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No Go for Casino Sports Gambling in New Jersey

In New Jersey, sports gambling at local casinos is strictly prohibited under federal law. However, last week, a state Assembly committee (with two abstentions) supported a bill to allow voters to decide whether or not to let betting on pro sports to be permitted in Atlantic City casinos. Why has sports betting been so strongly opposed in New Jersey when it is lawfully permitted in Las Vegas and other locations across the US? The main reason has to do with the fun of sports being overshadowed by point spreads and ‘over-under’ odds.

According to these officials, sports betting has done well in Nevada because in the desert it is self contained. In New Jersey, with thirteen professional sports teams that either play in New Jersey or nearby New York and Philadelphia, can present a bad combination with Atlantic City so nearby. In Nevada, there are no major pro teams, so there is less of a conflict of interest (if there is any at all). It seems that the majority of sports betting will have to be done at online casino sites rather than brick-and-mortar casinos.

State Senator William Gormley, R – Atlantic, feels that New Jersey has absolutely no chance to get the federal ban overturned. With sports gambling at casino sites in the state banned by federal law, what is the point of promoting this move? Maybe to see what the people think. With both Democrats and Republicans divided, as usually is the case when it comes to casino gambling in various states in the US, it will be interesting to see how the people will vote. Casino sports betting is one of the many gambling issues, including online casino sites and other casino forms of the pastime, under debate by members of the US Congress. Only time will tell how this bill will be received and viewed by the public of New Jersey.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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