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NJ Allows Sports Betting

Posted on December 16th, 2010

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New Jersey horse racing fanatics would soon be flocking again to the stands as the bill to help the state’s struggling gambling economy was just passed by the State Assembly this Monday.

The bill was much welcomed as it was seen to boost gaming revenues by allowing the once illegal sports betting at Jersey’s race tracks and casinos. A sponsor to some of the bills, Assemblyman John Burzichelli, who chairs the Assembly Regulatory Oversight and Gaming Committee, was quoted as saying “This is a vital step forward for our casino and horse racing industries that are key to the future of New Jersey, these industries create jobs and economic growth in many ways, and they must remain strong and competitive economic engines.”

Though only three of the original seven gambling bills were approved by the Senate, residents of New Jersey are still happy, as the state would now allow not only internet wagers on horse races outside of the state but also from Iphones and Blackberries. Dubbed as the Casagrande Bill, the bill will introduce necessary changes to New Jersey’s offtrack wagering statute. Sources circulating have stated that the most notable change is allowing entities other than the New Jersey Sports and Exposition Authority to run the facilities. The changes would also cause New Jersey to be the first ever state in the country to allow exchange wagering for both instate and out-of-state races, it also will allow racetrack permit holders to provide for a single pari-mutuel pool for each running or harness horse race.

The state coffers will ave a field day especially caused by the Atlantic Cty, Meadowlands, Cherry Hills, Monmouth County and other areas of the state which would assure a whopping $1 billion casino gross revenue and another $120 million for the state treasury, according to Senator Lesniak, sponsor of the Senate version of the bill. He was quoted as saying, “It doesn’t get better than that, this sends a message to the court and Congress that the people of New Jersey want the same right to bet on sports enjoyed by Las Vegas.” It is Senator Lesniak who filed to overturn the federal ban on sports betting outside of Nevada, Delaware, Oregon, and Montana when he filed a lawsuit against the U.S Department of Justice in 1992. Though it is still in a federal district court awaiting decision which would be rendered sometime in new year, Lesniak is still hopeful of a favorable decision on his petition.

Included among the bills passed was to expand offtrack betting for the state’s four horse tracks, essentially making it a force to reckon with for states such as Delaware and Pynnsylvania, which also allows the ever popular slot machine, which resulted in profit gains for the said states, but has prompted the migration of major horse breeders, which in turn signaled the death for Jersey’s racing economy. “If a full range of sports betting options were legalized in New Jersey, Atlantic City would benefit more from higher visitation” because the option is not available in surrounding states, according to a gaming analyst from Wells Fargo Securities L.L.C., .

Full Assembly would be held on January 6 to vote for another bill which would give residents of the state of New Jersey the right to wager over the Internet on poker and other types of casino games . “With the growth of out-of-state competition, we should try to correct the mistake New Jersey made 17 years ago when it failed to legalize sports gaming. If we’re to remain the East Coast’s premier gaming destination, we need to make sure our racetracks and casinos are offering the best attractions, and that means adding sports gaming”, says Assemblyman Ralph Caputo (D., Essex) as he referred to New Jersey’s failure to make the deadline on sports betting within a year of the federal law’s passage.

Atlantic City’s casinos registered a 12.5 percent revenue drop which significantly low compared previous years income. The Democrat sponsored bill has helped set off Republican Governor Christie’s plan to turn gambling and horse racing losses into big bucks as they once were.