Report: New Jersey approves sports betting bill

The state of New Jersey passed a bill to legalize online sports betting on Monday.

The resolution, SR19, was voted on and approved by a committee and now will go through a debate process in the New Jersey Senate. No date has been scheduled for the debate.

Senator Raymond Lesniak is spearheading the sports betting push and will challenge the federal ban on sports wagering as unconstitutional.

"Here's what's at stake for New Jersey: $650 million a year in gross sports wagering revenues, as estimated by LVSC, a division of Cantor Fitzgerald. Plus $60 million a year in state revenues,” Lesniak said in a written statement after the bill was passed.    

"If you went to Atlantic City on Super Bowl Sunday, you would have seen a ghost town, while Las Vegas hotels were at 100 percent capacity. The same will hold true for March Madness and the Final Four,” he added.

Lesniak also pointed out that Delaware enjoyed immense success with its sports betting lottery this year with the state treasury yielding a revenue in excess of $4 million.

New Jersey currently offers online horse racing wagering and has table and video gambling available in Atlantic City casinos.

"We dropped the ball when given a chance in 1992. Let's not fumble again," Lesniak concluded.

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Posted by vacation
4 years ago

If this bill passes and gets by a federal challenge which BTW it may under the 10th Amendemnt (State's rights) it will not only save the AC casino industry from certain destruction it will make Atantic City once again a power broker in the East Coast gaming industry. Look, we're a nation of gamblers. It is stupid for governments to turn their heads and pretend that if gambling on sports were outlawed, no one would gamble. IMO the federal government had NO RIGHT to ban sports betting in 46 other states. That's unconstitutional.
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Posted by 666LES
4 years ago

Where I saw some of the most sophisticated "local" set-ups was in Vegas. Gamblers are always going to want to bet on credit. The key point, how likely is it that NJ or anyone can skirt the federal ban? Deleware didn't. Support your Local.
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Posted by Bluelava
4 years ago

nice! he even threw in a sports reference at the end haha. You do realize that he is trying to make it easier for us all to lose money right? he didnt say anything about the poor cappers and how they just want to make a little scratch did you? nope! he wants it legeal so all the effing squares can pay the states bills haha. more power to em!
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Posted by Davidscott40
4 years ago

buckubad, The US Gov. could easily track individual activity and ENFORCE laws against people currently using OFFSHORE online books...if they wanted to devote the resources to do it (tracking IP addresses). IF NOW there were LEGAL U.S. ALTERNATIVES to the offshore online books, The Gov. would have A LOT more U.S. (TAXABLE) revenues to protect from sports gambling and ,THEREFORE step up LAW ENFORCEMENT on all levels (internet, visa/mastercard, western union, bank check). They will ACTIVELY protect a huge U.S. ONLINE sports gambling industry. The ACTUAL sports betting $ wagered from Vegas vs. OFFSHORE (from U.S. citizens).... 'isn't even close'.
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Posted by atssportsgenius
4 years ago

Lets hope these goverment mopes get something right.
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Posted by buckubad
4 years ago

article says online sports betting, hows that translate?
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Posted by Davidscott40
4 years ago

Increased US corporate investment (and corresponding revenues) = INCREASED US LAW ENFORCEMENT.
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Posted by Davidscott40
4 years ago

It's logical to at least have LEGAL sports betting available on the west and eastern portions of the country FINALLY. This will lead to a near future problem though. The US government will 'redouble' its efforts to extend its control and regulation on ALL US sports betting... .doing business with offshore books will become NEXT to impossible in the near future. WHY ? (the US govt.) will 'tighten the screws' now to protect the INCREASED US LEGAL GAMING REVENUES. For anyone that likes to 'hide' their betting activities and profits by doing business offshore, it's going to get A LOT tougher my friends. Thought it was important to point out the 'flip' side of this development.
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Posted by go_opp
4 years ago

Let's ROCK AND ROLL!!! "Here's what's at stake for New Jersey: $650 million a year in gross sports wagering revenues, as estimated by LVSC, a division of Cantor Fitzgerald. I bet that number is too low. Might be closer to a billion.
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Posted by birdman11
4 years ago

AWESOME, THE ONLY THING THAT MIGHT SUCK IS THE TAXES BUT I LIKE
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Posted by nbafan88
4 years ago

HELLLL YEAH
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Top Response

Posted by Davidscott40
4 years ago

"buckubad, The US Gov. could easily track individual activity and ENFORCE laws against people currently using OFFSHORE online books...if they wanted to devote the resources to do it (tracking IP addresses). IF NOW there were LEGAL U.S. ALTERNATI..."