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Odds Get Better for Legalized Sports Betting in New Jersey29 November 2004TRENTON, New Jersey -- As reported by the Associated Press: "An Assembly committee will hold hearings next week on a bill to legalize sports betting, but lawmakers need to overcome several hurdles before wagers can be placed on games. "Federal law bans sports wagering in most states. However, lawmakers here are pushing sports betting as a way to stave off a budget deficit and to help Atlantic City casinos fight competition. "Assembly Speaker Albio Sires, D-Hudson, now says he backs sports betting as a way to help ease what may be a $4 billion gap in the next state budget. "...Acting Gov. Richard J. Codey is reviewing the sports betting bill and has not yet taken a position on it, a spokeswoman told The Star-Ledger of Newark for its Thursday editions. "Codey also has not directed the attorney general to challenge a federal law that would ban the state from legalizing sports betting, the newspaper reported. "The bill backed by Sires would raise $92.5 million for various programs by taxing an estimated $1 billion in bets. |