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Is the New Jersey SPortsBetting Market Worth $11 Billion
Wednesday October 29 ,2014 : NEW JERSEY SPORTS BETTING MARKET WORTH $11 BILLION?
A pragmatic reason for NJ businessmen to rally around stalled betting law.
Numbers that have emerged during the litigation between the state of New Jersey and the US national sports leagues over sports betting show that an expert assessment values the potential market at an impressive $11 billion - surely an incentive for gambling businesses to get behind the state in pushing for sports betting legalisation.
The revelation came about when Dennis Drazin, who operates Monmouth Park for the state’s thoroughbred horsemen, asked the track's partner in the sports-betting venture, the US division of William Hill plc, to provide an assessment to assist the court in arriving at an appropriate bond for the sports leagues opposing the introduction of New Jersey sports betting.
The presiding judge in the case, Michael Shipp, appeared to accept the William Hill estimate and set a $3.4 million value on the bond, which the leagues must post to protect Monmouth from the business it would have lost should he void his preliminary ruling and decide against a permanent injunction.
The publication North Jersey.com observed that the estimate represented a three-fold greater market size than the sports betting market in Nevada - currently the only real competition, noting that New Jersey racetracks and land casinos could benefit by around $600 million in revenues a year if sports betting was allowed.
David G. Schwartz, the director of the Center for Gaming Research at the University of Nevada, Las Vegas, agreed that the New Jersey market would be substantial if implementation was allowed by the courts, adding:
“It could be more, because of the greater local [New Jersey] population. A greater proportion of people could visit on a regular basis, which would lead to an overall higher bet total. New Jersey does at least double the online poker business that Nevada does, which could be a good analogy.”
Joe Asher, the chief executive of William Hill’s U.S. branch, told North Jersey.com that New Jersey has more than three times as many residents as Nevada, and that in addition the operators would be able to draw from nearby New York, Pennsylvania and other surrounding states, all of which had a deeply ingrained sports and betting culture.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
Fair Play Bets enjoys an unrivalled reputation for an outstanding player experience, with secure deposits and withdrawals, surprising casino bonuses and committed customer support. Fair Play Bets is licensed in UK, Malta and Curacao.
Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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