New Jersey legislature holds hearing regarding online sports betting concerns
Some maintain that online sports wagering is harming the land-based market.
Key Points
- The economic effect of online wagering remains a highly debated topic
- Supporters say the market creates additional revenue and jobs
- Opponents insist brick-and-mortar casinos could lose money to their online counterparts
Problem gambling treatment workers have raised concerns regarding the impact online sports betting in New Jersey has had on brick-and-mortar casinos and workers, according to a recent Associated Press report.
Lawmakers statewide recently met to discuss the issue and heard the viewpoints of concerned problem gambling treatment workers.
Council on Compulsive Gambling of New Jersey Executive Director Felicia Grondin testified during the hearing, “One can lose tens of thousands of dollars within minutes simply by picking up a cell phone.”
However, Sports Betting Alliance President Jeremy Kudon pointed out how online sports betting in the Garden State has affected the local economy.
“It’s a tremendous economic success story,” he told the AP. “Our industry employs over 4,000 people in north Jersey alone. This is bringing an economic boom to the state.”
Similar debates regarding iGaming and the impacts the market could have on land-based business have caused many states in the US to consider whether welcoming legal online gaming is a good move for their territories.
This topic was discussed at length during an educational breakout session at this year’s G2E in Las Vegas. The panel was led by Soft2Bet CBDO Martin Collins and politician and Fanatics lobbyist Brandt Iden.
When addressing the concern that legal iGaming could potentially cannibalize land-based markets, Iden said the argument “is absolutely false.”
Online gaming is currently legal in some form in seven US states, although some of those have limited access, such as online poker only.
States with legal iGaming access include Pennsylvania, Delaware, Nevada, New Jersey, Rhode Island, West Virginia and Connecticut.
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