Sports betting is legal in four states – Nevada, Oregon, Delaware, and Montana – with only Nevada taking full advantage.
However, some states – mainly New Jersey – have been attempting to legalize sports betting, but have been shot down.
The recent judgment made against Cantor Gaming probably won’t do anything to help any further legalization of sports betting. According to The Wall Street Journal, the gambling affiliate of Cantor Fitzgerald LP may have to pay $2 million in fines after it was found that top executives were taking illegal bets.
Cantor Gaming offers sports betting at some of Las Vegas’ most popular casinos, including the Venetian and the Tropicana. While these partnerships are successful, the fact that there were illegal bets being taken by the company could be a basis for critics for betting laws in New Jersey, and any other state that wants to legalize wagering in the future.
Despite being shot down multiple times in the past, legislators in New Jersey still think attempting to legalize sports betting could be a good idea. According to NewJersey.com, it could bring in more than $100 million a year in tax revenue.
The biggest opponents of betting are the NCAA and professional sports leagues, which argue that legalization could create multiple issues, such as players and referees wagering on games which they are involved.
Probably the most important factor in the legalization of sports betting in New Jersey, and another state is how it will be regulated. Much like how online gaming sites were set up, it might be smart to have any sports betting parlors partner with an Atlantic City casino to make it easier to regulate.
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 […]
Crypto Securities Law: When Tokens Become Investment Contracts
The application of traditional federal securities laws to crypto assets continues to evolve. In some cases, the Securities and Exchange Commission (SEC) considers tokens and other digital assets to be securities. This makes them subject to federal securities law, including the Securities Act of 1933 and the Securities Exchange Act of 1934. This classification has […]
The Due Diligence Process for NY Condominiums and Cooperatives
While the New York City real estate market can be extremely competitive, moving too quickly often backfires. Before purchasing a condominium or cooperative in New York City, it is important to do you homework. Purchasing property in NYC can involve a dizzying number of legal issues. These include condo and co-op rules, rent restrictions, and […]
Smart Contract Legal Issues: Drafting Agreements for Blockchain
Smart contracts feature a unique blend of legal agreement and technical code. This innovation has the potential to reshape how business is conducted. At the same time, smart contract legal issues around enforceability, jurisdiction, identity, and compliance are common. The legal framework for these self-executing agreements is still evolving. What Are Smart Contracts? Smart contracts, […]
Are Stay Interviews the Key to Retaining Top Talent?
Retaining top talent continues to be one of the greatest challenges facing employers today. Even in an employer’s market, the loss of a key employee can disrupt operations and result in significant costs. While compensation plays a role, long-term retention often depends on workplace culture, communication, and employee engagement. One increasingly popular strategy for improving […]
Secured transactions form the backbone of a wide range of business dealings, including business loans, mortgages, and inventory financing. Because the stakes are often high and relatively minor oversights can have drastic consequences, lenders and borrowers should thoroughly understand how to form an enforceable security agreement that protects their legal rights. What Is a Secured […]
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!
