New Jersey Bill Will Change Policy for Some Casinos

New Jersey legal restrictions clearly state:

“If a casino owner is also involved in a sports team, that casino is not allowed to accept sports wagers for that particular sport.”

This provision applies to the Golden Nugget casino operator, preventing this venue from offering the same services as its competitors.

The state’s lawmakers have just begun to reconsider this provision, which could lead to a complete shift in the policy. The change would allow Golden Nugget Atlantic City to accept bets on professional basketball, following the launch of its mobile and online sportsbook back in February.

Current Provision

The changes could take place very soon. The modification of Bill 5463 has already been ed by several lawmakers. The updated Bill would enable:

“Owner of 10 percent or more of member team of [a sports team’s] governing body to place or accept wagers on certain sports events in which other member teams participate.” The one caveat is that sports wagers would still not be permitted on games that involved the Rockets.”

Background

Golden Nugget is a casino operator owned by Texas entrepreneur, Tilman Fertitta. At the same time, Fertitta owns the NBA team, Houston Rockets, which prohibits the operator to accept NBA wagers.

According to statistics, basketball wagers made up 1/3 of all New Jersey sports bets from January to May 2019. Only during this period, about $632m has been wagered on basketball competitions. However, the NJ venue didn’t profit from it. The company recorded about $162,838 in revenues while its competitor, Meadowlands Racetrack made a $53.4m profit in the same period.

The recent figures appeared after the March Madness basketball tournament which was successful for several sportsbooks. Golden Nugget recorded modest performance due to restrictions, forcing interested gamblers to choose other flexible venues.

Possible Outcome

The expected changes will have a positive effect on the facility. As a reminder, the initial sports gambling draft would prescribe restriction for all wagers from sports competitions. With the latest change in policy, Fertitta and his company could remain rest-assured regarding better times in the future.

Source:

“New Jersey bill to remove sportsbook restrictions for some casinos“, Erik Gibbs, calvinayre.com, June 20, 2019.