Sports betting to make team owners even richer

Something new to remember the next time a sports team comes asking for public money for a stadium: The value of their teams just doubled, according to Dallas Mavericks owner Mark Cuban, citing today’s U.S. Supreme Court decision striking down a federal law banning sports betting in states not named Nevada.

“I think everyone who owns a top four professional sports team just basically saw the value of their team double,” Cuban said in a CNBC interview. “It can finally become fun to go to a baseball game again.”

“It’s easy to see how you’ll have fun at the stadium, at the arena or while you’re watching — whether its online or traditional platform,” he said.

Oh, yes, it’s going to be a blast being a baseball fan sitting in the same row as someone who just put the monthly mortgage payment on the wrong team.

How it would work is still anyone’s guess, but Cuban says Amazon and Facebook will probably figure it out and create an entirely new form of entertainment.

After the Supreme Court issued its opinion, the fantasy sports site DraftKings said it would launch a sports betting platform and apply for state licenses.

Major League Baseball, which has banned its all-time hits leader for life because he bet on baseball, said it will seek additional protections to protect “the integrity of the game.” CBS Sports says baseball wants a 1 percent integrity fee of all money bet, and the players union will be looking for a cut of of the action, too.

  • Barton

    I admit that I hate everything about this decision. But I also understand that it comes down to maybe my own Protestant upbringing that has me wary of gambling. I find the state sponsored gambling (pull-tabs) to pay for our stadium also disconcerting – especially when I watch a table of people throw away $500 in a night on the suckers.

    To me, sports betting has actually ruined sports, not made it fun like Mark Cuban says.

    • John

      I suspect Cuban has enough disposable income that sports betting is fun for him. Low risk, some level of thrill.

      • Barton

        I also suspect he’s the type of guy who throws down bets of my annual salary without even batting an eye.

        Nothing like making an addiction easier for people.

        • Jack

          As someone who lost a relative to gambling, I find it disgusting.

        • BJ

          I’m willing to bet he doesn’t bet.

          • John

            I bet you’re right. (I’m good enough at math that I know I shouldn’t gamble, because i’m not good enough at math to win.)

          • boB from WA

            I’ll take that bet and raise you…

    • X.A. Smith

      I have similar feelings, though I will say that I’d rather that gambling, since it’s going to exist no matter what, be run and promoted by private businesses, and not by the government itself. For instance, video lottery in South Dakota.

  • BJ

    States rights won.

    Make sure you vote in your local election to keep it out of your state.

  • Jim in RF

    I’ll never understand the infatuation with gambling, both the money/odds side and the emotional thing about winning making you euphoric. Do people really think they’re so smart they can consistently beat the odds and drive Vegas bankrupt? A bit of the libertarian in me says let people do what they want, even if they’re hurting themselves. A bit of the pragmatist in me says its always the non-participants that have to clean up after the demo derby.

    • X.A. Smith

      Seems like some folks are wired for it, and others aren’t.

    • SPHINX

      Sports books are a completely different animal. Compared to slots and cards, the odds are much more favorable to individuals making a bet. If you pay enough attention to a sport and pick the right event(s), it can be very easy money. That’s the fun/scary thing about it (depending how you want to look at it).

      Casinos can set the lines based on how they expect people to bet, but that’s about it. The actual event is outside of book’s control.

      That’s not to say casinos don’t make money (Vegas sports books recently had a streak of 30 consecutive months in the black), but much of the revenue is from drawing people in and selling food/drinks. If expanded sports betting hurts Vegas, those casinos can just put in more slots.

      As for minimizing potential damage: I think it will come down to how states regulate this.

      • Jack Ungerleider

        The thing to remember is that a proper sports book is going to move the line, the spread and possibly the over/under (if available for the sport) based on the money bet. The people betting move the odds between when the game opens on the book and when it gets played.

  • Kellpa07

    The fact is that making gambling illegal has done very little to eliminate it, and with the internet, chances are quite high that the guy next to you at the ball game just bet his mortgage anyway. The puritans have already lost this battle; you might as well tax it to pay off some of the inevitable social cost gambling brings with it.

    I don’t really gamble, although I did cast a $20 bet on my team to win the World Series. It’ll work some day, I know it.

  • Gary F

    $10 office board for the Super Bowl and college basketball at the office are as far as I go. I work too hard for money to blow it that way.

    Pull tabs, lotto, legal sports gambling, all ways the government taxes you again.

    • Jim in RF

      Pull tabs & the lottery are a tax on stupid. You can’t make the math work.