NBA Seeking 1 Percent of Every Bet Made on Games If Gambling Legalized

[harizen]

Reference: Here

The NBA would seek 1 percent of every legal bet made on its games in order to formally embrace sports betting, according to an attorney representing the league.

ESPN's Brian Windhorst reported Wednesday that Dan Spillane testified on behalf of the NBA in front of a New York State Senate committee and said the league would be willing to build an official relationship with the betting industry.

The 1 percent fee on bets is one of multiple conditions the NBA is seeking. The league would also want betting to become more easily accessible for fans, with features such as smartphone capabilities or specially designated betting kiosks.

While commissioners from major American sports have historically shunned legalized gambling, NBA commissioner Adam Silver has been open about his willingness to embrace the practice. He wrote an op-ed for the New York Times in 2014 in which he advocated for the legalization of sports betting.

"In light of these domestic and global trends, the laws on sports betting should be changed," Silver said, citing sports betting’s popularity both among fans in the United States and throughout the world. "Congress should adopt a federal framework that allows states to authorize betting on professional sports, subject to strict regulatory requirements and technological safeguards."

Were the NBA to receive 1 percent of all bets made on NBA games, it would be a massive revenue source for the league. According to Windhorst, Nevada alone collected $4.5 billion on sports wagers in 2016, and that figure could climb higher than $5 billion in 2017 when the totals are calculated.

The state of New Jersey also has a case before the United States Supreme Court that could see sports betting legalized at its casinos and racetracks. Should New Jersey prevail, it will likely open the door for more states to pursue sports betting.

Good thing we are on crpytos.

Share your thoughts about possibility of implementing it on crypto gambling world in the future although chances are low.

[goinmerry]

Reference: Here


Good thing we are on crpytos.

Share your thoughts about possibility of implementing it on crypto gambling world in the future although chances are low.

Chances are not low, but really really low at least on my own view.

Im not sure if some of the popular crypto sports betting sites are regulated but maybe, even they are regulated and legal, NBA will only implement that percentage for fiat sports betting sites and not on crypto gambling sites.

According to Windhorst, Nevada alone collected $4.5 billion on sports wagers in 2016, and that figure could climb higher than $5 billion in 2017 when the totals are calculated.

Can't imagined how much the revenue on some crypto sports betting sites on NBA alone

[crwth]

The commissioner is definitely smart concerning about the gambling industry surrounding NBA and it has a lot of money for sure. If they legalize and start doing that, then NBA would earn even more money with just that and probably going to bet themselves or something. I don't know if it can be applied to the cryptocurrency space but I think it can be but the site that we're betting in would be the ones to pay that fee.

[audaciousbeing]

Reference: Here


"In light of these domestic and global trends, the laws on sports betting should be changed," Silver said, citing sports betting’s popularity both among fans in the United States and throughout the world. "Congress should adopt a federal framework that allows states to authorize betting on professional sports, subject to strict regulatory requirements and technological safeguards."

Eventually that is what will happen because what they are doing now is just to make money for some set of people because gambling on professional sports has always been there from time immemorial what they want is to get a share of the cake "officially" and not that they have not been getting it behind the scenes.

The bold part is where there won't be chance to for crypto to feature because such strict rule would mean some high level of verification on a gambling site which a lot of participants in this section of the market stay away from like plague. So until when they are able to figure that out, for those that are winning, enjoy it while it last.

[tabas]

Good thing we are on crpytos.

Share your thoughts about possibility of implementing it on crypto gambling world in the future although chances are low.

He's talking about the betting industry in general so crypto sports bookie can be included and they might be considering it too. This will rake them a lot of money if they will also get some commission from the sports bookie and the withdrawal fees would probably increase due to this but this is just my guess. Chances are low or they might not even consider it, for now its still speculative.

[tokeweed]

Wow...  Be prepared for a high level of corruption at the top level in American sports history.  I can't believe a sports organization is openly embracing gambling in sports.  I mean sure I know sports betting has been around since Roman times or whatever, but the NBA wanting to effectively tax the bets and want in on the action?  Lol.  There must be some greedy people up there.

 

[Lionidas]

This wasn't far off since an NBA team has even endorsed an ICO and wanted to start offering their own tokens for sale.
Dallas Mavericks are accepting cryptocurrency for buying their tickets:
https://sparksports.io/nba/cryptocurrency-and-the-nba/

So nothing is stopping any team in a league to start doing what they intend to do.
Just as long as they have the money to do so.
And gambling profits is just then next branch they wish to tap into from the money tree.

[SaShiRaJaVu]

Wow...  Be prepared for a high level of corruption at the top level in American sports history.  I can't believe a sports organization is openly embracing gambling in sports.  I mean sure I know sports betting has been around since Roman times or whatever, but the NBA wanting to effectively tax the bets and want in on the action?  Lol.  There must be some greedy people up there.

Exactly this is going to happen in the future,even now there is corruption going on related to gambling and if they are the front runners to get a percentage of the over all bet wagged,they are looking for a very huge profit and i am not sure these sort of affiliation with the league and the betting industry is accepted ,either way it is a crazy news.

[FrueGreads]

I don't really know what to say about this. I'm not from the United States, so I don't know how gambling is regulated in the states. I also think it varies from state to state, but I can't be sure. I know that a lot of bookies refuse US players because of regulation, so if NBA pulled this out it would be great news for it's citizens, although I think it would be quite abusive. Would they run the betting platform themselves, because I don't think so, and I don't even know if this wouldn't mean collusion would be possible. Even if they were running the services themselves, I think 1% would be a huge fee, so I don't know if I can consider this good or bad news.

As for it coming to ctypto, I really doubt it.

[tokeweed]

Wow...  Be prepared for a high level of corruption at the top level in American sports history.  I can't believe a sports organization is openly embracing gambling in sports.  I mean sure I know sports betting has been around since Roman times or whatever, but the NBA wanting to effectively tax the bets and want in on the action?  Lol.  There must be some greedy people up there.

Exactly this is going to happen in the future,even now there is corruption going on related to gambling and if they are the front runners to get a percentage of the over all bet wagged,they are looking for a very huge profit and i am not sure these sort of affiliation with the league and the betting industry is accepted ,either way it is a crazy news.

And what does that make sports betting in the US?  Are they gonna regulate it outside of Vegas and New Jersey?  I wonder what kind of deal they got with the NBA behind the scenes...

And what of the online sports betting sites that are outside the US?  Are they gonna make it illegal to offer NBA lines if they don't pay the 'tax'?

[campbell.box]

If it is legal, the NBA will have a lot of match-fixing, because the players themselves are involved in gambling, which is unthinkable!

[eternalgloom]

How do they think they can enforce something like this on a global scale? Seems impossible to control if you think about it...
I'm not sure if I'd even agree with them taking 1% of all bets made, I'm wondering on what grounds they would be able to get such a deal...

Is there even something similar that already exists? Does Fifa take a percentage of all bets on the world cup for example?

[Theb]

The league is already run by rich billionaires, I don't know why they want to get a certain percentage of the bets. In my own opinion it is much worse than a trademark or a copyright claim as they are becoming greedy in what they call an entertainment for everyone. Even if its 1% it could mean billions of $ in revenue for them. I don't even know why they are seeking for more revenue as they recently have gotten into a multi-billion $ with their media-rights extension from several t.v. channels. Sports betting with cryptos is not also safe as they could file a lawsuit quickly to this gambling sites.

[Hydrogen]

Were the NBA to receive 1 percent of all bets made on NBA games, it would be a massive revenue source for the league. According to Windhorst, Nevada alone collected $4.5 billion on sports wagers in 2016, and that figure could climb higher than $5 billion in 2017 when the totals are calculated.

If I still remember how to do maths, 1% of $5 billion amounts to a potential $50 million the NBA could collect from 1% of sports bets made on NBA games. Gambling legalization in the united states is an interesting topic at the moment. Partly due to President Donald Trump publicly stating he would be in favor of legalizing it. There are old rumors of Trump trying to open a gambling casino in florida and being denied due to laws and regulation.

Donald Trump being a real estate mogul, he likely owns or has access to prime real estate in areas where casinos might be built. In his case, it may be a money making opportunity. In addiction, there could be a definite economic boost in terms of jobs created, tourism and similar advantages. The main naysayer of legalized gambling are Las Vegas casino owners who want to hold as much of a monopoly over gambling in the USA as possible.