Sports betting committee estimates $11 billion New Jersey market

newjerseyA business and commercial committee of pro New Jersey sports betting supporters, has estimated that New Jersey could open up a $11 billion (£7 billion) market, if sports betting were to be allowed within licensed gambling premises.

The committee further estimated that taxation generated from sports betting could raise more than $600 million (£380 million) for New Jersey struggling racetracks and casinos.

At present New Jersey is preparing to hear oral arguments to be presented to US District Court Judge Michael Shipp. Shipp has ordered a temporary delay to sports betting in New Jersey, following a court filing by the US association of Pro Sports Leagues and the NCAA.

Dennis Drazin legal representative for Monmouth Park thoroughbred track, the scheduled first gambling premises to allow sports betting in New Jersey, has asked UK bookmaker William Hill US operations to present financial estimates and  commercial benefits of allowing sports betting in New Jersey to Judge Shipp.

The business committee further argued that New Jersey could see annual revenues three times greater than those of Las Vegas Nevada, as New Jersey would become the hub of East Coast US gambling and sports betting, driving visitors from New York, Philadelphia and Pennsylvania.

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