With sports betting in New Jersey in the works, NBA Commissioner Adam Silver has stated he wants to become involved. Speaking with Howard Beck of the Bleacher Report, Silver stated as sports betting becomes closer to taking place, it is time to start accepting that sports betting will be happening in the not-so-distant future. Silver wants to help with the regulation process alongside the government to make sure the industry is managed accordingly.
Reported by ThePostGame.com, Silver stated that because the industry is not transparent they cannot do as good of a job as if the industry was highly regulated. Currently, there are offshore businesses that offer sports betting and players can easily go to Google and spend time looking at sites that ask players to enter in credit card numbers. Silver has recognized that sports bettors are taking part in the activity and domestic opportunities for revenues are being missed out on.
Silver commented that the English Premier League in the UK has done a good job of embracing the online gambling industry. The companies involved in sports betting work with the leagues and promote their brand with signage in the team stadiums or by having their logos on team jerseys. This obviously allows the leagues to make money via sponsorship’s and partnering with such operators.
Silver now feels that the NBA can take similar steps as well as other leagues to team up with sports betting companies for potential revenues. Because sports betting is not legalized, sports leagues are missing out on revenues that could be earned via such partnerships.
One of the main reasons behind the sports betting issues in New Jersey is the sporting leagues not being in favor of the wagering options. With Silver now on board, it may impact the other leagues opinion as well as the government to move forward with state legislation in New Jersey and maybe even other states in the US.
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