NJ Gears Up for Sports Betting Before Court Ruling

NJ Gears Up for Sports Betting Before Court Ruling

NJ Gears Up for Sports Betting Before Court Ruling

The U.S. Supreme Court decision to allow states to legalize sports betting is great news for investors in the sports industry and gambling, billionaire investor Mark Cuban told CNBC on Monday.

Meanwhile, the sports betting decision could have implications for a wide range of other state laws - including those legalizing marijuana, Nina noted.

While leagues have looked to grab a piece of the what could become a $10 billion-a-year sports gambling business in New Jersey - mostly through a hoped-for 1 or 2 percent integrity fee attached to each wager - the revelation that individual teams may now be interested in partnerships means in-stadium advertising for bookmakers could be coming down the road.

It was a victory for the state's recently departed governor, Chris Christie, who had challenged the Professional and Amateur Sports Protection Act, passed by Congress in 1992 to preserve the integrity of the nation's most popular sports. There have also been exceptions for Montana, Oregon and DE, which had already approved some form of sports betting before the 1992 law took effect.

Raymond Lesniak, a former Democratic state senator who sponsored the bill, said states should be free to wrest sports gambling back from organized crime and offshore operations.

"I am thrilled to see the Supreme Court finally side with New Jersey and strike down the arbitrary ban on sports betting imposed by Congress decades ago", Murphy said Monday.

The ruling puts the states in control of sports betting.

"The legalization of sports gambling requires an important policy choice, but the choice is not ours to make", wrote Justice Samuel Alito. She suggested the law could be severed for a less broad ruling that would only impact the states and not private parties. The four major professional sports leagues and the NCAA sued, and the state lost in court.

Gaming industry experts have predicted that many states, including California, would authorize betting on sports if given a chance to do so.

More than a dozen states had supported New Jersey, which argued that Congress exceeded its authority when it passed the law barring states from authorizing sports betting.

It was a busy day at the Supreme Court.

In 2014, New Jersey tried a different tactic by repealing laws prohibiting sports gambling at casinos and racetracks. That also was rejected at the trial and appellate levels, but the Supreme Court agreed last June to hear the case.

"PASPA "regulates state governments" regulation' of their citizens".

In July 2017, Assembly Member Adam Gray introduced a constitutional amendment that would allow the state "to permit sports wagering only if a change in federal law occurs".

What's next for NJ sports betting?

But which states will offer gambling, and when?

In its statement, the National Football League noted that "Congress has long recognized the potential harms posed by sports betting to the integrity of sporting contests and the public confidence in these events".

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