Next Tuesday, November 2nd, New Jersey constituents will decide whether or not to approve of yet another sports betting expansion in their state.
New Jersey Reaches New Highs
In the three years that the state has been legally operating domestic sportsbooks, gains and engagement have soared. With many bettors coming to visit from neighboring states, New Jersey has seen profits that have far exceeded anyone’s expectations.
Just last month it became the first US state to report more than $1 billion in total bets placed in a single month. The profits translated to about $18 million in tax revenue.
New Jersey’s revenues far exceed those of Nevada, despite being historically known as one of the world’s biggest gambling hubs.
Since becoming the most fiscally successful sports betting state in America, New Jersey lawmakers are looking to further relax gambling restrictions. The primary aim of this ballot initiative is to allow for betting on all collegiate sports.
College Betting On the Ballot
New Jersey lawmakers already included language in their 2018 legislation authorizing college sports betting on events unaffiliated with the state.
These exclusions are fairly common across sports betting states as they are in place to prevent players from throwing games in favor of a bet.
However, Eric Ramsey of PlayUSA says that recent changes in the way college athletes can be compensated will curb instances of foul play.
“To put it simply, the more we pay college athletes, the less we will be concerned about their propensity to cheat or get ahead in some illegitimate way…”
-Eric Ramsey, Market Analyst for PlayUSA
In June, the US Supreme Court ruled that college athletes had the right to receive more education-related benefits from their Universities. Additionally, the ruling stipulated that athletes would officially be allowed to engage in brand deals and sponsorships from outside entities.
Unfavorable, But Not Impossible
Even so, residents of New Jersey don’t seem too psyched about the expansion of USA betting laws. While legislators believe excluding certain types of collegiate betting is lost profit, early polling showed that a whopping 45% of voters opposed the expansion.
It seems that lawmakers are becoming increasingly aware that many of New Jersey’s sportsbook patrons come from across state lines. With New York looking to legalize online sports betting and Connecticut sportsbooks having launched this month, New Jersey is in trouble.
New Jersey sports betting options have to stand out from the crowd if they want to ride this upward mobility. At this point, the decision to do so is in the hands of the state’s constituents.
Whether the gambling legislation prevails, bettors in New Jersey can wager on all collegiate sports via offshore online sportsbooks.
Our most trusted operators each offer safe, secure ways to bet and a myriad of banking options. And with the regular season coming to a close, there is no better time to register offshore!
Source: North Jersey
