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2016 Rio Summer Olympics Wrap Up, Nevada Sports Betting Does Not Medal

2016 Ri<span id="more-1154"></span>o Summer Olympics Wrap Up, Nevada Sports Betting Does Not Medal

The controversial 2016 Rio Summer Olympics are officially in the books, but the activities publications in Nevada had interest that is little their outcome. For the first time since 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.

American gymnast Simone Biles, who took home four gold and one bronze medal, carried a flag throughout the closing ceremonies. But Nevada sports books had little to wave a flag about at the conclusion of the time.

Action was slower than sluggish, according to those who just take wagers in Las vegas, nevada’ biggest gambling enterprises. Perhaps a number of the lesser known events simply don’t jibe with the normal sports that are american. From badminton and canoe slalom, to rhythmic gymnastics and swimming that is synchronized Vegas sports books lined up the odds, but few took them.

‘We most likely have actually taken about as much in Olympic wagers as we’d on a baseball that is big, regular season,’ Mirage oddsmaker Jay Rood said this thirty days.

The disappointing, yet not totally unexpected Olympics for Nevada casinos might induce less enthusiasm for the 2018 Winter Olympics in South Korea since well. It had been no feat that is easy oddsmakers to organize lines on a host of athletic disciplines most were utterly new to.

Big Bets, Little Pay

Also the casual sports fan understands the name Michael Phelps, therefore the most decorated ever that is olympian up to their hype. Phelps won five associated with six events he competed in and departed his olympics that are final a total of 23 silver medals.

And for bettors in the Silver State, the relative lines on Phelps were almost off the chart.

At Bovada, Phelps was a -300 favorite within the 100m butterfly, and his 4x200m freestyle relay team 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 800m freestyle. Those looking to profit off Ledecky’s dominance needed to wager a staggering $25,000 to win just $100.

As crazy as that sounds, it was a bet that is good as Ledecky cruised to a world-record time and beat the silver medalist by almost 12 moments.

Team USA basketball people also wowed bookies in Nevada. The guys had been -2500 favorites and the women were listed at -1400. Both won their tournaments.

Overall, Team USA won the medal count that is highest of all participants with 121 total gold, silver, and bronze. China put second with 70, and Great Britain third at 67.

Host nation Brazil won 19 total medals, and garnered plenty of criticism as well. Insufficient housing, contaminated water, crime, and final but not least, Zika, all plagued the lead-up to the competition.

Lochte and Loaded

The games had been certainly not without scandal before US swimmer Ryan Lochte took center phase, with incidents of rape and robbery being reported in the 1st days that are few. But Lochte’s actions overshadowed a lot of the final few days of the Games, in what numerous athletes might have considered a cloud over their moment in the sun.

In what would later on be a fable concocted by the 12-time medal winner, Lochte’s tale about being robbed at gunpoint almost totally took over the final times of the Olympics.

‘I over-exaggerated that story,’ Lochte told NBC throughout the week-end. ‘They place on a games being great . . [but] my immature behavior tarnished that a little, and I also don’t wish that.’

His mea culpas may too have come late, however. Speedo terminated its sponsorship on Monday, amid Lochte’s late-out-of-the-gate admission which he had way too much to drink that night making bad decisions because pelican pete slot machines from 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 probably not be rushing straight back to a developing nation anytime soon again, but nonetheless, left the united states on a note that is positive.

‘We found its way to Brazil as guests. We depart as your friends,’ IOC President Thomas Back said during the closing ceremony today.

New York Assemblyman Pretlow to Drive for Legal Sport Betting

Assemblyman Gary Pretlow wants recreations betting for New York but admits there are significant issues that are legal his way. (Image: Jefferson Siegel/New York Daily News)

New York Assemblyman Gary Pretlow wants to bring legal activities betting to Nyc State. Pretlow was instrumental in orchestrating the regulation of daily fantasy sports in New York and views no good reason to give up while he’s for a roll.

Pretlow told the Democrat Chronicle this week that, like New Jersey in recent years, he wished to test federal opposition to sports betting, and much more especially PASPA, the pro and recreational Sports Protection Act 1992, which

‘I’m considering this season putting in legislation much like nj’s legislation, and hopefully it gets to court into the Second Circuit, and hopefully we get yourself a opinion that is different’ he said. ‘I am a believer in legalizing recreations wagering.’

Concern About ‘Vice Bills’

But first a legislative push would have to convince both chambers that legal recreations wagering is the right thing for New York, at a time as soon as the state is cautious about passing more so-called ‘vice bills,’ following a legalization of casino gaming, MMA and now DFS. The question of legalizing sports betting would also most likely require an amendment to your state constitution by public referendum.

‘ Any conversation of legalizing sports gambling in NY is premature only at that point,’ Pretlow conceded. ‘There are significant issues that are legal think about before undertaking this undertaking.’

It’s difficult to see how nyc could succeed in the courts that are federal where New Jersey has failed at every turn. Early 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 just take sports wagers,’ Pretlow said, inaccurately.

While Nevada is the only state that offers full-scale activities wagering, Oregon, Delaware and Montana are also lawfully permitted to do so, having being exempted by PASPA because they had currently legalized ahead of the passage for the bill in 1992. Delaware offers sports that are limited at its racetracks, while Oregon and Montana simply choose not to ever.

The United states Gaming Association, which advocates for the legalization and certification of sports betting, has said that 80 percent of Super Bowl people are in support of regulation, while 65 percent trust regulated sports betting will either fortify 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 a predicted $150 billion a year gambling on sports, just 3 percent from it legitimately.’

Glenn Straub Threatens to Abandon Revel Atlantic City

Revel Atlantic City owner Glenn Straub says time is operating out for local officials to approve his casino and hotel permits, otherwise he’s prepared to abandon ship. (Image: Jacqueline Urgo/Philadelphia Inquirer)

Developer Glenn Straub says he’s considering abandoning his resurrection plans for Revel Atlantic City unless local officials in New Jersey change their governing ways.

The Florida-based real-estate millionaire ended up being once again before nj-new jersey’s Casino Reinvestment Development Authority (CRDA) last week. Straub is looking for a permit to work the resort.

Straub has performed renovations in the $2.4 billion shuttered property to add a ropes and cycling course that is 13-floor.

The changes required brand new traffic-flow allows from the CRDA, nevertheless the governing organization claims it takes information that is additional. The CRDA has also dragged its feet in approving a casino permit for Revel, even though Straub has hired a gambling operator to manage the facility’s gaming.

The CRDA argues Straub’s business, Polo North nation Club Inc., hasn’t filed the appropriate paperwork.

‘I can’t believe just how much bureaucracy here is in this state. This is just what nj-new Jersey is famous for,’ Straub opined to reporters during a break. ‘This state stinks.’

Straub said he’s got ‘other activities to do’ then wait on brand New Jersey and Atlantic City officials.

Straub’s Bluff?

Straub seemed resolute in professing his willingness to abandon Revel in its entirety, but that would mean quitting on his $82 million investment he paid in 2015 to acquire the bankrupt resort. However, that’s amount change set alongside the $500 million Straub initially dedicated to the venue that very first opened in 2012.

His plans of transforming the resort into a ‘recreation-based center along with casinos’ have hit one roadblock after another.

Just four months ago, Straub told Forbes, ‘Atlantic City is really a place that is perfect put money. It’s going to multiply 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 facility that is hotel-only the recreational activities, unattained permits have kept the lights dark at Revel.

Straub is now intending for A october opening, but his patience is putting on thin.

‘ I do not have enough time to be screwing with this stuff,’ Straub declared. ‘This is 10 times worse than just what it would be anyplace else.’

And Then There Were Seven

When the Trump Taj Mahal closes on October 10, only seven gambling enterprises will remain in Atlantic City. The town’s casinos all pay 1.25 percent of gross gaming revenues to fund the CRDA.

The CRDA must follow a series of regulations and licensing procedures, however the policies are not making it simple for Straub to create back Revel.

Instead of doing everything in its power to expedite the procedure, the CRDA seems to be dedicated to non-gaming activity.

The agency approved two measures that have nothing to do with the casino market at its meeting last week.

The agency agreed to sponsor a summer that is fifth concert with Live Nation, and additionally agreed to spend $150,000 on the Garden State Film Festival over the next two years.

‘ The CRDA continues its mission to attract events and visitors to the city,’ CRDA Executive Director John Palmieri stated in a press launch.

Unfortunately, at least for now, the CRDA isn’t attracting a half of a investor that is billion-dollar Straub.

Mount Airy Casino Challenges Pennsylvania’s $10 Million Annual Host Tax

As soon as best-known since the place to go after crazy adult-themed bathtubs, the Pennsylvania Pocono Mountains’ Mount Airy region has very long found video gaming, and along with it, a tax battle. (Image: usatoday.com)

For many people over 40, say ‘Mount Airy in the Poconos,’ and images of eight-foot-tall champagne bubble bath and tubs that are heart-shaped jump to mind. Several years back, the working-class resort area marketed the decidedly unique and memorable tubs to couples who desired some totally adult playtime.

But now, one casino in what is now referred 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 casinos to spend $10 million annually to its host town 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’re located. The kicker is the fact that two percent must equal at minimum $10 million, otherwise the casino is in the hook to make up the huge difference.

But none of Pennsylvania’s twelve casinos even came near to grossing $500 million from slots year that is last meaning all had to compose additional taxation checks.

Sheldon Adelson’s Sands Bethlehem is the biggest casino, in terms of pure revenue, in Pennsylvania. During the last fiscal year, the Las vegas, nevada Sands home produced $288.9 million in gross terminal revenue.

At two percent, Sands’ real tax payment had been about $5.7 million. Meaning Adelson’s gaming business was forced to pay the $4.3 million difference.

For Mount Airy, the distinction ended up being even larger. 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.

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