Sports Betting New Jersey Expected to be Legal

Monmouth Park

Casinos given lifeline as Sports Betting made Legal in NJ

In a move to save the continuing demise of casino franchises in New Jersey, the Chris Christie management reversed their program and led the way to legislate the majority of sport betting activities earlier this week.

Monmouth Park

Monmouth Park will be one of the first racetracks to offer legal sports betting in October

After a long four-year fight in the courts and among state legislators, sports betting New Jersey governor's office released an instruction saying to gambling enterprises and also horse racetracks that they will not be held civilly or criminally accountable for prosecution by law enforcement. The only remaining obstacle is to have the state's motion authorized by the federal district court. That is to be decided on October 6th.

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Blayne Davis, author of a brand-new publication on illegal sports wagering called “Wild Game”, does not think the federal government will stand in New Jersey's way. “They will certainly not stop it or make policing it a top priority. Economic reality will prevail and I believe several states will follow,” he clarified. “It will be akin to their stance on recreational cannabis in Colorado.”.

Monmouth Park Racetrack has indicated it would offer sports wagering as soon as next month. The only limitations on wagering will be on college teams or any events, expert or college, held in the state.

Confronted with increased competition from neighboring casinos in Pennsylvania as well as Connecticut, New Jersey has actually seen its number decreased to just three casinos this month. Davis believes sports betting will certainly bring more earnings to the state.

“This is a volume-based business. I also feel that there will be a direct correlation between the level of transparency and integrity in the environment the state can provide and the volume of wagers placed”, Davis stated.

A significant boon for New Jersey, Davis added, is that it will certainly lower the widespread unlawful sports betting.

“It will force the offshore bookmakers to close operations because the state can now legally cater to the growing demand.”.

The dangers of legalized sports wagering are very little to the consumer as well as the state, according to Davis, who is a former Commercial hedge fund trader now behind bars for criminal activities committed around the time of the last market crash.

“To the sport the risk becomes from potential attempts at criminal influence over outcomes, similar to insider trading on Wall Street,” said Davis.

However, NBA Commissioner Adam Silver recently mentioned to Bloomberg “it’s inevitable that, if all these states are broke, that there will be legalized sports betting in more states than Nevada. We will ultimately participate in that.”

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