The Stoler Report – Sports Betting

The Stoler Report – Sports Betting


♪ [THEME MUSIC] ♪
>>IT’S LEGAL.
IT’S CALLED SPORTS BETTING AND
IT’S DUE TO THE PEOPLE SITTING
AT MY STUDIO TODAY.
PEOPLE WHO WORKED HARD TO GET
SPORTS BETTING IN THE STATE OF
NEW JERSEY.
TODAY, WE ARE GOING TO TALK
ABOUT SPORTS BETTING IN NEW
JERSEY, SPORTS BETTING IN NEW
YORK AT WHAT IS HAPPENING WITH
SPORTS BETTING.
MY GUESS INCLUDE DENNIS DRAZIN,
PRESIDENT OF DRAZIN & WARSHAW
AND ALSO, CHAIRMAN & CEO OF
MONMOUTH PARK AND DARBY
DEVELOPMENT.
THE MAN WHO WON THE SUPREME
COURT CASE,
WILLIAM PASCRELL, III.
PARTNER AT PRINCETON PUBLIC
AFFAIRS AND THE CASINO AND
GAMING SPECIALIST OF
GENOVA BURNS,
NICK AMATO.
FOUR YEARS AGO OR FIVE YEARS
AGO, YOU WERE ALL ON MY SHOW.
HOW COME IT TOOK PLACE?
IT WAS DESTINED TO HAPPEN,
BUT WHY THIS TIME?
>>I WANT TO CROW ABOUT THE GUY
TO MY RIGHT.
DENNIS WHO HAS THE BATTLE SCARS
LIKE WE DO STARTED THIS PROCESS
ALONG WITH SENATOR LESNIAK.
THEY SAW SOMETHING NOBODY ELSE
DID AND THEY GOT INVOLVED.
THEY PUT THEIR MONEY,
WHERE THEIR MOUTH IS, AND
THEIR LEGAL EXPERTISE AND DENNIS
SAW IT ALL THE WAY TO THE END.
THERE AREN’T MANY PEOPLE WHO
WERE IN FROM PILLAR TO POST.
>>THAT’S A GOOD ONE.
POST ON THE TRACK.
>>I HAD THE PRIVILEGE TO SIT
NEXT TO DENNIS AT THE HEARING
WHEN THE BILL WAS VOTED
OUT OF COMMITTEE.
I BELIEVE THAT WAS A PRIVILEGE.
I AM JUST HONORED TO BE INVOLVED
UNDER DENNIS’ LEADERSHIP.
>>EXPLAIN TO ME AND MY
AUDIENCE WHAT CAN YOU DO IN
NEW JERSEY,
AND OTHER STATES AND HOW BIG
SPORTS BETTING IS IN TOTAL?
>>WE ANTICIPATE YOU WILL BE
ABLE TO MAKE THE SAME BETS THEY
MAKE IN VEGAS.
>>THE BETS IN VEGAS HAVE TO BE
AT THE CASINOS, RIGHT?
>>THEY ARE NOT JUST AT THE
CASINOS.
THEY ALSO HAVE MOBILE.
IN NEW JERSEY, WE ANTICIPATE
THERE WILL BE BRICK AND MORTAR,
CASINOS, RACETRACKS, AND
LANGUAGE ABOUT FORMER
RACETRACKS.
YOU WILL HAVE MOBILE
APPLICATIONS, AND YOU WILL BE
ABLE TO GO ONLINE.
WE ANTICIPATE — IT HAS BEEN A
LONG FIGHT BUT THE PUBLIC IS
ANXIOUS FOR THIS OPPORTUNITY TO
HAVE ALTERNATIVE GAMING AND NEW
JERSEY HAS BEEN THE LEADER IN
THIS.
WE STARTED THIS FIGHT NINE YEARS
AGO, EIGHT YEARS AGO, SEVEN
YEARS AGO.
>>WHY WAS IT APPROVED AT
THE COURT NOW?
WAS IT TIMING?
WAS IT GETTING IT THROUGH THE
SYSTEM?
WHAT CHANGED THE MOMENTUM THAT
IT TOOK PLACE IN 2018?
>>THE COURT LOOKED AT THE
ISSUES THE FIRST TIME AROUND,
THE LEAGUES AND
THE FEDERAL GOVERNMENT SAID
THERE IS AN ALTERNATIVE BESIDES
DECLARING THIS UNCONSTITUTIONAL.
YOU CAN DO A PARTIAL REPEAL AND
YOU ARE GOOD TO GO.
WE DID THE PARTIAL REPEAL AND
THE LEAGUES TRIED TO STOP US
AGAIN.
THE LEAGUES CHANGE THEIR
POSITION.
THE SUPREME COURT TOOK
THE CASE AND RECOGNIZED WE ARE
TALKING ABOUT IMPORTANT ISSUES
OF FEDERALISM, 10TH AMENDMENT
RIGHTS, AND STATES RIGHTS.
THIS IS A CASE THAT WAS A
VICTORY FOR STATES RIGHTS THAT
WILL HAVE IMPLICATIONS IN MANY
OTHER AREAS THROUGHOUT THE
COUNTRY.
I THINK THAT IS PRETTY MUCH WHAT
DID IT.
THE STATE CANNOT BE COMMANDEERED
TO HAVE LAWS ON ITS BOOKS THAT
THEY DON’T WANT, THAT THEIR
CITIZENS HAVE VOTED THAT THEY
DON’T WANT.
THE LEGISLATORS HAVE TRIED TO
REPEAL.
YOU CAN’T BE FORCED TO HAVE A
FEDERAL LAW THAT YOU ARE
COMMANDEERED TO SPEND MONEY AND
RESOURCES ON IN THE FACE OF
OPPOSITION FROM THE STATE.
IT IS A HUGE VICTORY THROUGHOUT
THE COUNTRY THAT WILL AFFECT
IMMIGRATION, IT WILL AFFECT THE
MARIJUANA LAWS, IT WILL AFFECT A
LOT OF DIFFERENT SEGMENTS OF THE
COUNTRY.
>>HOW MUCH MONEY WILL
THIS PRODUCE FOR THE STATE OF
NEW JERSEY?
>>LAS VEGAS GOT $248 MILLION,
NET IN 2017.
I BELIEVE WE WILL DOUBLE THAT.
>>IN BETTING?
>>IN NET REVENUE.
IT DEPENDS WHETHER IT IS
INTERNET OR LAND-BASED, 13%
VERSUS 8.5%
>>13% IS —
YOU HAVE THE OPERATION, THE
FACILITY —
>>INTERNET IS 13%.
>>WILL THE PEOPLE WHO RUN
THE INTERNET BE THE SAME PEOPLE
WHO RUN THE BRICK-AND-MORTAR?
I MEAN, YOU HAVE WILLIAM HILL.
THEY’RE A BOOKMAKER IN THE
BUSINESS IN LONDON.
WILL WE HAVE SIMILAR SPORTS
BETTING AS THEY HAVE IN LONDON
AND VEGAS?
>>YES.
>>FOR THE MOST PART.
LONDON HAS BEEN DOING THIS FOR A
LOT LONGER THAN VEGAS HAS.
YOU CAN BET ON ANYTHING IN
LONDON.
YOU CAN BET ON WHO THE NEXT POPE
WILL BE.
OR THE PRESIDENT OF THE UNITED
STATES.
>>YOU HAVE BEEN INVOLVED
WITH THE CASINO BUSINESS SINCE
THE START MANY YEARS AGO IN NEW
JERSEY.
WHEN THE CASINO LEGISLATION
WAS ORIGINALLY ENACTED, WHY
DIDN’T THEY ALLOW IT AT THE
CASINO?
>>THAT’S A POLITICAL ANSWER.
WHEN BRADLEY HAD HIS — WHEN HE
WANTED TO PASS THIS BILL, THEY
GAVE A ONE-YEAR WINDOW.
THERE WAS AN ELECTION GOING ON.
NEW JERSEY HAD ONE YEAR IN WHICH
TO ACT.
THE SPEAKER OF THE ASSEMBLY HELD
THE BILL.
BECAUSE OF THE GUBERNATORIAL
ELECTION BETWEEN FLORIO AND
WHITMAN.
FIGURING IF THEY ACTED ON
PUTTING
A CONSTITUTIONAL QUESTION UP,
THE DEMOCRATS WOULD COME OUT
MORE THAN THE REPUBLICANS AND IT
WOULD CHANGE THE ELECTION.
AS IT WAS, GOVERNOR WHITMAN WON
BY LESS THAN 3%.
WHILE THERE WAS AN OPPORTUNITY,
THERE WAS NOT AN OPPORTUNITY FOR
THE VOTERS TO VOTE ON IT.
THAT IS WHY THAT DID NOT HAPPEN
WHEN THEY HAD THAT ONE YEAR.
>>THAT WAS ONE OF MY FIRST JOBS
OUT OF LAW SCHOOL, I WAS
ASSISTANT COUNSELOR TO
GOVERNOR AT THE TIME.
DONNY AND GOVERNOR FLORIO WERE
ALIGNED.
THERE’S A RADIO BROADCAST,
I DON’T REMEMBER —
IT WAS ON WOR.
DONALD TRUMP IS IN A FIRESTORM
AND SOME COLORFUL LANGUAGE WAS
USED.
IT IS GREAT.
DENNIS HAS LISTENED TO IT AS
WELL.
TRUMP WAS FOR IT.
ISN’T IT IRONIC HOW LIFE CHANGES
IN THE PERMUTATIONS OF POLITICS.
TRUMP WAS FORFEIT 10.
TRUMP BECOMES PRESIDENT AND
EVERYBODY THINKS HE WILL
SUPPORT SPORTS BETTING.
BUT HIS SOLICITOR GENERAL DID
NOT SUPPORT THE CASE.
THIS IS ONE OF THE FEW INSTANCES
WHERE THE COURT IN MODERN-DAY
HAS TAKEN A CASE, AFTER ASKING
THE SOLICITOR GENERAL TO WEIGH
IN AND THE SOLICITOR GENERAL
SAYS DON’T TAKE THE CASE.
THEY TOOK THE CASE.
>>LET’S TALK ABOUT 83% OF
THE TIMES THE SOLICITOR GENERAL
HAS TAKEN THE POSITION
THE COURT HAS TAKEN.
>>WHAT WILL IT BE IN OTHER
STATES?
LET’S TALK ABOUT NEW JERSEY, NEW
YORK, AND PENNSYLVANIA AND
DELAWARE.
>>IF YOU LOOK AT THE COUNTRY AS
A WHOLE, WE BELIEVE, AND IT IS
SUPPORTED BY AMPLE EVIDENCE
INCLUDING A 1999 CONGRESSIONAL
COMMITTEE STUDY, THE ILLEGAL
MARKET IN THIS COUNTRY IS ABOUT
$400 BILLION PER YEAR.
EACH STATE WILL GET THEIR SHARE
OF THE PORTION OF MARKET THAT
CONVERTS TO A LEGAL MARKET.
YOU ARE NOT GOING TO PUT THE
BOOKIES AND OFFSHORE COMPANIES
OUT OF BUSINESS TOTALLY.
A SIGNIFICANT PORTION OF THAT
MONEY WILL BECOME LEGAL.
WE THINK NEW JERSEY, BASED ON
ITS DEMOGRAPHICS, COMPARED TO
LAS VEGAS IS A $10 BILLION
MARKET AND THE CASINOS AND
RACETRACKS IN THE STATES WILL
HAVE THEIR SHARE IN THAT MARKET.
IF YOU LOOK AT IT
CONSERVATIVELY, AND YOU TRY TO
COMPUTE THE TAXES THAT WOULD
BEAT BOTH BRICK AND MORTAR AND
ONLINE, WE THINK NEW JERSEY
WILL HAVE A REVENUE STREAM,
AS WELL AS THE RACETRACKS
AND CASINOS.
EACH STATE WILL HAVE THEIR SHARE
OF THAT $400 BILLION PIE.
AS MORE AND MORE STATES COME
ABOARD RIGHT NOW, WE ARE LOOKING
AT A SYSTEM WHERE YOU WILL ONLY
BE ABLE TO TAKE BETS FROM THE
PEOPLE IN YOUR STATE.
YOUR RESIDENCE AND THE TOURISTS
>>DO YOU THINK THAT WILL
CHANGE?
>>IT COULD IN THE FUTURE BUT
WE NEED TO SEE FEDERAL LAWS
CHANGE.
>>SO IT’S SIMILAR IN THE
WAY TO THE CANNABIS PROBLEMS
THAT YOU CAN’T PUBLISH IN
CERTAIN STATES BECAUSE OF THE
LEGISLATION.
IT’S LEGAL TO SELL CANNABIS IN
COLORADO, BUT FEDERALLY YOU
CANNOT SELL IT.
IT IS ALSO A SECTION OF THE
TREASURY BILL SAYING ON CANNABIS
WHERE YOU HAVE TO PAY TAXES ON
THE GROSS PROFIT.
THERE IS DIFFERENT LEGISLATION
AND SO ON.
IN NEW YORK, IS IT THE TRACKS
THAT WILL BE THE BENEFICIARIES?
WHO WILL BE THE BENEFICIARY OR
THE CASINO?
>>FOR SPORTS BETTING?
I THINK THEY BOTH WILL.
— NOT PERMEATING THROUGH THE
LEGISLATOR, THE DIFFERENCE NOT
SURE IT IS THAT MUCH MATERIAL TO
THE PUBLIC.
THE DIFFERENCE BETWEEN NEW
JERSEY AND NEW YORK IS OVER WHAT
IS CALLED INTEGRITY FEES.
>>LET’S GO OVER THIS
INTEGRITY FEE.
THAT WAS ONE OF THE BIG POINTS
THAT YOU FOUGHT IN THE CASE OVER
THE PERIOD OF TIME.
AND INTEGRITY FEE IS A FEE THE
LEAGUES WANT.
A LICENSING FEE FOR ALLOWING
THIS TO TAKE PLACE, CORRECT?
>>THE LEAGUES BELIEVE AFTER
HAVING FOUGHT THIS TOOTH AND
NAIL, THE FRONTAL PUBLIC MANTRA
OF THE LEAGUES IS THAT WE ARE
NOW GOING TO HAVE TO MONITOR THE
GAMES MORE CLOSELY.
WELL, WHAT IN GOD’S NAME HAVE
YOU BEEN DOING THE LAST 100
YEARS?
SPORTS BETTING HAS BEEN LEGAL IN
VEGAS.
WHAT HAVE YOU BEEN DOING?
NOW, ALL OF A SUDDEN BECAUSE A
COUPLE MORE STATES ARE GOING TO
COME ONLINE AND IT WILL WAVE
ACROSS THE COUNTRY, NOW,
HAVE INCREASED COSTS?
IT IS A MONEY GRAB.
IT IS HYPOCRITICAL MONEY GRAB
AS THEY FOUGHT TOOTH AND
NAIL.
>>I HAVE NEVER SEEN SOMEBODY
WITH MORE NERVE.
THEY’RE CALLING US POOR WINNERS.
THE BLUNT FACT OF THE MATTER, IT
HAS NOTHING TO DO WITH
INTEGRITY.
EVERY ONCE IN A WHILE THEY SLIP
AND THEY SAY WELL, YOU ARE USING
OUR SYSTEM, OUR PLAYERS, OUR
TEAMS, WE SHOULD GET SOMETHING
OUT OF IT.
AND THEY SAY IT WITH A STRAIGHT
FACE.
IT’S AMAZING.
THEY ARE ABOUT AS HYPOCRITICAL
AS YOU CAN GET.
>>EXPLAIN WHAT YOU DID
WITH WILLIAM HILL ON THE INITIAL
BETTING — AND THE NEW ONE
THAT YOU JUST SAID TO ME?
>>I HAVE ALWAYS BELIEVED IN
THIS ISSUE.
WHEN WE WERE HERE LAST TIME, YOU
HAD YOUR CRYSTAL APPLE.
WE TOLD YOU, WE WILL WIN THIS
CASE EVENTUALLY.
IT WOULD BE A LONG FIGHT.
IT IS LIKE DAVID FIGHTING
GOLIATH.
BUT WHAT WE DID IN 2013, BECAUSE
OF A STRONG BELIEF THAT I HAD
THAT WE WOULD EVENTUALLY WIN
THIS CASE IS WE PARTNERED WITH
WILLIAM HILL.
THAT AGREEMENT STARTED WITH THEM
PROVIDING US WITH SOME MONEY.
TO BUILD OUT A SPORTS BOOK AT
MONMOUTH PARK.
AT THAT SPORTS BOOK, WE
CONVERTED AN AREA WE HAD THERE
WHICH WAS A CAFETERIA INTO A LAS
VEGAS STYLE SPORTS BOOK THAT
PROBABLY HOLDS ABOUT 300 PEOPLE.
FOLLOWING THE SUPREME COURT
ARGUMENT, I WAS PRETTY CERTAIN
WE WERE GOING TO WIN THIS CASE.
I HAVE GONE OUT ON A LIMB AND
BEFORE THE CASE WAS DECIDED, I
SAID, I WAS NOT GOING TO BE 1968
— GUARANTEEING THE SUPER
BOWL WIN BUT I’M CLOSE TO THAT.
95 + %
I MADE A BET ON IT.
STARTING IN JANUARY OF 2018, WE
INVESTED ANOTHER $1.5 MILLION TO
GET TO GRANDSTAND AREA.
THE FIRST PHASE HELD ABOUT 300
PEOPLE.
GRANDSTAND GIVES US ACCESS
TO ANOTHER 7500 PEOPLE.
PART OF OUR DEAL WITH WILLIAM
HILL IS THAT THEY WILL BUILD
ANOTHER LAS VEGAS STYLE SPORTS
BOOK ON THE CLUBHOUSE SIDE OF
OUR TRACK AT A MINIMUM COST OF
$5 MILLION.
WE ARE ALL IN ON THIS.
WE ARE READY TO GO.
>>WHAT IS THE SITUATION
WITH THE DRAFTKINGS AND
FANDUEL?
IT WAS BIG BUSINESS AND IT
WENT OUT OF BUSINESS.
>>WHEN IT FIRST CAME ALONG,
THE MAJOR LEAGUES AND
TV STATIONS SAID,
YOU CANNOT TOUCH IT.
IT’S LIKE FLIPPING A COIN.
IT IS GAMBLING.
THEN, ALL OF A SUDDEN IT WAS NO
LONGER GAMBLING.
NOW IT IS A GAME.
IT BECAME A GAME OF SKILL.
ANYBODY THAT KNOWS ANYTHING
ABOUT GAMING KNOWS IT IS
GAMBLING.
>>BUT HASN’T THERE BEEN
AN ACQUISITION RECENTLY?
>>THERE WAS A MERGER FOR
NEW JERSEY GAMBLING BETWEEN
BETFAIR AND FANDUEL.
THERE WAS A MERGER BETWEEN
RESORTS.
THOSE TWO COMPANIES THAT YOU ARE
ASKING ABOUT WILL BE
PARTICIPATING IN THE NEW JERSEY
MARKET IN AN ONLINE PRESENCE.
>>SO NOW, WE WILL HAVE
LEGALIZED SPORTS BETTING AND
DIFFERENT COMPANIES DOING SPORTS
BETTING.
HOW WILL YOU MARKET MONMOUTH AND
DARBY COMPARED TO SOMEBODY GOING
THROUGH RESORTS CASINO OR THE
NEW TAJ OR THE HARD ROCK?
ALL OF THOSE PLACES WILL BE ABLE
TO TAKE BETTING?
>>MONMOUTH HAS A BIG LEAD ON
THIS BECAUSE MONMOUTH HAS BEEN
AT THE FOREFRONT OF THE
LITIGATION.
EVERYBODY KNOWS MONMOUTH PARK
WAS THE LEADER IN LEGALIZING
SPORTS BETTING AND OVERTURNING

THE FREE PUBLICITY WE GOT DURING
THE PERIOD OF TIME —
I PAID FOR THE LITIGATION.
PAID A LOT OF LEGAL FEES.
HUMAN SWEAT AND TIME
WE PUT INTO THIS,
THAT IS NOT FREE, BUT AT THE END
OF THE DAY, WE DIDN’T HAVE TO GO
OUT AND TAKE $20 MILLION SPEND
TO GO ON THE MEDIA CAMPAIGN.
OUR NAME IS OUT THERE.
WE WILL BENEFIT FROM THAT.
EVERY COMPANY WILL BE OUT THERE.
ANYONE THAT DOES BUSINESS IN NEW
JERSEY IS GOING TO START
SPENDING SIGNIFICANT DOLLARS TO
MARKET THEIR PRODUCTS AND THE
PUBLIC WILL HAVE TO CHOOSE
AMONGST THE PRODUCTS.
>>ONE CORRECTION.
HE SAID IT WAS DAVID AGAINST
GOLIATH.
IT WAS DENNIS AGAINST GOLIATH.
>>BILL, HOW DO YOU SEE
THIS HAVING AN EFFECT — DENNIS
WAS TALKING ABOUT, YOU HAVE
MONMOUTH, FREEHOLD, AND THE
MEADOWLANDS.
HOW DO YOU SEE THIS ON THE OTHER
RACETRACKS?
>>THE DORMANT RACETRACK?
>>WELL, RIGHT NOW IT IS STILL
IN THE JERSEY BILL THAT THEY
WILL HAVE AN ABILITY TO OPEN UP
A BOOK AT THEIR FORMER
PROPERTIES.
I HAPPEN TO THINK THAT IS
GROSSLY UNFAIR.
DENNIS RUNS 52 MEETS A YEAR AND
RUNS A BUSINESS AND NOW THESE
FOLKS SIMPLY BECAUSE THEY OWN A
PIECE OF PROPERTY ARE GOING TO
BE ABLE TO GET IN THE GAME.
THERE MAY BE CHALLENGES.
WE SHALL SEE.
>>WASN’T THERE A TRACK IN
CHERRY HILL AT ONE TIME?
>>YES.
I THINK HE OTHER IMPORTANT THING
HERE IS, AFTER ALL THIS BATTLE,
DON’T FORGET THE CASINO
ASSOCIATION AND THE AGA,
THE AMERICAN GAMING ASSOCIATION,
WERE DEAD SET AGAINST US.
THEY WERE NOT ON BOARD AT THE
BEGINNING OF THIS.
THEY NOW ARE.
THAT IS GREAT.
>>CASINO ASSOCIATION OR
THE CASINO COMMISSION IN NEW
JERSEY?
>>THE CASINO ASSOCIATION.
>>THE NATIONAL TRADE
ASSOCIATION —
>>BOTH THE NATIONAL
AND JERSEY WERE AGAINST US.
THE NATIONAL BECAUSE THEY WERE
CAPTIVES OF VEGAS AND JERSEY
BECAUSE, MOST OF THEM WERE VEGAS
OWNED AND DID NOT WANT TO DRAW
THE ACTION.
THE INTERESTING THING ABOUT THIS
IS NOW THAT THEY ARE ALL IN
DENNIS WILL BE THE FIRST
OPEN BY FAR.
BUT, THERE ARE ONLY TWO OTHER
CASINOS PREPARED TO OPEN WITHIN
THE NEXT 30 DAYS.
I THINK OTHERS WILL COME IN.
THEY WILL NOT BE AS QUICK AND
NIMBLE AS DENNIS.
>>ARE THEY OPERATING
THEMSELVES?
OR THROUGH A COMPANY LIKE
WILLIAM HILL?
>>THEY HAVE AN OPERATOR.
I DON’T KNOW WHO.
>>BETFAIR —
>>THE GVC BOUGHT THEM OUT.
I’M NOT SURE THAT WILL WORK OUT.
I GOT YOU.
THEY HAVE AN ONLINE OPERATOR
WHICH HAS A GLOBAL REPUTATION
FOR SPORTS BOOK.
KENNY ALEXANDER, THE PRESIDENT
OF THAT COMPANY JUST HAS IMMENSE
EXPERIENCE AND BACKGROUND.
BACK TO THE POINT OF WHO IS
READY TO OPEN, IT WILL BE
AFTER DENNIS, THE — OR
OCEAN RESORT IS SAYING THEY JUST
BUILT —
THEY JUST BUILT A 7500
SQUARE-FOOT SPORTS BOOK.
THEY ARE CLAIMING IT WILL BE
OPEN ON JUNE 28.
BUT NOBODY ELSE IS REALLY —
>>FOR MY VIEWERS
EDIFICATION, WHAT CAN YOU BET ON
IN A SPORTS BET?
LONDON IS DIFFERENT.
WHAT CAN YOU BET ON HERE.
CAN YOU BET ON THE COIN TOSS?
CAN YOU BET ON THE PLAY?
>>THERE IS A WHOLE VARIETY OF
BETS THAT WILL BE ACCEPTED OR
YOU CAN BET ON GAMES, IN PLAY
BETTING, PROPOSITION TYPE OF
BETTING.
THE KIND OF BETS YOU ARE TALKING
ABOUT THAT IF VEGAS OFFERS THEM
AND — DIVISION OF GAMING
ENFORCEMENT APPROVES THEM IN THE
REGULATORY PROCESS, YOU WILL BE
ABLE TO HAVE A MENU SIMILAR TO
WHAT YOU CAN BET ON —
>>WILL YOU BE ABLE TO BET
ON HOW MANY POINTS LEBRON SCORES
IN A GAME?
>>I DON’T THINK YOU’LL EVER SEE
THAT YOU CAN BET ON A
PRESIDENTIAL ELECTION LIKE
THEY CAN IN EUROPE.
>>BUT HERE YOU ARE SAYING
IT IS LIMITED TO SPORTS.
>>WHAT YOU WON’T BE ABLE TO DO
IN NEW JERSEY IS YOU CAN’T BET
ON A NEW JERSEY COLLEGE TEAM
WHILE THEY ARE IN NEW JERSEY
OR PLAYING OUT OF STATE EXCEPT
IN THE MAJOR TOURNAMENTS —
>>YOU CAN BET ON WHETHER
OR NOT A TENNIS PLAYER IS GOING
TO FALL.
>>YOU’RE ABLE TO BET ON
TENNIS, SOCCER, GOLF?
>>ANYWHERE THERE IS A BOOK
MADE.
YOU WON’T BE ABLE TO BET ON
CROSS YET.
I WAS JUST RETAINED TO HELP THEM
GET A LINE.
YOU WILL BE BETTING ON IT SOON
ENOUGH.
>>BASEBALL, WHAT CAN YOU
BET ON?
>>BALLS AND STRIKES DURING THE
GAME.
THAT’S GREAT.
TRADITIONALLY YOU COULD ONLY
BET ON THE OUTCOME OF THE GAME.
>>BUT YOU CAN ONLY BET IN
THE STATE?
IF YOU WANT TO BET ON A BASEBALL
GAME, AND YOU ARE AT YANKEE
STADIUM, YOU WON’T BE ABLE TO
BET ON THE GAME IN NEW JERSEY.
>>BUT YOU WILL BE ABLE TO BET
IN NEW YORK.
SOON, WHAT IS COMING — WITH
THE BARRIERS, BUT THE DIRECTOR
OF THE DIVISION OF NAMING
ENFORCEMENT IN NEW JERSEY AND
RESPECTED GLOBALLY HAS BEEN
WORKING FOR QUITE SOME TIME NOW.
WE ALSO HAVE INTERNET GAMING
IN NEW JERSEY.
IF YOU ARE PHYSICALLY IN NEW
JERSEY, AND YOU ARE 21 YEARS OLD
YOU CAN DO ON YOUR MOBILE OR ON
THE INTERNET.
>>SO IF I WENT TO NEW
JERSEY AS A NEW YORK RESIDENT,
I WANT TO BET ON SPORTS, I CAN
BET?
>>IN THE STATE.
AND NEW JERSEY.
YOU WILL BE ABLE TO BET ON
SPORTS.
YOU CAN BET ON THAT YANKEE GAME.
>>BUT WHAT ABOUT THE
INTERNET?
>>INTERNET GAMING WILL BE A
PART OF THIS AS WELL.
DENNIS WILL BE ABLE TO TAKE BOTH
BETS.
MOBILE OR COMPUTER.
>>SO LET’S FOLLOW THIS
FAST-FORWARD.
NOW THAT THIS HAS BEEN APPROVED
AND ALL THE LEGISLATION THINGS
WILL BE WORKED OUT OVER HERE, DO
YOU SEE POTENTIALLY ONE DAY
CASINO GAMING THROUGHOUT THE
STATE AND OTHER PLACES?
LIKE THE LEGISLATION — THE
VOTES THAT TOOK PLACE A COUPLE
OF YEARS AGO, THEY WANTED
TO HAVE CASINO GAMING WITHIN THE
MEADOWLANDS AND OTHER TRACKS?
>>WE CERTAINLY ARE GOING TO
CONTINUE TO PURSUE THAT BECAUSE
IT HAS ALWAYS BEEN THE CORE OF
SOMETHING WE BELIEVE IS RIGHT
FOR NEW JERSEY.
THERE IS ALWAYS
GOING TO BE OPPOSITION
FROM THE CASINOS IN MY VIEW.
I THINK THERE WILL BE ANOTHER
ATTEMPT.
THE MEADOWLANDS IS MOTIVATED.
>>WITH THE NEW
ACQUISITION BY MGM OF YONKERS,
OF THE RACEWAY AND OF THE RACINO
OVER THERE, DON’T YOU SEE NEW
YORK STATE POSSIBLY ALLOWING
CASINO GAMING ON THOSE
RACETRACKS?
>>SURE.
ONE OF THE BIG REASONS WE DON’T
HAVE CASINO GAMING IN NORTH
JERSEY IS BECAUSE THE NEW YORK
HOTEL ASSOCIATION SPENT MILLIONS
OF DOLLARS OPPOSING IT.
I THINK THAT THE GOVERNOR AND
THE LEGISLATURE REALIZED THEY
ARE UP AGAINST THE CLOCK.
IF GOVERNOR CUOMO — THE NEW
JERSEY GOVERNOR LEGISLATURE.
IF GOVERNOR CUOMO DECIDES TO PUT
THE CASINO IN MANHATTAN, WHICH
EVERYBODY HAS BEEN PUSHING BACK
ON, THEN —
>>LET’S BE REALISTIC.
LOOK WHAT IS HAPPENING IN
BOSTON.
NOW YOU ARE ALSO GOING TO HAVE
SPORTS BETTING IN BOSTON, IN THE
STATE OF MASSACHUSETTS NOW THAT
THE LAW HAS BEEN CHANGED,
CORRECT?
SO YOU WILL SEE MORE PREVALENT
IN OTHER STATES.
>>THERE WILL COME A TIME YOU’LL
SEE IT IN NORTH JERSEY.
JUST A QUESTION OF TIME.
>>WHAT ABOUT THE INTERNET
BETTING THAT HAS BEEN OFFSHORE?
DO YOU THINK THOSE COMPANIES
WILL BE OUT OF BUSINESS?
>>NO.
IT WILL BE A FUNCTION OF THE
FOLLOWING.
WHEN INTERNET GAMING STARTED IN
NOVEMBER 2013, THERE WERE 167
SITES.
I KNOW THIS BECAUSE I REPRESENT
MANY.
THAT IS DOWN TO 40 TO 50 SITES.
THE DGE, WHICH HAS THE INCENTIVE
TO ENFORCE IT DOES NOT HAVE
THE RESOURCES.
ON SPORTS BETTING, IT WILL BE UP
TO THE DGE AGAIN.
THAT IS WHY DENNIS AND NICK AND
I HAVE BEEN FIGHTING
TO MAKE SURE THE TAX
WAS AT A LEVEL THAT COULD
GENERATE SOME RESOURCES BUT NOT
AT SUCH A LEVEL THAT IT COULD
AMELIORATE THE PROFITS THAT ARE
DESERVEDLY MADE HERE.
>>WHAT IS THIS RULE THAT
IF YOU BET $10 YOU HAVE TO
REALLY BET $11?
WHAT IS THIS ONE DOLLAR?
WHO WANTS TO EXPLAIN THAT?
[LAUGHTER]
>>I THINK YOU’RE THINKING ABOUT
A BOOKIE.
>>WHAT ABOUT HERE?
>>WE’RE NOT BOOKIES.
>>SO IT’S $10, YOU GET
$10 BACK?
BUT I THOUGHT THERE WAS
SOMETHING IN THE LAW WITH REGARD
TO $10 BET IS REALLY $11 WITH —
>>NOT THAT I’M AWARE OF.
IT IS TRADITIONALLY KNOWN ON THE
STREET, YOU DON’T PAY WHEN YOU
GO TO A LEGITIMATE BOOK.
>>THERE’S SOMETHING IN AN
ARTICLES THAT I READ —
>>A BOOKIE, THE TRACKS AND
CASINO DON’T GIVE CREDIT.
>>ONE THING IS CERTAIN,
I’M HAPPY THE THREE OF YOU WERE
WITH ME CLOSE TO FOUR YEARS AGO
HAVE WORKED HARD TO ACCOMPLISH
SPORTS BETTING WHICH I THINK IS
GOOD FOR THE STATES AND LOCAL
ECONOMIES.
IT WILL RESULT IN TAXES, TAKE
CARE OF EDUCATION AND OTHER
THINGS.
I WOULD LIKE TO THANK DENNIS,
THE BEST OF LUCK.
BILL, AND NICK AND I WILL
SEE YOU NEXT WEEK.
♪ [THEME MUSIC] ♪

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