Sports Betting News: World Cup 70 Percent of BM Rev

Make no mistake about it, sports betting businesses across the globe are looking forward to this summer's FIFA World Cup and the betting frenzy that comes with it. 

An event that takes place every four years, the World Cup generates substantial revenue streams for bookmakers, especially those that maintain a Web presence.

How much revenue?

Victor Chandler is in the process of setting up shop in South Africa after being granted a license to operate there.  One of the largest European bookmakers, VC understands what is in store for them.

"Soccer now makes up more than 70% of our global income," Victor Chandler , owner of the international betting group of the same name, stated.

David Attenborough, CEO of betting group Phumelela 's South African operations, drew an even more astonishing comparison.

"Recent research indicates that there are over 20-million people that support soccer in SA, whereas there are only 1,5-million supporting and betting on horse racing," said Attenborough.

Levy on Irish Sports Bets

International online gambling sites would be forced to pay tax on Irish bets under Opposition proposals revealed on Thursday.

The Labour Party said offshore bookmakers - including telephone and television operators - would be brought under a new 1.5% levy for the industry. This would replace the existing 1% tax in betting shops and raise 90 million euro for the Horse and Greyhound Racing Fund.

Mary Upton, Labour's sports spokeswoman, said operators refusing the pay the levies would be banned in Ireland.

Presumably this measure would affect Ireland's two biggest bookmakers, Paddy Power and Boyle Sports.

Lesniak Believes 70% of NJ Voters Will Go For Legalized Sports Betting

New Jersey Senator Raymond Lesniak wants legalized online sports betting in his state.  Last week he drafted a bill that would allow New Jersey to join Nevada and a handful of other states in allowing wagers on professional sports.

Nevertheless, getting legalized online sports betting in New Jersey will face numerous obstacles, one of which will be support from the state's nearly 8.7 million residents.

Chad Millman of ESPN.com:

Introducing a sports betting amendment to the New Jersey constitution won't change anything -- the state still won't be allowed to offer that kind of wagering. But if Lesniak gets it passed by the state's legislature and on the ballot for this November, and New Jerseyans vote yay on the issue, should the federal betting ban ever be lifted, the Garden State will be ready to roll immediately.

"And when it passes with support from 75 percent of our voters it will send a message to those in Congress that this is something people want," says Lesniak.

Whether or not the Supreme Court agrees is another question.

Jagajeet Chiba, Gambling911.com