It has been estimated that thousands of jobs could be created for New Jersey residents with the legislation of sports betting in this state. Conservative estimates believe that billions of dollars worth of bets are being lost to Las Vegas and offshore online gambling sites. Last week the state’s ‘Wagering, Tourism and Historic Preservation Committee’ voted that this industry be made legal in the state; to allow struggling casinos in Atlantic City and State racetracks to offer sports betting. This approval for a new bill to go to full Senate, could bring in as much as $1.3 billion in gross revenue as well as $120 million in taxes.

The sad thing about this situation is, that Gov. Chris Christie is so slow…he vetoed a bill to allow online gambling in the State of New Jersey, which could have been the first of its kind in the US; but not only that. The veto took place at the end of 2010, so, an entire year has been lost, and in the meantime the NJ horse racing industry virtually collapsed.

Even though Christie purportedly supports the theory of legalized sports betting; the online gambling bill presented by State Senator Raymond Lesniak was designed as vehicle for additional financial support for the horse racing industry. So, the paradox is that the veto may have helped cause this industry to collapse. In retrospect, had the bill not been vetoed, a whole new revenue stream may have been open.

Lesniak is now co-sponsor of this particular sports-betting bill, together with Sen. Jeff Van Drew. It is the goal to be able offer residents in NJ the same rights to legally sports-bet in New Jersey; rather than take their wagering money to Nevada. Duh…surely the theory is a no-brainer?!

Now believing that the sports-betting industry is key to the economic success of Atlantic City is after the fact. But if Las Vegas hotels are at full capacity during the Final Four and the Super Bowl, it’s because punters want to bet on these events; Atlantic City could maintain its competitive edge by offering the same. When these events take place currently, Atlantic City is virtually a ghost town.

Sports betting is prohibited in all but four US states, however, it makes no sense at all for New Jersey to be locked out of the industry sector; they have a gambling driven economy. The Professional and Amateur Sports Protection Act of 1992 locks them out. But under the promulgation of this act – states with super casino already in legal situ were given a one-year window to authorize sports-betting as a legal entity. Nevada, Montana, Delaware and Oregon opted-in before the deadline – New Jersey procrastinated again. By the same token, and with regard to online gambling, Nevada has got the jump on New Jersey once again, when NJ could have been leading the licensing race.

The new bill was approved 4 – 1 which is good news; now it heads off to the full Senate for consideration, and hopefully Chris Christie’s approval this time.