and corruption in legal or illegal activities?

 

[Baloney Sandwich]

Legalize gambling and drugs and we would wipe out our debt in relatively no time.

 

[James Daulton]

And the players and coaches in the major sports make too much money for there to be much concern about fixing games. The reward's not worth the risk to them imho. Now the refs and umpires are another story. But they're a fairly small segment of sports and I'd imagine could be monitored pretty effectively.

Here's hoping that in 10 years, maybe less, I'll be smoking a doobie while placing a bet on the Ravens to hammer the Steelers as I draw yet another full house in online poker. All legal like. Throw in some sex and that's just about heaven.

 

[comfortably numb]

Legalize gambling and drugs and we would wipe out our debt in relatively no time.

Throw in da hookers and and we could not only keep social security for the next 100 years but triple everyone's take

 

[stbugs]

FF seems as much skill/luck as the stock market.

Agreed. Not sure how blackjack compares to FF. I'm pretty sure I draft the players I want and set my lineups. In blackjack I win or lose a hand based on luck of the draw the I get dealt. Yes, there is luck involved with your RB getting a one yard TD after the WR gets tackled at the 1. In FF we are playing cards we have analyzed and that we think will beat the dealer's cards. The dealer does the same. In blackjack we both get random cards and then I can potentially make a call on more random cards. Clearly there is a level of skill involved in FF beyond just luck/random cards in blackjack.

 

[dschuler]

One week leagues take no more skill or luck than betting on the game. In fantasy football, you are betting on a player to do good. In a wager, you are betting on a team to do good. Don't really see a big difference.

 

[timschochet]

And the players and coaches in the major sports make too much money for there to be much concern about fixing games. The reward's not worth the risk to them imho. Now the refs and umpires are another story. But they're a fairly small segment of sports and I'd imagine could be monitored pretty effectively.

Here's hoping that in 10 years, maybe less, I'll be smoking a doobie while placing a bet on the Ravens to hammer the Steelers as I draw yet another full house in online poker. All legal like. Throw in some sex and that's just about heaven.

My fear of corruption was more centered around college.

 

[Peyton Marino]

They don't want to legalize it because they think it will bring cheating and corruption (and they're probably right.)

no and no

 

[Peyton Marino]

And the players and coaches in the major sports make too much money for there to be much concern about fixing games. The reward's not worth the risk to them imho. Now the refs and umpires are another story. But they're a fairly small segment of sports and I'd imagine could be monitored pretty effectively.

Here's hoping that in 10 years, maybe less, I'll be smoking a doobie while placing a bet on the Ravens to hammer the Steelers as I draw yet another full house in online poker. All legal like. Throw in some sex and that's just about heaven.

My fear of corruption was more centered around college.

people already have the means to get down right now. corruption in college can and has (does?) already happened. if it were legal it would at least be easier to track and regulate who/where the bets are coming from, making it possible to put deterrents in place.

 

[The General]

If people can bet in the stock market they should be able to bet on sports and put money down on fantasy sports. Agreed with Baloney Sandwich about the revenue this would generate, billions.

Can't be worried about corruption or cheating.