New Jersey asked if it wants to legalize betting on sports
Post on: 2011-11-02 By: admin
FREEHOLD, N.J. -- Sipping a beer and killing time in the 15 minutes between races at Freehold Raceway one recent afternoon, the guy in the Jets hat pondered the possibility that he might one day be able to put $100 down on his favorite football team at the same time he plunked down cash on the next sure thing at the track.“There would be a lot more of us here, that’s for sure,” said Steve Kerrigan of Brick, who bears a passing resemblance to Jets coach Rex Ryan, and who wouldn’t mind a wager or two on Gang Green.New Jersey voters will be asked on the Nov. 8 ballot whether they want to make sports betting legal. It will be the only public question on the ballot this fall, and if pre-election polls are any indication, it should pass.But even if it does, a federal ban on sports betting in all but four states must be lifted before anyone in New Jersey can start making legal bets on the Jets, Giants or Eagles, or any other pro team, for that matter. The state missed a 1991 federal deadline to legalize sports betting, and was left out of the 1992 law that allowed it in Nevada, Delaware, Oregon and Montana. Nevada is the only state taking legal bets on individual games.Raymond Lesniak, a state senator, sued the federal government, aiming to overturn the Professional and Amateur Sports Protection Act. A federal judge dismissed the lawsuit in March, but Lesniak, an Elizabeth Democrat, nevertheless plans to introduce state legislation right after the referendum to lay the groundwork for allowing sports betting in New Jersey if the ban is ever lifted.Sports betting proponents want to help the state’s struggling casinos and horse racing tracks, where bets would be taken, and provide a new source of tax revenue from a huge pool of money flowing untaxed to illegal bookmakers often allied with organized crime, or to unlicensed offshore Internet sites.“A ‘yes’ vote for sports betting will give a huge boost to casino revenues and attract many more tourists to Atlantic City for numerous sporting events throughout the year,” Lesniak said. “It will save our horse racing industry as well, once we challenge and overturn the unfair and unconstitutional federal ban that allows Las Vegas to reap its benefits, along with organized crime-run betting rings and illegal offshore gaming sites.”NFL opposed
Opponents include the National Football League. At a 2010 public hearing in Atlantic City on proposals for sports betting, NFL spokesman Timothy McDonough reiterated the league’s long-standing opposition to legalized betting on its games. He said such gambling games could undermine their integrity in the eyes of fans.Bettors would go to an Atlantic City casino or to a horse racing track, where the upcoming games and odds would be posted. Bets would consist of two elements, the betting line or point spread, and the price to bet. If the Jets were favored by 3 points over the Chargers and the price was set at $110 for a $100 bet, bettors would hand the casino or track $110 and get a slip recording their bets. If the Jets won the game by more than 3 points, bettors would get back $210 — the $110 they originally put up, plus the $100 they won.If the Jets lost the game, the casino would keep the $110 the bettor put up. The extra $10 the bettor was forced to put up front represents the source of profits for the casino; the other $100 would go toward paying customers who won.
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New Jersey asked if it wants to legalize betting on sports
New Jersey voters will be asked on the Nov. 8 ballot whether they want to make sports betting legal. It will be the only public question on the ballot this fall, and if pre-election polls are any
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Article original from: http://www.tennessean.com/article/20111031/BUSINESS01/310310011/1003/BUSINESS
