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Good news for Sports Bettors in NJ

Written by Ophir Mayer|Wednesday, 07 December 2011 12:03

Atlantic City's casinos and the state's racetracks won't struggle anymore now for betting because the Legislation that would allow them to offer sports betting was approved last week by the state's Wagering, Tourism and Historic Preservation Committee.
According the Club CalNeva it is estimated that sports betting can earn gross revenue of $1.3 billion and $120 million in taxes for NJ City. This Las Vegas based-company, that itself runs 30 sports books handling billions of dollars of bets also estimates that sports wagering could create thousands of new jobs for New Jersey residents.

NJ Welcomes Sports Betting!
New Jersey wasn't able to pass legislation before the deadline elapsed, but now the bill was approved 4-1, and now heads to the full Senate for consideration.

Sen. Ray Lesniak of Union County commented, "These revenues are now going to Las Vegas, offshore internet gambling sites and organized crime-run betting rings". Jeff Van drew, the co-sponsor of the bill with Sen said that our goal is to provide the residents the same right to do legally in New Jersey what they can to in Nevada and bring these revenues into New Jersey. Lawful sports betting is the solution to Atlantic City maintaining its competitive edge and to ensuring future economic success of the resort city.

Gov. Chris Christie has publicly showed his support for legalized sports betting, which is now prohibited in all but four states by the Professional and Amateur Sports Protection Act of 1992. Under the act, states that had casino gaming at the time but hadn't already allowed sports wagering were given a one-year window to authorize sports bets. Nevada, Montana, Delaware and Oregon opted in; New Jersey wasn't able to pass legislation before the deadline elapsed.

The bill was approved 4-1, and now heads to the full Senate for consideration.

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