Sports Wagering one step closer in NJ....

[Bluto Blutarsky]

Just saw this in today's paper-

Christie deflected another gambling question – about whether he would sign into law an amended sports betting bill passed by the Legislature last week that would allow the wagering at the state’s racetracks and Atlantic City casinos. While the U.S. Supreme Court declined to take the case last week, various federal attorneys during the two-year court battle had laid out a blueprint as to how New Jersey could craft a new betting law that does not violate a limited 1992 ban on sports betting.

“I have not yet reviewed the bill, and I have 45 days in which to review the bill,” Christie said. “As soon as I do and make my decision, I won’t be shy.”

[onefast99]

Originally Posted by Bluto Blutarsky

Just saw this in today's paper-

Christie deflected another gambling question – about whether he would sign into law an amended sports betting bill passed by the Legislature last week that would allow the wagering at the state’s racetracks and Atlantic City casinos. While the U.S. Supreme Court declined to take the case last week, various federal attorneys during the two-year court battle had laid out a blueprint as to how New Jersey could craft a new betting law that does not violate a limited 1992 ban on sports betting.

“I have not yet reviewed the bill, and I have 45 days in which to review the bill,” Christie said. “As soon as I do and make my decision, I won’t be shy.”

He will sign it, presidential aspirations or not! You got pm....

[thespaah]

Originally Posted by biggestal99

There is no compliance issues, no state agency can be involved with this per the court ruling basically its lassiez-faire meaning no state involvement whatsoever. Aka anything goes.

Can Christie with his fed background let sporting betting go without state regulations at the casinos and razcetracks. And allow both to flourish.

There will be no licence for sports betting in Jersey under the current legislation on Christies desk.

Allan

Allan

I would suspect the only state involvement would be regulatory and of course have the ability to tax the wagers.
Apparently the law states that a STATE cannot be an operator of a sports wagering enterprise.
In my mind that means the State can regulate and tax the operation.

[thespaah]

Originally Posted by bks

Appreciate this reply. I think it will be very interesting, given how quickly and easily the bill passed the legislature. Clearly there's enough support there. If Christie signals to Republicans that his veto is only for show, then they may feel free to override it without incurring his wrath.

Lesniak seems quite confident, but I have no way of gauging how good an indicator that is of the bill's final passage.

It is of considerable interest to me as an NJ seashore homeowner. Rooting hard for this to pass.

The GOP is the minority party in both the NJ Senate as well as the General Assembly.
The NJ Senate is 40 members. 24 Democrat, 16 GOP
The Gen Assembly is 80 members, 48 democrat, 32 GOP

[thespaah]

Originally Posted by Stillriledup

How can AC survive without sports betting?

In the next 5-10 years, think AC will be down to just a handful of casinos.
Caesar's just announced the closing of the Showboat Casino to reduce competition. Here's the rub....The Showboat was showing a profit.
AC is well beyond saturation with casinos. A major contraction was eventually going to occur.
Will sports betting save it? Don't know. I can tell you this, according to news reports and other data, day trips to AC are far off their previous years's numbers.
The only way I see AC getting the shot in the arm is if sports wagering is available on line. Or if sports wagering satellite facilities are constructed.
I think that may miss the point. AC casino survival depends on not only gambling ,but hotel occupancy and meals sold.

[thespaah]

Originally Posted by mgoldie1

He has not vetoed it yet.

Just found an interesting article regarding the possible problems if sports betting is instituted:

http://artherworldblog.wordpress.com...dead-or-alive/

These concerns, in my opinion, are why Christie will probably veto it.

Maybe.. But this link shows one person's theory.

[Robert Goren]

Legalized sports betting is another nail in the coffin for NJ horse racing and horse racing in general if it spreads to others states which we know it will. It will draw more bettors away from the sport.
The question remains what happens if the sports leagues reverse course and stop opposing sports betting and start demanding a cut? You have to believe with the court rulings that national fantasy sports leagues have pay a cut to the NFL, MLB, etc , they would be entitled to their cut. The only question is how much would they want. Maybe that is why the Clippers are worth 2 billion dollars.

[onefast99]

Originally Posted by thespaah

I would suspect the only state involvement would be regulatory and of course have the ability to tax the wagers.
Apparently the law states that a STATE cannot be an operator of a sports wagering enterprise.
In my mind that means the State can regulate and tax the operation.

According to Allan the mob can be an operator...only kidding. Yes you are correct the state can regulate this but Allan is correct a gaming license for this type of wagering isn't required, but to be eligible for sports wagering you must run a racetrack and be licensed by the racing commission or run a casino and be licensed by the NJ casino Control Commission.

[Robert Goren]

You never know how this is going to play out. If you had told me in 2005, that the Feds would shut down online poker, I would have said you are nutty than a walnut tree. I have learn never to underestimate the lengths the anti-gambling forces will go stop gambling. The pro-sports betting groups may be able to win this battle, but is far from a given even at this late date.

[onefast99]

Originally Posted by Robert Goren

Legalized sports betting is another nail in the coffin for NJ horse racing and horse racing in general if it spreads to others states which we know it will. It will draw more bettors away from the sport.
The question remains what happens if the sports leagues reverse course and stop opposing sports betting and start demanding a cut? You have to believe with the court rulings that national fantasy sports leagues have pay a cut to the NFL, MLB, etc , they would be entitled to their cut. The only question is how much would they want. Maybe that is why the Clippers are worth 2 billion dollars.

NJ has lost millions due to NY and Pa opening casinos right on NJ's borders. Who cares if it becomes widely spread, like anything else that creates revenue streams it most likely will.

[affirmedny]

Originally Posted by Bluto Blutarsky

Just saw this in today's paper-

Christie deflected another gambling question – about whether he would sign into law an amended sports betting bill passed by the Legislature last week that would allow the wagering at the state’s racetracks and Atlantic City casinos. While the U.S. Supreme Court declined to take the case last week, various federal attorneys during the two-year court battle had laid out a blueprint as to how New Jersey could craft a new betting law that does not violate a limited 1992 ban on sports betting.

“I have not yet reviewed the bill, and I have 45 days in which to review the bill,” Christie said. “As soon as I do and make my decision, I won’t be shy.”

He's too busy dancing on the Tonight show like a buffoon to read the bill.

[onefast99]

Originally Posted by thespaah

Maybe.. But this link shows one person's theory.

Exactly, the numbers Gov C will have in front of him showing the money that the state can get from this will be the deciding factor. Look no further than the budget balancing act Christie is toying with right now signed 3 days ago for $32.5b, this could be a much needed revenue stream for NJ.

[bks]

Originally Posted by thespaah

The GOP is the minority party in both the NJ Senate as well as the General Assembly.
The NJ Senate is 40 members. 24 Democrat, 16 GOP
The Gen Assembly is 80 members, 48 democrat, 32 GOP

Right, but that would still mean GOP participation would be needed to override a veto.

[Canarsie]

Originally Posted by onefast99

Exactly, the numbers Gov C will have in front of him showing the money that the state can get from this will be the deciding factor. Look no further than the budget balancing act Christie is toying with right now signed 3 days ago for $32.5b, this could be a much needed revenue stream for NJ.

Whoever does the numbers is lying before they get started. Let me list reasons why this will be an epic failure.

Seriously how many people are going to drive to the track to place a bet?

Does the track extend credit for a few days if the account is negative?

Will they send a courier to deliver your money in the rare case you make a big taxable (if they decide to) hit? Will they send someone if you won $100? Will they pay for your gas and time to collect your winnings?

Where do you have a better chance being robbed? After collecting at the track or being paid at a mutually agreed place by a runner?

If you want to try and get even the next day will they take your action over the phone?

Will the state be intelligent enough to stop a wise guy from hitting the middle and clean up do to their stupidity?


I don't know a single soul who would drive from my area to Monmouth (less than 15 miles) to place a wager. Do an unscientific survey and ask your friends that question. My hunch is the only time they will say "yes" is if they are at the track already.


The wise guys will pound them into the ground the first few weeks do you really think a government official is smart enough to oversee something like this?

Just like when OTB opened up the big winners will be the bookies. People are already playing the same slot games offered in NJ for years on the offshore sites in Costa Rica. Once again the credit thing comes into it along with John Q. Public not wanting the wife to know.

This is doomed for failure before it even starts. Even poker in NJ has been extremely disappointing.

New Jersey Online Poker Revenues Drop Another 12 Percent in May

http://pokerfuse.com/news/industry/2...2-percent-may/


Knowledgeable dissenting views are always welcome.

[biggestal99]

Originally Posted by Canarsie

1. Seriously how many people are going to drive to the track to place a bet?

2. Does the track extend credit for a few days if the account is negative?

3. Where do you have a better chance being robbed? After collecting at the track or being paid at a mutually agreed place by a runner?


4. Will the state be intelligent enough to stop a wise guy from hitting the middle and clean up do to their stupidity?


5.The wise guys will pound them into the ground the first few weeks do you really think a government official is smart enough to oversee something like this?




Knowledgeable dissenting views are always welcome.

1. What if they are there already playing the ponies. Sports bettors are horse bettors.

2. Will Hill is running the show at Monmouth, How do they operate successfully in the UK?

3. Robbed at after betting sports and collecting at Monmouth? oh sure nobody ever hits big playing the ponies there I guess. I have had 5 figure hits at Monmouth, I wasn't concerned about getting robbed.

4. Will Hill runs the show. are US wiseguys any different than UK wiseguys.

5. See 4.

Allan

Allan