Legislator Wants Changes in College Sports Betting in New Jersey

Legislator Wants Changes in College Sports Betting in New JerseyIn recent months, the National Collegiate Athletics Association, or the NCAA has been requesting state legislators to implement a ban on betting on player prop bets for collegiate sports. Some states are already implementing this, such as Maryland, Ohio, and Vermont, among others. Other states are slowly following suit. College sports betting in New Jersey is a current issue being addressed by legislators, but not for the same reason other states do.

Currently, college sports betting in the Garden state is allowed. The law allows for college sports betting except for events taking place in New Jersey, or events where a New Jersey team participates, regardless of the venue. This somehow limits the betting options of local bettors. And when you learn how to be a bookie, you will see how popular college sports betting is. You will also see how limitations like these can affect your sportsbook’s bottom line from getting less wagers from your players.

Changes in College Sports Betting in New Jersey

And having a more diverse sports betting market is important for continued success. This is something that state legislators want to address. New Jersey Assemblyman Michael Venezia introduced Assembly Concurrent Resolution or ACR 140 to the Assembly Tourism, Gaming and Arts Committee last week. The bill aims to amend the current sports betting law of the state to allow sportsbooks to offer odds on local college sports teams.

The change will apply to all sportsbooks, casinos, and horse tracks and will work for both retail and online platforms. The bill, however, will still be dependent on residents as they will vote on it on the November ballot.

Legislator Wants Changes in College Sports Betting in New JerseyWill New Jersey See More Betting Options for College Sports?

This is not the first time that the state has seen efforts to allow for betting on local teams. Back in 2021, people voted against this measure, with 57% of votes saying no to adding local betting.

However, the timing of the bill could work for them. Currently, the state has no prohibitions on college prop bet playing, but there is a bill aiming at doing so. If or when that bill passes, residents will have much less betting options available. If you look at the odds in your software sportsbook site, you will see that taking out prop bets can cut out a significant number of wagers. Likewise, players will log on to their sportsbooks and see less options for them to enjoy.

What Happens if the Bill Passes?

If the state would allow local sports betting for college sports, then there will be more options available to bettors even with a player prop betting ban. The state will also stand to collect more of tax revenue from this. Just to put things in perspective, the state has seen $513 million in revenue from sports betting. This is 37% more than in the same period last year.

The state has collected over $66 million of tax revenue, year-to-date. Banning player prop bets will influence the numbers. Thus, having more betting options with local sports betting for college sports will help mitigate the expected loss in handle and revenue from player prop betting. If the bill passes, then by the terms stated in the bill, sportsbooks will be allowed to release odds and take wagers on local teams like Seton Hall and Rutgers in NCAA basketball or college football.

 

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