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tv   On the Money  CNBC  November 16, 2019 5:30am-6:00am EST

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hi, everyone welcome to "on the money." i'm becky quick. from point spread to final score, placing legal bets on your phone is mobile betting a wise wager. joint custody can be tough on families but a new app could take some conflict out of co-parenting holidays are on the way. new tips to trim your spending before the most expensive time of the year. here's a pearl of an idea. how oysters could stop future floods a surprising project to protect our shores "on the money" starts right now. >> this is "on the money." your money, your life, your future now becky quick.
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we begin with betting on sports in 2018 the supreme court cleared the way for states other than nevada to allow legal wagering just last week voters in colorado approved a referendum joining 18 other states plus washington, d.c., to legalize sports betting it's the move no bill that is really winning game on is today's cover story >> walk into a sports book and you'll see players laying down bets, but more and more they're skipping the line and wagering right on their mobile phones >> very convenient and it's fun and there's a lot more you can do on your phone. >> reporter: a lot of the betting takes place within the game who will score the next touchdown, jump shot or home run. that action's too fast for traditional wagers the states now offering mobile sports gambling are working to maximize revenue, both in handle, the total amount gambled, and in taxes collected for state and local government. >> right here in nevada we do about 70% of our handle on
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mobile and that's despite the fact that we have 113 retail locations in nevada. >> what's more, mobile sports betting increases business for online casinos pushing players to plunk down their pennies on digital slots, blackjack or led in poker. >> anything that drives people to the mobile, they can see a whole host of options of things they can do and they get interested in it. >> in new jersey, mgm's resort business doubles after it was offered on mobile phones and the company predicts mobile could bring in 80% of gaming revenues in the future. an estimated $150 billion was bet illegally before the supreme court decision paving the way for legal sports gambling. since then $11 billion has been bet legally. the convenience of mobile gaming makes it easier to compete against those illegal and off shore operators. >> the reality is sports betting
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is happening today it's happening on people's phones they're just using illegal sites so if you don't offer a competitive mobile product in a state, people aren't going to change their behavior. >> reporter: half a dozen more states will soon roll out mobile gambling they're betting the move to mobile will boost their bottom lines as well. for "on the money" i'm contessa brewer in las vegas. with the laws quickly changing and sports betting booming is legal sports gambling growing too fast bill miller is the president and ceo of the american gaming association. thanks for being here. >> good to be with you. >> las vegas was the one place you could legally bet on sports. why do you think we've seen this rapid acceptance of sports betting in so many states so quickly? >> it's been just 18 months since the supreme court ruled that nevada shouldn't have a monopoly the reason that there's been such a great uptick, 20 states including the district of columbia, is because americans
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have always wanted to bet on sports and importantly they've always bet on sports, unfortunately, it had always been in the illegal market. >> you don't think it's a situation where people are gambling more or where more people are gambling, you think it's illegal stuff that is legal? >> i think the illegal off shore market does not publish any of their statistics or market share but we absolutely believe that americans have always bet on sports and now they are much more comforted by the fact that they can bet on sports legally and we believe that that is absolutely coming out of the off shore market or the illegal market. >> i think it's coming from other places, too. you may be very correct in assuming that people who used to do it illegally are doing it the legal way instead but i know people who have started gambling because it's so easy it is on their phone it's legal these are people who weren't betting before are there any guardrails out there trying to protect problem gamblers with a gaming addiction? because it seems like it is a lot easier than it ever was.
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>> it is easier. the gaming industry has an absolute commitment to responsible gaming and responsible gambling and that takes place in a way in the regulated market that doesn't exist in the off shore and illegal market websites that are off shore don't have any worry about how much you gamble or how much you bet. i think that the manner in which we regulated it in a safe and transparent way creates much more protections for the betters. >> how much is too much to lose or gain? what limits do you put on people >> i think the limits are every person has a different limit with regard to what they think is important, but as an industry, we're an entertainment industry for us, it really is about making sure that you create the right balance in terms of entertainment, fun, excitement
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but with the appropriate guardrail. >> bill, i hear you. obviously it is a lot more fun to watch a game, even if you've got $5 riding on it. that's the whole joy of the sweet 16 when you look at college sports and some of the things out there it doesn't have to be a lot of money, but now when you can bet on every play that's taking place, if you can bet who's going to make the next one, that's what i mean is there a pattern that you would say, hold on a second, this person is betting way too many times its let's put a bit of a governator on it. with digital and mobile you have that opportunity. we are working with our partners to try and figure out how you create digital time-outs and create budgets for people and that doesn't exist in the illegal market i think for us it really is about creating a transition that allows for better protections for the people that are going to find better fan engagement and more excitement in the sports
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bar or in their own living room. >> bill, thank you for your time today. >> no, thank you so much for having me. >> sure. up next, we're "on the money. resolving conflicts can be a costly endeavor, both emotionally and to the wallet. there's a new app that's helping separated parents stay out of the courtroom and we'll talk about that next. later, time to make that holiday shopping list. we're going to tell you how you can check it twice to keep your spending in check. right now let's take a look at how the stock market ended the week
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>> ask any parent raising kids can be stressful enter co-parenter, that's an app using a.i. technology to help parents communicate, manage their disputes and make parenting decisions without going to court joining us are jonathan burk and judge cheryl ellsworth welcome to both of you judge, you've been somebody sitting in that gallery and in that courtroom for a long time 20 years, 10 of them in family law. >> that's correct. >> what does this app do that you haven't been able to do in the courtroom? >> i was unable to help people when they would come into court with their heart felt problems and wanting to know how to parent their children and come to me and ask the court to make that decision for them this app allows them to make those decisions on their own you know, a courtroom is not a place to raise a child, a home is even if that's at two different locations. >> how does it actually work what's the ai do is it looking for curse words?
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is it looking for the same type of topics? >> we built the platform to address the everyday co-parenting issues that come up. >> such as >> such as communication helping to optimize communication. we look for words, terms, phrases, names that people often call each other, say to each other. we give them a chance to maybe not send it right away >> wait a second like red flag warning this is going to set off a reaction? >> yeah, not only reaction but if you send it, it could come back and bite you if you do end up in court. so our tool helps people, you know, optimize their relationship, help keep it a more positive -- >> civil >> yes, far more civil we help coordinate schedules we help make sure people are checking in for pickup and dropoff. that's one of the big issues that come up in court all the time we help synchronize data and information about the kids so that you don't have to call the other parent to gather that information. >> arguing less and
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communicating more >> that's exactly right. >> judge ellsworth, what happens if both parents won't commit to using this app it seems like you have to have two willing parties. >> well, a court can come in and order it which is something courts are doing throughout the nation and throughout canada they see the value in having parents make their own decisions. >> it's $12.99 a month. it's a heck of a lot cheaper than any lawyer hanging around for an hour. >> even for filing a motion. any motion in this country is going to cost you $200 just to get into the court, never mind a lawyer. >> judge, what tips would you offer just having watched this play out so many times holidays can be particularly stressful? >> i'll give you three quick tips start anything with the end in mind what do i mean project out 10, 15 years look at your child looking back. did they have a great holiday filled with traditions and love and memories that you want them to garner or to keep or do they look back and say, i hated the holidays because my parents used it as another battlefield?
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communicate kindly talk with one another and be child centered in your speech. don't talk about my holiday or your family's traditions talk about what our child is going to have in the holidays. it takes a focus off your stress and gives you a mutual place to put your thoughts towards. probably what the most important thing is, is to make a plan, a concise plan and make it in writing so that you know on sunday, on christmas eve, on thanksgiving day what time pickup is, what time dropoff is. plan for the inevitable. that is that it will break down so have a plan in mind we help do it on the app if you need help doing that, we help write that up in a manner that helps parents be able to stick to a plan and work through the holidays. >> and take some of the stress out of it. >> takes a lot of it out of it. >> thank you both for your time. >> thank you. >> up next, we're "on the money. how to plan your holiday spending to keep this year's
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gift giving generous and affordable. later, the latest weapon against rising tides and extreme storms it may be what's on your dinner plate. could be signs that your digestive system isn't working at its best? taking metamucil every day can help. metamucil supports your daily digestive health using a special plant-based fiber called psyllium. psyllium works by forming a gel in your digestive system to trap and remove the waste that weighs you down. metamucil's gelling action also helps to lower cholesterol and slows sugar absorption to promote healthy blood sugar levels. so, start feeling lighter and more energetic by taking metamucil every day.
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the holiday season is coming and so is the shopping going into credit card debt to buy gifts is a trap that lots of us fall into this time of year joining us with how to stay out of it and on budget is sharon epperson
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what exactly are consumers expected to spend on gifts how common is it for people to go into debt >> reporter: it's pretty common for people to go into debt and last year according to last year according to experian, consumers racked up over $1,000 in debt. this year they're expected to spend $1600 on their holiday gifts. >> what? >> that's a lot. >> the good news is, they have great intentions they plan to pay in cash another strong majority say they're also going to pay down their debt as they go along. >> that's good >> the thing is, they also admit the reality is they're probably going to spend too much. >> all right give us some tips. how can we actually try to avoid going into debt, falling into that trap? >> the first thing you need to do is make sure you create a shopping fund. you should have money set aside
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that you saved throughout the year to go to holiday shopping if you don't have one, create one now. you can start to save a little bit one now, as much as you can. don't eat out as much. earmark some of the money you might want to spend, a specific amount, for holiday gifts and don't go over that amount. you want to set a specific spending number. how many people are you buying for? how much are you going to spend? round that up by 20% you have to go to the holiday parties, hostest, host make sure you have that. the other thing is making sure you pay for the gifts in cash. you're likely to spend less money if you do that if you use a credit card or online shopping, use that 24 hour rule. don't buy it for 24 hours, see if you really want it, if that person will really want it and appreciate it. use that specific amount of money you've set aside to then be able to pay off that balance for holiday spending in full when the bill comes. the last thing you want to do is rethink how you're giving gifts. not necessarily everybody needs a gift maybe it's immediate family
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members. my son knows unless there's a coupon with it, he won't get it. he'll note there's a sale or a coupon going that way is a good idea as well also, think about the companies that offer free shipping if you are going to shop online, you don't want to go to the stores, that can help you comparison shop for your gift. >> sure. >> but it can help you with the free shipping. stick to retailers who will give you that break. >> let's say i over spend, don't stick to the budget. what are the best ways to get out of it and help recover >> you need to go on a diet. a lot of people want to go on a diet the beginning of the year go on a spending diet. only buy essential items make sure you pay more than the minimum balance due if you have spent a lot of money on credit cards over the holidays. some say pay the highest interest rate card first others say i want to get the smallest balance out of the way. they'll deal with that
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start saving now for next year if you put $50 away every month starting in january, by this time next year you'll have over $500 to spend on holiday gifts and travel >> good tips up next "on the money," look at the news for the week ahead. protecting our shore how restaurant trash is being preserved. the new solution against storm surge. one dose provides more vitamin b3 than 50 cups of kale and improves 7 key areas of visibly healthy skin. try olay total effects.
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here are the stories coming up that may impact your money this week. happy birthday mickey. the original disney star made his film debut 91 years ago in "steamboat willey. on tuesday we'll see how many home construction projects were started in october. on wednesday we'll get the minutes from the last federal reserve meeting. we'll have the fifth democratic debate taking place co-hosted by msnbc and "the washington post." on thursday we'll see how many homes were sold and on friday we'll get the consumer sentiment report. we'll take a look at what some are shelling out in the battle to protect the shores from the rising sea levels diane no olick has more on the rising risks to real estate. >> reporter: at manhattan's iconic tavern where the menu celebrates locally sourced sustainable food, something
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transformational is going on in the trash. the tavern is one of more than 70 new york area restaurants donating their wholly eaten half shelves to repopulate the oyster reefs in new york. >> when i learned more about their technique they had me hooked >> they are natural barriers that protect shorelines from erosion, rising tides and increasingly severe storm surge. they knock down the height and force of waves, but they've been decimated by a century of over harvesting and worsening water quality. >> we've seen almost 80% of oysters in estuaries worldwide. >> antonio rodriguez studies this growth. he says the best way to protect the billions of dollars of coastal real estate from the effects of climate change is to go back to nature. >> the goal is to keep people safe, keep their property intact and sometimes making your
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environment more natural and learning from the way the environment was before we developed it, those are the best techniques. >> reporter: oyster reefs are being rehabbed from new york to texas. the u.s. navy and air force. >> this is the oyster hatchery of the new york harbor school. they grow all of our oysters. >> reporter: the billion oyster project is one of the most ambitious. a twist on farm to table it's table to farm with a $3.5 million annual budget from grants from superstorm sandy it collects 10,000 pounds of discarded shells and brings them to governor's island to cure and puts them in a hatchery where they spawn oyster larvae. >> you can see two baby oysters. we realized just how valuable this could be in new york harbor
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they used to have over 200,000 acres of oyster reefs and that population is virtually extinct. >> reporter: so our natural barriers are gone? >> correct. >> reporter: you're telling me this big old pile of oyster shells is going to save us >> i don't know save us, it could absolutely help. >> reporter: the goal is to place 1 billion live oysters across 100 acres of reefs by 2035 bag by bag. projects had to prove that not only were they making the shorelines more resilient, but they were creating social resilience that is, bringing even the largest communities together to protect their own real estate. >> we wanted to engage communities everywhere that's how you get long standing change, right? the community and the people that live there and work there are actively involved in stewarding their local environment. >> we're lucky to live and work in new york city where we have
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access to some of the freshest and the best, widest variety of species anywhere in the world. but with that comes a responsibility of the choices that we make >> reporter: some of the biggest challenges to programs like this one are local permitting rules, poachers and would you believe, becky, some shoreline homeowners who don't want these reefs ruining their swim areas and potentially hurting their property values. i couldn't believe that. >> if you step on an oyster shell, it hurts. i was just at baltimore and i saw a lot of the oyster shells that are put back. i don't know if it's the same program or not a big part is the partnership with the restaurants how does that work >> it fits into all of the climate issues what you saw in baltimore is not the same program there are multiple programs going on up and down the coast that's part of the social resilience you see billions and billions of federal dollars going into the
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recovery efforts after these storms, after these big floods if you can build that resilience beforehand, you'll save the real estate, you'll save the money. that has to do with getting communities to be involved whether it's oyster reefs, preventing forest fires. it's local areas and people working to save them. >> diana olick folks, that is our show for today. i'm becky quick, thank you so much for joining us. next week, we'll have holiday wines. award-winning bottles that won't break your budget. each week, keep it right here and we are "on the money." have a great one and we'll see you next weekend
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>> captain dan nathan has ha combat plan if this retailer takes a dive around earnings >> plus. >> i thought you might put a volatile psycho path on the job. >> we put a level headed make

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