Hearing Delaware Park Start Sports wagering June 5th

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It looks like Delaware will be going with 11 to 10 betting odds. I'm pleasantly surprised. I think it officialy starts tomorrow but what I could glean from their website is that they are educating people on the payoffs etc and are mentioning 11 to 10 as "standard".
 

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11 to 10 straight bets plus they will offer teasers too..6, 6.5 and 7 pts. but didn't say the odds
 

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https://www.cnbc.com/2018/06/04/states-roll-out-sports-betting-following-supreme-court-ruling.html


Delaware expands sports betting following court ruling. What you should know


The First State, which already had allowed multi-game bets on professional football, will now let gamblers bet on single games for a variety of professional sports.

If you win more than $5,000 from gambling, you can generally expect the payer (i.e., the casino) to withhold 24 percent for taxes.


If you plan to head to Delaware on Tuesday to take advantage of its opening day for legalized sports betting, don't forget your winnings won't be all yours.

The IRS will want a piece of the action.

"The amount of gambling winnings, less any losses, gets tacked on to all other income you have … and is taxed as ordinary income," said Bill Smith, managing director at CBIZ MHM's National Tax Office in Washington.


Delaware's legal sports wagering kicks off at 1:30 p.m. on Tuesday at the state's three casinos. The move comes just weeks after the U.S. Supreme Court struck down a 1992 federal law that had banned sports betting in states that didn't already have a law on the books, such as Nevada.

Delaware already had a partial exemption to the law and offered parlay betting — multi-game bets — on pro football.

Now, however, gamblers there will be permitted to bet on single games and championships for a variety of professional sports, including baseball, football, hockey, basketball, soccer, golf and auto racing, according to the governor's office.

The "First State" is beating its peers to to the punch on rolling out sports betting. Lawmakers in New Jersey — which had challenged the federal law banning it — are expected to consider legislation this week that would regulate such wagering.

Other states moving toward offering it include Pennsylvania, West Virginia and Mississippi.


As for taxation of your winnings: The new tax law that took effect this year continues to allow winners to deduct their gambling losses up to the amount of gambling income, as long as they itemize their deductions instead of taking the standard deduction. The information gets reported on your Form 1040 as "other income."

Be aware that because the standard deduction nearly doubled for all taxpayers and most deductions were eliminated, fewer taxpayers are expected to have enough deductions to make itemizing worth it.

Professional gamblers, meanwhile, face other rules for 2018 through 2025: When they deduct their expenses (i.e., traveling to and from a casino), they must add them to their gambling losses when calculating the value of the deduction instead of writing them off separately as a business expense.


Generally speaking, if your winnings are above $5,000, the payer, such as a casino, is required to withhold federal taxes. Effective this year, that withholding rate is 24 percent, down from the previous 25 percent.

However, don't assume the amount withheld is what you'll actually owe on the money.

"The casino doesn't know if you make $12,000 a year or $26 million a year," Smith said. "They withhold at that rate, but they don't know what tax bracket you'll be in."

Taxes also might be withheld on winnings less than $5,000 in certain situations, such as if the amount won is 300 times the original bet (i.e., a $600 win on a $2 bet).

Additionally, depending on how much you win, you'll receive a Form W-2G from the casino. Even if you do not, the IRS still expects you to pony up at tax time.

This article sounds totally inaccurate. How can they withhold taxes on winnings over $5000 for a sports bet if they don't do it in Las Vegas. The IRS can't pick and choose which states they can withhold taxes on. The 300-1 ratio applies on keno winnings and bets at the racetrack.
 

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This article sounds totally inaccurate. How can they withhold taxes on winnings over $5000 for a sports bet if they don't do it in Las Vegas. The IRS can't pick and choose which states they can withhold taxes on. The 300-1 ratio applies on keno winnings and bets at the racetrack.

I hope I misunderstood the above......What I got was winnings over 5k are taxable on the spot...If I bet a game for $6600 (at -110) and win $6000 I get fleeced for 24% of the winnings at the sportsbook? In Vegas the worst thing that happens is the file a CTR for the transaction
 

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Welcome To Delaware Sports Betting: Live Updates As State Joins Nevada With Single-Game Wagering


DOVER — Today is a momentous day for Delaware casinos, the state lottery, and sports bettors throughout the region.

This afternoon, Delaware will become the first state outside of Nevada to book a single-game wager. After almost a decade of effort, Delaware sports betting is about to be a reality. Legal Sports Report is on location at Dover Downs to cover the proceedings, and we’ll post updates here throughout the day.

How we got to DE sports betting
Quick backstory: Traditional sports betting has been federally illegal since 1992 under the prohibition known as PASPA. The US Supreme Court overturned that ban on May 14, clearing the way for states to legalize and regulate sports betting as they desire. A handful have already passed enabling laws, and Delaware will blaze the trail into market today.

If you had the “Under” on one month from the repeal of PASPA to the first state launch, take your tickets to the window. It’s been just 22 days.

The Delaware State Sports Lottery falls under the oversight of the state agency, and the three casinos are permitted to take bets.


Dover Downs
Delaware Park
Harrington Raceway & Casino


The DE Lottery has allowed parlay wagers since 2009, and it’s been trying to graduate into full-scale betting ever since. Although New Jersey was ultimately responsible for the SCOTUS ruling, Delaware was actually the first to challenge PASPA in court. It lost the battle, but NJ’s win is a victory for itself and every other state with an appetite for sports betting.

Today at Dover Downs
The Dover Downs Race & Sports Book opened at 11 a.m. local time, and the first movement began a couple hours prior. A guard posted outside the door had let a few employees into the book to prepare.

Lines were posted shortly thereafter, as the board lit up like a Christmas tree. The photo at the top of this story was taken around 11:30 a.m.

Governor John Carney will be in attendance today to give his blessing to the new industry. The governor will place the very first bet this afternoon at 1:30 p.m. Once he does, the windows will open for the rest of the patrons at Dover Downs and the other two properties. Books will be taking action on baseball, basketball, hockey, football, soccer, golf and auto racing.

The DE Lottery has also published a how-to on sports betting, for those wanting to learn the lingo.

A crowd begins to gather
About an hour from the start time, a crowd has begun to materialize inside the sportsbook.

Staff members and stakeholders were the first to arrive, led by DE Lottery Director Vernon Kirk. He’ll have some words to say on the microphone shortly. There are a couple Gaming officers here, too, identifiable by the state seal on their lapels.

The Dover Downs public relations team is having a busy day, too. There are maybe 20-25 media outlets represented in the room, many toting broadcast cameras. ESPN analyst Darren Rovell just finished up his stand-up for the Worldwide Leader over in the corner of the room.

Sportsbook Director Denis McGlyn has also appeared for the first time today. Here’s what he had to say:


The process has gone very smoothly. I think the lottery office had a big jump on this by virtue of our operations over the last 10 years. They were able to — after the Supreme Court resolution — they were able to get us up and running in what — two weeks? So, kudos to them. It’s been very light lifting for us.

I think the thing we’re excited about is the impact it’s going to have on customers. I think they’re the big winners here. I think the way it’s currently set up is not necessarily as big a win for us, but we’re glad to have the amenity for our customers.


Gov. Carney is expected to arrive on property around 1:15 p.m.
 

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Will the 1st real ticket after the Govs be a G on the Yankees
 

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It`s 1:30......It`s Official.....Congrats Delaware!

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Delaware[FONT=&quot] Governor makes State’s first legal [/FONT]sports[FONT=&quot] bet. Puts 10 bucks on the Phillies [/FONT]
 

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