A few weeks ago, multiple betting sites such as Borgata, PlaySugarHouse, FanDuel Sportsbook and 888 Sportsbook announced that they were continuing briefly with esports betting in New Jersey by giving the League of Legends World Championship Final exclusive odds.
We commented on the question of whether this one-time deal would ever flourish in the more common sports betting market that is growing in time around New Jersey.
The explanation for this is that Ralph Caputo, a Democrat from Sussex, a New Jersey assemblyman has promised to introduce legislation that will potentially include a variety of tournaments that are focused on expertise as part of the current sports betting market in New Jersey.
Esports betting would be one of the main competitions to cherish on this legislation.
The reasons that New Jersey politicians are seeking to regulate esports in the state are abundantly clear. Throughout 2019, the foreign investment amounted to about $8 billion, and conservative estimates expect that this will double in the next couple of years.
In light of the popularity of the sports betting law in New Jersey as an additional tax gain, it’s obviously appealing to those in control to be able to add new cash to growing sports betting business fund that can then be used across the state in several initiatives.
In fact, the proposed change in the law will allow New Jersey to find a way to attract younger athletes, a demographic with which it is difficult to engage mainstream online wagering companies but whose main sports wager is considered.
With 18 to 35, male and affluent population hard-hit, it’s easy to see why New Jersey would like to be at the forefront of the esports betting boom in the United States when sports do this and the fact that the market is preparing to continue to grow from 454,000,000 viewers in 2019 to 645,000,000 in 2022.