DraftKings Surcharge Raises Alarms Over the Future of Sports Betting
Betbash--
These high tax rates, combined with practices like limiting winning bettors and introducing surcharges, have caused concern among seasoned Las Vegas bookmakers and bettors. They worry about the future of the sports betting industry, which has been rapidly evolving since the Supreme Court overturned the federal ban on sports betting six years ago.
The Nevada Model vs. National Trends
At Bet Bash, South Point sportsbook director Chris Andrews and Gaughan Gaming sportsbook director Vinny Magliulo shared their perspectives on how Nevada’s traditional model of bookmaking differs from the rest of the country. Magliulo emphasized the importance of a respectful relationship between bettors and bookmakers, stating:
“The relationship between the bettor and the bookmaker should be one of mutual respect, not adversarial. If a bettor is successful, you pay them. If customers don’t win sometimes, you won’t have any business.”
Andrews also defended the Nevada model, which has maintained an average hold or win percentage of 5.77 percent over the past six years, against criticism from some newer operators who argue that the hold should be closer to 10 percent.
“I like the Nevada way. We offer a fair number,” Andrews said. “Some are trying to tell us that Nevada doesn’t know what we’re doing. But I’ve been doing this since the ’70s—that’s six decades.”
Walters concluded by stressing the role of state gaming regulators in protecting bettors, warning that without proper oversight, the industry could face serious problems:
“If regulators don’t step in on behalf of the betting public, this is headed for a bad ending. The general customer is being mistreated by these operators, and it’s up to regulators to prevent that. These are privileged licenses, not just any business, and they should be regulated accordingly.”
As the sports betting landscape continues to evolve, the balance between fair play, regulation, and profitability remains a hot topic of debate.
