This week in Gambling
With the Super Bowl looming closer, most of the articles out there relating to sports gambling pertain to the big game itself. However we still stumbled across a handful of interesting columns covering regulatory issues that remain very prominent. Remember, feel free to submit any relevant articles so we can share them with the community each week if we happened to overlook them.
US Treasury Warns Casinos on Illegal Sports Betting – Source: Reuters (Wolf)
ST. LOUIS (Reuters) – U.S. casinos must take steps to combat illegal sports gambling, the Treasury Department has told an industry group in a letter that came just weeks before the Super Bowl, one of the biggest betting events of the year.
“Increases in sports betting conducted on behalf of third parties are facilitating criminal activity and posing a money laundering risk to the U.S financial system,” the Treasury said in a letter made public on Friday. The letter was dated Dec. 24.
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My Take: This is more of a regulatory formality during peak seasons in Nevada sportsbooks. FINCEN helps with the bank secrecy act, attempting to prevent illegal third parties from wagering on behalf of undisclosed third parties (largely illegal gambling rings). I find it interesting that the article only states 80% of sports betting around the world is conducted illegally. However the main focus of the piece is the explanation of why these policies and procedures are put into place during a busy busy weekend.
Could Legalized Sports Gambling Yield Officiating Integrity? – Source: CBS New York (Max)
Who makes the greatest stink over a blown call?
(A) Fans
(B) Players
(C) Coaches
(D) Owners
Don’t bother, it’s a trick question. The answer is G … as in gamblers.
While I’m strongly opposed to widespread legalized sports gambling, events of the last couple of weekends in the NFL have made me wonder about a potentially unforeseen benefit of such a measure: accountability.
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My Take: Whether it’s the point Max actually wants to make or not he stumbles upon a potential issue in the integrity of sports: officiating. His tongue and cheek approach about breaking thumbs is one part but officials across all levels are the entity most susceptible to changing outcomes. It’s long since been rumored that NBA teams get “special treatment” not from a gambling side but rather to increase tv ratings. Max references the Lions/Cowboys fiasco as well stating what we all know to be true however often lose site of: sports are entertainment.
Because Leagues Want it, Nationwide Legalized Sports Betting Will Happen – Source: Houston Press (Pendergast)
It’s a late Sunday evening in November. The final whistle sounds in the last game of another long weekend of NFL action. The Broncos beat the Chiefs 29-16 to run their record to 9-3, but more important to Andrew, whose final bet of the weekend was “Broncos -1,” Denver covered the spread.
Andrew scurries over to his computer and opens up his browser to check the (illegal) wagering website of his (rogue) local bookmaker, and happily sees that the Broncos’ win has pushed his balance above his weekly payout number, which means he’ll be getting an envelope with some Christmas spending money this Tuesday. All hail Regular Season Peyton Manning!
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My Take: Sean does an excellent job of sharing his thoughts on what most of us think will be inevitable: legalized sports wagering. The biggest questions remains how soon this will take place and it’s anyone’s guess if we’re taking months, years, or heaven forbid decades. Most importantly Pendergast makes the most important points about regulation and transparency preventing match fixing rather than too many columnists that incorrectly claim the opposite. A very well thought out piece from someone who has a good understanding of why legalization needs to take place sooner rather than later.
