An investigation into illegal sports gambling has finally come to a close, with local, state and federal authorities announcing they have busted a multibillion-dollar gambling ring in Plano, Texas.
As details of the case emerge and states continue to lobby for legalized sports betting, questions are arising about whether allowing this type of gambling in a regulated atmosphere might cut down on pervasive sports gambling law violations.
The sports gambling ring in question was based in Texas, but operated via internet to nearly every state in the country, CBS 11 News reports. The Internal Revenue Service and U.S. Attorney’s office joined the ongoing investigation in 2006. When the ring was finally broken up, authorities found stacks of gold, millions in cash and paperwork revealing that the ring may have handled more than $5 billion in gambling profits.
The bust comes to light amid New Jersey’s appeal to allow sports gambling in local regulated casinos, despite a recent court ruling that prohibited the state from moving forward with its plans. However, Gov. Chris Christie said he plans to take the issue to the U.S. Supreme Court if need be, and noted that it’s unfair that certain states – such as Nevada – are permitted to hold a monopoly on sports betting.
As state’s rights are likely to come into play in the ongoing lawsuit, some are questioning whether legalizing sports betting and managing it in a controlled environment would be preferable to deciphering existing gambling legislation and imposing restrictions on states, many of which are struggling for revenue. Amid the economic constraints many states are facing, revenue from sports betting may help alleviate budgetary constraints. On the other hand, the 1992 federal law that limits sports betting to four U.S. states has been historically upheld by the courts. As New Jersey moves forward with its appeal, it will be interesting to see how the pendulum swings.
New Jersey’s Next Manufacturing Tax Credit: Stability Secured, Timing Matters
A Settled Regulatory Environment Enables Confident Capital Planning New Jersey’s new manufacturing incentive program, Next New Jersey Manufacturing Program, enters 2026 with something uncommon in economic development these days: policy stability. The statute is enacted, New Jersey Economic Development Authority’s (“NJEDA”) rules are adopted, and the application portal is open. With the election outcome settled, […]
When done successfully, industry roll-up acquisitions can dramatically grow and strengthen your business. In this post, we break down what an industry roll-up is, why companies pursue it, and what makes it an effective (and sometimes risky) business strategy. What Is an Industry Roll-Up Acquisition? In an industry roll-up acquisition of companies, a buyer acquires multiple companies […]
Genesis Mission: How the U.S. Government’s New AI Platform Will Reshape Corporate Innovation, Risk, and Competition
The federal government has launched one of the most ambitious scientific initiatives in decades, and it will redefine how companies develop technology, manage risk, and compete. The Genesis Mission, created by Executive Order and driven by the Department of Energy (“DOE”), is intended to accelerate scientific discovery through a national AI platform that links supercomputers, […]
Stablecoins and the GENIUS Act: How New Global Rules Are Reshaping Compliance
Stablecoins Leave the Grey Zone Stablecoins were supposed to be the “boring” part of crypto: digital dollars that just work. Yet for years they have lived in a regulatory no-man’s-land, classified one day as securities, the next as commodities, and sometimes as something regulators had not even named yet. That uncertainty is finally starting to […]
Don’t Overlook the Importance of Business License Management
If you operate a business without the proper license, you risk fines, insurance issues, reputational harm, and even business closure. Even innocent mistakes, like forgetting to renew a license, can have significant consequences, such as losing your lawsuit for payment of services that are unlicensed, which makes it imperative to have business license management procedures […]
Failing to Comply With NJ Rent Control Exemption May Prove Costly
What Developers Need to Know About New Jersey’s Rent Control Exemption Law to Ensure Entitlement to Exemption for Newly Constructed Multi-family Housing. A property owner in Jersey City is facing a $400 million federal class action lawsuit alleging that the landlord did not follow the procedural steps required to be eligible for exemption from local […]
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!
