Scarinci Hollenbeck, LLC
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Author: Scarinci Hollenbeck, LLC
Date: June 10, 2018
The Firm
201-896-4100 info@sh-law.comIn the wake of the U.S. Supreme Court’s decision in Murphy v. National Collegiate Athletic Association, New Jersey lawmakers are working quickly to enact sports betting legislation. For businesses looking to enter the state’s legal sports wagering industry, there will be a wealth of opportunities.
While businesses can start to lay the groundwork for legal sports pools, it is important to recognize that the regulatory structure is not yet in place. “We’re moving quickly with legislation. I’m hopeful we should be ready by early June. Everyone should respect the legislative process rather than jumping out,” said Senate President Steve Sweeney.
As detailed in greater depth in prior articles, the U.S. Supreme Court recently cleared the way for New Jersey to authorize sports betting within the state. New Jersey first passed a law establishing a regulatory regime for legalized sports betting in 2012. However, the country’s major professional sports leagues and the NCAA filed a lawsuit, which was joined by the Department of Justice. The suit alleged that New Jersey had violated the 1992 Professional and Amateur Sports Protection Act (PASPA), which expressly prohibits government entities, including the states, from authorizing sports wagering.
The Supreme Court agreed with New Jersey that PASPA is unconstitutional because it dictates the extent to which the states must maintain their prohibitions on sports wagering. “It is as if federal officers were installed in state legislative chambers and were armed with the authority to stop legislators from voting on any offending proposals,” Justice Samuel A. Alito Jr. wrote. “A more direct affront to state sovereignty is not easy to imagine.”
Both houses of the New Jersey Legislature are currently considering bills to regulate sports wagering. Sen. Sweeney’s bill, Senate Bill 2602, appears to be the frontrunner. It would authorize casinos in Atlantic City and current/former racetracks in New Jersey to conduct wagering on professional and collegiate sports or athletic events. Below are several other key provisions:
Prior to the Supreme Court’s decision, Americans placed an estimated $150 billion in illegal wagers on professional and amateur sports every year. Now that it will no longer be relegated to the black market, sports betting is poised to explode.
In addition to providing a much-needed boost to casinos and racetracks, legalized sports wagering will benefit media companies like ESPN, as well as data companies that crunch statistics. Digital betting platforms will also stand to reap significant profits once they are authorized to take wagers.
For entrepreneurs and established businesses looking to break into New Jersey’s legal sports betting industry, we encourage you to work with a knowledgeable New Jersey business attorney who can help you negotiate the forthcoming regulatory structure. As with any other new industry, there is a wealth of opportunity, as well as many traps for the unwary.
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