In 2018, the U.S. Supreme Court threw out a 1992 federal law. Since the legislature legalized sports betting, gamblers are lawfully being separated from their money. Or is the gambler raking in wages from casinos and racetracks? Either way, it depends on someone’s skill level, and sometimes luck.
This betting approval represents a triumph, following the 6-year struggle to bring sports betting to New Jersey. Now, casinos and racetracks are allowed to create as many as 3 online partnerships apiece, but first, they must own a physical sportsbook. Recently, New Jersey sports betting was ranked the most robust market in the country.
Online Sports Betting in New Jersey
You may be wondering, what’s the status of sports online betting in New Jersey? Online sports betting went live officially in 2018. In New Jersey, a betting company is not allowed to operate its business exclusively online. Based on this, the entire offshore sportsbooks are illegal in NJ. And can be identified, since most of them end in .eu.
For an online sportsbook to legally conduct business in New Jersey, it needs to have brick and mortar gambling structures. To discourage competition from illegal betting sites, any sportsbook that operates without a license risks fines of up to $ 25,000 for individuals and $ 100,000 for businesses. Sports betting earnings will be taxed from 8.5% to 14.25 % depending on whether it’s online or offline.
What sports can you bet online?
About all. New Jersey online sports betting is available for NBA, NFL, EPL, MLS, MMA/UFC, MLB, NHL, and NBA. However, high school bets are a no-go zone, same with the college play—welcome to New Jersey!
Legal NJ Sports Betting Sites
According to the bill, the legal betting age is 21, although you can bet on horse games at 18. Sportsbooks provide various bet offers to online sports players, and it’s significant to know how they differ. Otherwise, you might be enticed by high dollar amounts that are worse off to any better.
Draftkings was the first sportsbook to go live in New Jersey. Currently, Draftkings has about 10M customers in their database. Other favorite sportsbooks in the market include BetStars, FanDuel, 888 Sport, and PointsBet.
Benefits of Online Sports Betting
NJ online sports betting sites give new customers either deposit bonuses, risk-free bets or free bets. Besides, sportsbooks in New Jersey are monitored by the Division of Gaming Enforcement (DGE). Moreover, each operator must undergo a thorough application process with the DGE. Meaning, sportsbooks are secure and legal.
The inclusion of mobile sports betting provides the convenience of wagering at your home. More importantly, sportsbooks create job opportunities for the person manning betting windows or serving customers, either online or onsite. All said, legal sports betting in New Jersey brings in revenue for the state.
New Jersey’s fast adoption of sports wagering has surprised numerous industry experts. And in January this year, NJ sportsbook operators took over $385M in wagers alone. Seasoned gamblers are wondering how closely New Jersey is following Nevada to possibly become the national leaders. The secret of the recent growth lies in 2 factors: the introduction of online sports betting and mobile betting apps.