The State Assembly panel has moved forward a bill that removes the prohibition of betting on New Jersey college teams or betting college teams from other states playing in the state.
NJ Lawmakers to Legalize Sports Betting on College Games
On Wednesday, the Assembly moved forward a long-anticipated bill that removes the prohibition of betting on New Jersey college teams or betting on any college team playing in the state. New Jersey is one of the states who joined the expansion of sports betting in the US. However, the state still prohibits betting on college teams, which leaves “a lot of money on the table.”
New Jersey successfully launched sports betting in August 2018, after Gov. Phil Murphy signed NJ sports wagering into law in June 2018.
Now, the new bill would question voters whether or not to allow bets on New Jersey college teams or college teams from other states playing in tournaments in the state.
Lawmakers would like to ask state residents if they would approve amending the Constitution and permit sports wagering through casinos and race tracks on all types of college sporting events.
The new amendment would allow legislators to pass laws permitting sports betting on college sports and bets on games that include the participation of NJ college teams in competitions.
The bill passed the Senate, and now it needs to pass the full Assembly before it goes to Gov. Phil Murphy (legal sports wagering supporter) for signing.
Concerns Regarding College Sports Betting Are in the past
Legislators had concerns regarding keeping the integrity of college games if they permit sports wagering on college sporting events.
These concerns are in the past. The state already has a 3-year experience in controlling legal sports betting.
When commenting on permitting sports wagering on college teams’ games last month, Assemblyman Ralph Caputo said: “We’ll monitor it to make sure that the ethical standards are being withheld because the oversight part is important. Let’s allow the public to vote on it.” The bill permitting betting on college sporting events could be on the ballot as soon as this November.
NJ Sports Betting Records Growth Despite the Pandemic
In January this year, New Jersey posted a record-high sports betting handle close to $1bn ($996 million) in total sports bets in December.
Throughout 2020, the state recorded $6 billion worth of bets leading to millions in tax revenue for the US state.
Although the gambling industry saw some difficult times during the pandemic, it proved resilience through flexible solutions. Atlantic City worked hard towards recovery.
In May, the state eased restrictions for bars, restaurants, casinos, and other venues. They can now operate at maximum capacity even though social distancing and mask rules remain.