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Sports Wagering in New Jersey Could Help Online Casino Shortfall
As the state of New Jersey awaits an Oct. 6 ruling that could enable sports wagering at casinos and racetracks, it could be the answer to the state’s online casino shortfall. Last year a federal judge blocked the state’s attempt to legalize licensed and regulated sports wagering, but a federal appeals court later stated that there was nothing standing in the way of New Jersey lifting its own ban. As a result, sports wagering in New Jersey would be an option at casinos and racetracks.
New Jersey Online Casinos Falling ShortIt has been widely publicized how New Jersey’s legalization of online casinos, initially promised as a cash windfall, has fallen far short of its expectations. Initial projections for online casinos (which are owned by the physical casinos in New Jersey) were $1.2 billion resulting in tax revenues of $180 million. For a number of reasons – technical glitches, banks blocking gambling transactions, inflated projections – those figures have since been lowered to $55 million resulting in $34 million in tax revenues.
Sports Wagering in New Jersey Could ReciprocateFor online casino proponents, there may be a collective sigh of relief on Oct. 6 if licensed and regulated sports wagering in New Jersey is deemed acceptable at casinos and racetracks. New Jersey’s 2013 Sports Wagering Act would not be deemed legal, said Attorney General John Hoffman, but the state's racetracks and casinos would not suffer consequences if they added sports wagering to their menus. Because of this, racetracks and casinos could add sports wagering in New Jersey immediately, but Governor Chris Christie is waiting for the federal court to formally change the injunction. Currently, as per the 1992 Professional and Amateur Sports Protection Act, four states allow sports wagering: Delaware, Oregon, Montana and Nevada.
Instabill Has Long History With Online Casino Merchant AccountsFounded in 2001, online gambling was one of Instabill’s flagship industries, and it remains a merchant service provider of such. As more states eye legalized online gambling, Instabill has the merchant services solutions in place to help online casinos thrive. Contact a live representative to discuss the benefits of an online gambling merchant account at 1-800-318-2713, or select the live chat option below.
About the AuthorChris O’Donnell is the Senior Copywriter at Instabill. Chris is a devout Barclays Premiership fan and connoisseur of rock and roll music. He joined the Instabill team as its senior copywriter in December of 2013. He can be reached at 603-436-1270 or at firstname.lastname@example.org.
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