In a significant move for the sports betting industry, New Jersey Assemblyman Michael Venezia has introduced a bill that could change the landscape of college sports betting in the state. The proposed legislation, known as Assembly Concurrent Resolution (ACR) 140, aims to amend the state’s constitution to permit wagering on in-state college teams. This bill, if passed, will be put to a vote in the upcoming November general election. Currently, New Jersey’s laws prohibit betting on college sports events that take place within the state or involve New Jersey-based teams, regardless of the event’s location.
Legislative Push for In-State College Betting
Assemblyman Michael Venezia’s introduction of ACR 140 marks a pivotal moment for New Jersey’s sports betting laws. The bill seeks to amend the state constitution to allow betting on all college sports events, including those involving in-state teams. This change would enable sportsbooks to offer odds on popular local teams such as Rutgers and Seton Hall. The proposed amendment comes after a previous attempt to legalize in-state college sports betting failed in 2021, with 57% of voters rejecting the measure. However, with the sports betting market evolving and generating significant revenue, there is renewed optimism that this bill could gain the necessary support.
The bill’s introduction is timely, as the NCAA has been advocating for more regulation of college sports betting. The governing body’s president, Charlie Baker, has been pushing for states to disallow collegiate player props, although New Jersey does not currently have such a ban. The potential for increased revenue and the freedom to bet on local teams could appeal to voters, especially given the state’s impressive tax revenue from sports betting. In the first five months of 2024 alone, New Jersey generated $513 million in revenue, a 37% increase from the same period in 2023.
If the bill passes, it will apply to licensed operators in New Jersey, including casinos and horse tracks, as well as their online partners. The proposed amendment will be published in newspapers across the state to inform voters ahead of the November election. A “YES” vote would allow wagering on all collegiate sporting events, including those held in New Jersey or involving New Jersey teams.
Potential Impact on New Jersey’s Sports Betting Market
The passage of ACR 140 could have a profound impact on New Jersey’s sports betting market. Allowing bets on in-state college teams would likely attract more bettors and increase overall wagering activity. This change could also enhance the state’s appeal as a sports betting destination, drawing in fans and bettors from neighboring states. The potential for increased revenue is significant, as evidenced by the state’s current sports betting figures. With over $66 million in tax revenue already collected in 2024, the addition of in-state college betting could further boost these numbers.
Moreover, the bill’s passage could set a precedent for other states considering similar measures. As the sports betting industry continues to grow, more states may look to New Jersey as a model for expanding their own betting markets. The success of ACR 140 could encourage other states to reevaluate their restrictions on college sports betting, potentially leading to broader changes across the country.
However, the bill also faces challenges. Opponents argue that allowing bets on in-state college teams could increase the risk of corruption and negatively impact the integrity of college sports. Ensuring robust regulatory measures and oversight will be crucial to addressing these concerns and maintaining the integrity of the betting market.
Voter Sentiment and Future Prospects
The success of ACR 140 will ultimately depend on voter sentiment. The previous failure of a similar measure in 2021 highlights the challenges the bill faces. However, the current landscape is different, with the sports betting market more mature and generating substantial revenue. Voters may be more inclined to support the bill this time around, given the potential economic benefits and the growing acceptance of sports betting.
Public awareness and education will play a key role in shaping voter opinions. Proponents of the bill will need to effectively communicate the benefits of allowing in-state college sports betting, including the potential for increased revenue and enhanced betting options for local fans. Additionally, addressing concerns about the integrity of college sports and ensuring strong regulatory measures will be essential to gaining voter support.
If ACR 140 passes, it could pave the way for further expansion of sports betting in New Jersey and beyond. The bill’s success would demonstrate the viability of allowing bets on in-state college teams and could encourage other states to follow suit. As the sports betting industry continues to evolve, New Jersey remains at the forefront of legislative changes and market growth.
