The state of New Jersey has been at the forefront of the push to legalize online sports betting, and it looks like they may finally be successful. Here’s a look at when online sports betting may become legal in NJ.
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The current state of online sports betting in NJ
As of right now, online sports betting is not legal in the state of New Jersey. However, there is a bill that has been proposed that would allow for online sports betting to be legalized. The bill has not been passed yet, so it is unclear when online sports betting will become legal in NJ.
The history of online sports betting in NJ
The history of online sports betting in NJ is a long and complicated one. It all started back in 2012, when the state passed a bill legalizing online gambling. This bill was later overturned by the US Supreme Court. In 2018, the state legislature tried again, passing a new bill legalizing online gambling. This time, the bill was signed into law by Governor Phil Murphy.
However, online sports betting was not included in this new law. That means that right now, there is no legal way to bet on sports online in NJ. That could all change in the near future, though. There are currently two bills under consideration in the state legislature that would legalize online sports betting. It is expected that one of these bills will be passed and signed into law before the end of 2019.
The future of online sports betting in NJ
The future of online sports betting in the state of New Jersey is still very much up in the air. While there has been some progress made in recent months, there is still no concrete timetable for when online sports betting will be fully legalized and operational in the state.
The main sticking point at the moment seems to be around the issue of revenue sharing between the state and the various operators that will be offering online sports betting services. Until this issue is resolved, it is unlikely that online sports betting will be fully legalized in NJ. However, with more and more states around the country legalizing and operationalizing online sports betting, it is only a matter of time before NJ follows suit.
The impact of online sports betting on the NJ economy
The legalization of online sports betting in NJ is expected to have a positive impact on the state economy. According to a report by Moody’s Investors Service, legal online sports betting in NJ could generate up to $183 million in annual tax revenue for the state. This would be a welcome boost for the state, which is still recovering from the impacts of the Great Recession.
Online sports betting could also create new jobs in NJ. According to the same report by Moody’s, legal online sports betting in NJ could create up to 1,200 new jobs in the state. These jobs would be in areas like customer service, technology, and marketing.
The legalization of online sports betting in NJ is also expected to have a positive impact on the state’s tourism industry. According to a report by the American Gaming Association, legal online sports betting in NJ could bring in an additional $61 million in annual tourism spending. This would be a welcome boost for the state’s tourism industry, which has been struggling in recent years.
So when will online sports betting be legal in NJ? That remains to be seen. But it is clear that there are many benefits to legalizing online sports betting in NJ.