Citing the troubling outlook of the American economy, New Jersey is once again looking to legalize sports gambling. If you ask me, I say the time is now!
With the economy crumbling, states are now looking to find other viable sources of revenue to fund worthy programs, so why not sports gaming? The Garden State seems to think that legalizing and regulating sports gambling is the golden road leading to increased tax revenue. How much? According to a study conducted by Price Waterhouse Coopers, if the ban on online gambling was lifted and all 50 states agreed, try to the tune of $42.8 billion overall revenue if all online gambling was legalized! $9 billion of that total amount would be generated by sports gambling alone. In these troubled economic times, what state in our union wouldn’t welcome even a portion of that revenue?
The resolution sponsored by NJ Senators Raymond J. Lesniak and Jeff Van Drew was unanimously passed by New Jersey’s Senate Wagering, Tourism and Historic Preservation Committee earlier this month. The resolution will urge the US Congress to lift the federal ban on sports gambling.