Last week we brought you the news that esports betting fans in New Jersey may well soon be able to bet on their favorite esports events all year round thanks to a new bill that is being proposed by New Jersey Assemblyman Ralph Caputo.
However, a more detailed look into the proposed bill has revealed something very significant for the future of esports betting, not just in New Jersey but which also has potential ramifications for the potential growth of esports betting across the rest of the United States of America.
New Jersey Esports Betting: Permanent Authorization
The aspect of the bill that has many in the esports betting industry excited is the potential for the legislation, if passed, to permanently authorize any of the sports betting sites active and operating legally in the state, to be able to accept bets on esports permanently, without requiring permission from the state’s Division of Gaming Enforcement (DGE).
A few months back, when some New Jersey casinos offered esports betting on the League of Legends World Championship final, each of the casinos that offered markets had to seek permission from the DGE to offer these markets. That permission was granted, but only for this single event.
The new bill would remove the need for sites to seek approval from the DGE to offer any form of esports betting in the state. In effect, allowing companies to offer the widest possible range of esports bets 24 hours a day, 365 days a year.
Other key aspects of the bill
In addition to removing the requirement to seek permission to offer esports betting, the new bill, A637, also allows companies to offer betting on other non-standard sports events, such as competitive eating contests.
The bill states that wagers would be limited to $100 and betting on any esports events where the majority of competitors are under the age of 18, would be banned.
Potential for growth throughout the United States
Although the revenues raised for the initial esports betting offered in New Jersey were relatively small, providers feel the small timeframe they had to advertise this adversely affected the number of bets that were made on the League of Legends event.
With the North American esports scene in rude health at the moment, especially with the new Call of Duty World League joining the successful Overwatch League, plus great support for other esports such as CS:GO and Dota 2 in particular, the esports betting industry in the US feels that with proper marketing and a greater selection of bets, the industry could blossom.
Chief Operations Officer of Luckbox, Quintin Martin, revealed that he felt esports betting in the US could potentially be massive.
“The US is a huge percentage of the global esports market” he argued. “and with so many fans residing there, it is inevitable that betting will grow.”
“My favorite stat is that 18-25 year-olds watch more computer games than traditional sports. This is the future.”
Experts expect there to be plenty of support for the bill and that it could pass into legislation later in the year.