New Jersey sports betting: Odds are against it

New Jersey is attempting to defy the odds–and the federal government–by offering sports betting as early as September.

By David Payne Purdum / @DavidPurdum

Few believe New Jersey gamblers will be betting on the NFL in September, but that doesn’t appear to be slowing down the state’s efforts.

A day after New Jersey gaming enforcement posted proposals for sports betting regulations, Monmouth Park said it would be the first track or casino in the state to take bets on sports.

“We’re the only ones who appear willing to go forward right now,” Monmouth Park operator Dennis Drazin told NorthJersey.com’s John Brennan on Tuesday. “Everyone else wants to wait and see how it plays out.”

Meanwhile, count the oddsmakers at prominent online sportsbook Betonline.ag among those who don’t believe it’s going to happen. The book posted odds on whether or not New Jersey gamblers will be able to place a  wager on an NFL football game in Week 1.

“No” is an overwhelming 1/9 (-900) favorite, with “Yes” paying 11/2.

Dave Mason, brand manager for BetOnline.com, said his company isn’t overly concerned about a big drop in business, if and when New Jersey does get up and running.

“Sure, it will take some business away, but we don’t feel it will be “significant” by any means,” Mason said in an email Tuesday. “If I’m not mistaken, folks still have to get in their cars and go to the casinos/tracks to get-down. And there are other conveniences when you bet online like bonuses, way more options, better odds. Also when you win big at the casino, I’m sure they’ll be handing you a tax form.”

Multiple Las Vegas sportsbook managers have said they strongly doubt New Jersey will be up and running in time for this NFL season.

“It’s not happening until 2014 at the earliest,” a Vegas bookmaker told David Purdum Sports last week.

Here’s a quick look at some of the notable regulations proposed Monday and posted on the New Jersey Register:

13:69N-2.1 Betting on behalf of another prohibited

Persons shall place a wager at a sports wagering operation only on their own behalf and shall not wager on the account of or for any other person. Any person wagering or attempting to wager on behalf of another person shall be subject to the civil penalties set forth in the Casino Control Act. No licensee shall accept a wager from a person on the account of or for any other person.

13:69N-2.3 Patron wagers

(a) A wagering operator shall not accept any wager pursuant to this chapter unless it has provided written notification to the Division of the first time that wagering on an event is offered to the public at least two business days prior to accepting a wager on such event, provided that notice is not required whenever the odds change on a previously offered event. The Division reserves the right to prohibit the acceptance of wagers, and may order the cancellation of wagers and require refunds on any event for which wagering would be contrary to the public policies of the State.

(b) A wagering operator shall only accept wagers on events for which:

1. The outcome can be verified;

2. The outcome can be generated by a reliable and independent process;

3. The outcome would not be affected by any wager placed; and

4. The event is conducted in conformity with all applicable laws.

13:69N-2.4 Layoff wagers

A wagering operator may, in its discretion, accept a layoff wager from another New Jersey wagering operator. A wagering operator placing a layoff wager shall disclose its identity to the wagering operator accepting the wager. A layoff wager and, if applicable, a resultant payout shall not be included in the calculation of gross revenue.

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