nj sports betting tax online sports book

While local NJ sportsbooks have mobile betting options, none can compare to offshore sites, which display thousands of prop bets on the Super Bowl. There are countless ways however for people to bet on the NFL in New Jersey. Betting on Rutgers in New Jersey (or any other college team) can be done by utilizing an online sportsbook like Xbet, which does not fall under the jurisdiction of the U.S. This is due to state laws, which prohibit such wagers from being placed. Sports betting fans of New Jersey can run into issues when trying to wager on in-state colleges or events. Meadowlands Racetrack has become a sports betting giant in New Jersey and the country, but this is only the beginning when it comes to betting on sports in New Jersey. While Atlantic City is seen as the best place to bet on the Jets, Giants, Devils, Nets, and all other New Jersey-New York based teams, it is actually the racetracks that take the most action. There are over a dozen sportsbooks that take New Jersey residents with many more online legal sports betting apps associated with their casinos. Surpassing $100 million in tax revenue for the state already, sports betting legalization in New Jersey instantly proved to be a success. As for New Jersey, their $10.6 billion betting handle over 2019-2020 constitutes a third of the action placed in the United States. The result? Roughly half of the US states followed, creating a US sports betting market that exceeded $32 billion in a two-year span.

On May 14, 2018, the SCOTUS overturned PASPA as unconstitutional, thereby allowing New Jersey – and all other states in America – to legalize and regulate their own sports betting industries. The topic of legal New Jersey sports betting finally forced its way through to the mainstream, as the state successfully challenged the restrictive Professional and Amateur Sports Protection Act (PASPA, 1992) all the way to the Supreme Court, coming out on top in the end.

Nj sports betting tax online sports book