Cantor Gaming Fines Could Be Bad Sign for Sports Betting Future

January 22, 2014
« Next Previous »

Sports betting is legal in four states – Nevada, Oregon, Delaware, and Montana – with only Nevada taking full advantage.

However, some states – mainly New Jersey – have been attempting to legalize sports betting, but have been shot down.

Sports Betting

The recent judgment made against Cantor Gaming probably won’t do anything to help any further legalization of sports betting. According to The Wall Street Journal, the gambling affiliate of Cantor Fitzgerald LP may have to pay $2 million in fines after it was found that top executives were taking illegal bets.

Cantor Gaming offers sports betting at some of Las Vegas’ most popular casinos, including the Venetian and the Tropicana. While these partnerships are successful, the fact that there were illegal bets being taken by the company could be a basis for critics for betting laws in New Jersey, and any other state that wants to legalize wagering in the future.

Despite being shot down multiple times in the past, legislators in New Jersey still think attempting to legalize sports betting could be a good idea. According to NewJersey.com, it could bring in more than $100 million a year in tax revenue.

The biggest opponents of betting are the NCAA and professional sports leagues, which argue that legalization could create multiple issues, such as players and referees wagering on games which they are involved.

Probably the most important factor in the legalization of sports betting in New Jersey, and another state is how it will be regulated. Much like how online gaming sites were set up, it might be smart to have any sports betting parlors partner with an Atlantic City casino to make it easier to regulate.