Law Firms Hit Jackpot with NJ Internet Gambling ExpansionJanuary 16, 2014 – In The News
Nicholas Casiello Jr. was quoted in the Law360 article “Law Firms Hit Jackpot with NJ Internet Gambling Expansion.” While the full text can be found in the January 16, 2014, issue of Law360, a synopsis is noted below.
Law firms have brought in more than $12.5 million providing legal work, lobbying and other services to companies in New Jersey’s booming Internet gambling industry, according to reports, and attorneys believe the opportunities could continue to grow as other states consider allowing online betting.
Fox Rothschild has been among the providers of legal work as part of the state's leap into Internet gambling, having benefitted from existing relationships with some overseas gaming companies as well as its experience representing applicants for casino service licenses, said Nicholas Casiello Jr.
According to Casiello, firms will continue to see significant online gambling work in New Jersey, but the field could become even more lucrative if other states decide to follow in its footsteps.
“I think New Jersey is going to be the training ground for a lot of other jurisdictions, and if it succeeds in New Jersey, it will spread to other jurisdictions. If it's not a success in New Jersey, then it's not as likely to spread,” Casiello said.
The descriptions of law-firm provided services in the reports are often vague, as some companies may have erred on the side of caution, reporting professional services beyond those for New Jersey online gambling, according to Casiello. He also noted that he was unaware of any other gambling regulatory agency requiring companies to publicly disclose what they paid to law firms.
“Of course, this is a very regulated area, so they have the ability to look at the books and records of any licensee, but requiring it to be publicly posted is very, very unusual,” he said.