New Jersey Sports Betting Ratified By the Senate Panel – Currently, betting on New Jersey college teams or college sports that take place in the state is prohibited. But when the NCAA announced that the 2025 men’s basketball tournament would hold a Regional East in Newark, Senator Paul Sarlo introduced legislation to change the rules so that the state doesn’t lose tax money, according to a report from Asbury Park Press.
“We just feel it is inappropriate to sit there and not collect the income,” said Sarlo on the sidelines of a Senate Budget Committee meeting, visiting lapak303. “Since I first introduced the bill, the Office of the President of the Senate has contacted the NCAA and they have indicated now that there is no problem with us at all, including opening it up to all college events, including the team that is here in New Jersey. “
As the tournament is one of the most popular events for gamblers to bet on, Sarlo doesn’t want the state to miss a quarter of that game.
New Jersey has emerged as the most powerful sports betting market in the country. During the first 10 months of 2020, bettors have bet $ 3.2 billion on sports. In September, the state broke records with a total sports betting handle of $ 748.58 million. Of the total record-setting, $ 678.7 million was staked on mobile apps.
Nevada, Pennsylvania, and Mississippi are the only states in the state that allow betting on college athletic events and teams in the state. Given its proximity to New Jersey, Pennsylvania looks set to gain most of the lost revenue if the rules aren’t changed.