CNBC – As another casino in Atlantic City, N.J., plans to close its doors, some believe allowing sports betting could help invigorate a struggling industry.
Most states don’t allow wagers on sporting events, thanks to a federal ban. In Nevada, where sports gambling is legal, it accounts for $4.25 million of the $11.2 billion in statewide gaming revenues.
“Sports betting unregulated is a debacle. It’s horrible because it puts money into the wrong people’s hands,” said Bill Pascrell III of Princeton Public Affairs Group.
“Why should Nevada and Delaware have a monopoly? … It’s a state’s rights issue,” he said in an interview with CNBC’s “Power Lunch.”
The NFL has fought attempts to allow gambling on its games, arguing that it would put too much pressure on officials to get calls right and that too many people involved in sports betting could cause legal problems, said Scott Spreitzer, sports betting analyst at Pregame.com and a radio host at ESPN.
“I take the opposite view when it comes to that. The more it’s regulated, the more it’s on the up and up, the less chance for people to get involved with unscrupulous people,” he said.