Legal Sportsbetting in Atlantic City

[wilheim]

New Jersey politicians are hoping to pass legislation allowing Atlantic City casinos to open sports books. They hope to keep the state solvent and give a shot in the arm to their casinos. The argument live with sport bettors or pay higher taxes, take your pick, IMO it is a no brainer. If you ask me the AC sportsbook is not far from becoming a reality.



wil.

 

[Noreaga+]

sooner the better

 

[gold64]

It's better be fair, and not have the same Profit margin for them slots have.


Max 10% Vig....

True Parlay odds.....arty:

 

[jjgold]

never will happen

 

[dimeplayersonly]

i have said this before numerous times.............nonononono

there will be no legal sportsbooks outside of vegas in the near (or far) future...

 

[Nomad1951]

As has been pointed out several times by Wild Bill and yours truely, federal law that now prohibits sports gambling in those locations where it is not already authorized would either have to be overturned in court or repealed by Congress ...and neither of those actions are expected anytime soon...

 

[jjgold]

I would love it but lets be hones we will still bet offshore becasue you cannot beat these places and the software they have

It is better than being in Vegas

 

[Whoson1st]

You can't make it legal in NJ. Why?

The police would have LESS people to chase for crime.

The Lawyers would have less people to defend for crimes.

There would be more money available for the Goverment to TAX .

Sports Gambling in New Jersey. Get Real Folks. The mob would lose BIG revenue!

 

[drhockey]

Remember that states have sovereignty over the Federal government, the Feds would extend provisional-grandfather approval due to the fact that it was previoulsy approved in 1994, yet not voted upon via the NJ people or legislature. Even if it failed to due to a Federal "morality" roadblock the state has the right to counter act any act of law the Fed's make under constitutional guidelines, doing so may result in a loss of Federal funding, however I think this will be passed and authorized without much opposition. Thus, it was proposed that the NJ attorney general challenge the constitionality of the Professional and Amature Sports Gambling Act.


Dr.

 

[MrTeaser]

Wil given what WildBill and others said what makes you think there is a good chance of it happening?

 

[Whoson1st]

Last week, I heard on a Radio Station in South Carolina--That IF the federal government does not overturn a Mass. law allowing gay unions, then South Carolina will form a petition to succeed from the The United States and become a soverign territory! This is to take place in 2012 if the law is NOT changed!!



Man the lawyers must LOVE---confusion.

Whoson1st

 

[sportsbet]

I have two things to say about this:

1. However, lawmakers here are pushing sports betting as a way to stave off a budget deficit and to help Atlantic City casinos fight competition.

The fact is that most of Atlantic City is in dire straits and there is no doubt in my mind they need to figure something out to have a large cash flow injection into the city.

2. Acting Gov. Richard J. Codey is reviewing the sports betting bill and has not yet taken a position on it,

I expect Codey to endorse it if for no other reason than the money AC and the state tend to gain if it comes to fruition. I would also expect the majority of NJ voters to ratify this as well if it comes to popular vote.

sb

 

[WildBill]

Atlantic City is not in dire straits, it continues its amazing streak of one year after another of increased gambling revenues. What is wacky here is the idea that they could generate $1 billion off of sports betting. Good luck with that one boys, you can't even offer college betting under all the proposals and somehow you are going to outdo Nevada's handle? Come on, stop dreaming.

I would put a lot of money on a bet that Delaware will take its first legal bet before Atlantic City does. In fact I think it might take Delaware getting the ban overturned and then gaining the competitive edge before NJ finally says lets play ball. Codey doesn't care about sports betting anyways, he is fixated with the idea of getting 5,000 slots in at the Meadowlands before New York can get its 10,000 or slots installed at Yonkers and Aqueduct. Make no mistake full sports betting on just pro teams will generate a mere trickle of revenue to the state; 5,000 slots at Meadowlands would be an absolute gusher of money in comparison.

Trust me on this one guys, I have at my fingertips two of the sharpest government affairs guys around from my working connections. They were exactly on the money when it came to slots going into PA and not MD and they have told me Meadowlands is about 75% likely to have slots approved by the end of 2006. They think sports betting in AC is a 5-10% shot at best and a 0% shot if momentum builds soon for slots at Meadowlands.

 

[sportsbet]

WildBill when was the last time you were in AC? Just wondering...

sb

 

[WildBill]

Another thought as I re-read the story. Look at this quote:

The bill backed by Sires would raise $92.5 million for various programs by taxing an estimated $1 billion in bets.

The math there is either horrendously wrong or just plain horrendous. Either he thinks the books are going to generate $1 billion in profits or he thinks they should tax 9.25% of your wager. In other words if you wanted to bet say $110 to win $100, you would actually have to bet about $120 to win $100 when you throw in the tax. You guys really think that will fly when you can get -105 or -107 offshore in some spots? He can't believe it would generate $1 billion in profits because Nevada books make about $100 million in profits and don't have prohibitions on taking college sports. The numbers don't make any sense whatsoever.

My guess is the state will have to take the 9.25% tax they get now on the net winnings as taxing the amount wagered as it seems proposed would end up generating very light action. Without college sports I think they would be lucky to garner $75 million a year in net profits. So the tax take for this would be about $7 million. You guys seriously think the state will face the rath of the sports leagues for a $7 million plug into the budget? Lets get realistic here.

 

[WildBill]

I was there about 4 months ago to do about a week's worth of work. It ain't no Vegas, but the casino industry there is healthier than it has ever been and the projects in the pipeline stand to make it even healthier. The city is a pit, but the casinos are definitely getting better with Borgata raising the bar.

 

[sportsbet]

That's the sad thing about AC is the Borgata is pretty much carrying the torch for the entire town. The state is going to want to do whatever it can to clean up the city and make it a tourist destination because the potential for revenue coming out of there is endless. They may not be able to generate the same numbers Vegas does but it would be a huge boost to the state financial situation and would give NJ the elbow room to make a lot of needed and warranted changes to the town that have been needed for years.

It may not be 2 billion or even 1 billion (estimates are just that...they won't know until they try) but it would be a substantial difference to the current state. As for the PA slots my state would do anything to keep that money inside the borders so it was only a matter of time IMO before something like that had to happen. PA is a much more pro-gambling state than most people realize.

Thanks for your insights...but I agree to disagree on this one. I just want to see an effort in cleaning up AC and it really doesn't seem to be there right now. Any revenue stream to me is better than none.

sb

 

[unochamps]

Would Lve To See It Happen But How Much Influence Does The Mob Have W/ The Powers To Be To Block It.

I Can Take A 5 Min Ride To See Guido At The Local Pool Hall, Put My Money Up, And Collect The Next Day If I Win. Thats Good For Me, But Ac Will Be Good To People That Don't Have That Kind Of Acess.

These People Don't Know What There Talking About When They Say It Will Harm People, Its Much More Dangerous To Place A Bet On The Phone W/ No Money In Ur Pocket, At Least U Have To Put The Money Upfront.

Everybody Gambles....believe Me....and They Should Get Their Heads Out Of The Sand And Give The People What They Want,

Same For The Nba/nfl People, If It Wasn't For Gambling, They Wouldn't Have Half The Tv Ratings.

 

[WildBill]

I agree anything is better than nothing, but in my professional life I have to deal with realities of gambling on a daily basis. My experience just tells me this thing is getting a free ride right now, but when it comes time to make a move it will get blocked.

Politicians have to get something very tangible to allow this. After all NJ is home to most of the NBA's offices. I think those will be shipped back across the river almost instantly if this passed. That alone could cost the state more than $10 million, which I think would be a best-case scenario of what the state could generate from this.

 

[Keith]

Take a drive to an AC Casino- the town looks like sh*t- it's like driving through Camden, NJ
It definitely needs a major facelift

Atlantic City is not in dire straits, it continues its amazing streak of one year after another of increased gambling revenues. What is wacky here is the idea that they could generate $1 billion off of sports betting. Good luck with that one boys, you can't even offer college betting under all the proposals and somehow you are going to outdo Nevada's handle? Come on, stop dreaming.

I would put a lot of money on a bet that Delaware will take its first legal bet before Atlantic City does. In fact I think it might take Delaware getting the ban overturned and then gaining the competitive edge before NJ finally says lets play ball. Codey doesn't care about sports betting anyways, he is fixated with the idea of getting 5,000 slots in at the Meadowlands before New York can get its 10,000 or slots installed at Yonkers and Aqueduct. Make no mistake full sports betting on just pro teams will generate a mere trickle of revenue to the state; 5,000 slots at Meadowlands would be an absolute gusher of money in comparison.

Trust me on this one guys, I have at my fingertips two of the sharpest government affairs guys around from my working connections. They were exactly on the money when it came to slots going into PA and not MD and they have told me Meadowlands is about 75% likely to have slots approved by the end of 2006. They think sports betting in AC is a 5-10% shot at best and a 0% shot if momentum builds soon for slots at Meadowlands.