The New Jersey betting market is among the best performing gambling markets in the United States. As a matter of fact, this is one of the jurisdictions where laws on gambling are amended regularly to accommodate emerging trends. The latest law is on legalizing esports and it is only a few weeks old. According to the bi-partisan bill number A637, esports will now be considered a legal gambling operation.
The bill is not new to those who are keen on legislation that relates to gambling in the state of New Jersey. When it was first introduced in 2020, it sparked quite some interest – the same as what is happening now. With the bill in place, gambling enthusiasts can now place bets on virtual sports – keeps them entertained even after the actual gaming season is on break.
The amendment to the bill takes the definition of sporting events to a whole new level that includes esports. Every gaming activity that can be considered as a sport and happening in New Jersey will be regulated in accordance with the new law. The law is however specific on the nature of sporting activities that it covers; physical/actual sports as well as esports are supported.
When it landed on the floor of the New Jersey Assembly, the legislators all voted in its favor. There was obviously no objection as the bill moved up the ascension ladder until it was finally approved at the senate level. Most of the legislators saw the bill from a revenue generating perspective; a way for the state to fund its projects from taxes accrued from gambling. What really does the new piece of gaming law translate to?
As an online gaming operator, this new law prompts service providers to offer bets on esports. The betting cap for this gaming activity has been placed at $100 which guarantees a top win of $500. This is without a doubt a small amount of money to look forward to but it is only a manner of time before the DGE calls for an increase of the rates.
Previous law makers that have served the people of NJ had allowed the betting operators of this state to take esports bets but not before getting approval. That was definitely good news for casinos operating in the region because a player just needed to be allowed to bet and all else would be alright.
Past governments of New Jersey would grant permission to sportsbooks operating within the area to accept esports wagers but this did not happen before approval had been given by regulatory authorities. That was indeed a blessing in disguise which began in November of 2019 – opening the doors to legal esports for the first time ever since the industry existed. The match in focus at the time was the finals of the league of legends championships.
Come September of 2020 and all casino operators running gambling operations within the state of New Jersey started to accept wagers placed on VIE.gg. While there is limited information on the outcome of the event and others just like it, they did clear the path for esports regulation.
The evolution of the gambling laws of New Jersey portrays the image of a cooperative government that has on many occasions risen to the occasion and helped the state to grow its gambling sector. It was not so hard after all when the needle required to be moved in favor of esports betting. This journey coincidentally began in September 2020 with an initiative to support any kind of business that propagates development of the esports industry.
At the forefront of this movement are all the stakeholders that support esports. Coincidentally, this initiative has been supported by everybody who is in one way or the other a beneficiary of the betting sector. The motivation to support is not new because that has been the same drives that fuels the growth of the gambling subsector.
According to esports insider, the move to pass into law the aspect of gambling that accommodates esports opens up a new world as far as gambling is concerned. The law grants express authority to betting services providers to offer their customers matches and odds related to esports, it might not be a product that many casino operators eagerly tale up.
The primary purpose of any business is to make profit but if that profit is too small then most operators simply refuse to engage. The low levels of the wagers and the expected rewards upon winning are simply not something that well performing and established casinos would be willing to pursue. At the same time, it is important to consider the fact that the business segment is rapidly growing and it is only a matter of time before everyone who is associated with it starts to reap handsomely.
The first step however is to activate a bunch of players who are repeat esports customers. This is the best way to demonstrate to the rest of the industry the fact that esports would be a fruitful venture in the future.
Conclusion
It is one thing to present a bill to parliament and have it debated and yet another to present it to the market for adoption. Both these actions are a risky affair because none is guaranteed. Even so, New Jersey has set the pace for both these activities to take place within the same topic. After being in the limelight for many years as the world’s betting destination, Las Vegas has finally passed on the baton to New Jersey. The almost instant success of the NJ market has caused many other states to start paying attention to the gaming industry. The recent esports bill makes NJ the first location to have adopted this law. for newcomers to New Jersey, the market may appear a little quiet but that is how it feels on the surface; the real action is taking place behind the scenes.
