A New Jersey bet on sports wagers pays off at Supreme Court

Back in this country: The Supreme Court has ruled that states have the power to legalize sports betting. The case came from New Jersey, a state that fought for years to legalize sports bets at casinos and race tracks. Brenda Flanagan of NJTV News has that background. DENNIS DRAZIN, Monmouth Park: My intention, unless somebody stops us, to be up and running in two weeks. If the legislation or the governor says slow down, I’m going to listen to them.

Dennis Drazin runs Monmouth Park, a racetrack that expanded its bar and lounge to accommodate sports wagering, betting New Jersey would win its decade-long court battle to overturn the south african online casino deposit with entropay on legalized sports betting in most states. Major League sports fought New Jersey all the way to the U.S. Supreme Court, which today ruled that ban is unconstitutional, a David vs. Goliath victory for the former legislator who filed Jersey’s lawsuit. RAYMOND LESNIAK, Former New Jersey State Senator: Fighting every step of the way, having no one believe that I could win, and now finally coming home with a victory, and the benefits to the state, it’s sweet, a sweet feeling. BRENDA FLANAGAN: The high court ruled 6-3 that states could not be forced to regulate sports betting at the same time they were barred from legalizing it.

Nevada was the only state that could offer a full slate of sports wagering options under the 1992 federal ban. Meanwhile, illegal sports betting flourished. But the Supreme Court ruling just created a whole new legal marketplace. RUMMY PANDIT, Executive Director, Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism: The illegal market is about — is estimated close to $150 billion.

Vegas last year, where this is legal, had about $250 million in revenues in sports wagering. So, we anticipate that we in Atlantic city, once it’s up and running, could be anywhere close to $150 million. BRENDA FLANAGAN: It’s tough to gauge economic impact because individual states must enact their own sports betting statutes. Six, including New Jersey, already have laws on the books; 13 others have introduced legislation. The NFL’s still playing defense on this issue, stating: “We intend to call on Congress again, this time to enact a core regulatory framework for legalized sports betting.

We also will work closely with our clubs to ensure that any state efforts that move forward in the meantime protect our fans and the integrity of our game.” Drazin says that, in two weeks, Monmouth park will start taking limited hand bets on future wagers, like the Super Bowl, perhaps, while New Jersey enacts a regulatory framework. DraftKings is maneuvering to offer a mobile online platform in New Jersey. Some analysts expect legalized sports betting here by July 4.