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Execs Push Legalized Sports Betting

TRENTON, New Jersey – As reported by the New Jersey Express-Times: "Legalized sports betting in Atlantic City would be a financial windfall for New Jersey and allow casinos to compete with flashier Las Vegas counterparts, industry executives testified Monday.

"But detractors of a plan to allow the wagering say it would be a corrupting influence on sports such as baseball, football, basketball and hockey.

"The two views clashed Monday as the Assembly Tourism and Gaming Committee held hearings on whether to move ahead with plans to legalize sports books in New Jersey casinos.

"…By bringing sports betting to New Jersey's dozen casinos, extra revenue from the 8 percent casino tax could be pumped into health care for seniors and charity hospital care, supporters said.

"…As a bonus, supporters added, the legalization would fend off potential challenges from states that have lifted bans on wagering on games including Nevada, Pennsylvania, Oregon and Montana.

"…Joe Lupo, vice president of operations at the Borgata Hotel & Casino, said sports wagering amounts to $80 billion to $300 billion in America with 1 to 3 percent conducted legally.

"…Typically opposition has come from professional sports leagues and those who maintain gambling is morally wrong.

"…One Republican said questions remain whether it will be worth overlooking moral objections…"

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