New Jersey’s Leading the Way in U.S.’ Sports Betting Industry

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Sports betting is a topic that is hotly debated across the United States, especially after the remarkable May 2018 Supreme Court ruling to legalize betting across the country. However, the activity is still not legal throughout the U.S., and the rules are also inconsistent wherever it is legal.

New Jersey, in particular, is a very betting-friendly state, other than Nevada. In fact, many other states look up to it for the way it has maximized its gambling revenues and goes about its business vis-à-vis sports betting. Although showing off its gambling expertise wasn’t a factor during its fight for legalization, New Jersey has indeed been very successful in attracting a great multitude of gambling and sports betting enthusiasts over the past couple of years.

The Finer Details

Today, sports fans based out of New Jersey can legally wager money on sports events, both online and in-person. New Jersey’s betting websites are at par with the best betting portals of the world. As per figures revealed by Action Network, the sports bettors in New Jersey wagered $2.32 billion during a period spanning over nine and a half months. What is even more interesting is that 80% of all those bets were placed through mobile phones!

Punters can also deposit money with sportsbooks online using a credit card, something that is still not in place in other states. There are hardly any limitations in terms of what they can and cannot bet on.

The only thing disallowed by the state is placing wagers on its college teams. Hence, Rutgers can’t be bet on, and the same is the case with Seton Hall, Fairleigh Dickinson, St. Peter’s, Princeton and Monmouth.

Furthermore, the person needs to be inside New Jersey’s borders to place their bets. Anyone traveling out of state cannot legally bet online with the state’s sportsbooks, owing to the geofencing technology used by the state to determine the punter’s location.

In the same way, anyone visiting New Jersey can legally place a sports bet inside the state, just by being present there. The betting software employed by the state determines whether the bet is being placed within the borders or outside.

As long as you are 21 years old, you are legally eligible to place sports wagers in New Jersey. Punters can even walk up to multiple facilities spread over the state, and place their bets in person. These facilities include Atlantic City casinos, Meadowlands, Monmouth Park racetrack and more.

Sports fans who win more than $600 per year from their wagers are required to pay taxes on those winnings. The bettors who do itemize deductions are allowed to deduct their losses; however, they must be backed by detailed records.

Final Word

On the whole, while various other states are far from legalizing sports betting, it has become a lifestyle in New Jersey. It won’t be wrong to state that New Jersey is setting the pace for the United States’ sports betting industry, and it's looking to hold on to that position for a long time to come.