Panelists cautious about sports betting
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The potential impact of legalized sports wagering on the horse racing industry was a subject on the agenda at the annual University of Arizona's Global Symposium on Racing in Tucson, Ariz.
According to reports, the consensus from a trio of experts on the topic—Chris Krafcik, managing director (political and regulatory markets) for Eilers & Krejcik Gaming; Kate Lowenhar-Fisher, a gaming lawyer in Nevada; and Richard McGuire, executive director at Sportech—was that sports wagering is not a golden goose for the racing industry.
"The term 'golden goose' and the pie-in-the-sky kind of discussion about sports betting in the United States—the economics of a sports book are not a mystery," Lowenhar-Fisher said. "They have a lot of history and evidence about how a sports book can earn money in a regulated marketplace and how a sports book can be murdered because of unreasonable taxes, fees, and so forth.
"In Nevada the sports books are an amenity to our patrons. They're not a money maker—never have been. And I'd argue a lot of sports books in the United States are pretty efficiently run."
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