The Growth of New Jersey Sports Gambling

In May 2018, the Supreme Court declared unconstitutional a ruling that previously made sports gambling illegal nation-wide. This act that was passed by Congress in 1992 was the Professional and Amateur Sports Protection Act. After this ruling, states took it upon themselves to legalize sports gambling. Some states, New Jersey in particular, took advantage of their already large gambling market legalizing sports gambling immediately after this decision. New Jersey has promoted gambling in the state for quite some time, with no better example than that of Atlantic City.

Sports gambling has now been legal in the state of New Jersey for a few months and it is time to see what this ruling has changed.┬áSince sports gambling became legal in mid-June, bets have totaled over $336 million. August saw a rise in bets placed to $96 million before that number nearly doubling in September to $184 million with the kickoff of football season. This extra money from sports betting improved Atlantic City’s nine casinos to $272 million in revenue in September, an increase of 15.5 percent from a year ago.

For long sports gambling has been viewed in a negative light of illegal “off the books” activity. With this change in law, states are now able to not only account for sports betting but also generate revenue from allowing residents to gamble. Now, sports betting companies such as FanDuel, and Draft Kings, are taking advantage of what is a new market to produce profit. They offer dollar for dollar match plays where new customers can receive additional gambling money in exchange for making an account.

What is left to be debated is the moral dilemma that comes with allowing people to gamble in their respective states, as people across the United States have the potential to develop an addiction to the such. But as much of a moral dilemma as this may be, there is no doubt that the courts ruled correctly in doing away with the Professional and Amateur Sports Protection Act. And further, you cannot fault these new companies looking to make a profit in a new growing industry.

As time goes on, it will be interesting to see which states cross over and begin to allow sports gambling to their residents.

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Sources:

https://www.nbcnews.com/news/us-news/football-helps-n-j-sports-bets-nearly-double-184-million-n919736

https://www.thestreet.com/technology/draftkings-ceo-explains-how-it-ll-tackle-legal-sports-betting-14714871

https://thehill.com/opinion/judiciary/386138-high-stakes-in-supreme-court-sports-betting-case

https://www.usatoday.com/story/news/politics/2018/05/14/supreme-court-strikes-down-ban-sports-betting-new-jersey/1053022001/

Image:

https://www.si.com/extra-mustard/2018/01/09/sports-betting-gambling-legalize-states-bills

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