Sports betting in NJ this fall

Re: Sports betting in NJ this fall

Uhhh, wrong.

Unless I missed some state, they all passed laws regulating weed (mostly just medical use of marijuana). Lesniak seems to be proposing the complete opposite, namely dropping any regulation of sports bookmaking.
Actually, Lesniak is using the words of the DOJ lawyer who made his argument to the 3rd Circuit.

It was the DOJ attorney who suggested that....if Jersey wanted sports wagering, they could very well simply roll back regulation and make it legal. The catch is..... the state of New Jersey could not license, regulate, or promote it.
 
Re: Sports betting in NJ this fall

Actually, Lesniak is using the words of the DOJ lawyer who made his argument to the 3rd Circuit.

It was the DOJ attorney who suggested that....if Jersey wanted sports wagering, they could very well simply roll back regulation and make it legal. The catch is..... the state of New Jersey could not license, regulate, or promote it.
FYI, my quote has nothing to do with Lesniak's using the words of the US solicitor general.
 

Heim

EOG Master
Re: Sports betting in NJ this fall

I'm conflicted re the state incentive here. Some say state won't regulate thus no ability to tax yet I hear Lesniak and Christie pumping their chest about the tax revenue it's going to generate. Are they going to group sports betting proceeds with horse racing thus legally taxable? (assuming sports betting moves forward) Or was the tax revenue just a pipe dream if PAPSA was overturned?
 
Re: Sports betting in NJ this fall

I'm conflicted re the state incentive here. Some say state won't regulate thus no ability to tax yet I hear Lesniak and Christie pumping their chest about the tax revenue it's going to generate. Are they going to group sports betting proceeds with horse racing thus legally taxable? (assuming sports betting moves forward) Or was the tax revenue just a pipe dream if PAPSA was overturned?
Under the previous NJ law that was overturned, there was a state licensing fee (I believe $50k) for sports bookmaking. Now, this has obviously gone away. Under the Lesniak proposal, presumably other state general business taxes will apply and, ironically, I believe the federal tax on total sports gross revenues of 0.25% also applies.

If the PASPA had been overturned and allowed NJ sports betting, the state could have passed any set of tax revenue or licensing fees that they liked.
 
Re: Sports betting in NJ this fall

Actually they do.

You said, "Lesniak is proposing..."

All Lesniak is doing is using the argument that was given to him.

It's not rocket science.
You can't read.

My comment occurred before Lesniak released the language of his proposed new law. In noting the difference between various states legalizing weed, I said Lesniak's general comments "seemed" to be proposing dropping sports bookmaking regulation.
 
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