Future of Local College Sports Betting in NJ
The future of college sports betting in New Jersey still seems uncertain. An opinion poll collected by Fairleigh Dickinson University has found that out of all the citizens set to vote on Ballot 2, almost 50% are not in favor of sports betting in college sports. Out of the rest 50%, nearly half are in favor of the measure, while the rest are unsure about the measure.
Experts believe that people are set to oppose the Ballot because they do not have enough information about the measure. In situations where people do not have adequate information about any proposal, they tend to retain the status quo and oppose any new changes.
Sports betting on college sports was not part of the original sports betting ballot in 2018 because there were many concerns about match-fixing entering college sports. But a recent decision by the Supreme Court has made college sports athletes eligible for a salary and endorsement. So earlier fears about college sports betting have now been removed, and it has been put on the ballot.
Sports bettors also believe that legalized sports wagering will make it more difficult to implement any illegal practices in college sports. Sports bettors have also claimed that with legalized college sports betting, the State will also be able to earn more in taxes.
At present, NJ charges an 8.5% tax on sports wagers in casinos and a 13% tax on internet sports bets. New Jersey is the largest sports betting market in America with a total handle of $6 billion in 2020. In 2020 the total tax revenue for the State was $51 million. Sports betting in college sports is expected to push up this state income even more.
Some NJ gambling industry experts are worried that if sports betting on college events is not legalized soon, the State will fall behind the other States that have already introduced it. NJ had faced a similar situation of revenue lost to New York and Delaware because it was late in introducing betting on racetracks in the State.
States like New Jersey and Atlantic City are all raking in high revenues from sports betting. NJ is keen to keep up this trend and introduce sports wagering in college athletics as soon as possible to capitalize on this sports betting market.