Casinos Hit Jackpot as Court Allows Legalization of Sports Betting
In a boost not to just Atlantic City but to betting venues across the country, the Supreme Court this week overturned a 1992 federal law that had prohibited most states from authorizing sports betting.
The court said the federal law violated constitutional principles limiting the federal government from controlling state policy involving this specific portion of the U.S. commercial real estate market – which includes South Jersey retail space. It unconstitutionally required states to prohibit sports betting under their own laws.
This report on trends in the U.S. and South Jersey commercial properties market is being made through South Jersey commercial real estate broker Wolf Commercial Real Estate, a South Jersey commercial real estate brokerage firm.
Atlantic City, which has seen five of more than a dozen casino/hotels closed over the last five years, will see two of them re-open next month under new ownership and management. The new operators were placing their bets in part on New Jersey winning its case at the Supreme Court, which would be a positive move for both the national and South Jersey commercial real estate markets.
The floodgates now are officially open for other states to allow sports betting as well, said Daniel Wallach, a gaming and sports law lawyer with the law firm of Becker & Poliakoff in Fort Lauderdale, as consensus is that this Supreme Court decision is significant for both national and South Jersey commercial real estate properties.
With states now authorized to legalize sports betting, Wallach predicts there will be a flurry of state legislation related to U.S. and South Jersey commercial real estate listings in hopes of raising revenue from the activity.
New Jersey racetracks and casinos – both key parts of the U.S. commercial real estate market, including South Jersey retail space – already have mobilized and could be taking bets before the end of the summer, Wallach said. Other states will not be far behind as Pennsylvania, Connecticut, West Virginia, and Mississippi have already passed bills, and an additional 14 states have introduced bills.
The U.S. Supreme Court heard oral arguments last December in a case brought by the state of New Jersey arguing for the right to allow sports betting in the state.
The decision was a setback for professional and collegiate sports leagues and organizations, including the National Collegiate Athletic Association, the National Football League, Major League Baseball and National Basketball Association that supported the ban on sports betting, contending the ban is necessary to protect the integrity of their games.
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