US States Consider Gaming As New Revenue Source
On May 12th, 2009, with their own profits sliding down, some states are looking to utilize into the popularity of March Madness and the Super Bowl betting pools by legalizing sports wagering to receive a portion of the billions of dollars in play.
In the state of New Jersey, state Representative Ray Lesniak is part of a case seeking to invalidate a 1992 federal law that bans sports wagering for the 4 states that already had betting programs: Delaware, Oregon, Montana and Nevada. Only the state of Nevada permits wagering on sporting events across the US and Montana, for the first time ever last year, started offering fantasy football wagering via its lottery.
With casinos in Atlantic City in a slump-winnings were down by 20% from the past year, Lesniak wants the state to get a portion of the $380 billion that some gaming experts figure illegal wagering produces. He said that billions of dollars are being wagered offshore through the Web or organized crime and those are profits that the state should be earning instead.
The state of Delaware may be ready to approve sports wagering this year, prodded by a big decision from Governor Jack Market. A bill won approval in the House on May 8th, 2009 after being earlier dismissed by just 2 votes. The proposal will now go to the Senate for consideration. Different forms of gaming are a sure fire business in all but two US states for a simple reason: It is a good way to earn additional revenue without raising taxes. 30 years ago, players had to travel to Las Vegas or Atlantic City in New Jersey to play legally.
Today, every US state except Hawaii and Utah offers some form of legalize gaming. Sports wagering may be the newest form of gaming but far from being the only consideration why states are taking a bigger consideration with their residents’ love for gaming.
Some of these are: California voters will consider on May 19th, 2009 in permitting the state to borrow $5 billion against future lottery earnings as part of an agreement to balance the state budget. Aside from that, the state of Kentucky may hold a special meeting to consider permitting slot machines at racing tracks to help its horseracing industry.