New Jersey and Sports Betting Legalization

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The sports betting industry, which most of it is still illegal in most states, but very active, is extremely lucrative and New Jersey is still pushing for its legalization. Although the ramifications of legal sports betting in the U.S. would go far beyond its borders, opinions couldn’t be more opposite.

From one standpoint, an estimated $3 trillion of illegal global revenue comes from sports betting while, perhaps, only 10% of it being legal, and under this scenario, New Jersey can fetch about $10 billion, of an approximately $400 billion national market, if legalized, thus bringing a huge economic boost for the Atlantic City casinos and other venues.

New Jersey stands alone in this pending federal court case, but Pennsylvania and Delaware will be quick to follow its footsteps while looking for broader sports betting if New Jersey won.
From another standpoint, it threatens the integrity of sports games by allowing price fixing, NCAA, NFL, NBA leagues argue, which, for some, this argument is rather hypocritical since some of those same leagues invest in fantasy sports companies.

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

So why is there such a huge underground sports betting world out there, simply because fans love to bet on their favorite teams so why not find a safe and legal way to wager on professional sporting events and allow venues to oversee their own sportsbooks.

This year alone, American fans bet close to $3.8 billion illegally on the Super Bowl game versus $100-million of legal bets on the event and the NBA is the only league asking for federal authorization.

In any case a decision from the U.S. Court of Appeals for the Third Circuit is expected at any moment, and the battle of appeal will continue.

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