Always Call Heads Posted October 31, 2018 Report Share Posted October 31, 2018 taxes almost NEVER come down, they only go up feds could get their hands on some of the revenue, sports leagues could get their hands on it, etc etcThey did not even complain about the Pennsylvania taxes. The NBA did while also claiming they did not want gambling legalized which was hilarious. They have zero concern about tax rates because they know they are going to win that battle. Quote Link to comment Share on other sites More sharing options...
jasson621 Posted October 31, 2018 Report Share Posted October 31, 2018 The potential is that MGM or another book can set up shop in every state and book all the action. If you go into every state at low cost online then offshore is challenged and you successfully bring offshore money to the US gambling market.Gaming boom in the U.S. will only aid offshore credit business, any agent worth his salt will have feelers all over. A win win for both. Quote Link to comment Share on other sites More sharing options...
Always Call Heads Posted October 31, 2018 Report Share Posted October 31, 2018 taxes almost NEVER come down, they only go up feds could get their hands on some of the revenue, sports leagues could get their hands on it, etc etcThis is going to be another interesting thing to watch because it seems way too high. But if NJ can tax at that rate, everybody else is going to as well. Because as I have told Monkey and he does not like, they are all going to follow NJ. If it turns out you can tax higher, they are going to tax higher. Quote Link to comment Share on other sites More sharing options...
Always Call Heads Posted October 31, 2018 Report Share Posted October 31, 2018 Gaming boom in the U.S. will only aid offshore credit business, any agent worth his salt will have feelers all over. A win win for both.Maybe. I would not be that optimistic about agents. If the US gambling market supplies what people want, they are not going to go looking to get stiffed. Quote Link to comment Share on other sites More sharing options...
milwaukee mike Posted October 31, 2018 Report Share Posted October 31, 2018 The barrier of entry isn't the taxes. It's the licensing, fees, and bond. There are nearly as many independent sportsbook enterprises in New Jersey as there are in Las Vegas already and if nobody needs to go to a casino to fund their account, it's MUCH easier to create an account and wager compared to Nevada. it's all of the above let's say new jersey eventually does $1 billion in sports wagers and someone like mgm can get 10% of that action... i think they are just as concerned by the $1 million in annual taxes they would pay as the license (highest license amount i have heard of in any state is $10 million one-time fee). Quote Link to comment Share on other sites More sharing options...
MonkeyF0cker Posted October 31, 2018 Author Report Share Posted October 31, 2018 it's all of the above let's say new jersey eventually does $1 billion in sports wagers and someone like mgm can get 10% of that action... i think they are just as concerned by the $1 million in annual taxes they would pay as the license (highest license amount i have heard of in any state is $10 million one-time fee). They can't be taxed on revenue though. They'd all be losing money. It has to be on profit/hold. So the taxes are a good problem... Quote Link to comment Share on other sites More sharing options...
jasson621 Posted October 31, 2018 Report Share Posted October 31, 2018 Maybe. I would not be that optimistic about agents. If the US gambling market supplies what people want, they are not going to go looking to get stiffed.Getting paid in cash weekly with no income reporting can be very persuasive. The brick and mortars will have bartenders doing a lot of double duty serve a drink and prod for info. Quote Link to comment Share on other sites More sharing options...
milwaukee mike Posted October 31, 2018 Report Share Posted October 31, 2018 They can't be taxed on revenue though. They'd all be losing money. It has to be on profit/hold. So the taxes are a good problem... but the profit/hold isn't the bottom line, it's just the net profit BEFORE ALL OTHER EXPENSES (wages/interest/rent/management fees/etc etc etc) hold on $100 million is $5 million... there is a big difference between investing in a venture that is going to net $5 million after taxes (but before 3 million of other expenses) and one that is gonna net $2 million after taxes (but before 3 million of other expenses that now push it into a loss) between fed/state/possible league fee/etc the taxes could easily be a ridiculous number Quote Link to comment Share on other sites More sharing options...
Always Call Heads Posted October 31, 2018 Report Share Posted October 31, 2018 Getting paid in cash weekly with no income reporting can be very persuasive. The brick and mortars will have bartenders doing a lot of double duty serve a drink and prod for info.They should do a lot more business because more people are going to be gambling. Not sure how many are going to do it with a bookie. I definitely wouldn't. The foundation of bookies is that gambling is illegal. Once it is legal, you don't need a bookie anymore. Quote Link to comment Share on other sites More sharing options...
MonkeyF0cker Posted October 31, 2018 Author Report Share Posted October 31, 2018 but the profit/hold isn't the bottom line, it's just the net profit BEFORE ALL OTHER EXPENSES (wages/interest/rent/management fees/etc etc etc) hold on $100 million is $5 million... there is a big difference between investing in a venture that is going to net $5 million after taxes (but before 3 million of other expenses) and one that is gonna net $2 million after taxes (but before 3 million of other expenses that now push it into a loss) between fed/state/possible league fee/etc the taxes could easily be a ridiculous number For sure. There's obviously a minimum amount of volume necessary to break even in either case. But getting a casino license without having a casino has to be a much a bigger problem for those hoping to enter the market. If you have to build a casino first or acquire a casino/license holder as you would have to in Nevada, that cost is astronomical. Quote Link to comment Share on other sites More sharing options...
Always Call Heads Posted October 31, 2018 Report Share Posted October 31, 2018 MGM is using Ladbrokes for their non-nevada betting. I don't know how that's going to work, but if ladbrokes is running it it will be a 100% opposite how the book in LV.This is a pretty good indication of how interested MGM is in future online sportsbetting and why the Vegas casinos will probably not be a major player long term. Quote Link to comment Share on other sites More sharing options...
milwaukee mike Posted October 31, 2018 Report Share Posted October 31, 2018 For sure. There's obviously a minimum amount of volume necessary to break even in either case. But getting a casino license without having a casino has to be a much a bigger problem for those hoping to enter the market. If you have to build a casino first or acquire a casino/license holder as you would have to in Nevada, that cost is astronomical. yeah good point, i was thinking of guys already having existing casinos but that won't usually be the case Quote Link to comment Share on other sites More sharing options...
MonkeyF0cker Posted October 31, 2018 Author Report Share Posted October 31, 2018 This is a pretty good indication of how interested MGM is in future online sportsbetting and why the Vegas casinos will probably not be a major player long term. I love how you think that's 100% when the person saying it explicitly said he isn't even sure how it's going to work. I will find out more info directly from the source on that soon. Quote Link to comment Share on other sites More sharing options...
Always Call Heads Posted October 31, 2018 Report Share Posted October 31, 2018 I love how you think that's 100% when the person saying it explicitly said he isn't even sure how it's going to work. I will find out more info directly from the source on that soon.All that matters is they contracted out. They are going to play from behind. DraftKings is going to get online and kick their ass if they do it right. DraftKings is off and running. If they start expanding to other states first, they will never catch them. The Vegas casinos do not want to play the game. They just want to show up. Quote Link to comment Share on other sites More sharing options...
MonkeyF0cker Posted October 31, 2018 Author Report Share Posted October 31, 2018 All that matters is they contracted out. They are going to play from behind. DraftKings is going to get online and kick their ass if they do it right. DraftKings is off and running. If they start expanding to other states first, they will never catch them. The Vegas casinos do not want to play the game. They just want to show up. Clueless. You don't partner with someone with the intent of being passive in the market. Quote Link to comment Share on other sites More sharing options...
Always Call Heads Posted November 1, 2018 Report Share Posted November 1, 2018 Clueless. You don't partner with someone with the intent of being passive in the market.No, it's passive. They are doing New Jersey through Ladbrokes and that's it. Meanwhile, DraftKings is getting ready to roll out. If you play from behind, you lose. MGM is Merrill Lynch and DraftKings is ETrade. Quote Link to comment Share on other sites More sharing options...
MonkeyF0cker Posted November 1, 2018 Author Report Share Posted November 1, 2018 You have no fucking idea what they're doing. None. Just shut up already. Quote Link to comment Share on other sites More sharing options...
rito Posted November 1, 2018 Report Share Posted November 1, 2018 All that matters is they contracted out. They are going to play from behind. DraftKings is going to get online and kick their ass if they do it right. DraftKings is off and running. If they start expanding to other states first, they will never catch them. The Vegas casinos do not want to play the game. They just want to show up. Draft kings will be busto in another year Quote Link to comment Share on other sites More sharing options...
Always Call Heads Posted November 1, 2018 Report Share Posted November 1, 2018 You have no fucking idea what they're doing. None. Just shut up already.Actually, I have a pretty good idea what both are doing. I'm pretty impressed by DraftKings here. They have no business even running a sportsbook and they are getting all the attention that I have seen. They aren't play for keeps with their operation but that is probably smart right now. They are definitely in position to score big and seem to be planning on it. Quote Link to comment Share on other sites More sharing options...
Always Call Heads Posted November 1, 2018 Report Share Posted November 1, 2018 Draft kings will be busto in another yearI'll remember that. Quote Link to comment Share on other sites More sharing options...
rito Posted November 1, 2018 Report Share Posted November 1, 2018 I love how you think that's 100% when the person saying it explicitly said he isn't even sure how it's going to work. I will find out more info directly from the source on that soon. Anyone know what the MGM limits are on the app in NJ? That alone would probably tell you Quote Link to comment Share on other sites More sharing options...
rito Posted November 1, 2018 Report Share Posted November 1, 2018 I'll remember that. Do you think they will take over $200 on college basketball? Quote Link to comment Share on other sites More sharing options...
Always Call Heads Posted November 1, 2018 Report Share Posted November 1, 2018 Do you think they will take over $200 on college basketball?No, and I don't think they should be. Quote Link to comment Share on other sites More sharing options...
TobyTyler Posted November 1, 2018 Report Share Posted November 1, 2018 Rito need a NJ beard for CBB season? We should talk it out. Quote Link to comment Share on other sites More sharing options...
FISHHEAD Posted November 1, 2018 Report Share Posted November 1, 2018 Actually, I have a pretty good idea what both are doing. I'm pretty impressed by DraftKings here. They have no business even running a sportsbook and they are getting all the attention that I have seen. They aren't play for keeps with their operation but that is probably smart right now. They are definitely in position to score big and seem to be planning on it.John Avello and Mark Dufty hired...…….recent managers of Wynn and Jerry's Nugget here in Vegas. Quote Link to comment Share on other sites More sharing options...
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