With New Jersey celebrating its third anniversary of entering the legal sports betting landscape, the state is broadening educational and employment opportunities within the industry.
The New Jersey Economic Development Authority (NJEDA) Board has approved a memorandum of understanding with New Jersey City University (NJCU) in Jersey City that will advance New Jersey’s standing in the online sports wagering and financial technology sectors.
The NJEDA serves as the state’s primary agency for driving economic growth.
Creating Sports Betting Home Base
City University will serve as the home base and support the creation of a Sports Wagering and Financial Technology Workforce Development and Innovation Center.
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“The agreement with NJCU will build on New Jersey’s existing value proposition for the online sports wagering and fintech sector to position the state as an industry hub,” NJEDA Chief Executive Officer Tim Sullivan said in a news release. “New Jersey offers a highly educated and talented technical workforce with proximity and connectivity to New York City and Philadelphia.
“We also have world-class technical infrastructures such as broadband and fiber-optic connectivity, and the regulatory leadership of the New Jersey Division of Gaming Enforcement that recognizes the importance of innovation, collaboration, and competition for a healthy and sustainably-growing industry.”
Focus Will Be Innovation
Under the terms, announced on May 14, the NJEDA will provide $200,000 in funding and staff resources to support technological and product innovation and workforce development in sports wagering and fintech at the Sports Wagering and Financial Technology Workforce Development and Innovation Center at NJCU.
The support enhances the Center’s goals of providing an outlet for sports wagering and fintech industries. It will act as a bridge between industry, academia, and relevant state agencies to grow and support innovation in sports wagering and financial technology sectors.
According to NJCU’s communications director, the school hopes to have the center operational in early fall 2021 and it will be located at the School of Business.
“We are so excited and honored to partner with NJEDA to establish this new center for sports wagering and financial technology,” NJCU President Sue Henderson said in the release. “NJCU has long been an academic innovator for launching new programs in emerging fields.
“This is a wonderful opportunity to build upon our expertise in sports management, financial technology, and data analytics to put our students and our state at the forefront of this exciting new field.”
New Jersey Leader In Sports Betting
Since legalization in 2018, New Jersey has become one of the largest sports wagering markets in the nation. It leads the country in customer usage of mobile and online sports wagering, with more than 90% of wagers in the state placed online or via mobile platforms.
Minutes from Manhattan, New Jersey City University is an NCAA Division III athletic institution and offers 47 undergraduate degrees and 30 graduate programs.
Enrollment for the spring semester is 6,864 students, with 5,191 undergraduate and 1,673 graduate.