Lawmakers in New Jersey are considering a major change to its sports betting regulations. Reports indicate that the Golden Nugget Casino may soon allow NBA betting. It’s a great sign for this casino, and others located in Atlantic City.
New Jersey has one of the country’s most successful sports betting markets. It seems that the state is ready to loosen restrictions towards this industry even more. Let’s look at why this change is coming about.
New Jersey’s Stance on Sports Betting
For decades, Nevada was the only state in the United States that offered legal sports betting options. A set of laws called PASPA banned all states from regulating this industry. In May of 2018, this finally changed. The US Supreme Court struck down PASPA, giving every state the ability to set its own laws on sports betting.
This sent shockwaves through the US gambling scene. A number of states immediately began working to legalize this industry. New Jersey was the first to do so post-PASPA.
It’s proving to be a great decision. All of the casinos in Atlantic City now allow sports betting, and most are profiting massively. Legal sports betting is earning the state millions in additional revenue every single month.
New Jersey has very lenient laws towards this industry. Now, it appears lawmakers here want to make sports gambling laws even less restrictive. One of the most popular casinos here could be gearing up for a major improvement.
Is NBA Betting Coming to the Golden Nugget Casino?
One of the laws in New Jersey states that owners of sports teams cannot accept legal sports wagers. What exactly does that mean? Essentially, it means that professional sports team owners cannot place or accept bets on the sports they are involved in.
Tilman Fertitta owns the Golden Nugget Casino in Atlantic City. This billionaire casino operator currently owns the NBA’s Houston Rockets. This makes it illegal for the Golden Nugget to accept NBA wagers.
This may soon change. A bill was introduced earlier this week to lift the ban on sports team owners accepting legal sports wagers. If this bill is passed, the Golden Nugget will have the ability to offer all NBA bets that do not involve the Rockets.
Assemblyman Raj Mukherji co-sponsored the bill. He believes New Jersey has the potential to surpass Nevada as the country’s top gambling destination.
“New Jersey’s sports wagering industry is new and fledgling, but if we take the handcuffs off, it could surpass Nevada as the largest market in the country within a few years,” he said. “I don’t see the point of leaving out a potential significant participant in this new industry if sufficient regulation and integrity protections are in place. Nevada has long allowed this same arrangement.”
What to Expect in Coming Months
Things are definitely looking good for the Golden Nugget Casino. Things have already improved for this popular gambling establishment. When sports betting laws were first being set in place here, the Golden Nugget was banned from offering odds on all sports. Now it’s only banned from offering NBA wagers.
Golden Nugget officials complain that the current laws set in place are not fair. Without NBA betting, this casino’s revenue is declining. The numbers prove that. In May, this casino brought in the second-lowers sports betting revenue in Atlantic City with just $16,957.
New Jersey lawmakers seem to recognize that these laws need to change. The state’s Assembly Appropriations Committee held a legislative hearing on Tuesday. The State Senate will soon review the bill.
Most analysts predict the Senate will approve the new bill. Nevada remains the gold standard of sports betting in the US. If this state allows the Fertitta’s casino in Vegas to accept NBA bets, then New Jersey will likely do the same.
Should this casino offer NBA bets? Will this help this casino earn more revenue? We’ll let you know as updates come out.