New Jersey recently passed legislation that allows for legal sports betting. This article will cover the legalities of sports betting, how to choose a sportsbook and types of bets. In addition, we’ll also discuss which sportsbook is the best option for you. To get started, you’ll need to register with the NJ Division of Gaming Enforcement and read the state’s gambling laws. We hope these tips are helpful! If you have questions, feel free to contact us at any time.
Legalization of sports betting in New Jersey
The state’s casinos raked in $16.4 million from sports betting in its first two weeks. Three venues made nearly $300,000 each. And while New Jersey doesn’t have its own professional sports team, the state does have a rich history with horse racing. Monmouth Park, located in Oceanport, has been struggling with low attendance for years, and has been without its casino subsidy. Monmouth Park CEO Dennis Drazin saw sports betting as a way to boost attendance, and spent $3 million building a sportsbook lounge before legalization.
Despite the opposition of the gambling industry, the state’s sports betting legislation has a streamlined regulatory process. The DGE promulgated regulations within 48 hours of the legislation’s passage, and the first licensed operators began accepting bets on June 14, 2018. As of the end of July, nine sports betting operators in New Jersey have already collected more than $1 billion in wagers and millions of dollars in gross revenues.
Types of bets offered at a sportsbook
While most people are familiar with the three main categories of bets at sportsbooks, there are many variations of these bets. Major online sportsbooks feature multiple categories for most sports. For example, the top four American sports leagues feature a wide variety of proposition and prop bets. In addition to traditional sports, you can place wagers on auto racing, horse racing, and other specialty events.
You can place a straight bet on a team, athlete, or horse. You can also place a wager on the total number of points scored. Similarly, you can place a bet on the underdog with a pointspread or money odds. You can also place a teaser, which is a multiple team wager that requires all of your selections to be correct. Similarly, a total is equal to the sum of all wagers placed in a game.
Choosing a sportsbook
Before you sign up for a sportsbook, it is important to decide what you are eligible for. Depending on your geographic location, there are several things you need to consider. These include whether you can use your credit card or not, how many people are going to be betting at a time, and the minimum deposit amount. Below, we’ve listed a few tips for choosing a sportsbook. If you are a sports fan, reading online reviews will help you find the right sportsbook.
Among the factors to consider in choosing a sportsbook are betting odds. Some people may be willing to sacrifice the deposit options for better odds, while others may prefer to trade both. Regardless of how important odds are to you, it’s important to consider your bankroll and decide which ones will make the most sense for you. A difference of 50 cents on a $10 bet can be detrimental to your bottom line. Other important features of a sportsbook include payment options and customer support.