TRENTON – The Senate Budget Committee today approved a proposed amendment to the state constitution to allow wagering on collegiate competitions in the Garden State. Sponsored by Senator Paul Sarlo, the proposal, SCR-133, would seek voter approval to have New Jersey take advantage of the opportunity to participate in the expanding sports gaming market.
“New Jersey has become the country’s biggest sports betting market, and the Meadowlands is the largest sports wagering facility in the state,” said Senator Sarlo, (D-Bergen/Passaic), whose legislative district includes the Meadowlands. “This is an important opportunity we have to capitalize upon. We need to support and sustain this growing market that is fast becoming a significant part of our regional and state economies. March Madness is a high-profile event on the sports betting calendar and we should be a key player.”
The NCAA recently announced that the Prudential Center in Newark will be the site for the 2025 East Regional, with Seton Hall University serving as the host school.
The amendment would permit wagering through casinos and current or former horse racetracks on a college sport or athletic event that takes place in New Jersey. It would permit the wagering even if a New Jersey college team participates. It would remove the prohibition on sports betting on college games in New Jersey. This would include football bowl games at MetLife Stadium.
New Jersey set a record for the best month for any sports betting jurisdiction, with some $668 million wagered at the state’s racetracks and casinos in August. It produced gross revenues of $39.5 million, including $20.2 million through FanDuel at the Meadowlands Racetrack alone.