Sportsbook Licensing Process Begins in New Jersey

As state officials prepare for a potential law change involving sports betting, New Jersey is now offering the application process for licensing regarding the activity. Later on this year, the United States Supreme Court is set to rule on the Christie vs. NCAA case. If the court rules in favor of the state, sports betting will be reality. To prepare, officials are now offering operators the ability apply for licensing.

Division of Gaming Enforcement Director David Rebuck commented recently that the Division recognizes the need to be prepared to investigate and license both individuals and businesses that want to enter the gaming market of the state if SCOTUS issues a favorable decision to authorize the state to legalize and regulate sports betting.

Based on existing law, any individual or business that anticipates entering a commercial transaction with a casino of Atlantic City will need to be licensed or earn approval by the Division. Companies have already been inquiring about licensing requirements if they are able to provide sports betting within the AC casino gaming industry. Such companies are being encouraged to begin the application process with the state.

Currently, sports betting is limited to Nevada where in 2017, $248.7 million was earned in revenues from sports books. This was an all-time high for the state. New Jersey is expected to do just as well and if they are able to match Nevada’s earnings, they would add another 10% to their existing gambling market earnings from Atlantic City.

Other states are anticipating a positive ruling in the New Jersey case and are either reviewing legislation or are considering their options. Such states in the mix include California and Iowa. We shall watch and see over the coming weeks the progression of sports betting efforts in the states and how SCOTUS rules on the matter.

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