Posted Thursday, May 07, 2009 05:01 PM
So there is a new bill up for approval sponsored by Barney Frank and Jim McDermott. It is advertised as the reversal of the UIGEA that passed in the dead of night a couple of years ago and removed neteller from our lives and made it harder to move money.
Here are the specifics:
1. It is currently LEGAL at the federal level to bet on sports. This legislation does NOTHING to address the legality of wagering for the bet placer. It is still ILLEGAL to accept wagers. This wont change.
2. The new legislation excludes any business that handles sports betting. So this does nothing to open up sportsbooks moving money easier.
3. The new legislation will license gambling establishments. These will include establishments that offer online BJ, craps, and poker etc. - NOT SPORTSBETTING.
4. Any company that gets this license will pay a 2% tax on all deposits.
5. Any company that gets a license will be required to provide to the IRS a summary of all wins and losses by player.
6. There is language about protecting the addicted gambler, children etc - useless.
7. The UIGEA is delayed from being enforced on Dec 1 09 to Dec 1 10 (this is useless because it is essentially unenforceable more than what they do now).
So in a nutshell - the govt has realized that they are missing out on a big revenue stream - both from taxin...
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Posted Friday, July 25, 2008 08:02 AM
Yesterday there was a thread about hedging a parlay, as there is at least 5 times a week every week. I am constantly amazed at just how many people assume that hedging is a good practice. At least 90% of the people here – when asked – give the advice to hedge the last game of a parlay.
For those interested, here is the math, and the reason that it is dumb to hedge.
The first situation is what the poster yesterday did, as he parlayed teams on 2 different days. His first 3 teams were on Sunday, and his 4th team was on Monday. This is a big no no. He would be much better off betting a 3 team parlay on Sunday, and then rolling all of the proceeds in to a straight bet on Monday:
Option 1: Bet a 4 team parlay at 10-1. Bet 100, win 1,000.
Option 2: Bet a 3 team parlay at 6-1, bet all proceeds straight up on Monday team. Bet 100, win 1,336.
Option 2 makes you MUCH more money (1,336 vs 1,000) on y... [More]
Posted Wednesday, June 11, 2008 10:15 AM
Whenever people talk about lines, line movements, and results - there is always one consensus - "boy, Vegas sure knows what they are doing when they make these lines". I have been searching for the elusive "vegas" for some insight, and have made some progress.
There are two main schools of thought amongst gamblers about how lines are set. The first is that lines are set by "vegas" in an attempt to trap or lure you in to betting a side. This introduces the term "public" to the discussion - the "public" is the square or novice bettor who falls for not so obvious betting pitfalls. Of course, "vegas" knows more than the "public" so they set a line that looks inviting on the surface, but they know they have the edge when you bet that side. The people who believe this theory think that the lines come out with one purpose in mind, to get as many people to bet on a side of the game that vegas has an edge on, and then over time vegas makes a killing.
The second school of thought on linemaking is that "vegas" just wants to have even action on both sides of the game, and make guaranteed profit from the vig. They dont know anything more than you and I know, and in fact they dont even set a line to reflect what they think will be the result of the contest, they set a line only to attract even action on a game. In this case - "vegas" is not in to the prediction of results, they are in to the prediction of wagering dollars.&... [More]