Legalized Betting in New Jersey?

Is Sports Betting to Become Lawful?

A vote was taken last week in the state of New Jersey vis-à-vis legalizing sports betting.  A vote in favor would mean that the state would make it legal to supplement their casinos and horse tracks with sports betting options.  Currently there is a federal ban on this.  But to make this happen, this ban would need to be repealed in all but four states.  As well, bets would only be permitted in certain places (not in college or athletic sporting events for example).  The state of New Jersey had the opportunity to do this in 1991.  Currently it is only Nevada that can receive bets (legally) on individual games.

Why Now?

Well, according to Governor Chris Christie, it’s about time this law changed, since people are placing illegal sporting bets the whole time anyway; why not at least let the state benefit (if it’s legal) if everyone is already doing it?  The question is, how much money is really involved in this industry, others are asking?  Apparently, billions and these days some experts in the field state its closer to half-a-trillion dollars – just do the research.

If all goes to plan, according to Sen. Raymond Lesniak, it could be sent for governor signature before January 10 (the end of the legislative session).  Some are against this possible move though, such as the NFL.  Spokesman for the organization, Timothy McDonough said he opposed such legalization since he believes it would undermine the integrity of the games, by football fans.  But proponents point to the practical and financial ramifications of making such a move – that it could really help struggling casinos and the state’s economy, and anyway it’s already happening (in an illegal way) so why not legalize it?

As in any law, if legalized, there will be those in favor and those against but it does seem that it is – realistically – only a matter of time before sports betting is legalized in the state of New Jersey, and thereafter, other states will follow suit.

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