Legislators anticipate the advancement of a new bill for betting on New Jersey college sports teams after the state’s sports betting market set a national record last year.
NJ College Sports Betting Bill a Step Closer Towards Voters
On Wednesday, the New Jersey Assembly panel moved a bill allowing sports betting on NJ college sports teams forward.
Sen. Paul Sarlo said: “A lot of money is being left on the table for college betting, a lot of money.” He also said that he’s confident that as sports betting becomes more mainstream, this bill will be on the ballot in 2021.
New Jersey’s casinos, tracks, and online betting apps handled more than $6 billion of sports wagering in 2020. In January, the casino results rallied, going up 9.3%.
This March, the state loosened up measures, increasing indoor capacity from 35% to 50%, including casinos.
As the state’s sports betting market set records in the US last year, legislators were eager to expand wagering, allowing betting on New Jersey college teams before the beginning of the football and basketball championships. However, both of those events passed and left the bill hanging in Legislature.
Now, New Jersey is a step closer to allowing wagering on NJ college teams, or games played in New Jersey involving teams from other states. The bill was approved by a Senate committee last November. Now it still needs the votes of the Senate and the Assembly before it goes to Gov. Phil Murphy.
The Bill Would Permit Betting on Any College Sporting Event
Sports betting on college sports and athletic events and those including teams from New Jersey College participants are not allowed in the state. State voters would be asked the following question: “Do you approve amending the Constitution to permit wagering through casinos and current or former horse racetracks on all college sport or athletic events?”
This bill would allow the state’s legislature to pass the laws, which would permit betting on any college sporting event. It would also allow betting on any sporting event that includes New Jersey college team participants. The wagering would be permitted only in casinos and current or former racetracks.
Assembly Member Eric Houghtaling stated that there were concerns regarding the inclusion of the New Jersey college teams in the original sports wagering bill. He also said that New Jersey betting has been very successful, and the state is picking up level in college sports, which would bring it to the spotlight.