host: brian miller?rstand your question correctly, if you are forceg at any kind of based bedding or anything like that, that can be very different, especially if it goes across state lines. one of the interesting things about the wire act is that sports betting is only legal in four states. if you are making racing bets in other states, a form of sports betting, the bet is taken in a state other than where you make it. without being 100% sure of what happened in your situation, i think that what might have occurred is that due to the laws in another state, because of those states specific laws you are not able to do an activity you wanted in your state. how that ties into religious holidays is probably outside my expertise. host: what is the wire act? guest: a federal law that prohibits sports betting, essentially, wagering on sports. when it was created there were caveats taken out of it. the one that people are most familiar with is that if you go to the state of nevada, you can gamble on sporting eve

host: brian miller? understand your question correctly, if you are forceg at any kind of based bedding or anything like that, that can be very different, especially if it goes across state lines. one of the interesting things about the wire act is that sports betting is only legal in four states. if you are making racing bets in other states, a form of sports betting, the bet is taken in a state other than where you make it. without being 100% sure of what happened in your situation, i think that what might have occurred is that due to the laws in another state, because of those states specific laws you are not able to do an activity you wanted in your state. how that ties into religious holidays is probably outside my expertise. host: what is the wire act? guest: a federal law that prohibits sports betting, essentially, wagering on sports. when it was created there were caveats taken out of it. the one that people are most familiar with is that if you go to the state of nevada, you can gamble on sportin

the take was 820 one million dollars last year so brian miller, what does this mean? >> you could apply the rule of budgeters being overly optimistic to anything within federal, local or state budgets. what it means really is you are going to have an issue because of these overly aggressive assumptions. another example, online gaming is a relatively new phenomenon. there are three state in the u.s. that have it legalize. new jersey is the largest state. the chris christie administration's budget for fiscal year 2014 which ends in june assumed online gaming would generate $1.2 billion revenue and that would be taxed at 15%. in reality over the same period of time online gaming is scaling to look like it is going to be about $100 million business the u.n. looking at 7% to 8% of their projection. just one example of where governments are overly optimistic in what they assumed going into this. >> host: what games are profitable and to is profiting? >> guest: at the bottom line everything is profitable. the way the gambling industry works is whether you are playing slot ma

later as part of the spotlight on magazine series, brian miller talks about his article on trends in the gambling industry. and an update on the supreme court and take your calls. you can join the converation on facebook and twitter. washington journal each morning at 7 a.m. >> and now a look at lincoln and his boys. this is an hour. [ applause ] >> thank you for braving his weather. but as i understand it, last week might have been worse so i probably picked the right week to be here. i might have been delivering this from the airport if we had done this last week. i want to begin the story a little after the civil war on june 13th, 1905. it was less than three weeks before this death that john hay awoke on a boat ship as it steamed from liverpool back to new york. he was a noted poet, historian, former newspaper editor and railroad executive. and he was the secretary of state under two presidents. at this point, he was well into his 60s and one of the most powerful men in the world but his bright spirit was alive. his last entry said i dreamed i was at the whitehouse and went to re

thank you so much, brian miller. know what gm did wrong in handling its massive recall.years to fix the deadly problem. flight 370, there is still no sign of the jet. tells us whyof? so it could take years and millions of dollars to find the wreckage. ♪ forhy did it take a decade gm to recall flawed cars? how do recalls work? we are in washington with the mechanics of recalls. you looked under the hood about what it takes for a carmaker to recall their vehicles. >> one comes from a ntsa investigation. then you have the ones that are voluntarily initiated. it is the second type that i want to focus on. each company has its own method, but here is how it works. once a potential defect is noticed, either through a critical mass of customer complaints or through a discovery made by the manufacturer in a routine checkup, a team of engineers investigates. they do a series of simulations and test runs to determine whether the defect creates an unreasonable safety risk. if they identify such a risk, they have five days to notify safety regulators. >> what do they do during those

brian miller, part of bloomberg industries. >> and we are continuing our industry -- casino industryith two heavy hitters in just a few minutes, skip ronson and tom allen. -- tom balance. ♪ >> you are watching "market makers" on bloomberg television. i'm erik schatzker with stephanie ruhle. we continue our conversation about the gaming industry. here in new york is tom ballance . and with us from los angeles is skip ronson. bronson. you heard what our own analysts had to say about gaming industry overcapacity and those kind of issues creating all kinds of problems outside of lake charles places.ana, of all tell us how you are dealing with it. >> i think he missed a couple of places, too. maryland is growing rapidly. new york is doing great. we view that as an opportunity. we don't see ourselves competing for the atlantic city market. we compete for the mid-atlantic regional market. by positioning yourself as the destination in the northeast region, you're able to make a good living. gaming is different than ever before. >> how so? >> is used to be a big event. today, you can stop on

brian miller is the bloomberg .ndustries gaming analyst your colleague wrote this piece for the magazine. you have studied this industry every day. how large is the gaming industry in the united states? wethe gaming industry that look at at bloomberg industries is $38.5 billion, the full year number,ear 2015 including commercial casinos throughout united states, but not native american casinos, which are very large in their own right. and then lottery sales, the lottery itself is a very large industry that somewhat specializes to certain states. has been the history of casinos in this country? what has been the trend? what is the present day status? to the 1930's,ck 1940's, you really have one market in the u.s., las vegas, nevada. 1970's, in the late gambling was also legalized in new jersey, atlantic city. late 1980's,e 1990's, and to thousands, there was a corporation of casinos around the country referred to as regional gambling markets. you had one major destination market in the united states las vegas and the las vegas strip, then atlantic city with other little markets around the

host: ok, brian miller? good: he touches on a point. this has its own issues. one of the fixes from the people that own these properties, and is adding casinos at these properties. a the other option would be certain states having a certain percentage of the money generated by any casino in the state going towards the horsemen's purse that supports the industry. should you tank your business to prove a point? no. people certainly do it. you see it in other industries. it is pretty prevalent in the nba, for people will run a franchise into the ground to increase their draft pick. core element the of that, that business by itself needs to address specific issues that don't tie into casinos. host: this is a tweet from breaker -- he is referring to a front-page story today from "the new york times." the middle-class and poor in this country are losing klett -- losing pace with the middle-class class and poor in other countries. maureen, go ahead. maureen, you are on the air. percentage,e was a i believe that you said eight to keep yourable money. can you explain th

exclusive interviews with giant of the industry coming up, including big miller of leg mason and brian rogers from t. rowe price and john levin of levin capital strategies, pretty provocative stuff. >> how about this provocative story this. doctor collected nearly $21 million in medicare payments in 2012. that's right. one single doctor, and it was probably all legal. really? how in the world is that possible, and what does it mean for a medicare system already on the road to insolvency? we do have a special report ahead. >> yes, we do, and here's where we stand in markets heading not final hour of trade today, and the dow is making a pretty strong comeback, up about 137 points, a little shy of 1%. meanwhile, the s&p 500 adding almost 15. 1866 is the level there and nasdaq, of course, so much focus on this index of late. after a three-day selloff in 2011, a little bit of a bounceback and the move continues yesterday. 52 points to 4165. >> joining our "closing bell" exchange is abigail doolittle and heath fitzgerald from money map press and jack baton rougen and peter anderson from asse

miller taking advantage of opening day with a little selfie. and, of course, after the selfie, you have to have a flyover. but the crowd really came to their feet with the sight of brian stowe and his family in the yard. and then they went wild. bottom of the first. the fifth home run of this young season. 2-0. across the country, the party was definitely on. bottom of the third, tim hudson making his home debut, and he was ready. nice play right hire. trevor cahill. now two outs, and he will fan aaron hill. more from hudson coming up in a few. bottom third, two outs, michael morse with another clutch hit, the single to right. brandon belt scores, and the giants are up, 5-1. to the fifth, brandon crawford getting into the act as well. this base hit right here also to right will chase home. 7-1, g-men. hudson just cruising along. he'll get paul goldschmidt on the ground out. eight innings pitched. two earned runs and another win in a 7-3 giants victory. and joining me now is comcast sports net's mindy bock. and after two games, after two starts, this hudson pickup is looking phenomenal. >> absolutely. nobody really knew what he would be able to do after he worked back

later, as part of our spotlight on magazine series, brian miller of bloomberg industries will discuss his recent article on trends in the u.s. gambling industry. andill also take your calls you can join the conversation on facebook and twitter. democrats, (202) 585-388