CCSNJ Supports Lifting the Ban on Sports Betting
Monday, March 09, 2009

MEMORANDUM

TO: Members of the New Jersey Senate

FROM: Debra P. DiLorenzo, President & CEO

RE: SR-12 (Lesniak/Van Drew)

DATE: February 23, 2009

The Chamber of Commerce Southern New Jersey supports SR-12 (Lesniak/Van Drew), which urges Congress to lift the ban on sports bet wagering.

Sports wagering is currently illegal under the “Professional and Amateur Sports Protection Act,” 28 U.S.C.ss.3701 et seq. However, when the act took effect in 1993, it grandfathered the states of Nevada, Oregon, Delaware, and Montana, and gave New Jersey one year to enact a law to authorize sports wagering. As you know, New Jersey missed this opportunity and currently Nevada is the only state where sports wagering is legal, regulated, policed, and taxed.

With current economic conditions impacting the gaming industry so significantly, the Chamber believes lifting the ban on sports wagering would provide a unique opportunity to jumpstart the casino industry in Atlantic City. According to Nevada sports wagering information, during fiscal year 2007 approximately $2.5 billion was wagered on sports activity and this number has grown incrementally over the past five years.

The Chamber believes sports betting in Atlantic City could preserve some of the gaming revenues that New Jersey has continued to lose over the past year due to the economy and competition from Pennsylvania gaming facilities. By legalizing sports wagering in the casinos, state gaming enforcement agencies could properly regulate and police this activity.

The Chamber believes that legal, carefully regulated sports betting in Atlantic City is in the best interest of the State. For these reasons, we ask that you vote “yes” on SR-12 (Lesniak/Van Drew). Thank you for your consideration of this request.