NJ Gambling Law
NJ legislation allows land-based establishments that provide gambling services to obtain licenses to organize online gambling. To do this, they need to pay $100,000 for expenses that the authorities will incur to consider the application, and in case of approval, this money will be deducted from the basic cost of the gambling license of $400,000. Companies are required to pay a fixed amount of $250,000 annually, as well as a 15% tax rate. NJDGE provides consideration and approval of applications and full regulation of gambling, from licensing to monitoring fair play. The gambling age on this territory is 21 or older.
Sports Betting in New Jersey
Online sports betting in NJ was launched in 2018, and now, it is at the forefront of the betting industry among other states. The way New Jersey sought legalization was very long, but the result was worth the effort. This fight lasted more than 10 years, and sports betting was decriminalized only after the expiration of the law on the prohibition of sports betting. About a month after the ruling to end the ban, the first bet was made on NJ horse racing.
Garden State’s betting market is now number one in the United States. It is developing in all directions, from racetracks to betting sites. Gamblers can try their luck in dozens of sports, from football to the Olympic Games, as well as hundreds of world and local competitions, including the NFL. Moreover, some bookmakers provide betting on events outside the world of sports, such as the results of the presidential elections and the Oscar award.
Today, there are a couple of dozen bookmakers in NJ that provide their services both on websites and in betting apps. According to the latest news, several more platforms will open in 2022. Present betting sites are available for states where this type of gambling is legal, as well as for other countries in the world.