New Jersey Expected To Offer Legal Sports Betting Beginning In October – Forbes

In a move designed to save the remaining fast-drowning casino franchises in New Jersey, the Chris Christie administration reversed course and paved the way to legalize most sports betting earlier this week.

After a four-year fight in the courts and among state legislators, the governor’s office issued a directive telling casinos and racetracks that they won’t be held civilly or criminally liable for prosecution by law enforcement. The only remaining hurdle is to have the state’s motion approved by the federal district court. That is slated to be decided on Oct. 6.

Blayne Davis, author of a new book on illegal sports betting entitled “Wild Game”,
does not think the federal government will stand in New Jersey’s way. “They will not endorse it or make policing it a priority. Economic reality will prevail and I believe several states will follow,” he explained. “It will be akin to their stance on recreational marijuana in Colorado.”

Monmouth Racetrack has indicated it would offer sports betting as soon as next month. The only restrictions on betting will be on college teams or any events, professional or college, held in the state.

Faced with increasing competition from nearby casinos in Pennsylvania and Connecticut, New Jersey has seen its number reduced by three just this month. Davis has no doubts sports betting will bring more revenue to the state. “This is a volume-based business. I also feel that there will be a direct correlation between the level of transparency and integrity in the environment the state can provide and the volume of wagers placed,” Davis said.

A major boon for New Jersey, Davis added, is that it will decrease the widespread illegal sports betting. “It will force the offshore bookmakers to close operations because the state can now legally cater to the growing demand.”

The risks of legalized sports betting are minimal to the consumer and the state, according to Davis, who is a former Wall Street hedge fund trader now in prison for crimes committed around the time of the market crash.

“To the sport the risk becomes potential attempts at criminal influence over outcomes similar to insider trading on Wall Street,” said Davis. However, NBA Commissioner Adam Silver recently told Bloomberg “it’s inevitable that, if all these states are broke, that there will be legalized sports betting in more states than Nevada. We will ultimately participate in that.”