This week, New Jersey’s State Senate passed a law that would enable Atlantic City’s Golden Nugget Casino to take bets on all NBA contests, aside from those that involve the Houston Rockets team which was acquired by the casino’s owner, Tilman Fertitta, in 2017.
Current legislation means that sports betting operators that are owned by individuals/companies with 10% or more holding in a team may not take wagers on games from that team’s league.
The regulations have had a significant impact on the revenue of the casino, with it taking just $539,503 from sports betting ($319,437 online and $220,066 for retail) – the second-lowest total of any New Jersey sportsbook.
That figure looks worse still considering that basketball, by far the most profitable sports wagering option in New Jersey, has so far attracted circa $855m in handle.
Moving forward, the bill will be moved to Governor Phil Murphy for final approval. Should he approve, the loosening of restrictions will likely be warmly welcomed by Golden Nugget and the overall sports betting sector.
Integrity and a matter of conflict of interest saw the implementation of the bill, however with Bill A5463 passing smoothly through the Assembly 76-0 in June and the Senate 26-1 on Monday, it’s seemingly clear that there has been an error of judgement.