Sports betting and pot smoking: your mother won't be proud if you do either, but it could mean huge revenue gains for the state. If you had to make the choice, which of the two "evils" would you want legalized?

(Mario Tama, Getty Images)

As we sit smack in the middle of March Madness, I’m reminded of the two huge--and illegal--revenue streams flowing in New Jersey that the government can’t get its hands on. One is sports betting, which Governor Christie would like to have in New Jersey. The other is marijuana, which the governor is adamantly against.

Both could bring in millions, if not billions, of dollars into the state; the money could be used to fix roads, lower taxes and provide some relief to New Jersey residents (some people claim that marijuana has important medicinal uses). According to the Huffington Post, Colorado is making so much money from taxing marijuana that they may have to refund some to residents. Additionally, the American Gaming Association estimates that $400 billion is spent each year on sports betting, with 99 per cent of it being illegal, according to an article from Forbes. How much of that comes from New Jersey is anyone’s guess.

Think about this when you hear how New Jersey lawmakers can’t find the money to fix the roads or make the pension payment. Getting both of these no-brainers legal would be too much to ask for (what could New Jersey possibly do with all that cash?), but if you could choose at least one, which would you prefer New Jersey to legalize: marijuana or sports betting?