Federal Ban Defied By Super Bowl Wagers as New Jersey Works to Revamp Law
On 18.02.12, In Legal Industry, by Blake Houser
According to Arthur Vanrell, the Giants will triumph over the Patriots in Sunday’s Super Bowl.
Vanrell of Toms River, said, “Eli Manning is a killer in the fourth quarter. Plus they’re magic on third downs. It’s the Giants all the way.”
Vanrell is so sure that he say he would bet on it, except that sports betting is illegal in New Jersey.
Nevertheless, it would appear that change may be on its way. Permitting straight bets, teasers, hedges, parlays and other gambles at some point in the future is largely viewed as one of the ways to boost the New Jersey’s casinos and racetracks, which would function as host sites for sports betting, as well as provide an infusion of revenue to the cash-starved treasury of the state.
In the state of Nevada, where sports betting is allowed, the betting parlors look forward to handling over $80 million in gambling on the big game based on figures from the gaming regulators of the state.
Not only are people laying bets in Nevada, they also plan to enjoy the game in style. The Las Vegas Convention and Visitors Authority says that money spent in restaurants, shops, hotels and other non-gambling activities for Super Bowl weekend is expected to reach $85.6 million
According to New Jersey State Sen. Raymond J. Lesniak, the law governing New Jersey betting is not likely to be revamped before the year. However, Lesniak promised that the wait will definitely be worth it.
He said, “New Jersey’s gambling industry, our casinos and racetracks, employ thousands, produce billions (of dollars) in revenues, and hundreds of millions for the state treasury. Those industries are in decay and in danger of dying. Without an infusion of new revenues from sports betting and online gaming, they will die.”