The Fight to Legalize Sports Betting

From coast to coast the fight to legalize sports betting is gaining momentum.  With an anemic economy and a government looking for ways to increase revenue, one avenue being explored by some states is to legalize sports betting.  NJ sports betting is gaining momentum and New Jersey Governor Chris Christie is leading the charge.

New Jersey and Governor Chris Christie are leading the legal fight, taking on the NCAA, NFL and other professional sports leagues, as well as the Dept. of Justice, in a courtroom battle that is headed to the 3rd Circuit Court of Appeals for oral arguments on June 26.  Georgia, Kansas, Virginia and West Virginia joined New Jersey, filing briefs expressing their belief that the Professional and Amateur Sports Protection Act of 1992 infringes on states’ rights. PASPA prohibits all but four states – Nevada, Delaware, Oregon and Montana – from offering legal sports betting.

The question for many years is why won't the government legalize and tax sports betting?  Sports betting is more prevalent now than ever before with access to online bookmakers.  The National Gambling Impact Study Commission estimates that $380 billion worth of sports wagers are placed in the United States annually; Nevada's $2.8 billion market represents less than 1 percent of this figure.  So why then with billions of dollars being wagered on sports betting annually will the government not legalize, tax and rake in billions of dollars and ultimately help stabilize the economy?

One of the biggest reasons it is illegal is because of the NFL.  The National Football League feels that is disrupts the integrity of the game.  It still doesn't change the fact that sports gambling is still going on behind the scenes whether they approve of it or not.  

Sports betting is legal, regulated, and taxed throughout Europe, and it's a big business. The bookmakers even sponsor teams and take bets from soccer stadiums.  Why would the government rather raise tax payer's taxes than find additional revenue streams.  Why is it only legalized in four states and only those four states are allowed to reap the rewards?  There should be other states getting involved and expressing their interest to legalize sports betting.

Governor Christie is an advocate for legalizing sports betting and he has proposed to open the casinos and race tracks to accept action on sports.  This would help not only racetracks but also a struggling Atlantic City.  It would revitalize a once vibrant city and potentially attract more people that would have otherwise gone to Las Vegas.  

Ray Lesniak, the state senator, has cited a study claiming legalizing sports book in New Jersey would bring $1.3 billion in revenue and, at a proposed tax rate of 9.25 percent, net the government $120 million in tax collection.  Again, in the United States how can other states like Nevada capitalize on sports betting but New Jersey can't?  Try asking Senate Majority Leader Harry Reid.  Harry Reid is a senator from Nevada that works hard at protecting his states casino profits and market share.  This is a typical example of crony capitalism.

Governor Christie is expected to be one of the Republican parties leading presidential candidates in 2016.  You can expect this bill to only gain momentum over the next couple years but it may take some time.  Until then all gamblers will just have to sit back and accept the fact that the government thinks it knows what we want and thinks that it has our best interest.  In America of all places we are granted the freedom to make choices.  Let us make our own choice on whether we want to gamble.  Don't neglect us the opportunity only because we don't live in one of the four legal states.

 

Article by Timothy Larkin Jr.