In June 2018, the Supreme Court legalized sports betting across the United States and allowed each state to decide whether or not to adopt it. After this ruling, Phil Murphy (New Jersey’s Governor) was able to overturn the initial ban on betting placed on the state by the National Collegiate Athletic Association (NCAA). Sports betting thus became legal within the Garden State.
Since the legalization of sports betting in New Jersey, the market has continued to grow at an exponential rate. It is now possible for visitors and residents of the state to bet on sports at racetracks, casinos and through accepted online sportsbook without the fear of breaking the law. Before an online sport betting business can operate fully in New Jersey, it must have a physical gambling establishment within the state. In this article, we will provide you with a breakdown of NJ online sports betting and a review of some of the sportsbooks.
New Jersey Sports Betting – Revenue and Laws
Many new gambling sites have entered the sports betting market since its legalization in the Garden State. In the bill passed to legalize sports betting, existing racetracks and casinos are allowed to have three unique sportsbooks online. Although many of these casinos and racetrack operate just one sportsbook, the triple-license option will allow them to expand as the sports betting market grow. As of July 2019, the revenue generated from sports betting was $17.9 million, which is around 400% more than the $3.8 million revenue recorded in July 2018. This figure is expected to increase over the coming years.
There are betting laws that guide sports betting in New Jersey. While new online sports betting sites are allowed to join the New Jersey sports betting market, they have a grace of 270-days to operate without a land-based establishment in the state. Sports’ betting is only allowed on professional sports such as MBL, NFL, NBA, NHL, and MMA. The law explicitly forbids betting on New Jersey College sports whether it is played in the state or not. Revenue generated through sports betting (both online and offline) is taxable by the government. The tax rates on the revenue are between 8 to 14.25 percent.
- New online sports betting companies have a 270-days grace without a physical establishment in New Jersey.
- Revenue generated from sports betting is taxable.
If you love betting on sports, then the current situation of sports betting in New Jersey should appeal to you. There are loads of secure and safe options to choose if you are considering where to bet. You can bet in land-based outlets or online betting sites, and you are allowed to gamble on almost any sports available. Since sports’ betting in New Jersey is regulated, and online casinos and sportsbooks are licensed, people feel more confident when signing up on sportsbook. Additionally, bet account owners will worry less when depositing money into their bet accounts or when they win bets.
Sports Betting NJ
Presently, there are 11 physical sportsbook locations and 13 online sportsbooks in New Jersey. Each of these sportsbooks offers different sports, odds, and promotions, and the Division of Gaming Enforcement (DGE) monitors their activities. Every sportsbook operator must pass through an application process with the DGE. If any sportsbook violates the policies stated in the Sports Wagering Law, it will face the punishment outlined in the law. In 2018, two casinos were fined for allowing bets on college football matches and were fined huge sums of money. With laws like this in place, New Jersey sports gamblers can relax and enjoy playing.
- 11 physical sportsbook locations
- 13 online sportsbooks
- The Division of Gaming Enforcement monitors sports betting activities in New Jersey.
To bet on online sports games in New Jersey, you can either go to one of the sportsbook outlets or bet directly from your mobile phones and computers. Whether you are residing in New Jersey or you are just visiting, you are permitted to bet on sports events. However, you must be at least 21 years of age before you can bet. Many of the sportsbooks allow players to fund their account using common payment methods such as Visa, MasterCard, and Bank Transfer, while some even accept deposits from e-payment systems such as Skrill and PayPal.
We have discussed the history of sports betting in New Jersey, and the laws that have been put in place to protect gamblers. In the following sections, we will provide you with an overview of some online sportsbook available in New Jersey. As stated previously, there is 13 online sportsbooks in New Jersey, and 9 of these sportsbooks have a physical establishment where you can bet.
The information that will be provided in the following section can help you decide which sportsbook is best for you to use. It will also cover the rewards you can expect from using the sportsbooks.
While Monmouth Park was the first establishment to offer sports betting in New Jersey, DraftKings was the first to offer online sports betting. DraftKings already put plans in place to storm the New Jersey online sports betting market long before the Supreme Court legalized sports betting in the state. Once the ruling permitted New Jersey to operate sportsbooks, DraftKing began erecting billboards to promote it branded but yet to be designed sportsbook mobile app. By integrating its existing software with Kambi technology, DraftKings was able to create a formidable online sport betting mobile app.
Before you can bet on Draftkings, you need to create a betting account with the sportsbook. You can create an account via https://www.draftkings.com. After creating an account, you will need to deposit money into your wallet before you can place bets on sports games of your choice. Draftkings offers new users a 50% bonus up to $500 on their deposit. This also comes with a $200 free bet, thus allowing players to double their stakes. However, you will need to meet the wagering requirements specified in the terms and condition before you can withdraw winnings made through the bonus.
The payment methods accepted on Draftkings include American Express, Paypal, MasterCard, Visa, Discover, and Bank Transfer. Withdrawal takes a few hours to be processed, and your wins are taxable under the law. Draftkings uses geolocation technology to ensure that users creating an account or betting through their website and app are in New Jersey. The sportsbook’s mobile app is available on iOS and Android devices. You can bet on all games apart from those banned by the law. You can also bet on props and features such as champions, season total O/U, and MVPs.
FanDuel launched its services in New Jersey in September 2018. It has since then continued to offer inhabitants of the state online sports betting through its mobile app and website. Like DraftKings, FanDuel also offers new accounts a risk-free bet up to $500. Players are allowed to bet on several professional sports. The sportsbook allows players to bet as low as $0.10, and the withdrawal process takes within 24 hours. To register on FanDuel, head to https://www.sportsbook.fanduel.com. You will be required to provide personal details such as name, address, social security number, and a photo ID during registration.
Betfair owns Fanduel, and although there are no loyalty programs currently offered by the sportsbook, you can still enjoy its promotions. One of such promotions is the FanDuel Players club points that FanDuel customers can earn. To earn these points, you have to participate in FanDuel daily fantasy games. Other promotions offered by the sportsbook include enhanced odds for some teams such as the Jets and NY Giants. The minimum amount you can deposit into your FanDuel account is $10, and the deposit means include Credit/Debit card, Check, ACH (eCheck), PayPal, Wire Transfer, Bank Transfer, and FanDuel Prepaid card.
Caesars Casino Sportsbook
Caesars Casino is owned by Caesars Entertainment, a reputable company that has been in the betting business since 2013. The legalization of online sports betting in New Jersey drew Caesars Entertainment into the NJ online sports betting market. This brought about the release of Caesar Casino in July 2018 under Bally's license. The sportsbook software is powered by OpenBet tech, and it has continued to become one of the leading sportsbooks in New Jersey. Although Caesar casino offers its customers good odds, when compared to some other sportsbook in New Jersey, the betting options offered are quite limited.
The sportsbook app is classy and compatible with iOS devices. To create an account with Caesars, go to https://www.caesarscasino.com/signup. New accounts are offered $10 free No-Deposit bonus that they can bet on the games available on the sportsbook website. Additionally, new players earn 100% of their deposit up to $300. However, you have to use the BETFREE10 bonus code during registration before you can claim the bonus. One awesome promotion offered by Caesars to reward loyal customers is the Total Rewards. With Total Rewards, players can enjoy several benefits such as free hotel rooms and shopping tickets.
William Hill Sportsbook
Being the first to begin sports betting business in New Jersey, the Monmouth is quite formidable in the betting sphere. With the acceptance of sports betting by a resident of New Jersey, Monmouth launched its online betting platform Wiliam Hill, which has continued to grow. You can register an account on this sportsbook via https://www.williamhill.com/us/nj/bet. New accounts can enjoy a limited bonus of $50 on a $50 sports bet. Use the promo code PLAYNJ50 to claim this bonus.
The sportsbook app is highly responsive, and it is compatible with iOS, Android and Windows mobile devices.You can bet on several sports events on William Hill. You will find sports such as auto racing, baseball, basketball, combat sports (specifically MMA and Boxing), cricket, football, hockey, rugby, soccer, and tennis.
One amazing feature available on William Hill is the InPlay that allows you to bet on live games. Depending on your type of gamble, you can select multiple bets in different combinations or play your bets as singles. Deposit and withdrawal process is easy, as the sportsbook uses common payment methods such as ACH/e-Check, Credit/Debit card, and Prepaid William Hill card. However, Neteller and PayPal payment options are not yet available.
There are several other online sportsbooks available in New Jersey apart from the ones explained above. If you are planning to venture into the online sports betting business, then you should know that the fee to obtain an Internet gaming permit in New Jersey is $400,000. Online sportsbook pays a 13% tax rate on revenue. Sports’ betting has been a viable source of revenue for New Jersey, and approximately 80% comes from betting online through mobile phones, tablets, and computers. Offshore sportsbooks are considered illegal in New Jersey. This means that you can only bet on sports game in sportsbook licensed by the state.
Once all is said and done, if you are in New Jersey, you can bet on your favourite sports game on any of the sportsbook listed in this article. Here is a little summary of what we have discussed in this article. The law guiding sports betting in New Jersey strictly forbids betting on New Jersey College games. Unlike other countries where the acceptable betting age is 18, you must be at least 21 years of age before you can bet in the Golden state. Additionally, you must be within the state before you can bet on sports.
- Internet gaming permit costs $400,000.
- Sports wagering license is $100,000
Although New Jersey is still new to sports betting, they have made remarkable achievement within that short period. It is expected that as the years go by, the sports betting in New Jersey will be a global phenomenon. There are, however, still some factors limiting the present NJ sports betting market. One of the factors is the lack of acceptance of foreigners to use the local sportsbook. Additionally, the restriction placed on some certain sports event also limits the market from reaching its full potential. Hopefully, these factors will be reconsidered to improve New Jersey sports betting.
What is the legal age for betting in New Jersey?
Before you can be allowed to bet on sports in New Jersey, you must be at least 21 years old.
Where can I bet?
There are several casinos and racetracks that offer sports betting in the state, you can go to their outlets to bet. Additionally, you can use any New Jersey online sportsbook, and bet from your phone or computer.
Will I be taxed if I win on sports bet?
Yes. Your proceeds from sports betting are taxable. In cases where you win around $600, the operator of the sportsbook is required to inform the IRS.
What if I am not a citizen of the state, but I reside in the state, can I still bet on sports?
Yes, you can. As long as you are within the state lines of New Jersey, you can bet on sports.
Can I bet on New Jersey college sports?
No. The law does not allow you to bet on New Jersey college sports, and you can only bet on professional sports.