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Bloomberg News •

DraftKings, FanDuel Fees Deemed Taxable in Landmark IRS Memo (1)

Daily fantasy sports companies like and must pay federal excise tax on their entry fees, the IRS has decided, in an internal memo that could cause a major shakeup in the industry.



An IRS Chief Counsel Memorandum said those companies must pay tax on every wager—the entry fee—they accept as well as an annual occupational tax on each person accepting those wagers. Those taking wagers must also register with the IRS.

“This is one of the most significant events in the evolution of sports bettin
Bloomberg Tax •

Pro Athletes’ Taxes Based on Where Their League Resumes Play (1)

Empty seats, pumped-in crowd noise, virtual fans, and plexiglass-imprisoned announcers mark some of the biggest differences from traditional sports to pandemic play for viewers. For players, the new sports environment is just as different for their wallets.

The income professional athletes earn in any opposing team’s state they play in over the course of a season is typically subject to those states’ income taxes, what is known as the jock tax. For states with income taxes such as California, i
Lineups •

What Sports Betting Odds Say About Yankees' Game 5 Collapse

The New York Yankees were 48-0 this year when up by five or more runs at any point in a game. Then the fifth inning of Game 5 of the 2024 World Series happened. To put their historic collapse into context, sports betting odds help tell the story.
Down 5-0 without a hit in the top of the fifth, the Los Angeles Dodgers had odds to win of 15/1 at ESPN Bet. 
For context, the Yankees had better odds of becoming the first team in history to come back from a 3-0 deficit to win the World Series, at +100...
Legal Sports Report •

NBA Betting Rule Changes Allow Players To Endorse, Invest In Sportsbooks

Active NBA players may endorse and invest in sports betting and fantasy sports companies, under the players union’s new contract with the league.

The NBA betting changes, first reported in a tweet from The Athletic’s Shams Charania, take effect with the start of the 2023-2024 season, according to details of the Collective Bargaining Agreement obtained by LSR. The CBA, ratified on Wednesday, marks the second time in a year player-gambling rules have been relaxed by a major American sports league
Action Network •

'We Got Smoked': Oddsmakers React to Crazy NBA Draft

The 2022 NBA Draft will go down in history as one of the most nauseating events ever to set odds on.

Unprecedented topsy-turvy betting movement on who the Orlando Magic would select with the No. 1 overall pick sent oddsmakers into a week-long tizzy they’d never fully recover from.

“We got smoked,” said Andy Morrissey, a trader at WynnBet.

For months, nearly every mock draft had Jabari Smith Jr. as the prohibitive favorite to go No. 1 and the betting odds reflected that. But after surprise mon
Photo by Kelly on Pexels
Legal Sports Report •

NFL Betting Trends: Spreads Tighten After Historic Upset Rate

Entering Week 5, underdogs of six points or more are 14-2-1 ATS and 9-8 SU, their best-ever start to a season. Just two teams are favored by at least a touchdown in Week 5, down from four in Week 4, while market trends suggest those lines may shrink even further before kickoff. That is while the trek continues toward the lowest-scoring season since 2009, with teams averaging just 21.6 points per game through the first four weeks.
Action Network •

Laying Bricks for Vic? NBA Sees Most Sub-25 Win Total Odds Since '98

The hype around presumptive No. 1 NBA draft pick Victor Wembanyama has oddsmakers pricing a historic tankapalooza into team win totals.

Five teams, the Utah Jazz, Indiana Pacers, Houston Rockets, San Antonio Spurs and Oklahoma City Thunder, are projected to win 24.5 games or fewer heading into the 2022-23 NBA season, at BetMGM.

The last time that happened?

Michael Jordan’s last dance season with the Chicago Bulls, 25 years ago, according to SportsOddsHistory.com, which excludes lockout and CO
Legal Sports Report •

Sports Betting Survey: DraftKings, FanDuel Lead; Other Areas Shift

DraftKings and FanDuel continue to dominate the expanding US sports betting market, where the rising popularity of parlays, particularly among younger bettors, signals even greater growth potential, according to a sports betting survey from Morgan Stanley.The investment bank’s third biannual sports betting survey, conducted in October 2024, highlights the sports betting industry’s continued momentum across older and newer states. It found participation, frequency, and bet size are growing among...
Action Network •

Sportsbooks Cash In On Aaron Judge's Home Run Record Chase

Sportsbooks may owe Aaron Judge a thank you letter.

The hype surrounding his record-tying 61st home run filled their pockets over the past week as everyone scrambled to bet on history. And that should only continue now that he’s one shy of breaking the American League record.

“Judge’s home run market has been one of our most popular MLB markets of all time,” said Christian Cipollini, a Sports Trader at BetMGM who helps set lines and odds. “We expect to continue to see this action until he hits
Action Network •

Why Can't I Bet on the NBA Draft in My State?

Michelle Farsi/NBAE via Getty Images. Pictured: The podium on stage prior to the 2021 NBA Draft at Barclays Center in Brooklyn, New York.

Betting on the NBA draft has, in recent years, emerged as a popular angle to the hours long event, that — let’s face it — traditionally hasn’t been too interesting after the first couple of big names fall.

But while fans from around the country will be able to place bets on their team’s first pick, where their favorite college college player will go, etc. ,
Action Network •

Betting Public Off to Worst NFL Start in 20 Years

Photo by Maddie Meyer/Getty Images. Pictured: Head coach Bill Belichick of the New England Patriots

The betting public is off to its worst start in 20 NFL seasons in terms of betting the spread.

In games where a team has drawn at least 51% of bets on the spread this season, those teams are 43-61, according to Action Network’s data of aggregate sportsbooks.

A $100 bettor would be up approximately $1,427 if they had faded the public in each of these contests, representing an ROI of about 14%.
Legal Sports Report •

Ohio Sports Betting Investigation Highlights Five Fantasy Sports Apps

Ohio sports betting regulators revealed this week the names of five fantasy sports websites under investigation for offering illegal gambling.

The Ohio Casino Control Commission contacted the following websites for offering player vs. house contests resembling unlicensed OH sports betting, per commission spokeswoman Jessica Franks:

Those types of contests are prohibited in fantasy sports offerings under Ohio law.

Last week, OCCC executive director Matt Schuler saidthe commission is investigat
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