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New Jersey Sports Wagering Legalization Battle Costly
Author: Scarinci Hollenbeck, LLC
Date: May 12, 2014
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Wagering on sports is a popular activity, but it is only legal in a few states.
Nevada is the biggest sports-betting state, as it is home to the casino capital of the world in Las Vegas.
However, New Jersey has been attempting to legalize wagering in the past year to no avail, which has cost the Garden State a significant amount of money. According to The Associated Press, the state has incurred legal fees of $2.8 million, which could signal the beginning of the end of legalized sports betting in New Jersey.
“We have an $800 million budget deficit,” said state Sen. Shirley Turner. “We don’t have the money to spend on something in which the odds were long.”
Obstacles
The biggest legal hurdle is the Professional and Amateur Sports Protection Act, which bans betting in every state except for Nevada, Oregon, Delaware and Montana. These four states qualify for an exemption, as sports betting was legal at the time the law was adopted.
There is legislation being introduced to help New Jersey bypass PASPA. The Sports Gaming Opportunity Act of 2012 would re-open the window for states to approve and establish sports betting within its borders. If approved, this window would be open until January 1, 2016, which would give New Jersey plenty of time, as it has already enacted a sports betting law of its own. New Jersey’s current law allows betting at Atlantic City casinos and the state’s four horse-racing tracks. However, it can’t be legalized until the state finds a way to get beyond PASPA.
Legalized sports betting could be good for New Jersey, as taxes collected can help cut into the $800 million budget deficit.
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New Jersey Sports Wagering Legalization Battle Costly
Author: Scarinci Hollenbeck, LLC
Wagering on sports is a popular activity, but it is only legal in a few states.
Nevada is the biggest sports-betting state, as it is home to the casino capital of the world in Las Vegas.
However, New Jersey has been attempting to legalize wagering in the past year to no avail, which has cost the Garden State a significant amount of money. According to The Associated Press, the state has incurred legal fees of $2.8 million, which could signal the beginning of the end of legalized sports betting in New Jersey.
“We have an $800 million budget deficit,” said state Sen. Shirley Turner. “We don’t have the money to spend on something in which the odds were long.”
Obstacles
The biggest legal hurdle is the Professional and Amateur Sports Protection Act, which bans betting in every state except for Nevada, Oregon, Delaware and Montana. These four states qualify for an exemption, as sports betting was legal at the time the law was adopted.
There is legislation being introduced to help New Jersey bypass PASPA. The Sports Gaming Opportunity Act of 2012 would re-open the window for states to approve and establish sports betting within its borders. If approved, this window would be open until January 1, 2016, which would give New Jersey plenty of time, as it has already enacted a sports betting law of its own. New Jersey’s current law allows betting at Atlantic City casinos and the state’s four horse-racing tracks. However, it can’t be legalized until the state finds a way to get beyond PASPA.
Legalized sports betting could be good for New Jersey, as taxes collected can help cut into the $800 million budget deficit.