Inside Gaming: Focus Remains on Sports Betting as World Cup Begins
This week's installment of Inside Gaming begins with more sports betting talk, highlighted by the simultaneous start of the World Cup and the launch of sports betting in New Jersey. Cyprus is in the news this week with the start of construction on what will be Europe's biggest casino resort, and there were some big jackpot winners in Las Vegas.
Who Do You Have to Win the World Cup?
The 2018 FIFA World Cup began yesterday, which means football fans — and sports bettors — will be focused on all of the action playing out over the next month-plus in 11 different cities in the host country of Russia.
In all there will be 64 matches played — 48 in the group stage, then another 16 (including the third-place match) in the knockout stage in which 16 teams will play out a single-elimination tournament to see who will win the title and succeed 2014 champion Germany.
Billions will be wagered on the World Cup, the world's most watched sporting event. Besides betting on individual matches, many wagers are being made on which of the 32 teams will be the champion.
This week The New York Times shared a consensus of betting odds compiled from the betting sites Ladbrokes, William Hill, and Betfair. Brazil is the favorite going in at 4-to-1, followed by defending champion Germany (5-to-1), Spain and France (6-to-1), Argentina (9-to-1), Belgium (11-to-1), and England (15-to-1).
Meanwhile the longest of long shots is Saudi Arabia at 5,000-to-1, who opened the World Cup yesterday with a 5-0 loss to host country Russia (50-to-1).
First Sports Bets Placed in New Jersey
Speaking of sports betting, last week we reported how following last month's U.S. Supreme Court ruling that the federal prohibition against sports betting was unconstitutional, New Jersey lawmakers had passed legislation to pave the way for the Garden State to join Delaware and begin offering sports betting.
Earlier this week the newly passed bill was signed into law by the state's Governor Phil Murphy, and yesterday Monmouth Park Racetrack culminated years' worth of preparation to start accepting the first bets on a range of collegiate and professional sports.
"It's a euphoric day," track operator Dennis Drazin told NJ.com. "I always knew we'd get here. Every time we had a defeat, we found another angle."
In fact, Gov. Murphy placed the very first wagers of the day at the Oceanport racetrack, betting $20 on Germany to win the World Cup and another $20 on the New Jersey Devils to win next year's Stanley Cup.
State Sen. Raymond Lesniak, a longtime proponent of the cause, was also on hand to take part in the historic first day of betting. "It was a long fight, with the odds against us," said Lesniak. "But New Jersey spirit and determination prevailed."
In a radio interview yesterday, Murphy noted how state officials are forecasting about $13 million worth of tax revenue from sports betting to come to the state during the first year.
Over at the Borgata, former Philadelphia Sixers great Julius Erving had the honor of placing the first wager, putting down a modest $5 on the Philadelphia Eagles to repeat as Super Bowl champions.
Before the SCOTUS ruling in May, the Professional and Amateur Sports Protection Act of 1992 had only allowed Nevada a full exemption of the federal prohibition against states offering sports betting, with Delaware, Oregon, and Montana having also previously been allowed limited forms of sports betting.
Among the many other states currently exploring offering sports betting as well, Mississippi, Pennsylvania, and West Virginia appear closest to become the next states to begin doing so.
Cyprus Begins Construction of City of Dreams Mediterranean
The small island country of Cyprus in the Eastern Mediterranean is set to become the site of the largest casino resort in all of Europe as building on the new City of Dreams Mediterranean began in earnest last week.
The Associated Press reports President Nicos Anastasiades describing the investment project as the largest ever undertaken by Cyprus, with a projected cost of €550 million (or just over $650 million USD).
According to Anastasiades, "once operational in 2021, the resort will create around 6,500 jobs, attract an additional 300,000 visitors to Cyprus each year and pour some 700 million euros ($828.5 million) into the economy annually."
"Cyprus has all the prerequisites to be established as a regional and, why not, global premium destination, a genuine point of reference for luxury tourism and responsible gaming," said Anastasiades.
The casino will feature 136 tables and 1,200 gaming machines, while the five-star hotel will have 500 rooms with 11 restaurants, retail shops, and an amphitheater among the many amenities.
There will be a temporary casino opening in two weeks near the construction site that will operate until the City of Dreams Mediterranean is completed, one featuring 33 tables, 242 slots, and VIP gaming.
Two Seven-Figure Jackpots Won in One Week on Las Vegas Strip
Finally, there was not one but two million-plus dollar jackpots won in Las Vegas in the space of less than a week recently, reports the Las Vegas Sun.
The first came during early morning on June 5 at the Golden Gate Casino Hotel in downtown Las Vegas on Fremont Street. A Wisconsin woman in town for a bingo tournament was playing the Million Degrees progressive slots game when she hit a $1.4 million jackpot.
"This is the biggest payout of my career in Las Vegas," said Derek Stevens, CEO and owner of the Golden Gate, "and our lucky casino player has made the experience unforgettable."
Then on June 10 another gambler hit a $1.1 million jackpot while playing a $1 Wheel of Fortune slot machine at The Venetian on the Strip, reported slot machine manufacturer IGT.
Photo: "Russia Football World Championship World Cup 2018,” Public Domain.
