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IRS seeks tax form on winnings of $600

07.02.2015     08:01 AM     Printer Friendly
SportsMemo.com blog entry.
Filling out a tax form when you hit a royal flush on a video poker machine is mildly annoying. It's about to get worse. The IRS is proposing that the winnings limit be dropped from its current mark of $1200 to a mere $600.


"I think it would have a big effect on the overall experience for slot players, as it's very common to have jackpots over $600, and now they'll actually have to stop play and wait for the attendant to come over," said Chad Beynon, who covers gaming stocks for Macquarie.

"That does a few things. First of all, it's just a pause in the game that causes people to lose their momentum and maybe decide to go home," he added. "Second, people want to walk away after what they consider to be a big jackpot, and whereas before they would have played a couple more hours and not left until they hit a bigger jackpot, this is kind of the government telling you that you just won a lot of money."






Tags: Las Vegas




Bettman says no way on Phoenix to Las Vegas move

07.01.2015     08:00 AM     Printer Friendly
So it seems at some point, Las Vegas is going to inherit an NHL team. But according to commissioner Gary Bettman, just don't expect it to be the Phoenix Coyotes.


Bettman told Morgan that the Post “was told the story was completely untrue. They ran it anyway. The story is garbage. Team is staying put.”






Tags: NHL Las Vegas




Las Vegas wants to offer skill-based slot machines

06.26.2015     08:30 AM     Printer Friendly
SportsMemo.com blog entry.
Las Vegas gaming regulators are putting together a bill that will allow slots to feature "an element of skill." Essentially they are looking to spice up the slots scene with more arcade-like games


“Really, what we are looking at is attempting to steer the state onto a new path, onto a new road, in terms of gaming,” he said. “Everyone here knows that we need a complete reinvigoration of slot games.”






Tags: Las Vegas




Drunk guy owes Vegas casino $500K

06.18.2015     09:51 AM     Printer Friendly
SportsMemo.com blog entry.
We'd be really interested to find out just how many gamblers win cases against casinos that allegedly feed them copious amounts of booze that result in a copious amount of debt. Here's one dude that got wasted and now owes the Downtown Grand $500K.




Tags: Las Vegas




NFL gets pissy over Fantasy Football convention in Las Vegas

06.10.2015     08:29 AM     Printer Friendly
SportsMemo.com blog entry.
It doesn't get anymore NFL than this. A bunch of players were slated to host a Fantasy Sports event at a Las Vegas casino but the league stepped in and kiboshed the whole deal. The reason? Because it was slated to take place at a casino which is a no-no according to the league. The real reason, as pointed out by one of the slated attendees, Tony Romo, was of course money. The NFL makes a shit-ton of cash off of fantasy football but reportedly didn't stand to make a dime, hence the cancellation.


"There's just far too many cases and it does make it sound sometimes that it's an issue about money, which is disappointing because we were just trying to get the fans to hang out with players."






Tags: NFL Las Vegas




Las Vegas sportsbooks to take syndicate bets

06.09.2015     08:30 AM     Printer Friendly
SportsMemo.com blog entry.
It was recently announced that Las Vegas sportsbooks will legally be able to take bets from "business" groups. It's an interesting move considering the number of operations that already limit individual players who win and/or bet big. The new law states that the group must maintain a bank account within the state of Nevada and are obviously subject to taxation.


"It will be a choice of the various books and their appetite for risk. The same way it is today," Lipparelli said. "They determine what level of risk they want to accept. It's their right to refuse service to anyone they wish, if they determine that somehow they feel that this is going to be too difficult, too risky for them, they may elect to stay out of it."









Tags: Las Vegas




Teddy Covers' Las Vegas Wiseguy Report: Bettors show early opinions on Jets and 49ers

06.08.2015     08:36 AM     Teddy Covers     Printer Friendly
Submitted by Teddy Covers

SportsMemo.com blog entry.
The NFL futures market is heating up as the calendar turns to June.  Two teams in particular have seen significant action.  Money has poured in against the San Francisco 49ers, the #1 bet against team of the offseason, without a shred of debate.  And money has been flowing in support of the New York Jets. I did debate using the Minnesota Vikings as my top wiseguy bet-on team in early trading, but the markets have moved towards the Jets with a vehemence that Minnesota just can’t match.   In this week's Wiseguy Report, I’ll dive into the 49ers and Jets to see why the sharps have such strong opinions about their upcoming campaigns.

There’s no mystery surrounding all the anti-49ers money that’s been pouring in since the very first win totals were posted at CG Gaming back in February.  The markets hated the loss of hard driving, overachieving head coach Jim Harbaugh and they certainly don’t care for his replacement Jim Tomsula; a largely anonymous Niners assistant with no previous NFL head coaching experience (he did coach the Rhein Fire on NFL Europe for one season back in 2006). 

Most big, early Read more



Tags: NFL New York Jets San Francisco 49ers Minnesota Vikings Teddy Covers Las Vegas




Teddy Covers' Las Vegas Wiseguy Report: Bettors discuss potential impact of new PAT rule

05.26.2015     07:39 AM     Teddy Covers     Printer Friendly
Submitted by Teddy Covers

SportsMemo.com blog entry.
The NFL has evolved into the most popular sport for both fans and bettors over the last half century in part because of it’s unpredictability.  The old saying attributed to NFL Commissioner Bert Bell (1945-1959), ‘On any given Sunday, any team in the NFL can beat any other team' has proven true over the years, even in the modern era. 

In September alone last year, the Dolphins upset the Patriots, the Titans won at Kansas City, the Chargers beat the Seahawks, the Bears beat the 49ers, the Bucs beat the Steelers in Pittsburgh and the Chiefs whipped the Patriots.  Each and every one of those games was a significant upset both SU and ATS.

Fans and bettors alike are quite comfortable watching a two-foot putt in golf, or free throw attempts in the NBA; not exactly the most exciting plays that either sport has to offer. The NFL has boring plays as well, most notably the extra point try.  NFL teams made their extra points more than 99% of the time last year, not exactly the essence of drama.

The league, in their infinite wisdom, just decided that the NFL extra point try was too boring.  Instead of doing it the way it’s Read more



Tags: NFL Teddy Covers Las Vegas




Westgate SuperBook renovations to be completed by football season

05.20.2015     08:34 AM     Printer Friendly
SportsMemo.com blog entry.
According to Westgate LV SuperBook managed Jay Kornegay, renovations on the facility will begin in mid-June and are slated to be completed by the end of August. The SuperBook will feature a new video wall, counters, and seating areas.




Tags: Las Vegas




Teddy Covers' Las Vegas Wiseguy Report: Golden State Warriors primed to win NBA title

05.18.2015     10:10 AM     Teddy Covers     Printer Friendly
Submitted by Teddy Covers

SportsMemo.com blog entry.
We’re down to the Final Four in the NBA Playoffs, but the path to a championship is crystal clear for only one team – the favorite (and favored for a reason) – Golden State.  Why do the Warriors have such a significant edge over the remaining field?  I’ve identified five reasons, breaking them down in detail in this week’s Wiseguy Report. 

The Warriors opened in the -850 range in their Western Conference Finals series against the Rockets, as big of a favorite as you’ll ever see in any third round playoff series.  The first reason to like Golden State’s chances to win the title is that their path just to reach the Finals is easier than any other team’s path based on the price alone. The Rockets are big underdogs in this series, and the Cavs are only in the -200 to -220 range against Atlanta in the Eastern Conference Finals.

Secondly, the Warriors are as healthy as any team remaining in the field.  The Cavs lost Kevin Love in the first round of the playoffs, then watched Kyrie Irving come up lame in the second round.  Atlanta lost designated LeBron-stopper Thabo Sefolosha to a season Read more



Tags: NBA Golden State Warriors Houston Rockets Cleveland Cavaliers Atlanta Hawks Teddy Covers Las Vegas



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