Election day might be over throughout the United States, but the New Jersey Senate still has a very important decision ahead of them. That group will decide whether or not to allow betting on collegiate sporting events that feature New Jersey teams or happen within the state.
Currently, betting on collegiate sporting events that take place in the state is prohibited, and sportsbooks cannot accept bets on collegiate teams from the state either. Senate Resolution 133 would seek to change this, and it could provide a huge boost to an already growing industry.
The Senate is set to hold a meeting on Monday, and an official vote will be taken at that time. The Senate will also be looking at fixed odds betting for horse racing, and the group has been presented with a proposal in recent weeks.
New Jersey is already the fastest growing market in the sports betting industry, and the state has been shattering records of late. If a majority of the Senate approves each measure, it could lead to another massive boost in the growing industry.
Plenty of Popular College Teams
New Jersey is not known for its large number of professional teams, but there are plenty of popular college teams in the state. There are eight division one collegiate programs in New Jersey, and a number of these programs have been historically strong.
New Jersey is also a host to several major sporting events, and currently, sportsbooks are not allowed to take bets on these events. The Senate is looking to make a major change, and it could make college betting just as popular as football in the state.
If approved, the state would likely try to have something in place by the start of the 2021 March Madness basketball tournament. The state could see a number of teams in March Madness, and sportsbooks are hopeful to offer bets.
Fixed Odds on Horse Racing?
Senate Bill 3090 was introduced on October 29, and it could transform the horse racing betting industry in New Jersey. Currently, horse tracks offer limited “fixed odds” bets to bettors, but that could change if this bill is advanced.
Monmouth Park and The Meadowlands are two of the state’s biggest race tracks, and these are very popular locations. This bill would also lower the legal gambling age to just 18 if placing a bet on horse racing events.
Sportsbooks Down Under Offering Guidance
Fixed odds on horse racing are extremely popular in Australia, and it has started to catch on in the United Kingdom. Fixed odds means that bettors are locked into that price, and the bet can’t change as the odds change closer to race time.
This is how the sports betting industry works in the United States, and New Jersey is looking to make the horse racing industry the same. BetMakers, an Australian-based horse race betting operator, has secured a deal in New Jersey, and it will be looking to bring fixed-odds horse racing to the state in 2021.