Sports betting

States see disappointing tax revenue from legal sports betting

Illustration of a stack of digital poker chips next to a smaller stack of real poker chips
Illustration: Rebecca Zisser/Axios

Six states have legalized sports betting since the Supreme Court's monumental decision last May, but New Jersey is the only one exceeding revenue expectations.

Why it matters: These disappointing results are part of a "growing consensus that legal sports betting may not bring the windfall that economic forecasters predicted only a few months ago," the New York Times' Timothy Williams reports.

A Tiger Woods victory at the Masters could cost Vegas millions

Tiger Woods
Photo: Mike Ehrmann/Getty Images

With golf legend Tiger Woods just two shots behind leader Francesco Molinari on the last day of the Masters at Augusta National Golf Club in Georgia, bookmakers worry that a strong performance out of the gate could spark a surge of bets in his favor, Bloomberg reports.

"If the Woods-meister starts shooting the lights out everyone will want a piece of the action and that could mean carnage. We’ll be diving for cover if Woods starts to put on a Masters-class."
— Online bookmaker Paddy Power

By the numbers: Woods, who started the tournament with 14-to-1 odds, has been bumped to 3-to-1 as of Sunday morning. One gambler in Nevada placed an $85,000 bet on Woods that could cost bookmaker William Hill $1.2 million if it pans out.