Legal U.S. sports betting could spread if New Jersey has its way | Reuters

Betting also threatens the integrity of sports games byopening the door to price fixing, the leagues argued.

But New Jersey faces long odds, according to some analysts.

New Jersey lost the case, but it tried again last year withnew legislation that attempts an end-run around the federal ban- which prohibits states from authorizing, sponsoring, operatingor licensing the practice – by essentially removing statecontrol and deregulating sports wagering at casinos andracetracks.

“A New Jersey win will have immediate, far-reachingimplications beyond its borders,” said Daniel Wallach, a Floridasports and gambling attorney who has followed the case closely.”It will prompt swift action by other states.”

The park has already spent $1 million to outfit a sportsbookroom through the largest North American sports betting operator,the U.S. Court ofAppeals for the Third Circuit. The leagues saidthat violated a 1992 federal law that banned the activity in allbut four states – particularly Nevada – where it was alreadyallowed. In a November op-ed in TheNew York Times, NBA Commissioner Adam Silver urged Congress toadopt a federal framework to allow betting on professionalsports, arguing that a state-by-state spread of measures likeNew Jersey’s would be bad public policy.

“Our long-standing position against the proliferation ofgambling on NFL games remains,” NFL spokesman Brian McCarthysaid in an email.

NEW YORK Legalized U.S. Globally, the market is at least $1 trillion, 90 percent ofit conducted illegally, said Patrick Jay, who oversaw Asia’slargest regulated sportsbook as director of trading at the HongKong Jockey Club. Whichever side loses will almostcertainly appeal.

Major League Baseball declined to comment. 2 American Pharoah won his first race since taking theTriple Crown.

Humphrey and others called the leagues “hypocrites” forblocking sports betting while actively investing in fantasysports companies.

The tide may be turning, however. The NHL did notreply to a request for comment.

The NCAA said in a statement that “the spread of legalizedsports wagering is a threat to student-athlete well-being andthe integrity of athletic competition.”

“It would be a huge economic boost to Monmouth Park and NewJersey and Atlantic City casinos,” Drazin said.

“It’s going to go down in flames,” said Chuck Humphrey,lawyer and author of the website gambling-law-us.com.. It could be as big as $3 trillion, nearly allof it illegal, he estimated.

The NCAA, NFL, NBA and other leagues sued after New Jerseylawmakers legalized sports betting in 2012. But with aneroded casino industry and sluggish state economy, New Jerseyhas been pushing for sports betting for several years andcarrying the ball in the legal battle while other states waitand watch.

“There is an obvious appetite among sports fans for a safeand legal way to wager on professional sporting events,” hewrote.

So far, the NBA is the sole league calling for federalauthorization.

Americans bet $3.8 billion illegally on this year’s SuperBowl game, compared to approximately $100 million of legal betson the event annually, according to American Gaming Associationestimates.

Other states – especially Pennsylvania and Delaware, whichare also in the Third Circuit – might immediately follow NewJersey’s lead if it won and begin pushing for broader sportsbetting, Wallach said.

If legal sports betting spread, New Jersey could eventuallygrab about $10 billion of a national market that could be asmuch as $400 billion, said Dennis Drazin, an advisor to twoparties involved in New Jersey’s Monmouth Park Racetrack, whereon Aug. They won that case as well, and NewJersey appealed.

The state may have only one major league franchise bearingits name: the New Jersey Devils NHL hockey team. sports betting, resistedby professional leagues since they won a federal ban nearly aquarter century ago, could begin spreading around the country ifthe state of New Jersey prevails in a pending federal courtcase.

A decision is expected any day from the U.S. subsidiary of Britain’s William Hill PLC.

LONG ODDS

Those venues would then be free to oversee their ownsportsbooks under the latest bill, which the sports leagues alsotried to block in court

Posted November 29th, 2015 in Uncategorized.

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