Online sports betting is poised to make up a significant portion of New Jersey’s now legal sports betting industry. According to a new report by consulting firm Eilers & Krejcik Gaming, New Jersey’s revenues from sports gambling will surpass Nevada’s as early as 2021. The report projects that New Jersey’s gaming industry will reap $442 million that year, while Nevada will take in $410 million.
In support of New Jersey’s rapid success, the report cites the state’s highly-competitive online sports betting sector, which is predominated by cutting-edge product as well as competitive pricing and promotions; very high rates of black market recapture; and opportunities for cross-selling between online sports betting and online casino gaming.
New Jersey Online Sports Pools
In an impactful ruling, the Supreme Court struck down the Professional and Amateur Sports Protection Act of 1992 (PASPA) last May. The federal law prohibited sports gambling in most states, including New Jersey. Governor Phil Murphy signed legal sports betting into law on June 11, 2018. While online wagering technically became legal a month later, platforms have been slow to come online, largely due to the regulatory hurdles.
Under New Jersey’s sports wagering law, businesses cannot simply launch an online sportsbook. Rather, casinos and racetracks must obtain a sports wagering license and must have a brick-and-mortar “sports wagering lounge” within their facility to also be able to offer online betting. In addition, each sports wagering licensee may provide no more than three individually branded sports wagering websites.
The New Jersey Division of Gaming Enforcement must sign off on agreements between racetracks or casinos and Internet sports pool operators. Further, Internet sports pool operators must obtain a permit to conduct an online sports pool.
To date, four business partnerships have satisfied all of the requirements and can now accept sports wagers online. DraftKings Sportsbook is partnering with Atlantic City’s Resorts Casino & Hotel, FanDuel Sportsbook has partnered with the Meadowlands Racetrack, and William Hill has teamed up with Monmouth Park racetrack. Meanwhile, Borgota, which is owned by MGM Resorts International, launched its own playMGM app. Borgata was one of only two sportsbooks to take wagers on the first day of New Jersey sports betting. The Golden Nugget expanded its partnership with the PlaySugarHouse NJ online casino to include sports wagers.
For businesses looking to enter New Jersey’s legal sports betting industry, we encourage you to work with a knowledgeable New Jersey business and gaming attorney who can help you navigate the regulatory framework. As with any other new industry, there is a wealth of opportunity, as well as many traps for the unwary.
If you have any questions, please contact us
If you have any questions or if you would like to discuss the matter further, please contact me, Ashley Brinn, at 201-806-3364.
Are Stay Interviews the Key to Retaining Top Talent?
Retaining top talent continues to be one of the greatest challenges facing employers today. Even in an employer’s market, the loss of a key employee can disrupt operations and result in significant costs. While compensation plays a role, long-term retention often depends on workplace culture, communication, and employee engagement. One increasingly popular strategy for improving […]
Secured transactions form the backbone of a wide range of business dealings, including business loans, mortgages, and inventory financing. Because the stakes are often high and relatively minor oversights can have drastic consequences, lenders and borrowers should thoroughly understand how to form an enforceable security agreement that protects their legal rights. What Is a Secured […]
Don’t Cash a “Paid in Full” Check Without Understanding the Legal Implications
Cashing a check marked “paid in full” can be a risky endeavor, particularly if you don’t fully understanding the legal implications. If you are owed more than the amount of the check you accept and deposit, you may waive your right to collect the full disputed amount. That is why you should consider either rejecting […]
Changes to Qualified Small Business Stock Will Benefit Startup Founders and Investors
The One Big Beautiful Bill Act of 2025 (OBBBA) significantly impacts federal taxes, credits, and deductions. A key change relating to Qualified Small Business Stock (QSBS) allows greater tax-free gains for investments in startups and other qualifying small businesses. Company founders and other investors should understand how the enhanced tax strategy works or risk missing […]
Corporate Consolidation and Antitrust Issues in Mergers
Corporate consolidation involves two or more businesses merging to become a single larger entity. The result is often a stronger and more competitive company that can better navigate today’s competitive marketplace. What Is Corporate Consolidation? Corporate consolidation closely resembles a basic merger transaction. The primary difference is that a consolidation creates an entirely new business […]
Business law plays a critical role in nearly every aspect of running a successful enterprise, from negotiating a commercial lease to drafting employee policies to fulfilling corporate disclosure obligations. Understanding what is business law and your legal obligations can help your business run smoothly and build productive relationships with clients, business partners, regulators, and others. […]
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!
