N.J. Governor Officially Launches Sports Betting

Sports Betting NJ

For a long time, sports betting was banned throughout the United States. Recently, however, pressure and petitions from states, sports leagues, and other parties have succeeded in overturning this ban and legalizing the betting nationally. Several states have already legalized the practice, and New Jersey is just one of the latest.

Leading by Example

New Jersey has been at the forefront of petitioning for a change in attitude toward sports betting. The state, along with other petitioners, won a U.S. Supreme Court case against the ban on sports betting last month. The victory meant all 50 states could legalize the practice if they so wished.

New Jersey is one of a few states that has already legalized sports betting. Delaware has also legalized the practice and is in the process of laying out the policies and regulations. Pennsylvania has also legalized sports betting but is yet to issue licenses to operators pending consultations and policymaking. Other states are still skeptical, but attitudes are set to change with time.

New Jersey, however, has embraced it wholly and has already issued several licenses. The opportunity has been so long-awaited that Gov. Phil Murphy was the first to place legal wagers. The governor placed the wagers at Monmouth Park: one $20 bet on Germany winning the World Cup and another $20 bet on the New Jersey Devils winning the 2019 Stanley Cup.

Several sports betting agencies have already announced their intentions to host betting platforms. For instance, Monmouth Park has already unveiled a betting platform, while the Borgata Casino announced its plans to start taking bets barely 30 minutes after Murphy placed his first bets.

New Opportunities for Betting Outfits

Several sports betting agencies from reputable companies have already opened following the practice’s legalization in New Jersey. One of the most notable names in the newly created market is the Meadowlands Racetrack. Meadowlands manager Jeff Gural recently announced via the Associated Press that the agency would begin accepting wagers in July. The agency said it would initially begin with land-based betting. Clients would have to be physically present at the race track to place their bets.

New Jersey expects to attract a lot of clients not only from within the state but also from across the state line in New York. New York’s state government failed to pass similar laws legalizing the practice, meaning that New Yorkers will have to wait longer to hop on the bandwagon. It is estimated that there are more than 15 million New Yorkers who would be interested in placing sports bets. These New Yorkers have the option of traveling across the state line or wagering online before the legislators in Albany decide whether they are ready to legalize sports betting.

Many Hurdles to Overcome

Although sports betting has been legalized across the United States, it has faced a lot of resistance in court. Some people think that it poses more disadvantages than advantages.

In New Jersey, hurdles are mainly coming from sports leagues, and, particularly, Major League Baseball (MLB). The MLB issued a memo to all teams stopping them from running advertisements in betting agencies. The league has said that this move is only temporary and has been put in place to give league members time to develop an approach to the new changes. However, critics have accused the MLB of hypocrisy because its main goal is to get a share of the revenue from the highly lucrative sports betting market. The standoff is unlikely to last for long as both sides are expected to come to an agreement soon that would be mutually beneficial.

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