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The Supreme Court Made It Easier For More People To Place Bad

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With the Supreme Court’s landmark gambling decision this week, many more Americans might soon be able to place a legal wager on their favorite sport. So what kind of money are we talking about?The U.S. casino industry says Americans illegally bet at least $150 billion on sports every year. But it’s hard to measure exactly how much of that money might flow into legal establishments as a result of this decision; underground bookies don’t readily publish their balance sheets. But the casinos in Nevada do, and a closer look into the action taken by sportsbooks over the past few decades gives us a window into how Americans bet on sports — and how well they’re doing.According to data published by David Schwartz of UNLV’s Center for Gaming Research, legal sports gambling has steadily been on the rise. Nevada sportsbooks have shown consistent growth in the number of outlets that take wagers, the wagers handled per outlet and the share of wagers kept (more on that later). In fact, Nevada casinos took in 55.6 percent more sports-betting money in 2017 than they did in 1992.1Adjusted for inflation from December 1992 to December 2017.Clearly, a lot more people feel confident enough in their sports opinions to put a lot more money where their mouth is. Total5.065.39 Unsurprisingly, football has ruled this world. After cracking $1 billion wagered in 1994, in unadjusted numbers, football betting followed the industry’s slow downward trend until 2005, then bounced back upward, growing year-over-year nearly every year since. But the other sports are growing even faster: Nevada casinos’ 2017 basketball handle was $1.48 billion, 84.4 percent of the amount wagered on football take. Baseball is just a little further behind; bettors put down $1.14 billion in 2017, 64.9 percent of the football bets. Back in 1992, those shares were 69.3 percent and 58.9 percent.But even if our ability to place legal bets is changing, there’s one thing that will probably stay the same: our inability to place good bets. Despite the wealth of information available in 2018, sports bettors aren’t any better at handicapping — in fact, they’re notably worse.Let’s say you went to Hypothetical University, and you have a friend who went to Hypothetical State. The night before the big game, you go to a casino together and each bet $11 on your respective teams. The next day, Hypothetical U wins and covers the point spread, so your friend is out $11 while the casino pays you $21 — double the money you bet, less the service fee skimmed off of winnings.2Called the take, the juice or the vigorish. Effectively, $10 of your friend’s lost $11 went into your pocket.In this case, the “drop” (the money you and your friend dropped on the game) is $22, but the “win” (the amount the casino kept) is $1. This is the ideal: An equal number of dollars bet on both sides guarantees that the casinos’ win rate equals their service fee. But the betting public rarely obliges — and if casinos set the point spread in a way that entices more money to be put on the losing side, their win percentage goes up.Casinos kept just 2.81 percent of the sports wagers they handled in 1992. But over the next 15 years, casinos set the betting lines in a way to entice lower-information bettors,3The lines got “sharper,” meaning more well-informed and likely to win, while “square” means the opposite. Betting on your favorite team to win every week is square. and their win rates soared well above the standard service-fee rate, peaking at a whopping 7.89 percent in 2006. Casinos are still winning in the 4- to 5-percent range over the past decade, with the house taking 5.11 percent of all wagers in 2017.It really starts to get interesting when you look at how well casinos do on individual sports. On Tuesday, NBC Sports baseball writer Craig Calcaterra caused a stir when he tweeted that baseball is so random that only people with “a problem” would try to bet it: 1992-20172007-2017 Baseball3.173.98 Any one out of 2,430 regular-season MLB games a year could have a wildly unforeseen result — but baseball bettors have consistently put more dollars on the winning side over the past 25 years, keeping the average casino win rate below the standard service-fee average of 4.55 percent. It’s a different story in basketball, where casinos have kept 5.4 percent of all money bet on hoops over the past decade. In football, the most heavily wagered sport, casinos have kept very slightly more than the service fee (4.66 percent) over the past 25 years.Those thinking they’ll outsmart bookies by betting more obscure sports appear to be sadly mistaken; casinos are keeping nearly twice as much of the money bet on “other” sports as good old-fashioned baseball. There was one glaring exception: 1996, when casinos took a bath on Evander Holyfield’s upset of Mike Tyson. Holyfield opened as a 25-to-1 underdog, and so much money came in on him that the line moved all the way to 5-to-1. (Similar action led to similar exposure in last year’s Conor McGregor/Floyd Mayweather fight. Casinos stood to lose millions if McGregor had won, but Mayweather’s victory allowed the casinos to bring in almost twice as much in “other sports” revenue in 2017 as they did the year before.)Regardless of which sport(s) they’re betting on, though, today’s sports fans are betting, and losing, more than ever.In 1984, the first year for which Schwartz has data, 51 sports betting locations kept 2.34 percent of the $894.6 million bet, for a total casino win of $20.9 million. In 2017, 192 locations kept 5.11 percent of $4.9 billion wagered, for a total win of $248.8 million.So, in light of the Supreme Court decision, are Nevada casinos worried about an influx of sportsbooks cutting into their bottom lines? Probably not. In the context of the greater gambling industry, the sportsbook is relative chump change.According to the Nevada Gaming Control Board, the 24 major Vegas Strip casinos generated $70.3 million in sports betting revenue last year — just 1.26 percent of their $5.56 billion overall gambling revenue. For comparison, slot machines pulled in a whopping $2.8 billion.Legislators in states where sports betting will soon be legal, may be seeing dollar signs as the dust settles on the Supreme Court’s decision — imagining a $150 billion pot of gold ready to be taxed. But though Americans seem ready and willing to hand their money over to sportsbooks, it remains to be seen just how much money that will be. Casinos are keeping a bigger piece of the sports-betting pieThe share of money bet at sportsbooks that casinos kept Source: UNLV Center for Gaming Research Football4.66%4.79% Basketball4.835.40 Other sports5.736.99 But since 1992, bettors have done much better against the house in baseball than in football, basketball or the other remaining sports. That’s still true today, 11 years since casinos’ 2006 peak. read more

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Young Walters murder victim buried

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first_img Recommended for you Facebook Twitter Google+LinkedInPinterestWhatsApp Facebook Twitter Google+LinkedInPinterestWhatsAppProvidenciales, 19 Jan 2015 – Kenley Walters, killed the day after Boxing Day was yesterday laid to rest and the case of the stabbing death of the young man continues to be in need of public information to bring light to what happened and who killed the 20 year old. Walters’ Family, who was in Jamaica at the time of the stabbing, actually burying his uncle who had died in that November traffic accident on eastern Leeward Highway is still shattered by the situation and has come out asking for public help into the murder probe. Remember you can give information on Kenley Walters’ murder or any other police investigation anonymously at Crime Stoppers: 1-800-TIPS; calls are answered in Miami. Related Items:buried, kenley walterscenter_img FIFTH ARREST IN KENLEY WALTERS MURDER TCI Youth Forum to go on the road; poor turnout criticised by Violence victimlast_img read more

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8 Tech Pioneers to Watch

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first_img Free Webinar | Sept. 9: The Entrepreneur’s Playbook for Going Global Register Now » Opinions expressed by Entrepreneur contributors are their own. Tech entrepreneurs have climbed the ranks to grace the same magazine covers that once were reserved for Hollywood celebrities and world leaders.  Each year, we see more innovation and success in this space, and 2016 is no exception. The pioneers profiled here come from a range of industries that want to revolutionize their categories and create thousands of new jobs, shifting — through their success — what our future looks like. Allow me to introduce you, in no particular order, to eight tech entrepreneurs you need to know in 2016.Related: Giving Thanks to a Female Tech Pioneer You’ve Probably Never Heard of1. Marc Gorlin, RoadieMarc Gorlin, founder and CEO of Atlanta-based Roadie. Roadie, the first on-the-way delivery network, puts unused capacity into passenger vehicles to work by connecting people who have items they need to send with drivers headed to the same destination. Roadie’s model enables efficient, low-cost delivery for senders and rewards drivers for trips they were already taking.Fun Fact: The average delivery time for Roadie gigs up to 200 miles is 5.5 hours.Milestone: “We will continue to build out the Roadie community to make same-day delivery over hundreds of miles a reality. We want it to be as easy and convenient, to get big, bulky, hard-to-handle stuff delivered hundreds of miles, as it is to get a sandwich delivered down the street,” Gorlin told me.2. Bogdan Constantin, MenguinBogdan Constantin is co-founder and CMO of Fayetteville, Ark.-based Menguin, a technology company infatuated with bettering its clients’ formal wear needs by creating the coolest and easiest way to rent a suit or tuxedo for any event. These rentals happen online, and delivery includes 24/7 customer service.Fun fact: Menguin saves penguins, real penguins. With each rental, the company donates a portion of its proceeds to these endangered animals in South America. Select customers get to name them and receive framed copies and plush toys.Milestone: “Menguin plans to save over 100,000 people from the pain and frustration of having to rent a tux the old way in 2016,” Constantin told me.3. Louis Ziskin, DropInLouis Ziskin is CEO and founder of West Hollywood-based DropIn, Inc., which is changing “the way insurance industries do business, by providing on demand remote video inspection,” Ziskin said. “The app provides a new way to process claims and preview risk while increasing revenue in an industry that generates over $700 billion annually.”Fun Fact: Ziskin is a philanthropist who speaks nationally about causes like anti-recidivism and addiction recovery.Milestone: DropIn is expanding to San Francisco, New York and Chicago and is launching pilot programs with two nationwide insurance companies.4. Lauren Roxburgh, Aligned LifeLauren Roxburgh (Lo Rox) is founder of Santa Monica, Calif.-based Aligned Life. Named the “Body Alignment Pro” by Vogue, Roxburgh is an author and alignment expert who empowers people to move better, improve posture, reduce stress and connect to their authentic selves. She is also the creator of the Aligned Rollers and Aligned Life digital downloads workouts and is launching an app and more digital content to make her method accessible to all, anytime and anywhere.Fun Fact: Roxburgh was dubbed “The Body Whisperer” by Goop.Milestone: Roxburgh will be launching The Taller Slimmer Younger Meal Plan this year.Related: These 5 Tech Conferences Will Let You See the World5. Tom X Lee, One MedicalTom X Lee is founder and CEO of San Francisco-based One Medical, an organization on a mission to make high-quality healthcare more accessible and affordable for everyone. “We offer a modern, tech-enabled approach to primary care that combines people-centered design, smart application of technology and a team of talented providers who have the time and tools necessary to make smarter decisions,” Lee told me. “Our members have access to top health professionals, 24/7 virtual care, same-day appointments.” Fun Fact:  Lee studied fine arts at Yale before ultimately deciding to pursue a career in medicine.Milestone: One Medical will grow to about 60 offices across the United States by the end of the year.6. Kyle Porter, SalesLoftKyle Porter is CEO and founder of the Atlanta-based tech company SalesLoft. “We live, eat, and breath sales development best practices,” Porter said. “Most importantly, we help sales development teams increase the number of qualified appointments set by a dramatic amount — in some cases more than 300 percent. We built the application of record for the sales development team, which allows SDRs [sales development reps] to do what they do well: set qualified sales appointments.”Fun Fact: Porter spends his time between Atlanta, home of SalesLoft, and Winter Haven, Fla., where his wife’s family are fourth-generation tangerine famers. He likes to spend time in the tangerine groves.Milestone: SalesLoft plans to triple its annual recurring revenue by the end of the year.7. David Gardner, ColorJarDavid Gardner is founder and CEO of Chicago-based ColorJar, a creative tech agency that specializes in brand-positioning strategy and custom websites and apps. “Our in-house team of designers and technology developers use brand strategy as their compass to create user experiences that cut through the noise of today’s cluttered world,” Gardner told me.Fun Fact: ColorJar is a bootstrapping success. The creative tech agency was self-funded with $5,000 and has grown to a team of 20 without raising capital.Milestone: “We only work with select clients we fall in love with — and this year we will fall in love for the 150th time,” Gardner said.8.  Tom McLeod, OmniTom McLeod is CEO and founder of San Francisco-based Omni, a company aiming to revolutionize personal storage and the relationships people have with their belongings. It provides an on-demand concierge-style service with convenient pickup and delivery solutions to residents of San Francisco. Users are able to reclaim space in their homes and manage their belongings through an easy-to-use mobile interface.Fun Fact: Books are the most common singular item in Omni’s system: It has literally thousands of books, ranging from Dr. Seuss to Grey’s Anatomy. “It’s amazing how books are constantly being flagged as obsolete in the post iPad/Kindle world, but in reality people have real emotion and attachment to tangible physical books,” McLeod told me, describing those emotions as “both the memories of where [the owners] were when they experienced them, as well as the knowledge contained within.”Related: The 10 Most Influential Leaders in Tech Right NowMilestone: McLeod promises an “expansion outside of 7×7” [San Francisco] as well as some other exciting in-app sharing capabilities among users that will be first of its kind.” April 22, 2016 Growing a business sometimes requires thinking outside the box. 6 min readlast_img read more

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