Legal gambling, particularly legal sports betting is doing great so far in New Jersey. But, not everything is all sunshine and rainbows. I hear the bookies who’ve been taking illegal bets on sporting events haven’t been hurting either.
First, here’s a take on legal sports betting, which started in New Jersey a few months ago after a monumental Supreme Court decision.
According to Frank Vuono, a seasoned sports marketing exec with vast experience in pro sports who tracks the sports business and is co-founder and partner of 16W Marketing, which consults with professional teams, other states are racing to get into the sports-betting business, but in New Jersey, this “is going to be a windfall for a lot of people.”
“There’s a rush to make it happen in other states” as well, Vuono says.
The betting pro says casinos like Bally’s, Golden Nugget and Harrah’s in Atlantic City are rushing to set up their sports-gambling operations, and Borgata is already doing an $11 million expansion on the sports book it started right after the Supremes ruled.
And online gambling on sporting events is accounting for most of the betting. But casinos and Jersey racetracks think sports betting will bring customers into their buildings for other wagers as well.
Conclusion
All of this should make illegal bookies nervous, right? Well, actually there’s nobody who speaks for people taking illegal bets. Because first, they are illegal. But bookies can do one very important thing that the casinos and racetracks in Jersey and other states can’t.
Bookies can take your bet on credit. And legal betting places will probably never be able to do that.
