News on Youtube Mar 24 2018

SOLEDAD: AN ESTIMATED $10 BILLION WILL BE ON THE TABLE BETTING ON MEN'S COLLEGE BASKETBALL GAMES DURING MARCH MADNESS, AND MUCH OF IT ILLEGAL.

IT IS ESTIMATED THAT ILLEGAL SPORTS BETTING IS A $150 BILLION A YEAR INDUSTRY.

NEW JERSEY IS ONE OF MANY STATES HOPING TO TAP INTO THAT MONEY BY LEGALIZING SPORTS BETTING, BUT A FEDERAL LAW PASSED IN 1992 IS STOPPING THEM.

THE LAW IS CALLED THE PROFESSIONAL AND AMATEUR SPORTS PROTECTION ACT.

IT BANS MOST STATES FROM SPONSORING, OPERATING, AND PROMOTING ANY SPORTS WAGERING, AND NEW JERSEY IS CHALLENGING THAT LAW BEFORE THE U.S. SUPREME COURT, SAYING IT IS

UNCONSTITUTIONAL, VIOLATING THE 10TH AMENDMENT, WHICH SUPPORTS STATES RIGHTS.

NEARLY TWO DOZEN OTHER STATES HAVE SIDED WITH NEW JERSEY.

THE OPPOSITION IS THE NCAA, NBA, NFL, AND OTHER SPORTS ORGANIZATIONS.

FAMED ATTORNEY TED OLSEN ARGUED FOR NEW JERSEY IN THIS CASE AND IS WAITING ON THE RULING.

IT IS SO NICE TO HAVE YOU WITH US.

LOCK ME THROUGH WHAT IS AT ISSUE.

TED: PEOPLE ALL OVER THE UNITED STATES BET ON SPORTS, BUT IT IS ILLEGAL BECAUSE OF THIS FEDERAL STATUTE.

NEW JERSEY FELT THAT IN ORDER TO REINVIGORATE ITS CASINOS, ATLANTIC CITY AND SO FORTH, THIS WOULD BE HELPFUL FOR THEM TO BE ABLE TO DO WHAT NEVADA ALREADY DOES, WHICH IS ALLOW SPORTS

BETTING.

NEVADA IS THE ONLY STATE WHERE IT IS PERMISSIBLE UNDER FEDERAL LAW.

SOLEDAD: DOES THAT MAKE A DIFFERENCE IN YOUR CASE?

DOES THAT AS YOU HAVE PRESENTED NOW BEFORE THE SUPREME COURT, IS THE FACT THAT THERE IS THIS EXCEPTION FOR NEVADA, AND IN FACT, TECHNICALLY, THERE WAS POTENTIALLY AN EXCEPTION FOR NEW

JERSEY -- TED: THEY GAVE NEW JERSEY A CHANCE TO JOIN UP WITH NEVADA.

NEW JERSEY AT THE TIME DIDN'T WANT TO DO THAT.

THE FACT IS IT IS OPTICAL.

IT'S IMPORTANT FOR US TO UNDERSTAND THAT BETTING ON SPORTS IS A $200 BILLION OR $300 BILLION INDUSTRY IN THE UNITED STATES.

IT'S TAKING PLACE, AND WHAT NEW JERSEY IS SAYING IS, ALL WE WANT TO DO IS REGULATE THE PEOPLE WHO ARE INVOLVED IN THIS BUSINESS.

SOLEDAD: I KNOW IT IS FRAMED AS A STATE'S RIGHTS ISSUE, BUT REALLY, FOR LEGAL NEOPHYTES, IT'S A MONEY GRAB.

OVER $200 BILLION EXISTS -- TED: IT IS IMPORTANT IF THE ACTIVITY IS TAKING PLACE IN THE STATE IS GOING TO OVERSEE IT TO MAKE SURE THE BOOKS ARE OPEN, TO MAKE SURE THE RIGHT PEOPLE ARE

DOING IT, TO MAKE SURE CASINOS ARE OPERATED IN A CERTAIN WAY.

SOLEDAD: THEORETICALLY, THIS IS HUGE.

THIS IS NOT A NEW JERSEY VERSUS THE NCAA STORY.

THIS IS REALLY EVERY STATE THAT WOULD JUMP INTO THIS.

TED: OF COURSE.

THE STATES ARE KNOWING THIS IS TAKING PLACE.

IT'S UNDERGROUND.

IT'S ORGANIZED CRIME.

SOLEDAD: THERE'S LOTS OF MONEY.

I KNOW YOU STAY AWAY FROM THE MONEY ARGUMENT, BUT I THINK MUCH OF THIS IS DRIVEN BY, THERE'S A WHOLE BUNCH OF MONEY, AND OTHER PEOPLE ARE GETTING IT, AND THE STATE COULD HAVE IT.

TED: THAT IS CERTAINLY TRUE.

I'M NOT SAYING THAT IS NOT TRUE, BUT IT IS ALSO A GOOD GOVERNMENT ISSUED.

IF YOU HAVE SOMETHING THAT IS TAKING PLACE -- PROHIBITION.

DID THAT WORK?

NO, IT DIDN'T WORK BECAUSE PEOPLE WERE GOING TO DO IT ANYWAY, AND CRIMINALS RAN IT, AND CRIMINALS BROUGHT OTHER KINDS OF LEGAL PROBLEMS, SHOOTINGS, MOB VIOLENCE, TAX

EVASION.

THE SAME IS TRUE HERE TO A CERTAIN DEGREE.

TED: THE NCAA SAID AND OTHERS ON THAT SIDE SAID THEY WERE CONCERNED IF NEW JERSEY WINS, IT DAMAGES THE INTEGRITY OF THE GAME.

WHAT DO YOU THINK OF THAT ARGUMENT?

TED: I THINK THEY ARE TOTALLY WRONG.

IF IT IS BEING RUN BY CRIMINALS, THAT IS THE RISK.

YOU CAN'T WATCH IT CAREFULLY OF CRIMINALS ARE DOING IT AND NOT OPENING THEIR BOOKS.

SOLEDAD: YOU ARGUED THIS CASE BACK IN THE SUMMER.

HOW DO YOU FEEL ABOUT IT YEAH YOU GENUINELY CONFIDENT YOU ARE GOING TO WIN IT?

TED: WE ALWAYS THINK WHEN WE ARGUE A CASE BEFORE THE SUPREME COURT WE ARE GOING TO WIN.

SOLEDAD: THAT'S WHY I'VE SAID "GENUINELY." REALLY, DO YOU THINK YOU ARE GOING TO WIN?

TED: YOU CONVINCE YOURSELF.

I DO THINK WE ARE RIGHT, AND I DO HOPE, AND I'M HOPEFULLY CONFIDENT THAT THE SUPREME COURT WILL RECOGNIZE THAT THE ISSUE IS IMPORTANT AND SHOULD BE DECIDED.