New Jersey and Illinois Advance Bills for Tax Relief and Sports Betting

New Jersey and Illinois lawmakers are moving forward with the legislation ending the ban on sports betting on in-state collegiate athletics and tax relief.

According to reports, the House has passed the bill allowing bets to be placed on in-state colleges, but only at the state’s retail sportsbook. However, The bill as it currently stands is a form of compromise.

Bill supporters on allowing in-state college betting argued that many Illinois gamblers were moving towards the neighboring states, including Indiana, to place bets.

On the other hand, Bill opponents argued that passing the bill will put student-athletes at the risk of threats from gamblers and other harassment issues.

To compromise with the situation, lawmakers agreed that only online betting and bets would be permitted at the brick-and-mortar sportsbook. The reasoning behind the compromise was that making the bill retail-only would provide just enough of a barrier to prevent it from becoming too widespread.

Similarly, in New Jersey, the Senate passed the SCR 133, allowing voters to decide whether they want to permit betting on in-state college sports.

The bill comes with some amendments to the constitution, requiring ballot initiative giving rights to citizens. The bill moved to the House to get Gov. Phil Murphy’s signature.

Once the bill passes through these hurdles, New Jersey residents will have the right to vote in the upcoming election season.

New Jersey presently doesn’t allow betting at any of the on-college sporting events. 

Previously, a resolution to amend some of the points of the state constitution allowing sports betting on every event of in-state College got approval.

According to Assemblyman Vince Mazzeo, many people visit Atlantic City to bet on the New Jersey college team or tour around.

Recently, New Jersey reported that the state earned more than $747 million, a three-fold increase from $82 million in April 2020. New Jersey is the biggest market for sports betting, and when the bill is passed, the state will end up competing with other states that have legalized sports betting.