NEW JERSEY SPORTS BETTING REGULATIONS PUBLISHED
16th October, 2012 at 03:07:03
Regulators get on with the task despite legal challenges
Whilst lawyers for the state of New Jersey and legal representatives of the major US sports leagues continue to cross swords in court on the legality of the Garden State's intention to licence and regulate intrastate sports betting (see previous reports), the state regulators are getting on with the task of introducing the necessary regulations.
The New Jersey Division of Gaming Enforcement published regulations for sports betting Monday in the New Jersey Register, making it possible for suitable gambling operators in the state to apply for $50,000 sports pool licenses beginning January 9.
How enthusiastic such companies will be remains to be seen; earlier this year several gambling industry executives expressed support for the project but explained that substantial investment in equipment and infrastructure had to be balanced against the risk of the changeable nature of politics and legal outcomes.
Introducing sports betting is seen as a much-needed boost for state racing companies and Atlantic City's struggling casinos, which have faced growing competition in recent years, exacerbated by a weak economy.
Governor Chris Christie is taking a combative stance in support of the New Jersey move, which challenges the federal PASPA and has been legally challenged by the NFL, Major League Baseball, National Basketball Association, National Hockey League and the NCAA (see previous reports).
The NCAA announced on Monday that it would find new hosts for five championships scheduled to be held in New Jersey this year.
Related News Tags: Atlantic City, New Jersey