A Garden State legislator wants to make in-state college teams available to sports bettors.
New Jersey Assemblyman Michael Venezia introduced Assembly Concurrent Resolution (ACR) 140 to the Assembly Tourism, Gaming, and the Arts Committee last week. The bill would amend the New Jersey sports betting law to allow sportsbooks to offer odds on teams like Rutgers and Seton Hall.
Currently, college sports betting is allowed “except that wagering shall not be permitted on a college sport or athletic event that takes place in New Jersey or on a sport or athletic event in which any New Jersey college team participates regardless of where the event takes place.”
The change would apply to casinos, horse tracks, and their online partners, but it will ultimately be determined by voters on the Nov. ballot.
Second chance
Venezia is not the first to attempt a change that would allow bettors to wager on the eight Division I college teams in New Jersey.
A similar legislative move failed at the polls in 2021, as 57% of voters chose not to allow in-state college team wagering.
Does this bill have a better chance? It comes at an auspicious time.
The NCAA currently wants more regulation of college sports, with the governing body’s president Charlie Baker continuing to advocate for all legal sports betting states to disallow collegiate player props.
New Jersey doesn’t have such a ban, although there's legislation aimed at changing that.
With the market having evolved and matured over the last two years, the allure of increased revenue and freedom to bet on in-state teams could appeal to more voters this time around. The first five months of 2024 produced $513 million in revenue, up 37% compared to the same period in 2023.
The Garden State has already hauled in over $66 million of tax revenue year-to-date.
On the ballot
New Jersey’s legislative session lasts throughout the year. If legislators approve the bill, Venezia’s initiative will be voted on in the general election. Checking “YES” is a vote to allow in-state sports betting and was summarized as:
“This concurrent resolution proposes to amend the State Constitution to permit wagering through casinos and current or former horse racetracks on all collegiate sporting events, including collegiate sporting events that take place in the State or in which a team from a college located in New Jersey participates.
"Currently, the State Constitution prohibits sports wagering on any collegiate sporting or athletic event that is held in New Jersey or in which a New Jersey college team participates. Wagering is permitted only through casinos and current or former racetracks.”
