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New Jersey racetrack gambling on sports betting $$

By WTOP Staff

DAVID PORTER
Associated Press

OCEANPORT, N.J. (AP) — Monmouth Park Racetrack is hoping sports gambling will save itself from the slow extinction facing much of the horse racing industry — a wager that could have a big payoff if New Jersey can successfully fend off the opposition of the Justice Department, the four major pro sports leagues and the NCAA.

The horse track is the only gambling venue in the state that has committed to offering sports betting if the state prevails in federal court, a move the track’s legal adviser said could give it a leg up in pursuit of a market that could net it millions.

“If everybody says, ‘We’re not going to engage in this,’ and there’s no one willing to try something, then there’s a law on your books and it doesn’t come to fruition,” Dennis Drazin said. “Somebody has to be willing to take the leap. Somebody has to be willing to step up to the plate.”

Drazin grew up less than 10 miles from the track and is a lifelong horse racing fan who offered up the shore-area track, home to the $1 million Haskell Invitational each summer, two years ago as a trial balloon for New Jersey’s sports gambling effort, a quest that has developed into a costly and drawn-out legal showdown.

Under legislation recently signed by Gov. Chris Christie, the eight Atlantic City casinos and the state’s racetracks can offer sports betting. But only Monmouth Park has taken any steps to do so. None of the casinos would comment on the possibility of offering such bets.

Several casino executives told The Associated Press they are loath to do anything that might jeopardize their licenses in New Jersey or other states in which they operate. They spoke on the condition that they not be named because they do not want to reveal business strategies to competitors.

Last week, Gary Loveman, CEO of Caesars Entertainment, which owns three Atlantic City casinos, said he is strongly in favor of sports betting, in New Jersey and nationwide.

“I’m always interested in sports betting,” Loveman said. “Americans over 21 ought to be able to bet on sports.”

Betting on individual college and professional games is only allowed in Nevada. Delaware offers sports parlay pools, in which bettors must correctly select several games to win money.

While experts differ on whether legalized sports betting would significantly alter the current downward trajectory of the casino industry in Atlantic City, where four casinos have closed recently, its effect on the state’s struggling racetracks likely would be felt immediately.

According to Drazin, Monmouth loses about $3.5 million to $4 million per year. Contrast that with the projected $75 million in annual revenues the track would realize based on $1 billion in total bets, according to estimates put together by Drazin and British bookmaking company William Hill, which has the contract to run a sports betting operation at the track. The estimates were based on betting activity in Las Vegas and Delaware and on New Jersey’s demographics.

Statewide, the total handle could reach $11 billion, Drazin estimates; Monmouth’s figures would jump if other racetracks and the casinos don’t offer sports betting right away. Despite the court defeats, he is confident legal sports betting will eventually extend outside Nevada.

“I’m very optimistic there will come a time when sports betting is legal in this country and I want to be out there first and have Monmouth Park have an opportunity to capitalize on this revenue,” he said.

New Jersey has already failed in its court challenge to a 1992 federal law that prohibits state-sponsored sports gambling, but it has re-crafted legislation based on a federal appeals court decision last year that said New Jersey wasn’t prohibited from repealing its laws against sports gambling.

A federal judge in Trenton issued a temporary restraining order last week stopping Monmouth from offering sports betting and will hear arguments in three weeks on extending that ban. Lawyers on both sides will seek to parse the meaning of the appeals court’s wording as the case moves forward and likely ends up back in front of the same court.

“The 3rd Circuit will be interpreting its prior statement; you have the language but what does it mean?” said Daniel Wallach, a Florida-based lawyer who specializes in the gambling industry. “They could say they were playing devil’s advocate. It’s difficult to predict how it’s going to resolve itself, but I think New Jersey has a pretty good shot at it.”

___

Associated Press writer Wayne Parry in Atlantic City contributed to this report.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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