New Jersey – Bookielink

October 11, 2024

“Simply put, if a student-athlete is inclined to gamble, they’re going to do it”

What do NCAA athletes, coaches and administrators really think of the proliferation of gambling? One college professor sought to find out.
Early in this college football season, Michigan State quarterback Aidan Chiles made national headlines when he was talking to media members about the Spartans’ upcoming game against Florida Atlantic.

Rather than predict a high-scoring contest, Chiles put it in different terms that caught many off-guard.

“If you bet, take the over,” said Chiles.

A starting QB making a blatant sports betting reference in front of the media generated a storyline that those within the walls of the NCAA offices would rather not deal with.

Chiles’ remarks are just another example of how much sports betting has become a mainstream topic. Such is the case when promotions from the national sportsbooks have become ubiquitous during game time.

As for the impact of these advertisements on those actually participating in the games, the NCAA and its member schools have taken..

September 24, 2024

NJ bill banning some partnerships between sportsbooks and universities moves

A New Jersey bill that would prohibit partnerships between sportsbooks and universities – with some exceptions – passed out of an assembly committee on Monday (23 September).
The NJ bill, A4113, was originally introduced last session, but did not gain traction. On Monday, the Assembly Higher Education Committee voted out an amended version. In general, the proposal would make it illegal for sportsbooks or “intermediaries” (think affiliates or booster clubs) to make deals with public institutions of higher learning.

This means that state universities, like Rutgers, could not partner with sportsbooks. But the bill does not address private universities or colleges, of which there are 13. Among them in Division I are Fairleigh Dickinson, Monmouth, Princeton and St John’s.

The bill passed unanimously on Monday, with little discussion and few public comments.

The amended bill would allow university-gambling relationships that don’t involve direct marketing or advertising to students. ..

September 10, 2024

How Sporttrade is like… pizza dough

It would be fair to say that Sporttrade, in its current incarnation, isn't exactly what founder Alex Kane envisioned. But it would also be fair to say that he's still growing his business and having a good time doing it.
“I am still excited because I do still have this long-term vision of wanting to create something different,” Kane told iGB. “I love listening to players and learning from them.”

When Sporttrade made its debut in New Jersey in 2022, it became the first company in the US to offer a different experience known as exchange wagering. Bettors can buy and sell bets throughout a game for an experience that more resembles stock trading than traditional sports betting.

The Sporttrade odds format was “implied probability” where, instead of seeing “+300”, players would see “25%”. With implied probability players can, for example, “buy at 25%”, then have the ability to “sell at 60%” if the bet started to look more likely.

Sporttrade went on to add a “limit order”. This..

September 9, 2024

Weekend Report: Brazil names betting chief, Bet365 fined in NJ

Welcome to the Weekend Report, where iGB covers the news that you may have missed over Friday, Saturday and Sunday. This week, we look at a letter calling for Austrian gambling reform and Bet365 getting fined in New Jersey.
New secretary of sports betting named in Brazil
In this week’s Weekend Report, Giovanni Rocco Neto, previously a counsellor in Brazil’s ministry of sport, will oversee the promulgation of rules and wagering launch in Brazil, reports Insider Sport. Legal, live sports betting is set to launch in January and 114 operators have applied for licences. Neto will report to sports minister André Fufuca and will be independent of the secretariat of prizes and betting. His new title is national secretary of sports betting for the economic development of sport.

In his last role, he was the chair of the committee of integrity, rights and duties in betting and gaming.

NJ regulator fines Bet365
The New Jersey Department of Gaming Enforcement (DGE) last week fined UK-based Bet3..

August 6, 2024

NJ regulator orders Bet365 to pay bettors $519,000 after unapproved odds’ shifts

The New Jersey Division of Gaming Enforcement (DGE) is mandating that Bet365 pay out $519,323.32 for 199 winning wagers on which the company adjusted odds without the agency's approval. The changes in odds were made on 12 different dates between 25 December 2020 and 18 November 2022.
All states do not require operators to get approval before shifting odds. Also unusual is that Bet365 must pay the bettors rather than a fine to the DGE. In many cases in New Jersey and other states, when a sportsbook violates the rules, fines are imposed.

Bet365 is among the top five operators in terms of gaming revenue in New Jersey.

The DGE gave Bet365 10 days to reimburse bettors from the time the letter went out.

Division approval needed, DGE reiterates
According to a 22 July letter, Bet365 altered the odds on the events after they were posted.

In the letter, the DGE writes that Bet365 believed it could “unilaterally revise the odds that had already been offered on wagers for these event..

July 9, 2024

NJ DGE slaps DraftKings with $100,000 fine, stern words

The New Jersey Division of Gaming Enforcement (DGE) has smacked DraftKings with a six-figure fine and a verbal undressing for reporting inaccurate sports wagering numbers over several months, the Associated Press reported on Monday (8 July).

In a letter sent to DraftKings on 16 June, DGE’s acting director Mary Jo Flaherty wrote, “These types of gross errors and failures cannot be tolerated in the New Jersey gaming regulatory system.” Flaherty, not mincing words, described DraftKings’ conduct as “unacceptable”.

The DGE levied a $100,000 fine against the company for the offence, wrote the AP.

Every month, each of New Jersey’s 16 licensed mobile sportsbooks has to report its financials in a number of categories. Included are handle (amount wagered) and revenue, broken down by sport, with multi-leg parlay bets separated out. According to the DGE, the Boston-based company over-reported the amount wagered on parlays and under-reported in other categories.

The company has consistently bee..

July 5, 2024

State of the Union: CNBC Sports, new Illinois tax now in place, more

Welcome to iGB's State of the Union, a look at the biggest North American sports betting stories we've covered over the week and briefs on others we found interesting.

CNBC getting into sports

Per Steve Ruddock’s “Straight to the Point” substack, CNBC is adding a sports channel. What does that mean for sports betting? “That coverage includes sports betting, an area CNBC’s Contessa Brewer has been in the thick of for several years,” Ruddock wrote on Wednesday (3 July). Overall, the channel will focus on the intersection of sports and business.

Brewer has been among a handful of national news voices to cover the sports betting industry since PASPA was overturned in May 2018. She “will continue to focus on the money, data statistics and strategy behind the sports gaming industry” according to the press release.

Betting on colleges coming to NJ?

The one thing missing from the market often considered the gold standard of US wagering is the ability to bet on college sports in ..

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Tag: New Jersey