September 21, 2012 4:57 PM by Smash
Ever since we posted on August 22nd about a Brooklyn judge ruling that poker is a game of skill, and not luck, and the fact that iit will no longer be considered gambling federally, I’ve been thinking: why has this not been applied to sports betting?
Now as a person who loves sports and watching sports – I also like to partake in some sports betting. Not only is it a fun way to watch a game you may have not originally had interest in, but you may also profit from the experience as well. As much as I enjoy doing this, there’s only one problem: it’s illegal in the United States (other than very few places).
Let’s backtrack a few years. I was in college and wanted to get [back] into sports betting. I opened up an account on Bodog.com (now bovada.lv). The minimum was $20 so for some odd reason – I decided to deposit $21. This $21 eventually grew to $750, which for a college student, was eye-opening. However, withdrawing that money was such a process, I essentially gave up on trying and made ridiculous wagers just because…basically to see how high I could get that total.
Why was that money so difficult to withdraw? There is no reason that after spending hours and hours figuring out where I should invest my money, reading into trends on players, teams, and every situation. Why could I not simply request a check or a direct deposit? It’s something I cannot comprehend.
As a side note to your standard sports betting, let’s quickly mention horse racing. In horse racing, if a person wins more than $600, than those winnings are taxed on the spot. The fact that the government isn’t taking advantage of potentially BILLIONS in revenue from sports betting is beyond me. Let me place my bets and tax me on my winnings. I’m more than happy with that. And guess what…if I lose, MORE MONEY FOR YOU!
Now, let’s also compare these
bets investments to Wall Street:
Wall Street: you buy and sell stocks based on trends and reading into different businesses and how the economy is.
Sports betting: you place wagers on games based on trends and how each team is performing and the way they’re run.
There is essentially no difference. Yes, I understand there is always the possibility of refs throwing games or the rare case of another Black Sox scandal but that can also be tied to cases of insider trading. It’s a possibility people will take advantage of – knowledge the general public is unaware of, and had they known, wouldn’t risk their money.
Investing your money in equities can be one of the smartest decisions you can ever make and also one of the riskiest. When you invest your hard earned money into a company you most likely would do it through your 401k, online brokerage account, or through an advisor. Along with betting, you do your homework and select your investment wisely. However when your losses and winnings have no boundaries. The odds are infinite. I bought apple at $400 a share, a risky bet one would say. I bet that money for it to keep rising over the next several years, will it? who knows.
I like to think of them as one in the same with equal variables to influence the outcome. People respect investing in the stock market because the people who do are highly intelligent people who have taken tests to prove their knowledge and expertise. (ex: CFA, CPA, Series 7,66,86,87,79,)
The government won’t allow it because there will always be underground betting rings like there is now and the government does not see those dollars. I’d like to see it legalize from Atlantic to the Pacific but It will be a long shot.
But hey….lets bet on it.