Just over a year ago, the Professional and Amateur Sports Protection Act (PASPA) saw its last day, when the Supreme Court overruled it. Essentially, the May 2018 ruling opened the door wide for any States to add sportsbook to its Casinos. And consequently, it also opened the door to many states to fill up their tax chests thanks to an alternative revenue source.
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We all know how much the Garden State benefited from the favourable verdict. In fact, the ban lift on sports betting means that several casinos like the Borgata, Ocean Casino Resort, Tropicana and Hard Rock now have a sports book. But maybe there too many? It’s a question that decision makers in Atlantic City are asking themselves. And some would like to see new regulations to limit the competition as you’ll read below.
Fight for a win, then regulate
All and all, Governor Phil Murphy fought long and hard to remove the red tape and hurdles connected to the industry. However, these days, it seems like the tone is different. In fact, Jim Johnson, special counsel to the Governor, addressed the New Jersey state Senate committee with a plea for new regulation. He’s hoping to limit the number of casinos in the Garden State. But he’s also looking to impact close jurisdictions too. His main argument is that the casino industry needs close monitoring to avoid market saturation. He also pointed out that he’s looking at the past to prevent future failure.
Two side to the coin
While Johnson speech didn’t fall in a deaf ear. Some lawmakers have already dismissed the idea of limitation. They believe that restricting the free market could have unwanted consequences. But, they’ve also admitted that the suggestion Johnson brought on to the table needs a closer look.
Senator Chris Brown, On the other hand, believe that new investments are vital not to repeat old mistakes. The man went on record and said. “Instead of limiting the number of casinos. We should be encouraging new investment through competition. While the State focuses on enforcing the Casino Control Act.” Now it’s too early to predict the outcome of the debate. But one thing is sure it’s a hot topic, and it should make the headlines for the month to come.