Fryowa
Administrator
You gonna put a deposit down with DraftKings?
Elite sportsbook
- Thread starter 4thngoal
- Start date
okeefe4prez
Well-Known Member
6.75% tax on the whole bet or on the earnings the house makes? Because if it's on a bet, it is a sucker's game betting in Iowa. If I have to pay a $7 tax to bet $100, plus the house vig, I would need to have a very statistically improbable winning percentage to make that worth it over the long haul. What sort of vig do those online sites charge you?
JoeyLabasForPresident
Well-Known Member
Tried to make a deposit to DraftKings, but it said it wasn’t available in Iowa. This was at 2:00pm. Any idea when this goes live? I’m also not yet seeing the William Hill Iowa app.
mopkins
King Kong
Well...I already have money in my DK account because I play DFS all the time. Has that been legalized in Iowa now too or not?
Ree4
Well-Known Member
Has anyone looked into how this new law will work with the Unlawful Internet Gambling Enforcement Act of 2006? I work at a bank, and although this isn't really my area of expertise, I know that we won't accept assets earned as proceeds from internet gambling along with most other banks, but not really sure how this new part plays in. I have no interest in gambling so I haven't done any research.
Thoughts?
Link
Thoughts?
Link
Ree4
Well-Known Member
I've just done a little research, it looks like it's still illegal to bet across state lines using online sources. Looks like there's little risk but a bank could technically return deposits or restrict payments to those type of sites.
https://www.playusa.com/five-things-the-supreme-court-sports-betting-decision-didnt-do/
US News Article
okeefe4prez
Well-Known Member
Looks like it prohibits taking in proceeds from "illegal internet gambling." Gambling is regulated at the state and local level, so if it is legal in a state, the proceeds would not derive from illegal internet gambling.
Ree4
Well-Known Member
Yeah if the gambling institution is from the same state it looks like it's fine, but for those across state lines is where I'm wondering, and I assume using an app is considered online right?
Just got this email a couple minutes ago...
Not terribly surprised.
Well, I bet they figure out really fast that the app is where the money is at.
First off people are busy. Many including myself can't take time to sit down and watch more than a game a week.
Now if I drive to a casino to go to a live sports book, I really can't sit there and watch the game if I plan on drinking (which most people do when watching a game) then turn around and drive home. Even the scent of alcohol and the police will breath test you.
Plus how many casinos serve game day foods?
I'm telling you straight up the app is the $maker.
Yeah you can get 500 old ladies to drop $100-$300 in a night out of their monthly check, but the guy who's busy, busy farming or working, has more $ to bet and less time to do it.
Now, personally, IF I decide to bet before the app gets done, I will have to drive an hr or a little more.
I'll walk in make the bet and leave.
But I doubt I will do that.
It's looking like we have to make a trip to the south west in the near future so we are probably going to hit Vegas then as well.
The thing about betting or gambling is people do it when they have time and want to. That's why the app will be the $ maker.
But anyone who bets on sports knows it's like the stock market. You have certain days or times that you think the numbers are right for you. So again having time and being able to do it when you want.
The dropping of the ball on the app is big.
Especially when they knew the date to go live.
That's like having a grand opening of a restaurant, but not having one single food item delivered.
Does anyone know the answer here and how this compares to vegas numbers on a per transaction basis? To me, this determines whether this is a couple times a year novelty thing or full on degenerate potential hobby. Asking for a friend
I don't know but I am losing faith fast in Iowa lawmakers. Common sense does not prevail in that institution.
JoeyLabasForPresident
Well-Known Member
That’s just a politician thing.
Yeah well some states turned medical mj into an economic boom. Iowa while technically making it legal, put so many restrictions on it, it just ended up being a huge waste of time and money. They shit the bed on that one big time.
That's from a legal and law making standpoint.
My stance is yes it has medical value.
But instead of looking what works, what other places have done, Iowa decides to do it's own thing (if others have done it, you are not a pioneer), and they f'ed it all up.
I don't even follow politics closely, but Jesus when I occasionally look and every time start shaking my head, something is jacked up.
Sometimes the reason you can't have nice or cool things is because you are a moron.
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The vig/juice is the exact same is it would be in Vegas. No difference. The tax is paid by the casino. I am not live on an app yet so assume it’s the same on the app side in that the tax is paid by the vendor...not the consumer. As far as Draft Kings, I’m still waiting for someone to clear up that picture as I have no idea if that is legal yet, is tied to a casino or independent or just for fantasy sports or both regular betting and fantasy. Asking for a friend as always
Ree4
Well-Known Member
Is this friend going to bet against the Hawkeyes every game?
Lol. Good one. I have a rule that I don’t bet on iowa so it will be “no line” always for me...I mean my friendIs this friend going to bet against the Hawkeyes every game?
okeefe4prez
Well-Known Member
The tax is tendered by the casino, but paid by the gambler. I just looked and it seems Nevada also has a 6.75% tax, so maybe Iowa's will be okay and the vig in Iowa will be the typical -110. I guess I had always assumed the casino pocketed more than a 3.25% vig. Seems pretty low.
Ree4
Well-Known Member
Nah you gotta bet against em, that way if they lose you win, if they win, well - maybe you're happy
Bottom line is, it’s the same as Vegas. To win $100, ya gotta bet $110. It can be called whatever they want to call it. Doesn’t matter. As long as the deal is the same. Because if different, people would be inclined to stay offshore or with the “underground”. That will still be in play anyway due to tax benefits but that’s a whole ‘nother box of crayons
