| On 3 years ago

NJ would lose $10 billion a year to illegal betting: Drazin


All eyes are on New Jersey as the U.S. Supreme Court will hear the oral arguments in the state’s long-running battle to legalize sports betting.

The CEO of NJ’s largest racetrack, Dennis Drazin of Darby Development, measures that the enthusiasts could be wagering up to $10 billion on sports betting illegally at the moment. He advocates for legalization of sports betting as existing federal regulation dump a multi-billion annual revenue stream underground.

The Darby Development CEO added that the betting has been going on anyway and there is a significant betting market in this country. And irrespective of the ruling, it would not go away. The court must give the ruling in favor to let all Americans bet if they want to. Drazin also believed that the Supreme Court ruling to bring the betting law into effect could result in revenue boom immediately.

State Sen. Ray Lesniak of D-Union said that the Supreme Court’s ruling in New Jersey’s favor would pave the way for sports gambling becoming legal around the country. Lesniak said that New Jersey’s lead would be helpful, but there will be enough for the other states to do.

Lesniak was of the opinion that legalized sports betting could be a boon to the Jersey Shore gambling enclave, Atlantic City. He said that it is the best venue for people who like to bet on sports because it has great options for dining and staying overnight or long weekends for sports enthusiasts to enjoy. He sees New York, Pennsylvania and Delaware as the potential competition to Nevada.

According to the American Gaming Association estimates, the Americans currently incur $150 billion annually on sports betting, although there are other estimates to claim that it is as high as $400 billion. The association is batting for New Jersey’s effort to legalize sports betting.

Nevada is one of the few states in the U.S where sports betting is legal. The Nevada Gaming Control Board revealed that about $4 billion is legally wagered on sports in Nevada in a year. The state of Nevada alone attracts 30 million sports betting visitors to that state each year.

Presently, a federal law ‘Professional and Amateur Sports Protection Act (PASPA)’ prohibits sports betting in most states of the US.