..

New Jersey Take Notice: Delaware Casinos Say Sports Betting Lucrative

Written by:
C Costigan
Published on:
Nov/21/2010
Raymond Lesniak

As Gambling911.com has reported throughout the last several months, the state of New Jersey is on the verge of legalizing online sports betting for its nearly 9 million residents.  Proponents for legalized sports betting in the state have suggested the new industry would result in1,900 jobs, $250 million in annual gross gaming revenue and up to $55 million in annual state gaming taxes.

State Senator Raymond Lesniak (D-Union – pictured) has spearheaded efforts to pass legislation allowing betting, not just on sports, but poker and Internet casino games.  With the backing of a handful of online gambling enterprises to date, Lesniak is hoping to overturn a 1992 law that currently outlaws sports betting in 46 states.

"Sports betting in the U.S. is unregulated, untaxed and illegal," Lesniak said. "Rather than supporting thousands of jobs, economic activity and tourism, the federal ban supports offshore operators and organized crime."

New Jersey need only look across the river at Delaware to understand how lucrative legalized sports betting can be.

The first couple of weeks we saw a 100-percent improvement in revenues. We're happy with sports betting and hope it continues."

Legalized sports betting began in Delaware at the start of last year’s NFL season.  Only parlays are permitted and there is no wagering sports over the Internet.

Dover Downs Hotel and Casino CEO Ed Sutor realized the potential after just one week of legalization. 

"The first couple of weeks we saw a 100-percent improvement in revenues,” he told WBOC-TV.  “We're happy with sports betting and hope it continues."

Last week, a Senate panel in New Jersey cleared way for legalized sports betting in the state.

The Internet gambling bill also includes a provision for the racing industry, which is vital to New Jersey’s economy.

A percentage of the amount of tax generated by online gambling will go directly towards the horse racing industry, including augmentation of purses.

"New Jersey could become a global Mecca for Internet gaming," William Pascrell III, a lobbyist for the online poker sector, told the Standard Breeders & Association of New Jersey.  He added that any regulatory and licensing issues could be addressed within six to nine months after such a bill became law.

- Christopher Costigan, Gambling911.com Publisher 

Gambling News

Odds Released on Meghan Markle Attending Prince Philip's Funeral

Odds Released on Meghan Markle Attending Prince Philip's Funeral

It's a sad day for the world as it was revealed Friday that Prince Edward, husband of Queen Elizabeth II, had passed away.  He was 99 and lived an otherwise amazing life.

New York's Path to Mobile Sports Betting Questionable

New York is expected to allow for two mobile sports betting master licensees with a minimum of four skins, a model many view as least competitive.

Florida Gambling Bills Don't Include Sports Betting

Florida Gambling Bills Don't Include Sports Betting

One of three bills introduced would allow for gambling at former US President Donald Trump's golf resort in Doral just outside Miami

Maryland Sports Betting Would Have No Cap

Maryland Sports Betting Would Have No Cap

Maryland is on its way to becoming the first state with an unlimited (uncapped) number of online sports betting operators, both online and retail.  This means, in theory at least, that the Old Line State could host just about any current legal operator. Wyoming and Tennessee allow unlimited sports betting licensees online.

New York Approves Online Sports Betting: But What Model?

New York Governor Andrew Cuomo has given his blessing to legalized online sports betting in the state as part of the 2022 fiscal year budget.

Syndicate