Report: New Jersey approves sports betting bill

Feb 23, 2010 |
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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