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Sports betting legalization is coming to the US. NJ court decision within days....

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Legend
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Posted: #1

For those interested - great article on the subject.  IMO, it is just a matter of when not if sports betting will be legal and widespread in the US.

The NJ decision is expected this week, and even if it loses, the steps will be put in place through further legislation to legalize and NJ will follow the plan.  Once NJ has it, there are at least 10 states waiting in line to do it right away.

It really seems like the momentum is finally there and this will be happening.  IMO a large part of it has to do with the proliferation of "legal" fantasy wagering which was made legal in 2006 in the UIGEA.  How can you bet on football players but not bet on a football team? 

https://sports-law.blogspot.com/2015/06/preview-of-new-jersey-sports-betting.html

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Legend
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Posted: #2

Please lord, allow them have a moment of clarity and pass this.

Imagine, game fixing would end immediatly.

 
Captain
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Posted: #3
Happy marriage, legalized marijuana, abortion on demand... I don't think sports betting is too much to ask or it's going to hurt society. We need a group... Everything that gets passed has a group. We don't have one.
 
Legend
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Posted: #4
Quote Originally Posted by Killer_B:

Happy marriage, legalized marijuana, abortion on demand... I don't think sports betting is too much to ask or it's going to hurt society. We need a group... Everything that gets passed has a group. We don't have one.






I also think we underestimate the power of Nevada Lobbyists.
~~~~~ZOSO~~~~~
 
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Posted: #5
See thread titles like this at least a few times every year across the different sports betting forums. Still never gets legalized.
 
Legend
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Posted: #6

Quote Originally Posted by TheGoldenGoose:







I also think we underestimate the power of Nevada Lobbyists.

 
Legend
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Posted: #7

The article puts the chance J winning this round at 40%.

But the medium term (within 5 years) odds of widespread legalization have to be around 80%.

Keep your eyes open early this week for the news.

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Posted: #8

Quote Originally Posted by TheGoldenGoose:







I also think we underestimate the power of Nevada Lobbyists.

Bingo and some judge in NJ that has squashed this 2 times already..No time to look up his name right now or weed through previous cases..But this was supposed to be a full-go last year at Monmouth Park early NFL season..

 

 
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Posted: #9

A sportsbook had /has a place there already set William Hill.

Ac needs it BAD Only the Borgata has a Race book now believe it or not.

And maybe the locals in NY/NJ want to keep the sportsbetting in the family also..Family Biz Only..

 

 

 

 
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Posted: #10
Fantasy Sports vs Regular Gaming...wagering is wagering. Decision will call into question the entire PASPA Act.
 
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Posted: #11

I've been following Senator Lesniak and his quest for legalized gambling in NJ since Day 1.

Sorry to say it but I would be absolutely FLOORED if this passes...

I'd give it a 10% shot of passing (and nowhere near 40%).

If it does, I will be to Ray Lesniak.

 
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Posted: #12
Quote Originally Posted by scalabrine:

I've been following Senator Lesniak and his quest for legalized gambling in NJ since Day 1.

Sorry to say it but I would be absolutely FLOORED if this passes...

I'd give it a 10% shot of passing (and nowhere near 40%).

If it does, I will be to Ray Lesniak.



If Scal thinks it has 10% shot at winning, then it's a lock it will pass! Have you seen his long writeups and picks. Woooo Hoooo
 
Legend
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Posted: #13

I think whether it passes this time or not, this decision is supposed to lay out a "roadmap" to legalization for NJ.  So that's why I say it is just a matter of when not if.  This decision wont be the death of it - just give the whole thing direction - either legal now or legal soon.

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Posted: #14
The case is being heard by 3 judge panel of appeals.  No matter what the decision is, it will probably be appealed to a bigger court of appeals.  Then, it will probably get appealed again to the Supreme Court.
 
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Posted: #15
Quote Originally Posted by vanzack:

I think whether it passes this time or not, this decision is supposed to lay out a "roadmap" to legalization for NJ.  So that's why I say it is just a matter of when not if.  This decision wont be the death of it - just give the whole thing direction - either legal now or legal soon.

 

If by 'soon' you mean 5 or 10 years, well, that's not good enough for me.

This case alone has taken an eternity to decide and then I'd have to wait a minimum of 5 years or so after this? When it was all ready to go just mere months ago?

I'd give anything to bet on a game with the confidence Vegas gives me (not the juice of course, but the confidence). 5Dimes is great for betting but they have their drawbacks in other areas (payouts) and have been given me the runaround of late. I'm not taking a payout through Bitcoin or Amazon gift cards.

 
Legend
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Posted: #16

It could be as soon as tomorrow.

But at the longest 5 years IMO.

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Posted: #17
Quote Originally Posted by vanzack:

It could be as soon as tomorrow.

But at the longest 5 years IMO.




It would shock me if this is wrong.

U.S Representative Barney Frank ( now retired ) proposed this several years ago. Why ? Does anyone think Representative Frank knew anything about gambling ? Is he the guy who "gets it" about why gambling should be legalized ? Of course not ! What he did understand is what all liberal Democrats understand-------the expansion of the tax base. This is particularly meaningful at a time when recession tax revenues have not kept up with the graft and corruption that prosperous times provided our "public servants".  So, for all of you who are just dying to see state sponsored gambling, be careful what you wish for. Check out how much the state takes out of your parimutuel wagering at the racetrack. What kind of vig do you think the state is going to take out of your Steelers wagers ? Me, I'll take the 5% you can get without the government rake. Leave it alone. Please.
 
Legend
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Posted: #18

No court decision yet, but good follow up article about the whole thing.

https://www.washingtonpost.com/news/sports/wp/2015/07/01/everything-you-need-to-know-about-new-jerseys-pending-high-stakes-sports-gambling-ruling/

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Posted: #19

Would like to hurry up and get to the finish line on this stuff.....sports betting needs to be legalized so the evolution of the industry can begin in earnest.

Shops competing for customers via reduced juice....signup bonus packages.....huge, liquid futures exchanges that are sports based.....live in-game wagering with maximum liquidity, and technology that rivals the CME and NYSE.....all being backed with 100% guaranteed financial transactions.

This is how earning substantial sums of money betting sports  without the current systematic risk could become possible from your own home.

The tax revenue generated from legalized gambling and marijuana could balance the books in short order. Time to can the nanny  state, and bring freewill back into fashion.

Never Make A Winner A Loser. Never.
 
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Posted: #20
I just find it strange that here in the United States, sports gambling and gambling in general has long carried a stigma whereas in Europe and UK in particular, you will see so many sports betting shops in every town and online of course. Not to mention that all winnings from sports betting is tax-free in the UK and most of Europe as well.
For this reason alone, I will return to Europe once I've got a decent amount together for a home etc and live and 'work' tax free. 

While sports betting may eventually be legalized in the US, it is highly likely that there will be restrictions in place and bettors will still have to declare their winnings. As much as I'd like to think that the government here will follow the European model, money and greed will always take precedent in this country.
 
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Posted: #21
It's always Interesting to me how certain groups of people are for more rights and freedoms for Americans while other groups are hell bent on taking away rights and freedoms like gambling and others.
 
Legend
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Posted: #22

Good 4 minute video that was on CNBC today.

https://www.nbcnews.com/video/future-of-sports-betting-475235395985

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Prospect
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Posted: #23
Quote Originally Posted by vanzack:

Good 4 minute video that was on CNBC today.

https://www.nbcnews.com/video/future-of-sports-betting-475235395985


The reporter does not know what DFS. DFS is legal and it is incorrect to include it with this discussion of the legalization of sports betting.

DFS is not technically considered gambling and is a defined as a game of skill.

The DFS industry is growing and is lucrative for the companies and pros who have the bankroll.

I think that some pros may focus more on sports betting as it is easier to manage. 
 
Prospect
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Posted: #24
Quote Originally Posted by bigvern1013:

Would like to hurry up and get to the finish line on this stuff.....sports betting needs to be legalized so the evolution of the industry can begin in earnest.

Shops competing for customers via reduced juice....signup bonus packages.....huge, liquid futures exchanges that are sports based.....live in-game wagering with maximum liquidity, and technology that rivals the CME and NYSE.....all being backed with 100% guaranteed financial transactions.

This is how earning substantial sums of money betting sports  without the current systematic risk could become possible from your own home.

The tax revenue generated from legalized gambling and marijuana could balance the books in short order. Time to can the nanny  state, and bring freewill back into fashion.


         I think that it is a good thing only for the pros that are EV+. You are going to get a lot of new people betting on sports because of the accessibility. A lot of people will be losing money.

         Probably will see groups of pros trying to gain a competitive edge or mutual funds/ hedge funds that operate in this space. Probably more people will be able to make a living off this as well due to the ability to get money down conveniently and often.
 
 
Legend
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Posted: #25
Quote Originally Posted by Fantasysports1:


The reporter does not know what DFS. DFS is legal and it is incorrect to include it with this discussion of the legalization of sports betting.

DFS is not technically considered gambling and is a defined as a game of skill.

The DFS industry is growing and is lucrative for the companies and pros who have the bankroll.

I think that some pros may focus more on sports betting as it is easier to manage. 

No, I think it is you who totally missed the point.

The reporter was asking if the fact that fantasy sports are legal makes it crazy that betting on the game isn't legal.  You can make your own team of fantasy players and wager on it - but you cant wager on the teams on the field???  That is crazy to most people.

So the law that was passed in 2006 that tried to outlaw sports betting that at the same time allowed fantasy sports betting - is basically the law that 10 years later will allow sports betting to become legal.

And don't give me the BS about fantasy sports being a game of skill.  That is laughable.  Handicapping a winner is not skill?  Please.

 

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