Prohibited Sports Bets to Be Subject to More Severe Penalties in New Jersey
When it comes to sports betting in the US, New Jersey has always been at the forefront of regulation. So much so that its former governor, Chris Christie, has recently been chosen to be inducted into the Sports Betting Hall of Fame.
But despite their tolerant stance to sports betting, New Jersey lawmakers put in place certain restrictions aimed at protecting the most vulnerable groups of society from the dangers of problem gambling.
Which sports bets are currently prohibited in New Jersey?
According to sports betting regulations in the state of New Jersey, any collegiate sports event that takes place within the state boundary is off limits.
Moreover, bets on any event that involves a college team from New Jersey are also prohibited, regardless of whether the event is taking place within the state or outside it.
Providing bets on collegiate sports is not forbidden, as long as the two conditions above are met.
However, when it comes to high-school sports and e-sports, the situation is more clear cut. There is a full ban imposed on providing bets on these markets.
What penalties will be applied under the new bill?
Any licensed operator, such as 888Sport or Betstars, found in breach of the above rules will have their sports betting license suspended for up to 10 days.
They will also be forced to refund the full amount of bets placed on the illegal events to their players and be subject to the payment of a fine that ranges between $10,000 and $20,000.
What is the current status of the proposed bill?
The bill, which was put forward by New Jersey Assembly member Ralph Caputo at the end of February, is currently headed for its second reading in the chamber, having been assigned to the Assembly Tourism, Gaming, and the Arts Committee.
The Committee approved the bill with 6 votes in favor and one abstention.