Residents in New Jersey may soon be able to wager on in-state college teams.
During a Senate session on Thursday, New Jersey lawmakers voted 36-1 to pass Senate Concurrent Resolution No. 133, which would permit sports betting on in-state college games and on in-state college teams.
Currently, betting on sporting events inside the state or on games with any of the New Jersey college teams is prohibited. But with the Senate passing the bill, the issue will now go to the November ballot for voters to decide whether betting on local teams should be allowed.
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The bill is the latest piece of legislature that would lift the ban on betting on in-state teams. In May, ACR200, which “permits sports wagering through certain off-track wagering facilities on any professional, collegiate, or amateur athletic competitions,” was passed through the Assembly Tourism, Gaming and the Arts Committee by a unanimous 7-0 vote.
More Options Could Open Market
New Jersey has numerous college teams and is a regular when it comes to hosting tournament events. The state is home to eight NCAA Division I men’s and women’s programs: Rutgers, Seton Hall, Saint Peter’s, Rider, Fairleigh Dickinson, Monmouth, NJIT and Princeton. Monmouth, Princeton and Rutgers also have football teams.
The NCAA selected the Prudential Center in Newark to host the 2025 NCAA Men’s College Basketball Sweet 16 and Elite Eight. If voters decide to amend the state’s constitution and allow betting on in-state wagering, New Jersey’s sports betting market will continue to grow and flourish. The state is regularly at the top of sports betting handle charts. In 2020, New Jersey recorded the highest handle of any state, taking in $15.2 billion in wagers.
Other Gambling Bills Approved
In addition to passing a sports betting bill concerning college athletics, the legislature passed bills to assist casinos that have been affected by the pandemic.
Under one bill, casinos would be exempt from taxation on the first $90 million given out in promotional credits that casinos hand out to players over two years. The bill also gives casinos relief from their 8% state gambling tax responsibility if their 2021 in-person gaming revenue falls below the monthly revenue in the same month between March 2019 and February 2020.
The bill now heads to Gov. Phil Murphy for approval.
