Now that March Madness has returned to New Jersey, Senator Paul Sarlo is expected to allow wagering on championship collegiate competitions, which will allow punters in the Garden State to fully participate in the burgeoning New Jersey betting market. Currently, New Jersey residents are banned from betting on college games involving the state as we’ve discussed in lengthy detail here.
The NCAA announced recently that the Prudential Center in Newark would act as the site for the 2025 East Regional while Seton Hall will serve as the host school. The Senator is expected to remove the prohibition on college games in the state as long as the competitions, playoffs, tournaments, or championships are NCAA sanctioned. This will also include any football bowls held at MetLife Stadium.
If the ban on betting on college competition is lifted, it will help to solidify the Garden State’s already stellar reputation in the gambling industry. As it stands, New Jersey has the biggest sports betting market in the country and the Meadowlands is the most successful sports wagering facility in the state. As such, this lift will go a long way in helping to sustain and support New Jersey’s growth now that legal sports betting has become an imperative component of the state’s economy.
The senator hopes that voters will choose to amend the constitution so that betting on college championships can be permitted. Senator Sarlo has pleaded with voters to approve the referendum that could be placed on the November 2021 ballot as we’ve covered here. Sen Sarlo is a Democrat representing the same area where the MetLife Stadium, NFL’s Jets, and Giants all call home.
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Should betting on college sports be allowed in New Jersey?
College championship games are typically televised nationally. And because New Jersey now stands as the king of sports betting in the country, more and more bettors are arriving in the state to witness such games so it makes sense that punters should be given an option to wager on them.
State Senate President Steve Sweeney stands in support of this new bill to allow betting on college sports because the state is losing money that could be directed to state coffers. New Jersey’s state constitution currently has a ban on college sports held in New Jersey, as well as any out of state games that feature New Jersey teams.
If this ban is lifted, punters will only be allowed to bet on postseason games. This consists of NCAA basketball tournaments as well as postseason regional competitions. This means that the ban on regular games would still be upheld. The potential benefit for the state would be the return of NCAA men’s basketball tournament games to Newark’s Prudential Center.
The center last hosted a tournament in 2011 after which it was pushed out thanks to the Garden State’s Supreme Court fight to legalized sports betting. Now that the market is legal and is taking effect in states all over the country, there is no reason why the state should continue missing out on such tournaments.
The lifting of the ban should have both positive and negative consequences on the system. It is important to keep in mind though that the NCAA and countless universities are already cashing in on the massive value created by college sports. As such, there is no reason why the Garden State and subsequent states shouldn’t benefit as well.
If the ban isn’t lifted now, it is also probable that the NCAA will soon figure out a way to profit from legalized sports betting. After all, college football as well as basketball is already being driven by various corporate sponsorships. Thus, allowing sportsbooks and online casinos could easily be a great way for the body to generate revenue.
New Jersey betting keeps breaking records
The Garden State has been setting records and breaking them month after month, which has placed the state in a unique position. Other states hoping to legalize sports betting are increasingly turning to the Garden State for the blueprint to success. In August 2020 as we’ve covered here, the state set a record for the most sports betting handle, managing to reach $614.1 million based on reports given by the New Jersey Division of Gaming Enforcement.
Not only was this an all-time high record for the state, but for the country, Yes, this means that New Jersey has finally overtaken Nevada as the gambling capital of America. New Jersey has managed to shatter records despite a slow sports season and reduced capacity at land-based sportsbooks. Today, brick and mortar sportsbooks can only operate at 25 percent capacity for health safety purposes.
The vast growth can be attributed largely to online betting with more than 90% of the cash wagered on sports in the state coming from the internet. As the NFL season continues to roll forward, it is safe to expect October and November to continue being busy months for sports punters all over the country.
New Jersey’s sports betting market has proven to be one of the most resilient industries since the start of the pandemic. With major sports back on board, the state’s sportsbooks continue to show strength thanks to the avalanche of sports bets made by excited punters. New Jersey’s online gambling has also helped the state to remain afloat during these tough economic times.
The state’s online casinos as well as its poker rooms continue to impress with record highs. August marked the 5th consecutive month that online casinos and poker have accumulated at least $80 million. Every year, online gambling continues to grow, with the Golden Nugget Online Gaming continuing to dominate the market.
Are you a New Jersey resident interested in playing online in our state and taking advantage of the best offers? Check out our curated list of NJ casinos, NJ sportsbooks, and online bonuses. And if you are a poker player, please check our list of Best Poker Sites in New Jersey.
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