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Betting-Friendly New Jersey Leads The Way For Sports Wagering
17th November, 02:01The topic of sports betting is a reality across the nation, at least when it comes to the debate. The Supreme Court struck down the ban on sports gambling in May of 2018, and the topic has turned into a reality in 19 states.
However, the rules are anything but consistent and those who are participating must determine whether their preferred method of placing a wager is acceptable.
New Jersey is the most betting-friendly state outside of Nevada, and states that are interested in maximizing gambling revenue should keep an eye on the way the Garden State does its business. While that is clearly not the only factor prior to legalization of sports betting and providing participants with an avenue to show off their gambling expertise, New Jersey has been quite successful in attracting bettors and gambling dollars.
Sports fans in New Jersey can wager in person or online, and they can do the latter from their computer or their phones. According to the Action Network, New Jersey bettors wagered $2.32 billion in a nine-and-a-half month period, and 80 percent of those wagers have been mobile bets.
It's also simple to make a deposit, as sports bettors do not have to bring large amounts of cash to fill their accounts. This can be done with a credit card, and that is not the case for many other states.
There are very few limitations placed on bettors, as they can bet on all sports that Las Vegas and offshore casinos offer their customers. The only thing that the state will not allow is betting on its own college teams. That means Rutgers is off the table when it comes to college football, and teams like Fairleigh Dickinson, Monmouth, Princeton, Saint Peter's and Seton Hall, among others, are not included when college basketball wagering is the subject.
Bettors have to be within New Jersey borders to make their bets. A resident of the state who is out of the state for any reason - business trip, vacation, family event - is out of luck as the state uses geo-fencing to determine whether bettors are within the state's borders.
On the other hand, a non-New Jersey resident can make a sports bet merely by visiting the state - even if it's solely for the purpose of making a wager. The state's betting software allows the determination of whether the betting attempt came within its borders, and that's the primary factor when it comes to betting eligibility.
New Jersey has also determined that sports bettors must be at least 21 years old before they can make a legal wager in the state.
Bettors can also go to several facilities throughout the state and place a wager in person. Those sites include the Monmouth Park Racetrack, the Meadowlands, and several casinos in Atlantic City.
Fantasy sports sites Draft Kings and Fan Duel accept bets from New Jersey bettors, as do several other betting sites, including Caesars, William Hill, Golden Nugget and MGM.
Sports fans that win money as a result of their wagers must pay taxes on their earnings. Bettors who win more than $600 in a year must pay taxes on their winnings. Those who make itemized deductions can deduct their losses, but detailed records must demonstrate those losses.
Sports wagering has become something of a way of life in New Jersey, while many other states lag far behind. In sports-crazy Massachusetts, for example, sports betting bills are merely in the discussion phase, and there appears to be very little urgency for legislators to give residents the opportunity to bet legally in the state.
It is clearly a topic that is debated, according to Massachusetts state senator Eric Lesser, but those representatives are not likely to spring into action any time soon.
"It's certainly under very active discussion and very active deliberation on the committee," said Lesser, per Michael Silverman of the Boston Globe. "We're certainly watching our neighbors in Rhode Island and New Hampshire and Connecticut and New York very closely; we continue to pay very close attention to what's happening in New Jersey."
However, that attention means very little to potential bettors who are anxious to bet on the New England Patriots and other teams throughout the NFL.
New Jersey has set the pace for sports wagering, and that position is not likely to change any time soon.