Legal analyst Jack Ford came forward today stating that US citizens bet $400 Billion on sports annually, and Nevada betting would only make up for about 3% of the total sports betting action in the United States.
Ford spoke on Colin Cowherd’s ESPN Radio show this morning and shocked the host and its listeners with the staggering numbers, which will be analyzed in great detail in the upcoming 60 Minutes TV show. For now it’s not clear what kind of sports betting is included in Ford’s $400 billion, but it’s clear that Nevada betting monopoly no longer works in 2014.
This subject, and its numbers, came to light as New Jersey pushes for regulated sports betting. When the state voted for sports betting it was sued by the big sports organizations NFL, NBA, MLB and NCAA because sports betting influence the integrity of the game. The State of New Jersey has lost its first two hearings but it appealed, and now it’s on to the highest court to decide whether or not New Jersey will be allowed to offer legal sports betting.
If New Jersey would win this court battle it could open up endless possibilities for other states looking to implement legal sports betting. Estimates say that New Jersey could profit upwards of $100 million per year by offering sports betting.