Gambling lawyer says New Jersey verdict good for business
A gaming lawyer at Cooper-Levenson in Atlantic City, Lynne Kaufman, says the Supreme Court’s decision to cancel the ban on sports betting in the USA is a big win for the state of New Jersey.
It is also a win for racetracks and Atlantic City casinos that will be cashing out from the decision with both types of venue expected to feature sports betting, starting as soon as the next few weeks.
Last Monday’s ruling makes the bill signed into law by former Governor of New Jersey, Chris Christie to authorise sports betting at the state’s casinos and horse racing tracks valid.
Kaufman, who has been following the case since 2011, when the New Jersey’s voters passed the initiative to have sports gambling legalised said there was global repercussions because of the changed landscape in the states.
“There’s been a lot of interest and a lot of companies have been positioning themselves (anticipating) this would happen,” she said.
“We believe that there’s a huge sports betting industry in Europe and outside the United States and with the repeal of PASPA, this will result in the industry being based in the U.S., and the creation of jobs and opportunities that don’t currently exist.”
She was of the view that the New Jersey verdict stands the chance of having immediate benefits including creating new revenue streams for existing businesses in the State of New Jersey. This includes online wagering which will give local businesses a fighting chance against the offshore sites eating into their revenue.
“We believe that we are just very well-positioned to help our industry in many ways,” she said.
Atlantic City gaming has seen an increase in revenue and expects this to continue with the Supreme Court’s decision.
The Chairman of the Casino Control Commission, James Plousis noted that the 10 percent growth in internet gaming is a strong indication of prospects.
“But the big news is that the future for the industry looks even brighter with the Supreme Court decision today,” he said.
“With the upcoming opening of the Hard Rock casino-hotel and Ocean resort, he was optimistic that “sports wagering will fuel future growth for the casinos and add a new attraction for visitors.”