When Will Sports Betting Be Legal in NJ?

Last week, Gov. Murphy signed into law the sports wagering bill. This law legalizes betting on sporting events in New Jersey. You can now place sports wagers at the racetrack and online bookmakers. However, it does not permit casinos to offer betting in any capacity. Below, we will discuss the various implications of this law and how it will affect you as a sports betting fan in New Jersey.

Increased Competition

One of the biggest changes that this new legislation will bring is increased competition. Currently, there are only a few legal sportsbooks in the state of New Jersey. However, with the implementation of this new law, that will change. Bookmakers no longer have a competitive advantage over the racetracks because the latter cannot legally offer sports betting. As a result, there will be a massive influx of people looking to place sports wagers in New Jersey.

More Choice

Another major change that this law will bring is more choice for New Jersey sports betting fans. Bookmakers must now provide their services to licensed racetracks and casinos. Thus, they will be able to accept bets from anyplace where they can readily deposit money. That means your options for betting will increase. You will no longer be limited to just a few places where you can place bets. Online betting sites will also become more accessible as a result of this new law.

More Money

This law will also mean that there will be more money to be made by sports bettors in New Jersey. Currently, there are only a few legal sportsbooks in the state. They take a cut of the action, which is typically around 10% or 15%. Most people cannot spare that kind of money on a daily basis. However, with legalized betting, that will change. Bookmakers will now be able to offer better odds and a bigger selection of games, leading to increased profitability.

More Acceptance

Sportsbetting will also become more accepted in society. Many people in New Jersey have a negative perception of sportsbetting due to the lack of regulation surrounding the practice. However, this new legislation will help change that. As a result of this change, people in New Jersey who want to place sports bets will have a place to do so. That means more acceptance for this type of gambling in the state. It also means that people will have a place to discuss their favorite sports teams and players, leading to greater engagement in society. It is always a good thing when society accepts and respects your right to enjoy certain types of games and competitions.

More Transparency

Last but not least, we have transparency. Thanks to the new sports wagering law in New Jersey, there will be greater transparency when it comes to the professional sports gambling industry. Bookmakers will now have to disclose important information, including the payouts that they offer and the odds that they provide. You will know exactly how much your favorite team will win or lose in the next game and what the odds are of that game coming in.

The New Jersey sports wagering law is a step in the right direction. It will bring greater competition, choice, and profitability to the sports betting industry. It will also bring greater acceptance for people who enjoy betting on sports. However, it does not legalize casino betting, which remains a problem. It will not become effective until August 2018, which is when the current gambling license expires. After that date, casinos will not be permitted to offer sports betting services. Hopefully, this will stimulate the industry to find a solution and provide the public with legal and ethical sports betting services. For now, you will have to look for the black market if you want to place bets on sporting events in New Jersey.