New Jersey Passes Esports Betting Bill – Esports make another splash in the sports betting industry. Esports and law always had a strange relationship because not every law accounted for what esports had in mind. On some legal sportsbook apps, betting on esports was never an option, but both wagering on traditional sports and iGaming have their similarities.
Back in the month of August, betting on esports looked brighter than ever. The interest of the industry has been growing worldwide as tournaments are taking place, big brand corporations are sponsoring these types of events, and other popular streamers are capitalizing on the growing market. It seemed inevitable where a state was going to take advantage of the opportunity.
NJ PASSES ESPORTS BILL
New Jersey lawmakers introduced the bi-partisan bill, A637, which is sometimes referred to as the ‘esports betting bill’ had the support of a couple of assemblymen even before reaching the Senate floor. Now, the bill has been passed as legal sports wagering will include esports and what the sector has to offer. However, there will most likely be a testing phase as the New Jersey Gambling Enforcement (DGE) will monitor how the public reacts.
Esports will most likely bring the state a huge amount of state and tax revenue. However, it’s also in their best interest to ensure that the public does not deal with too many issues that come with wagering too much money on a ton of different games through a given timeframe.
Operators in the state of New Jersey are now allowed to accept wagers on esports events However, wagers are currently capped at $100, and the max a customer can win is $500. The New Jersey Gambling Enforcement could increase what an individual can wager as time goes on.
The law that is currently in place and about to be changed very quickly has a set of different parameters. The original sports betting bill, A4111, and repealing PASPA excluded esports from entering sportsbooks. However, the state was resilient and finally moved the needle on a regulated market.
Before then an offshore book was the only way to wager on esports games. The other way one from the States to bet legally is if one was visiting parts of Europe and parts of Asia. One of the biggest sportsbooks that allow esports betting in that region of the world was Bet365.
Legal sportsbooks were allowed to accept bets but needed the state’s regulatory approval to get it done. The New Jersey Gambling Enforcement allowed Borgata Casino in Atlantic City to accept the state’s first-ever legal sports bet for the League of Legends World Championship finals.
New Jersey could once again reach uncharted history as NJ was the first state to reach numerous milestones. New Jersey will most likely set the bar high once again in which many other states will try to emulate in the long run.
Eilers & Krejcik Gaming partner and gambling industry analyst, Chris Grove stated “It’s not an NFL Sunday, but you have to remember in New Jersey, and in any state market, the opportunity to gain or reactivate, even dozens of customers, let alone hundreds or thousands, with a new product or a new market, that’s material.”
It will be interesting to see what each sportsbook does in the state to take advantage of this new market.
