If you are a sports gambling enthusiast then you probably heard the great news today. Sports gambling is now legal in states beyond Nevada. What a great thing for everybody, well, with exception of Nevada! The deep pocket bookies in Nevada are furious and they will no doubt be lobbying congress for deep restrictions and taxes.
What this means for you wherever you live: It means simply this, you will probably have access to sports gambling close to you but it’s going to come at a cost. The taxes are going to be high on the bookmakers and only the extremely wealthy book owners will be able to jump in the fray.
Here is the downside:
Legal bookmakers are going to get stuck to the tune of around 8-10% in taxes on every bet placed, not on winnings but on gross revenue. What does this mean? This means that someone must absorb the cost. Now, you can be guaranteed the wealthy sportsbook owners are not going to absorb the cost just to bring you sports wagering, not a chance. The cost will trickle down to you the gambler.
Example: The first game of the Western Conference Finals between the Warriors and the Rockets went off the board at Rockets -1.5 -110, this means that for every $1.10 that you spend, you win $1.00 in return plus your risk amount or for every $110, you win $100 plus your $110 back. Now with the high taxes, the bookies will up the standard juice at a minimum of .10 cents pushing the juice to -120, meaning that you must now spend $120 in order to win $100. We are talking about NBA and NCAA basketball numbers, not baseball or football.
Baseball is a vastly different animal and the juice is never standard. When odds makers (lines movers) set the juice on a baseball game they consider many factors such as starting pitching, strength of bullpen, win loss records, hitting and fielding averages and much more. What this does is create lopsided lines. Every day you will see this in baseball, the lines are often extremely lopsided and the public must decide when betting the favorite, whether or not it is worth it to them to risk say $220, in order to win $100. There have already been lines this high in this young baseball season. Clayton Kershaw was a -360 favorite just two weeks ago in Miami going up against the Marlins, he lost! Was it worth it? Of course not, would it have been worth it if he had won? Yes, a win is a win, but is that kind of juice ever worth it, absolutely not.
The US bookmakers will take advantage of baseball lines. They will stack that juice in order to pay their taxes and it will be unmanageable to bet with them. It’s close to that now in Vegas. The lines can be super inflated and they don’t care. They’re enormously wealthy and if you bet with them or don’t bet with them; not their problem.
The online bookies have been swamped with new accounts since the Supreme Court ruling came down. Who’s going to be policing the internet? Nobody. Does the government want their cut, you bet they do? Keep your bets to win no more than $9,999.00. You must claim anything above this number.