New Jersey Sports Betting Laws

sports betting

Sports betting is a growing industry, but not all states have legalized it. The state legislatures in Massachusetts, New York, Connecticut, Illinois, Maryland, and Pennsylvania have passed bills to legalize sports betting, while many others are still debating whether to do so. Though regulated markets are not perfect, the majority of states have enacted legislation that is safe for sports wagering. Meanwhile, technological improvements and fierce competition are contributing to an increased level of safety for consumers.

While there are many different sports betting options, the basic concept remains the same: putting money behind a particular outcome and collecting a winning payout. The terms “moneyline bet” and “spread bet” refer to two different types of bets, where you are betting on a single outcome and hoping that it will come true. Parlays, on the other hand, combine multiple outcomes into one bet. With the wide variety of betting options, sports betting can be a great way to make an income.

New Jersey’s sports gambling legislation was passed in early June 2018, paving the way for legal sports betting in New Jersey. The state has three “master online licenses” which will each cost $20 million. In the meantime, stand-alone mobile and online sportsbooks might not be able to compete with these giants. If they do, stand-alone sportsbooks might not find a lucrative market in New Jersey. However, sports wagering will be legal in New Jersey in June 2019.