Does New Jersey intend to prohibit the use of props in college athletics? Threats to Polymarket, as well as other
In this edition of iGB's State of the Union, we take a look at the most significant North American sports betting news that we have covered over the last week, as well as provide briefings on other items that we thought intriguing.
nation's situation of affairs
A law in New Jersey would not allow college players to use props.
A bill that would prohibit betting on college-player prop bets was moved forward by the house tourism, gambling, and arts committee of the New Jersey legislature yesterday (November 14). As a potential response to the NCAA's attempt to have all states in the United States prohibit such bets, the measure was introduced.
Wagering businesses, on the other hand, have contended for a long time that prohibiting any form of wager will merely drive gamblers to the underground market. This will result in a loss of revenue for both businesses and authorities. In addition to this, it puts customers in danger.
"Player propositions are available on illegal and offshore sportsbooks, and removing customers' ability to place legal wagers will discourage bettors from moving to the regulated market," Joe Maloney, the senior vice president of strategic communications for the American Gaming Association, told iGB in May.
Betting on collegiate players is prohibited in thirteen states in the United States. However, certain states, such as Massachusetts, have always had such provision in their laws or regulations. The prohibition was implemented by other states, such as Ohio, in response to the call made by the NCAA.
A unanimous vote was taken by the assembly committee in New Jersey to approve the bill.
Polymarket is being criticised
For Polymarket, a cryptocurrency-based prediction market that accepted betting on the United States election, this past week has been rather eventful. Not in a positive way, either. On November 13th, the Federal Bureau of Investigation conducted a search warrant at the apartment of the company's founder, Shayne Copler, located in New York City. The raid began at six o'clock according to local time.
According to a spokeswoman for Polymarket, the raid was nothing more than "political retribution" from the administration of Vice President Joe Biden. Additionally, in a tweet, Coplan made the same suggestion:
According to Bloomberg, the United States Department of Justice (DoJ) is conducting an investigation into Polymarket because it is suspected of accepting wagers from individuals located in the United States. However, those who are located in the United States are unable to place bets on Polymarket, which is the largest prediction market in the world. At this time, the Department of Justice and the Federal Bureau of Investigation are conducting an investigation to determine whether or not Polymarket was operated as a "unlicensed commodities exchange."
Since Kalshi was granted permission to offer election betting to American citizens in a federal court earlier this year, the topic of election betting has been reported in the media. Bets on candidates and issues that were on the ballot for the presidential election in the United States on November 5 totalled more than 700 million dollars (or 554 million pounds or 663.7 million euros).
Could the tax rate in Ohio be reduced?
When the legislature of Ohio passed a measure in December 2021 that legalised online sports betting, they did so with a tax rate of ten percent. The first day that betting was available to the public was January 1, 2023, and during the first six months after its opening, Governor Mike DeWine pushed through a tax rate increase to twenty percent.
SB 190, a bill that would return the tax rate to 10%, was introduced by Senator Niraj Antani towards the end of the previous year. The bill is two pages long. On the 12th of November, the measure was granted its initial hearing. In his evidence before the Senate Finance Committee, Antani said that his objective would be for the state to have one of the lowest tax rates in the nation, which would be 6.75 percent, but that a return to 10 percent would be "reasonable."
With a percentage of twenty percent, we are the sixth highest among the thirty-eight states that allow sports betting. The rates in Iowa and Nevada are three times lower than ours, making them the lowest in the country, according to what Antani wrote. All of our neighbouring states, including Kentucky, Michigan, Indiana, and West Virginia, have recently implemented tax rates that are much lower. Consequently, this places us at a severe disadvantage both regionally and nationally.
There are now 19 states that have tax rates that are lower than 15%, seven states have rates that range between 15.1% and 20%, and six states have tax rates that are higher than 20.1%. The District of Columbia is also included in this group. Some states, such as New Mexico and Wisconsin, do not impose taxes on betting because tribes who offer exclusively on-site gambling are exempt from paying taxes to the state. Some of these states are New Mexico and Wisconsin.
Another law pertaining to gaming is now being considered by Antani. A bill that he proposed, SB 312, would make online casinos legal. Despite the fact that it is also in the finance committee, this bill has not been able to garner any traction.
Integrated platform of Bally, which is located in New Jersey
On November 13th, PlayUSA claimed that Bally's has successfully launched its first integrated sportsbook and online casino platform in the state of New Jersey. The application is powered by White Hat Gaming and enables players to play in a seamless manner between the online casino and sportsbook offers respectively. Additionally, the corporation has produced a universal wallet that may be utilised for either type of gambling.
According to a press statement issued by North American CEO Brett Calapp, "This unified platform combines the features and functionality of our existing apps, offering New Jersey players a seamless experience when betting on sports and casino games." The enhancement of the player experience continues to be a primary focus in the process of personalising the fun that can be had when playing Bally Bet.
For the time being, the new platform is only accessible in the state of New Jersey.
The advisory board is named by ROGA.
Dave Rebuck, a former New Jersey regulator, and Cathy Judd-Stein, a former chair of the Massachusetts Gaming Commission, have been appointed to the initial advisory board of the Responsible Online Gaming Association (ROGA). It was on November 12th that ROGA made the statement. In accordance with a news release, the purpose of the advisory board is to provide direction on "responsible gaming-related topics such as the most recent industry and regulatory concerns, best practices, consumer behaviour, research developments, and technology that may have an impact on the gaming industry."
ROGA is a consortium that was established in March and includes the following companies: Bally's, BetMGM, Bet365, DraftKings, Fanatics Betting & Gaming, FanDuel, Hard Rock Digital, and Penn Entertainment.
ROGA appointed Dr. James Whelan and Dr. Kahlil Philander to the board of directors, in addition to the former regulators from the organisation. In addition to being an assistant professor at Washington State University's School of Hospitality Business Management, Whelan serves as the executive director of the Tennessee Institute for Gambling Education. Philander is also a member of the faculty at Washington State University.
Beginning in the early years of 2025, ROGA intends to launch its first campaign, which will consist of the distribution of gambling education and financial literacy materials to college-aged students.
Initial approval for the NBA-IR complex is granted to LVXP.
On November 12th, LVXP, a real estate development company based in Las Vegas, received its initial permission for an integrated resort (IR) construction project that will feature an NBA arena. It received approval from the Winchester Town advisory board with complete unanimity. The proposition will now be presented to the Clark County commission, despite the fact that it requires approval from other bodies as well. LVXP's concept includes a National Basketball Association arena with 18,000 seats and a structure that would be the highest skyscraper in Las Vegas. The IR is being considered for the northernmost part of the Strip.
In addition to that, LVXP has distributed a video rendering of the project:
As for other news...
According to Sportico, DraftKings has expanded its revolving credit line to a total of $500 million. Because the interest rate is lower and the terms are different, the credit line will provide the company with liquidity and should result in cost savings for the company. Morgan Stanley is leading a consortium that is responsible for extending the loan line.
On November 8th, the Pechanga Resort Casino in California made an announcement regarding a cooperation with the Venetian Hotel, which is located on the Las Vegas Strip. With this relationship, which is being billed as a "first-of-its-kind," clients of both resorts will now have access to benefits, amenities, and casino clubs at both of their respective sites.
On November 13th, the Massachusetts Gaming Commission made the announcement that it has developed an official seal for businesses that are authorised to offer wagering services within the state. According to a press release issued by the Michigan Gaming Commission (MGC), beginning this month, the commission will mandate that operators display the seal on platforms.
According to a press release issued by BetMGM on November 14th, the company decided to prolong its association with the Las Vegas Golden Knights. For the duration of the 2026–2027 season, the new agreement, which will encompass fan experiences, co-branded material, and promotional activities, will be in force.
Approximately 10,000 square feet of casino space was inaugurated on November 13 by the Sandia Resort & Casino, as reported by the Albuquerque Journal. There are proposals to accept wagers of up to $8,000 at teller windows at the planned Sandia sportsbook, which will have the highest betting limits in the state according to the proposal.
