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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.

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Gambling News :

Tain Fast Bet - Our readers will recall Tain recently increased the number of live events it covers each month to 23,000, covering both traditional markets such as football, tennis and US sports and the more obscure curling, biathlon and Water Polo.

Olympic Entertainment Group Mobile Gaming - In its full-year 2016 report, Olympic Entertainment Group (OEG) has informed the establishment of a Malta-based company registered to facilitate its intended expansion into remote gambling.

Circus Evolution HD Slot - Malta-based content provider World Match has released its first title of 2017, “Circus Evolution HD”, a 5-reel, 3-row, circus-themed adventure offering Free Spins, Wilds and a Bonus Game.

Kindred Group Gets EU Recommendation on Consumer Protection - Kindred Group (formerly Unibet) has become the first operator to successfully meet the requirements of the EU Recommendation on Consumer Protection and Responsible Gambling following an external audit.

17 Crown people still detained - Reports from China over the weekend suggest that the 17 Crown people still detained could be looking at another twelve months of imprisonment as investigations into their alleged and still unspecified crimes drag on

SB1400 Virginia Poker Skill Game Bill - Her bill SB1400 is currently with the Senate General Laws and Technology Committee, whose 15 members will decide whether to progress it or condemn the Senator to another year of failure.

Pennsylvania Video Gaming Association - With the focus on Pennsylvania as the most likely next US state to legalize online gambling as part of a general gambling expansion measure, reporters noted this week the emergence of a new lobbying group in the state - the Pennsylvania Video Gaming Association.

Stiffer Problem Gambling Penalties in UK - The Guardian newspaper reports that the UK Gambling Commission plans to unveil new enforcement strategies on problem gambling and money laundering prevention this month, laying down tougher penalties for operators who fail to tackle these issues.

Malaysian police Destroy over 5000 Gambling Computers - Malaysian police in Kajang have destroyed 5,042 computer sets seized in online gambling raids over the past two years, explaining that the action is designed to take the machines out of circulation.

Spartan Poker vs SpartanPoker name War - Pokerguru, which owns the brand SpartanPoker.com, has threatened to sue the Indian Poker Championship over its use of the title Spartan Poker, and recently published a notification that it is not associated with the IPC version of the brand.

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