2016 Rio Summer Olympics Wrap Up, Nevada Sports Betting Doesn’t Medal
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The controversial 2016 Rio Summer Olympics are officially in the books, but the activities books in Nevada had little interest in their outcome. For the time that is first the Sydney Games in 2000, sports betting was permitted in the Silver State for this year’s 16 days of competition, but evidently, bettors were less than excited about their options.
Us gymnast Simone Biles, who took home four gold plus one medal that is bronze carried a flag during the closing ceremonies. But Nevada sports books had little to wave a flag about at the conclusion of the time.
Action was slower than slow, according to those who simply take wagers in vegas’ biggest casinos. Perhaps a few of the lesser known events simply didn’t jibe with the typical American sports bettor. From badminton and canoe slalom, to rhythmic gymnastics and synchronized swimming, Vegas recreations books lined up the odds, but few took them.
‘We probably have actually taken about as much in Olympic wagers as we might on a baseball that is big, regular season,’ Mirage oddsmaker Jay Rood stated this thirty days.
The disappointing, yet not totally unexpected Olympics for Nevada gambling enterprises might induce less passion for the 2018 Winter Olympics in Southern Korea because well. It had been no simple feat for oddsmakers to prepare lines for a host of athletic disciplines most had been utterly unfamiliar with.
Big Bets, Little Pay
Even the casual sports fan knows the name Michael Phelps, as well as the many decorated Olympian ever lived up to his hype. Phelps won five for the six events he competed in and departed his olympics that are final a total of 23 gold medals.
And for bettors in the Silver State, the lines on Phelps were almost off the chart.
At Bovada, Phelps had been a -300 favorite within the butterfly that is 100m and his 4x200m freestyle relay group required a $700 bet to win $100.
Nonetheless it was fellow US swimmer Katie Ledecky who got the most respect in the pool with the freestyle that is 800m. Those seeking to profit off Ledecky’s dominance needed to wager a staggering $25,000 to win simply $100.
As crazy as that noises, it was a good bet, as Ledecky cruised to a world-record time and beat the silver medalist by nearly 12 moments.
Team USA basketball people also wowed bookies in Nevada. The men were -2500 favorites and the ladies were listed at -1400. Both won their tournaments.
Overall, Team USA won the medal count that is highest of all of the participants with 121 total gold, silver, and bronze. China placed second with 70, and Great Britain third at 67.
Host country Brazil won 19 total medals, and garnered plenty of criticism as well. Insufficient housing, contaminated water, crime, and last but certainly not least, Zika, all plagued the lead-up to the competition.
Lochte and Loaded
The games were not without scandal before US swimmer Ryan Lochte took center stage, with incidents of rape and robbery being reported in the 1st few days alone. But Lochte’s actions overshadowed much of the final few days of the Games, in what numerous athletes might have considered a cloud over their moment in the sun’s rays.
In what would later on be a fable concocted by the medal that is 12-time, Lochte’s tale about being robbed at gunpoint almost completely took over the final times of the Olympics.
‘I over-exaggerated that story,’ Lochte told NBC on the week-end. ‘They put on a great games. . . [but] my immature behavior tarnished that a little, and I also don’t wish that.’
Their mea culpas may too have come late, but. Speedo terminated its sponsorship on Monday, amid Lochte’s late-out-of-the-gate admission that he had way too much to drink that night and made bad choices because of it. It’s unclear whether their other backers, including Gillette, Gatorade, and AT&T, is going to do the exact same.
The International Olympic Committee (IOC) will more than likely not be rushing back to a developing country anytime soon again, but however, left the united states on a positive note.
‘We found its way to Brazil as guests. Today we depart as your friends,’ IOC President Thomas Back said during the closing ceremony.
New York Assemblyman Pretlow to Drive for Legal Sport Betting
Assemblyman Gary Pretlow wants sports gambling for New York but admits you can find significant legal dilemmas in his way. (Image: Jefferson Siegel/New York Daily Information)
New York Assemblyman Gary Pretlow wants to bring legal activities wagering to Ny State. Pretlow was instrumental in orchestrating the regulation of daily dream activities in New York and views no good reason to stop while he’s on a roll.
Pretlow told the Democrat Chronicle this week that, like New Jersey in recent years, he wished to test federal opposition to sports wagering, and more particularly PASPA, the Professional and recreational Sports Protection Act 1992, which
‘I’m considering this year putting in legislation similar to nj’s legislation, and hopefully it gets to court within the Second Circuit, and hopefully we get a opinion that is different’ he said. ‘we am a believer in legalizing activities betting.’
Concern About ‘Vice Bills’
But first a push that is legislative have to convince both chambers that legal recreations betting is the right thing for New York, at any given time whenever state is cautious about passing more alleged ‘vice bills,’ following legalization of casino gaming, MMA and now DFS. The question of legalizing sports betting would also most likely need an amendment to the state constitution by public referendum.
‘ Any conversation of legalizing sports betting in NY is premature only at that point,’ Pretlow conceded. ‘There are significant issues that are legal consider before undertaking this undertaking.’
It’s difficult to see how New York could succeed in the federal courts, where nj has failed at every turn. Earlier in the day this the United States Court of Appeals for the Third Circuit blocked New Jersey’s attempt to offer sports betting at its casinos and racetracks once again, ruling that it would be a violation of PASPA month.
PASPA ‘Not Fair’
‘It’s not fair that only one state is allowed to legitimately take sports wagers,’ Pretlow said, inaccurately.
While Nevada is the state that is only offers full-scale activities gambling, Oregon, Delaware and Montana are also lawfully permitted to do so, having being exempted by PASPA because they had currently legalized prior to the passage for the bill in 1992. Delaware offers restricted activities betting at its racetracks, while Oregon and Montana simply choose not to ever.
The American Gaming Association, which advocates for the legalization and certification of sports betting, has said that 80 per cent of Super Bowl watchers are in favor of regulation, while 65 percent believe regulated sports betting will either bolster the integrity of games or have no impact on game outcomes.
‘This law [PASPA] has failed miserably,’ said AGA Chairman Geoff Freeman recently. ‘People in america spend an approximated $150 billion a year gambling on sports, only 3 percent of it legally.’
Glenn Straub Threatens to Abandon Revel Atlantic City
Revel Atlantic City owner Glenn Straub states time is operating down for local officials to approve their casino and hotel permits, otherwise he’s prepared to abandon ship. (Image: Jacqueline Urgo/Philadelphia Inquirer)
Developer Glenn Straub says he’s considering abandoning their resurrection plans for Revel Atlantic City unless local officials in New Jersey change their ways that are governing.
The Florida-based real-estate millionaire was once again before nj’s Casino Reinvestment Development Authority (CRDA) last week. Straub is looking for a permit to operate the resort.
Straub has performed renovations regarding the $2.4 billion shuttered home to include a ropes and cycling course that is 13-floor.
The changes needed brand new traffic-flow allows through the CRDA, nevertheless the governing organization states it needs information that is additional. The CRDA has also dragged its legs in approving a casino permit for Revel, despite the fact that Straub has hired a gambling operator to handle the center’s gaming.
The CRDA argues Straub’s business, Polo North nation Club Inc., hasn’t filed the appropriate paperwork.
‘I can’t think exactly how much bureaucracy there is in this state. This is just what New Jersey is known for,’ Straub opined to reporters during a break. ‘This state stinks.’
Straub stated he’s got ‘other things to do’ then wait on brand New Jersey and Atlantic City officials.
Straub seemed resolute in professing his willingness to abandon Revel in its entirety, but that would mean stopping on his $82 million investment he paid in 2015 to get the bankrupt resort. However, that’s chunk change set alongside the $500 million Straub initially dedicated to the place that very first opened in 2012.
His plans of transforming the resort into a ‘recreation-based facility along with casinos’ have struck one roadblock after another.
Just four months ago, Straub told Forbes, ‘Atlantic City is really a perfect place to place money. It’s going to grow ten times what it’s now worth.’
Straub and billionaire Carl Icahn both pledged to revitalize the gaming coastline town. Icahn changed his mind this month by announcing the closure of his Trump Taj Mahal.
Originally scheduled to start on June 15 as a hotel-only facility featuring the recreational pelican pete slots activities, unattained permits have kept the lights dark at Revel.
Straub is now aiming for an opening, but his patience is wearing thin october.
‘ I do not have time to be screwing with this stuff,’ Straub declared. ‘This is 10 times worse than exactly what it would be anyplace else.’
After Which There Were Seven
When the Trump Taj Mahal closes on 10, only seven casinos will remain in Atlantic City october. The city’s casinos all pay 1.25 percent of gross gaming revenues to fund the CRDA.
A series must be followed by the CRDA of regulations and licensing procedures, nevertheless the policies are definitely not making it possible for Straub to bring straight back Revel.
In the place of doing everything in its power to expedite the procedure, the CRDA seems to be centered on non-gaming activity.
At its meeting last week, the agency approved two measures that have absolutely nothing to do aided by the casino market.
The agency agreed to sponsor a summer that is fifth concert with real time Nation, and additionally decided to invest $150,000 in the Garden State movie Festival over the next two years.
‘ The CRDA continues its mission to attract events and visitors to the populous city,’ CRDA Executive Director John Palmieri stated in a press launch.
Unfortunately, at least for now, the CRDA isn’t attracting a half of the billion-dollar investor in Straub.
Mount Airy Casino Challenges Pennsylvania’s $10 Million Annual Host Tax
Once best-known since the place to go after crazy bathtubs that are adult-themed the Pennsylvania Pocono Mountains’ Mount Airy region has long discovered gaming, and along with it, a tax fight. (Image: usatoday.com)
For many folks over 40, say ‘Mount Airy in the Poconos,’ and images of eight-foot-tall champagne bubble shower and heart-shaped tubs immediately jump to mind. A couple of years straight back, the working-class resort area marketed the decidedly unique and memorable tubs to couples who wanted some entirely adult playtime.
But now, one casino in what’s now introduced to as the Pocono Mountains is doing something decidedly unromantic: fighting for its own cash.
Mount Airy Casino Resort is asking the Pennsylvania Supreme Court to annul state gambling regulation that requires gambling enterprises to spend $10 million annually to its host city or town.
Senate Bill 862, signed and passed into law back in 2006, mandates that casinos pay two percent of gross slots revenue to the township in which they truly are located. The kicker is the fact that two percent must equal at least $10 million, otherwise the casino is on the hook to make up the difference.
But none of Pennsylvania’s twelve gambling enterprises even came near to grossing $500 million from slots this past year, meaning all had to write extra tax checks.
Sheldon Adelson’s Sands Bethlehem is the biggest casino, when it comes to pure revenue, in Pennsylvania. During the final fiscal year, the Las vegas, nevada Sands property generated $288.9 million in gross terminal revenue.
At two percent, Sands’ true tax payment had been about $5.7 million. Meaning Adelson’s gaming company had been forced to pay the $4.3 million difference.
The difference was even more substantial for Mount Airy. The northeast Pennsylvania casino pulled in simply $139.1 million in terminal income, meaning its two payment that is percent $2.78 million, with $7.22 million tacked on.