Sport

New Jersey Looking Towards Sports Betting

 

New Jersey has long been viewed as a haven for gamblers, mainly due to presence of Atlantic City, which has been seen as a gaming hotspot for many years. However, it is now starting to be seen as the epicentre of the fight to legalise sports gambling within the USA. A state law was passed in 2012 allowing sports betting within it’s borders, but national laws that were passed have stopped this been able to take place. 

As of April 2018 New Jersey have spent a massive $7.2M dollars in the fight to legalise sports betting within the state borders. In order for this to happen the Federal 1992 Professional and Amateur Sports Protection Act (PASPA) will have to be overturned or changed. This act, also is in place to define the legality of sports betting within the USA and has made sports betting illegal in almost the entire country, with the exception of a few states. 

The two states that have already come close previously to having laws passed that would legalise sports betting are Connecticut and Pennsylvania, should there be any changes or a revoke of the PAPSA. It is believed that if New Jersey are successful in this fight many other states are likely to follow. However if they lose it is probable that the status quo for sports betting in the USA will remain. 

Currently Nevada is the only state that sports betting is fully legal and the case to legalise it in New Jersey was initially brought to the Supreme Court in December 2017, the main argument been that the federal law violates the principles of state rights. A ruling is expected in the near future and could come as soon as this month. 

If the case is won it will mean that any casino or racetrack in New Jersey will be able to offer sports wagers. Even though New Jersey are currently one of only three states that offer online gambling with licenses granted to the likes of PartyCasino NJ and Borgata Casino. It is not believed that even if the case is won, the online sportsbooks will be as quick to roll out as the land based ones. 

New Jersey has demonstrated recently that financial returns from legalising gambling, in particular online gambling can be huge. Online casino gaming and poker has been available in the state since 2013 and after getting off to a slow start has generated massive figures, the latest ones released in 2017 showing revenues of $245m, resulting in a significant source of revenue for the state in the way of gaming taxes. 

This recent success is seen to be what is pushing that state to legalise sports betting, which should enable them to further increase the economic gains that can be realised through legalising gambling. Even though the legal battle is proving costly for New Jersey is is becoming widely regarded as something that will be worthwhile if they are able to gain a stake of the $150bn US sports betting market, which is just set to grow and grow.



Like this

loading...
loading...

Latest


12 April 2018
Rakitic fractured finger against Roma, Barca confirm
Ivan Rakitic suffered a fractured finger during Barcelona's Champions League defeat to Roma on Tuesday, the club have confirmed.

12 April 2018
'It was my mistake, and I'm sorry,' Zuckerberg says at hearing
Though several of the prepared defenses in the notes were used by Zuckerberg during Tuesday's Senate hearing, some never came up. As proof, he summoned an oversized poster board featuring just a sampling of Zuckerberg's past apologies in big block lettering.

12 April 2018
Reliance Jio in talks with Qualcomm to launch laptops with cellular connectivity
As per an Economics Times report , Senior Director - Product Management, Miguel Nunes commented, "We have talked with Jio". By partnering with Qualcomm for the chips, Jio 4G laptops will be more powerful, secure, and offer long-lasting battery.

12 April 2018
White House maintains all options on table, despite Trump tweet
However, Trump has not yet made a final decision on how the United States will respond to the alleged chemical attack in the Syrian city of Douma, White House Press Secretary emphasized.

12 April 2018
Brokerages Set The Ultimate Software Group, Inc. (ULTI) Price Target at $244.95
TimesSquare Capital Management LLC increased its stake in shares of The Ultimate Software Group by 1.9% in the third quarter. About 75,064 shares traded. 32,400 shares valued at $2.51 million were sold by Fraser Jane Nind on Tuesday, February 27.

12 April 2018
Medical Marijuana and Gun Law
Police say they're still searching for two masked suspects who allegedly robbed the dispensary at gunpoint Monday night. Anonymous tips can be sent to Crime Stoppers by calling toll-free 1-800-222-TIPS (8477).

12 April 2018
Crosby hat trick sets tone for Cup champs as Penguins humiliate Flyers
For pretty much the entire season, the Pittsburgh Penguins seemed like they were either stuck in mud or possibly in coast mode. Superstar Sydney Crosby scored his third career playoff hat trick and anything the Penguins wanted to do they did.

12 April 2018
Closing date for Portsmouth's Toys R Us store revealed
Many retailers have also struggled to keep up with the rise of online retailing and a change in shopping habits. Toys "R" Us, once the largest U.S. toy retailer, abandoned last month a plan to emerge from U.S.

12 April 2018
DSP Group (NASDAQ:DSPG) Shares Bought by Rhumbline Advisers
The Piotroski F-Score of DSP Group, Inc. (NASDAQ:DSPG) has 2 ratings reports on April 12, 2018 according to StockzIntelligence. Since December 13, 2017, it had 0 insider buys, and 1 insider sale for $192,000 activity. $192,000 worth of DSP Group, Inc.

12 April 2018
LMR Partners LLP Reduced Holding in SunTrust Banks, Inc. (STI)
Haverford owns 3,276 shares. (NYSE: STI ) on Tuesday, January 23. (NYSE: STI ) was sold by Chancy Mark A on Friday, February 16. With $85.0 highest and $55.0 lowest target, SunTrust Banks has $73.25 average target or 9.05% above the current ($67.17) price.