Sports betting legalized (state-by-state basis)!!

[Troublemaker]

Disagree. There have been games and purchase levels where winning is almost a certainty and paying taxes on those almost certain winnings still generates a solid ROI (~15-20% pre-tax). The math is solid and the government knows.

Oh, my bad. I missed the context of the conversation (buying up all the combos). I thought we were talking about Joe Sixpack buying one ticket. Carry on.

[Jeffrey]

Oh, my bad. I missed the context of the conversation (buying up all the combos). I thought we were talking about Joe Sixpack buying one ticket. Carry on.

With all due respect, missing context is my job.

[MarkD83]

I cringe at all the brain power that will be wasted trying to outsmart the sports betting industry

[Nick]

I cringe at all the brain power that will be wasted trying to outsmart the sports betting industry

I'm hoping there are going to be some good sign-up bonuses for new gambling businesses. Some people made out pretty well from online poker bonuses last decade before that was clamped down on.

As for beating the lottery, a few folks have figured things out. One of them is a woman in Texas who happens to also have a PhD in statistics from Stanford. There was also a man in Canada who figured out scratch lottery tickets.

[Acymetric]

I'm hoping there are going to be some good sign-up bonuses for new gambling businesses. Some people made out pretty well from online poker bonuses last decade before that was clamped down on.

As for beating the lottery, a few folks have figured things out. One of them is a woman in Texas who happens to also have a PhD in statistics from Stanford. There was also a man in Canada who figured out scratch lottery tickets.

I don't quite get the scratch ticket thing (I've seen that article before)...unless it is very different in other states you don't get to look over the ticket before you buy it, you ask for a particular game and the attendant hands you a ticket. Being able to discern which ones are winners without scratching is interesting, but useless unless you can pick and choose which ones to buy (which, as far as I am aware, you can't).

[madscavenger]

I cringe at all the brain power that will be wasted trying to outsmart the sports betting industry

Back in the day, seeing the words wasted and sports betting industry in the same sentence had a tendency to make certain individuals a little nervous.

[OldPhiKap]

In fact, Jeffrey, it almost sounds like you might accept an investment or two from the hoop-land hoi polloi, eh what?

They call them “backers,” I am told.

[Jeffrey]

They call them “backers,” I am told.

Tru dat! We need to back the young minds of America. If the math works, and it's legal, sign me up.

http://archive.boston.com/news/local...l_game/?page=1

[nmduke2001]

IIRC, that was the early 90's and Virginia changed the rules.

This is an interesting story about a Michigan man that used a flaw in the lottery system to make millions.

"That’s when it hit him. Right there, in the numbers on the page, he noticed a flaw—a strange and surprising pattern, like the cereal-box code, written into the fundamental machinery of the game. A loophole that would eventually make Jerry and Marge millionaires, spark an investigation by a Boston Globe Spotlight reporter, unleash a statewide political scandal and expose more than a few hypocrisies at the heart of America’s favorite form of legalized gambling."

https://highline.huffingtonpost.com/...lotto-winners/

[nmduke2001]

I don't quite understand how a league can charge an "integrity fee" for gambling. Couldn't the state just say "no". What's the league going to do, not play?

[Acymetric]

I don't quite understand how a league can charge an "integrity fee" for gambling. Couldn't the state just say "no". What's the league going to do, not play?

Right, it is interesting that nobody was trying to take a cut of the Vegas books (that I am aware of) but now that it is national they think they should have a piece.

On the other hand, they are probably correct that they should get a cut (whether they could make a legal case for it should the states refuse I couldn't say). I cannot see any reason why "gambling rights" shouldn't be licensed/sold the same way TV rights are. Why should the gambling industry make those massive profits off of other people's product for free? On the other other hand, I don't actually care if any of that money makes it to the leagues or not, I can just see why they would claim they should be in on it.

[JasonEvans]

I don't quite understand how a league can charge an "integrity fee" for gambling. Couldn't the state just say "no". What's the league going to do, not play?

I believe the leagues argue that they will have to hire security and data people to keep an eye on gambling patterns and games to ensure that players are not being influenced to throw games/shave points. The integrity of the games is an essential component of the gambling industry and the leagues are expected to ensure that integrity. They say they should be paid to do that.

-Jason "it is not an altogether awful argument, though if I was a state agency regulating gambling, I would not think it is worth 1% of my revenues to perform this service" Evans

[nmduke2001]

I believe the leagues argue that they will have to hire security and data people to keep an eye on gambling patterns and games to ensure that players are not being influenced to throw games/shave points. The integrity of the games is an essential component of the gambling industry and the leagues are expected to ensure that integrity. They say they should be paid to do that.

-Jason "it is not an altogether awful argument, though if I was a state agency regulating gambling, I would not think it is worth 1% of my revenues to perform this service" Evans

Thanks. That makes sense but what could any of the leagues say if the states simply say no? It's not like the leagues will stop playing.

[Acymetric]

Thanks. That makes sense but what could any of the leagues say if the states simply say no? It's not like the leagues will stop playing.

They would most likely try to employ some kind of legal tactic to force it, although I don't know what that would be or if there is a legitimate legal case to be made.

They could also threaten with economics (all star game hosting or other "penalties" to states who don't fall in line).

[gofurman]

Originally Posted by gofurman View Post
In the lotteries that rollover (there is a term for these I can't recall) - you used to could scheme the system. The Virginia lottery was beaten this way once the jackpot exceed the number of combination of tickets I recall

Here is an article:

http://www.businessinsider.com/how-o...4-times-2016-1

"The concept is easy. There are just so many lottery tickets, even though the number is astronomical, and when the jackpot exceeds the cost of buying all combinations, you have a sure thing (unless some other person or persons gets the winning number).
Sage Grouse"

right, easy in theory.. very hard to implement - you have the logistics of filling out EVERY ticket w every possible permutation. But, yes, to someone else's post - it was the Virginia Lottery which was beaten' with this. The term I couldn't recall was "progressive jackpot". Same could happen at a slot machine - if it wins every 1 out of 50 pulls (pull cost 1 dollar) and the jackpot climbs up to $150 dollars it's worth your while.. even w taxes. The difference would be there is no guarantee you will actually hit the slot machine. The lottery (should you really fill out every ticket) you WILL WIN.. but the flip side is there may be other winners so you lose money... as some prior posters noted on here

[Acymetric]

right, easy in theory.. very hard to implement - you have the logistics of filling out EVERY ticket w every possible permutation. But, yes, to someone else's post - it was the Virginia Lottery which was beaten' with this. The term I couldn't recall was "progressive jackpot". Same could happen at a slot machine - if it wins every 1 out of 50 pulls (pull cost 1 dollar) and the jackpot climbs up to $150 dollars it's worth your while.. even w taxes. The difference would be there is no guarantee you will actually hit the slot machine. The lottery (should you really fill out every ticket) you WILL WIN.. but the flip side is there may be other winners so you lose money... as some prior posters noted on here

You would also have to have the money up front to buy up all those ticket combos, which is probably more of a logistical problem than filling out all the combinations for most.