In a bid to see the introduction of a legalized sports betting industry on a federal level in the United States, two important proposals have been reintroduced in Congress. The sponsors of the bills, Congressman Frank LoBiondo and Frank Pallone Jr, said that the bills could reduce the $150 billion wagered in the unregulated sports betting market in the US.
The congressman are both from New Jersey, a state which is battling for its own rights to introduce a regulated sports betting industry within state borders. The Garden State will soon learn whether the Supreme Court will hear its case to appeal a decision that will not allow it to offer legal sports betting. The congressmen said in a statement that their house bills “would ensure a path forward for New Jersey and other states seeking to legalize sports betting, regardless of whether the Supreme Court hears New Jersey’s case.”
This is not the first time that Pallone and LoBiondo have introduced proposals. Similar legislation was introduced two years ago, but nothing came of these attempts.
Pallone is seeking to introduce the NJ BET Act, a bill that could see New Jersey exempt from federal sports betting laws.
The Sports Gaming Opportunity Act, sponsored by LiBiondo seeks the right for all individual states to introduce their own laws governing sports betting within a four year window.
The lawmakers say that sports betting is a multibillion dollar industry in the United States, despite most states banning it. As such, they believe that the US would benefit greatly if the industry was regulated so that they could claim some of the dollars being spent.
“Sports betting is already happening across our state and across the country, but instead of being appropriately overseen and raising needed revenue for our casinos, racetracks, businesses, and the state, these bets are placed through illegal enterprises,” said Pallone.
“It is time to bring this activity out of the shadows. I am pleased to join Congressman LoBiondo in reintroducing these commonsense bills that would level the playing field and give New Jersey’s citizens the opportunity to share in the profits from sports betting.”
There is hope that the new Trump administration will realize how many sports betting dollars it is missing out on. The AGA believes that the new president is in favor of legal sports betting, something he has expressed in a number of interviews.
