When one thinks of sports gambling, sports books, and wagering, Las Vegas comes to mind first and foremost. However, there is now an east coast rival to the sports wagering capital in Nevada—welcome to the world of sports betting, New Jersey!
Live Online Sportsbooks
Land Based Sportsbook with no Online Product
3. Borgata: sportsbook has launched but the online sports betting is not yet live
4. Bally’s: sportsbook has launched but the online sports betting is not yet live
5. Golden Nugget: sportsbook has launched but the online sports betting is not yet live
6. Harrah’s: sportsbook has launched but the online sports betting has not yet live
7. Monmouth Park: sportsbook has launched but the online sports betting is not yet live
8. Ocean Resort Casino: sportsbook has launched but the online sports betting is not yet live
9. Resorts AC: sportsbook has launched but the online sports betting is not yet live
10. The Meadowlands: sportsbook has launched but the online sports betting is not yet live
New Jersey’s Long History with GamblingWho Can Gamble Under New Jersey Betting Laws?
Plain and short answer—no. In order to use the applications to bet online, you must be physically present in the state of New Jersey. These betting apps will use sophisticated geolocation that will only allow betting from within New Jersey state lines. Of course, we are going to have those select people that attempt to “jailbreak” the app in order to place bets, but for us law-abiding citizens outside of New Jersey—we are going to have to book a weekend trip to Atlantic City to enjoy the benefits of the sports betting applications. Oh, before you ask, if you aren’t 21 years of age, you cannot bet or gamble using these applications even if you are within New Jersey state lines. You’re going to want that money in your account anyway once you start making payments on those student loans, anyway.
So let’s say you’re an avid sports fan and book a trip to New Jersey for the weekend and want to place some bets. Where do you go? Which sportsbook or casino do you choose? I’ll do a run through of the casinos currently offering sports betting as of August 2018. These are sure to be rapidly changing as some of the large casino and entertainment companies begin opening sportsbooks or moving some business from Nevada to New Jersey. According to the Legal Sports Report, here is the current state of the operating sportsbooks in New Jersey.
There are several other casinos and companies getting in on the sports betting landscape in New Jersey and should be making giant leaps towards that over the next year.
Who Benefits from the Sports Betting Laws
So just how much money has New Jersey made since it legalized sports betting? According to Wayne Parry of the Associated Press, two casinos and a race track took in $16.4 million in sports bet during the first two weeks that wagering has been legal in New Jersey. That $16.4 million produced a gross revenue for those three venues (Monmouth Park, Ocean Resort Casino, and Borgata) of about $3.5 million. Not bad for a two-week period. It wasn’t bad for the state of New Jersey either. Since the winnings in New Jersey are taxed, the state made almost $300,000. Where those dollars go has yet to be seen but I would be surprised if a large percentage were to go to schools and public education in order to try to off-set any negative opinion or viewpoint that usually accompany sports betting. It does look like both the state and the citizens of New Jersey both stand to benefit from the new sports betting laws.
Finally, the future of sports betting in New Jersey looks strong as evidenced by the quick adaptation and implementation following the SCOTUS decision. Possibly more importantly, the strides made by New Jersey will also influence and provide an illustrative path for sports betting implementation in other states.