In Adam Silver's opinion, the current gambling laws aren't stopping fans from betting on sports -- they're only restricting domestic opportunities.

As sports gambling in New Jersey inches closer to a reality, Silver believes now is the time to start accepting the "inevitable" future. The NBA commissioner told Bleacher Report's Howard Beck that he would like to help the government establish regulations that could ensure the industry is managed efficiently.

"Because the industry is not transparent, we can't do as good a job, I believe, as we could if it were all highly regulated," Silver said. "right now there’s a huge offshore online business in sports betting. If you go to Google ... you could spend your night looking at the various sites that ask people to enter their credit cards."

Silver also noted that the English Premier League has been very successful at embracing online gambling companies. Those companies now sponsor the league in many ways, including on team jerseys and on signage inside stadiums.

Silver envisions similar opportunities for the NBA and other sports leagues, and he hopes that future comes sooner rather than later. Right now, the lack of legalized sports betting presents a major missed revenue opportunity for those leagues.

If Silver's influence has any impact on the government, federal laws may soon open the doors to a whole new way of enjoying professional sports.

The full interview with Silver runs 35 minutes and covers a wide range of topics other than gambling. Check it out here:

It turns out Warren Buffett may be as good at predicting football outcomes as he is at reading the markets.

The CEO of Berkshire Hathaway, who is reportedly worth upwards of $65 billion, laid down his first-ever wager at a Las Vegas sports book over the weekend. Buffett bet $550 at the MGM Grand on his alma mater, the Nebraska Cornhuskers. Because the Cornhuskers easily covered the 12.5-point spread in a 55-19 blowout of Fresno State, Buffett earned $500.



According to CNBC, a few other bettors saw Buffett lay down the cash on Nebraska and rushed over to make the same wager. Smart people.

Buffett was in Las Vegas for Floyd Mayweather's rematch with Marcos Maidana. The 84-year-old billionaire and the undefeated prizefighter have become buddies of late.

Buffett has boosted his sports profile considerably over the past year. Before the 2014 NCAA tournament, Buffett announced a $1 billion bracket challenge for anyone who could predict every single result of the men's basketball tournament. Not only did it earn Buffett tons of publicity, he got to keep his money. It only took 25 games for everyone who entered the challenge to be eliminated.

Last November, shortly after their Huskies topped Maryland, 78-77, in the teams' season opener, a group of current and former UConn students placed a bet that they'll be talking about for the rest of their lives.

The 12 men, all fraternity brothers, each put $100 on UConn to win the national championship at 50-to-1 odds. There was an unlucky 13th member of the group.

"Well, we had one friend who didn't do it," David Faenza, who persuaded his friends in November to go in on UConn, told the Las Vegas Sun. “He's probably off gutting fish somewhere right now or something."

Eleven of the friends returned to Las Vegas over Memorial Day Weekend to collect their winnings.


All season the friends watched as UConn, which started the year ranked 19th, careened its way toward the NCAA tournament. The Huskies had a solid tournament resume, but two demoralizing late-season losses to Louisville left many fans wondering how far UConn could advance.

The Huskies were favored in their first-round matchup, in which they topped St. Joe's in overtime, but were underdogs after that. As UConn kept rolling in March, the talk of hedging grew louder. The crew eventually decided not to bet against UConn, and it paid off.

"I was hyperventilating,” Harrison Fuchs, who planned the initial Las Vegas trip, said of his reaction to the Huskies topping Kentucky in the final game. "I walked out of the bar with my sister and her boyfriend and he said, 'Listen to me: I'm happy you won, but if you ever have $60,000 on the line ever again, you freaking hedge the bet.'"

The friends celebrated extravagantly in Las Vegas over the weekend, and before leaving they made sure to place another $100 bet on UConn for next year. This time, the odds at 60-to-1.

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When Roger Federer's wife, Mirka, gave birth to twin girls five years ago, oddsmakers set the odds of an all-Federer doubles team making the finals at Wimbledon at 100 to 1. It seems within the realm of possibility -- Serena and Venus Williams have won five Wimbledon doubles titles.

And now that Mirka has given birth to another pair of twins, this time boys, the bookies are at it again. And these odds are a little bit longer.

Darren Rovell of ESPN writes that the popular European betting outfit Ladbrokes is setting the odds at 10,000 to 1 for an all-Federer mixed doubles final at Wimbledon. That would require Leo and Lenny to each team up with an older sister for a magical run.

Due to the high odds, Ladbrokes is only accepting a maximum bet of 10 pounds ($17). Still, that hasn't enticed anyone to take the wager.

"Not too surprisingly we haven't seen a single bet yet, as you're going to need to wait about 20 years to collect any winnings," Labrokes spokeswoman Jessica Bridge told Darren Rovell.

More ambitious gamblers can bet on any one of the Federer children winning a Wimbledon singles title (100 to 1), any combination of the kids winning a doubles title (33 to 1) and even the odds of the Federers having another set of twins (1,000 to 1).

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This week millions of Americans will engage in an illegal activity. And they'll do it at their place of work, no less.

As the nation gears up for the NCAA tournament, Sports Illustrated's Stewart Mandel tweeted a friendly reminder that the governing body's official position is in opposition to brackets.


From the NCAA's website, here's the organization's official position:

Does the NCAA really oppose the harmless small-dollar bracket office pool for the Men’s Final Four?

Yes! Office pools of this nature are illegal in most states. The NCAA is aware of pools involving $100,000 or more in revenue. Worse yet, the NCAA has learned these types of pools are often the entry point for youth to begin gambling. Fans should enjoy following the tournament and filling out a bracket just for the fun of it, not on the amount of money they could possibly win.

So there you have it. While the NCAA rakes in $11 billion over 14 years from TV rights to the tournament, it is technically illegal for someone to profit from a $10 office pool. Of course, the NCAA is simply following gambling regulations with this policy, but there's something cheeky about the way it informs fans of its stance.

In case you forgot, this is the same organization that polices eight-second phone calls and extra servings of pasta.

Perhaps it is no coincidence in the timing that one day after the tournament brackets were released, there was a federal lawsuit was filed, calling the NCAA an unlawful cartel.

(H/T to Business Insider)

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For the second time in three years, the first score of the Super Bowl was a safety. And for the second time in three years, Jona Rechnitz cashed in big time.

According to TMZ, Rechnitz, a New York real estate mogul, bet $500 at 50-to-1 odds that the first score of this year's Super Bowl would be a Seattle safety. After center Manny Ramirez's first snap of the game flew by Peyton Manning and into the end zone, Rechnitz was $25,000 richer.


Two years ago Rechnitz bet that the first score of Super Bowl XLII would be a safety. He put down $1,000 that time and came out with $50,000 when Tom Brady was flagged for intentional grounding in the end zone against the Giants.

He donated all that money to charity and told TMZ he plans to do the same this time. Rechnitz says he'll be giving his winnings to the Simon Wiesenthal Center and the Stewart J. Rahr Foundation.

Here's Rechnitz's winning ticket:


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Just like the commercial catchphrase of "there's an app for that," when it comes to the Super Bowl, there's a bet for that, whatever that happens to be. Since the first prop bet involving William "The Refrigerator" Perry in Super Bowl XX, the concept has boomed to the extent that account for 40 percent of the game's action. Here are some notables for the Broncos-Seahawks showdown in New Jersey:

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The prop bets for this year's Super Bowl are as creative as they are numerous.

What will Bruno Mars wear on his head? How many times will Peyton Manning call "Omaha"? Will Knowshon Moreno cry during the national anthem?

These wagers are meant to capitalize on the spectacle that is the Super Bowl. It's such an enormous event that people are willing to gamble on what color Gatorade will be poured on the winning coach. Indeed, according to a New York Times story, prop bets may account for as much as 40 percent of the $100 million wagered on Sunday's Super Bowl.

So whom do we have to thank for this gambling sensation?

William "The Refrigerator" Perry.

The Fridge, as the Chicago Bears defensive lineman was called, had become a phenomenon during his rookie 1985 season as coach Mike Ditka used him as a running back in goal line situations. The hype around Perry was so large leading up to the Super Bowl that legendary bookmaker Jimmy Vaccaro posted a bet at 40-to-1 odds for whether Perry would score a touchdown in the big game.

As Ditka downplayed Perry's role the odds rose to as 75-to-1. But once the line gained publicity in the national media, money began flowing into the wager. The line dropped tremendously, and by game time it was closer to 5-to-1.

Sure enough, in the third quarter of Chicago's rout of New England, Perry rushed for a one-yard score. Putting aside the fact that many fans and players wanted Walter Payton, the team's star running back, to tally a touchdown in his first (and only) Super Bowl, Perry's score validated the prop bet.

“I opened the number at 40-to-1, and by kickoff, it was all the way down to 5-to-1,” Vaccaro told the Sporting News. “We got beat up pretty good on the prop itself, but between all the hype from the national media after the prop was sent out on the wire and the lingering effects afterwards with follow-up stories, we got some pretty good attention.”

Prop bets took off after that year, to the point where now people can bet on whether the Red Hot Chili Peppers will play shirtless at halftime. Thanks, Fridge.

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Forget every March Madness pool you've ever entered. Warren Buffett is offering a new contest this year, and we can assure you the only thing more insane than the winnings are your odds of coming out on top.

Buffett and his billionaire buddy Dan Gilbert are partnering on a promotion that will award $1 billion to anyone that can predict every single game of the NCAA tournament. Gilbert's Quicken Loans is offering the grand prize and Buffett's Berkshire Hathaway is insuring it. The winner can take his or her prize in 40 installments of $25 million or an immediate lump sum payment of $500 million.

Your odds of picking every single game? A smooth 1 in 9.2 quintillion.

"We've seen a lot of contests offering a million dollars for putting together a good bracket, which got us thinking, what is the perfect bracket worth? We decided a billion dollars seems right for such an impressive feat," Jay Farner, President and Chief Marketing Officer of Quicken Loans said in a statement. "It is our mission to create amazing experiences for our clients. This contest, with the possibility of creating a billionaire, definitely fits that bill."


The 1 in 9.2 quintillion figure is a bit of a stretch because some outcomes are more likely than others. A No. 1 seed has never lost in the first round, for example. According to DePaul University math professor Jay Bergen that yields odds of about 1 in 128 billion.

Those odds aren't likely to do much in the way of optimism, but there are actually some attainable prizes being offered by Buffet and Gilbert. The 20 entrants with the best brackets will each win a $100,000 prize from Quicken Loans that can be used towards buying, refinancing or remodeling a home.

As part of the competition, Quicken Loans will be donating $1 million to inner-city non-profit organizations in Detroit and Cleveland. Quicken Loans is based in Detroit (where Gilbert was born) and Gilbert is the majority owner of the Cleveland Cavaliers.

The contest, which is free to enter, begins on March 3.

"Millions of people play brackets every March, so why not take a shot at becoming $1 billion richer for doing so," Buffett said. "While there is no simple path to success, it sure doesn't get much easier than filling out a bracket online. To quote a commercial from one of my companies, I'd dare say it's so easy to enter that even a caveman can do it."

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Floyd Mayweather is at it again.

The boxing star, a noted gambler who is never shy to open about his winnings, appears to have taken in a nice sum this week thanks to the Michigan State Spartans and the Oklahoma Sooners.

After Michigan State's 24-20 win over Stanford Mayweather, a Grand Rapids, Mich., native tweeted that he had won $112,500.


Then, following Oklahoma's 45-31 upset of Alabama in the Sugar Bowl, Mayweather tweeted this photo of another winning ticket. The Sooners' 31-17 halftime advantage made Mayweather $102,500 richer.


All told, Mayweather won $215,000 this week. Of course, Mayweather never posts his losing tickets, and assuming he does sometimes pick the wrong team, he may have lost some money too. And while $215,000 is a fortune for most people, this is just a drop in the bucket for Mayweather, who is one of the world's highest paid athletes and has more than $120 million in a checking account.

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