Just four days after the New York Giants won Super Bowl 42, the New Jersey General Assembly passed a measure paving the way for sports betting in Atlantic City with a 58-17 vote. The most recent Super Bowl cost Las Vegas casinos upwards of $2 million dollars when Eli Manning led the Giants to probably a victory in the largest wagered professional sporting event in history which was close to $100 million dollars.
New Jersey Legislation Assemblymen Paul Moriarty, Louis Greenwald, Nelson Albano and John Burzichelli were the sponsors of the bill that could pave the way for Atlantic City casinos to start take bets on professional sporting. The bill could be on the states ballot during the Presidential Election in November 2008, which is anticipated to have record turn out.
"Ever since its inception, Atlantic City's casinos have scored big for taxpayers, senior citizens, and residents with disabilities," said co sponsor Louis Greenwald (D-Camden). "Now, aggressive marketing campaigns from out-of-state gaming interests have become a real and present danger to Atlantic City. With one of the state's most important industries in the crosshairs, it is imperative that we seize this unique opportunity."
Atlantic City casinos have been under mounting pressure from rival casinos owned by Native American tribes north of New York City. Namely Foxwoods Hotel & Casino in Connecticut. The move would boost the entire New Jersey economy.
"Sports betting already exists in New Jersey, but only the criminals are enjoying the profits," said John Burzichelli (D-Gloucester / Cumberland / Salem). "Legal, carefully regulated sports wagering would bolster both Atlantic City and the state. New Jersey should go all-in."
By making sports wagering legal in Atlantic City casinos is the smartest thing the citizens of New Jersey can do to squash credit bookmaking operations give the entire sports betting industry a credibility boost as a viable form of entertainment.
"Sports fans put billions of dollars on the line every year, regardless of its legality," said Moriarty (D-Gloucester / Camden). "A legal Atlantic City-based sports book would ensure bettors are not fleeced or put in harm's way."
If approved by New Jersey voters already tolerant to gambling, Atlantic City casinos would be regulated by the states Casino Control Commission and able to accept walk up sports wagers solely on professional sports. The casinos would not be able to offer wagering on collegiate sports.
What are the chances for the sports wagering bill which passed today in the New Jersey State Assembly to become reality in Atlantic City casinos?
"I don't have a problem moving the bill forward in the Senate by hearing it in committee," stated New Jersey State Senator Jim Whelan, Chairman of the Senate Wagering, Tourism & Historic Preservation Committee. "It's something I've supported for Atlantic City for quite sometime. The big obstacle to making it a reality, though, is the federal ban on sports betting for New Jersey which won't go away just by our passing a bill in the State House. I believe New Jersey voters would support having state-regulated sports betting in casinos, but I don't want to create false hopes. To give sports betting real traction, the federal ban has to be lifted."
Point-Spreads.com readers should not expect sports wagering in New Jersey anytime soon even if the measure passes in November 2008. Back in 1992, a federal law limiting sports wagering to Nevada was amended giving Oregon, Delaware, Montana and New Jersey an opportunity to approve sports betting, provided they acted prior to January 1, 1994.
Unfortunately for the entire sports betting industry, the Republican controlled Assembly failed to put the question before New Jersey voters. As a result of missing the deadline, only Nevada, Delaware, Oregon, Delaware and Montana can legally offer sports betting. Currently, Oregon and Nevada are the only states serving the entire US sports betting market. This is the reason that internet sportsbooks have become so popular over recent years in the first place. Internet gambling experts believe the sports betting industry is anywhere from another $10 billion to $400 billion in the world wide market.
Various sports wagering bills were approved by Assembly committees in 2004, 2005 and 2006 but never received further consideration. The current bill is the farthest the sports betting initiative has advanced since the Senate approved bills in 1992 and 1993 that never made it into law.
"If New Jersey could tap into even a fraction of the national sports book, the state would could generate millions of dollars in new direct revenues and economic dividends from increased tourism," said Greenwald. "It wouldn't be a revenue avalanche, but the betting opportunity would certainly strengthen Atlantic City's marketability and gambling hand."
The New Jersey legislators think New Jersey could successfully challenge the federal ban by having it ruled unconstitutional . Point-Spreads.com hopes they are successful and would give them "short odds" to succeed.
