CHICAGO (CBS) — One month in, and it’s already big business in Indiana. Legalized sports gambling brought in $35 million in September.
But you may be gambling your career away if you’re a Purdue University employee and you bet on Purdue sports. A policy on sports gambling at Purdue that just passed is one of the harshest in the country. Illinois, meanwhile, is taking even more extensive statewide measures.
Oddsmakers predict Purdue loses by three points to Maryland Saturday.
But the odds look better that a policy passed Thursday by school Trustees will stick.
It bans all gambling on all school sports by all members of the school community — from faculty to staff to students.
Lawyer Marc Edelman writes and teaches the business of sports gambling for City University of New York. He says Purdue’s new policy is the right move.
“The absolute worst case scenario, would be the professor to pull the student aside and tell the student that if they want a passing grade in the class they would need to lose the game on purpose,” Edelman said.
If caught: paid personnel could lose their jobs.
Penalties for students is not clear yet.
“I think it should be left to the individual schools to put in place policies to protect their student athletes from potentially being taken advantage of by a faculty member based on the authority position they have over the student,” Edelman said.
Illinois is going even further: taking it out of schools’ hands.
When it becomes legal here, gambling outlets “may not accept a wager for a sports event involving any Illinois collegiate team” according to language currently on the books.
Meaning, if you want to bet on, say, Northwestern, U of I or Southern Illinois University in Illinois, you can’t.
But, if you want to wager on Iowa State, Wisconsin or the Michigan Wolverines from Illinois?
Edelman thinks that’s over-reach.
“I do not see a problem per se with having members of the community betting on the games,” Edelman said.
In Big Ten country, each state is drawing its own lines over the big business of college sports gambling.
So when exactly is Illinois going to open the wager window for sports gambling?
That date has not been set. Insiders think it’ll be in the next four months.
Purdue’s new rules aren’t in effect yet, but will be soon.