The Golden Nugget casino in Atlantic City, New Jersey, will now be able to take bets on NBA games following the passage of a bill in the state legislature.
New Jersey senators have effectively enabled the venue to begin taking wagers on the sport by lifting previous restrictions that apply to the owners of professional sports teams. Bill A5463, which cleared the New Jersey Senate this week, overturns the previous ban on anyone who holds at least a ten percent stake in a sports franchise accepting bets on that sport.
In the case of New Jersey, the law had been applied to Tilman Fertitta, who owns both the Golden Nuggets and the Houston Rockets, of the NBA. Fertitta acquired the Rockets in September 2017, but less than a year later, the Supreme Court overturned PASPA, effectively legalising sports betting in the US. Yet as a result of the state rule, the Golden Nugget had been unable to accept bets on the NBA, which has had a significant impact on the venue’s revenue.
In fact, figures provided by the New Jersey Division of Gaming Enforcement showed that basketball, and the NBA in particular, has been the most popular sport among New Jersey sports betting fans, being responsible for more than $850 million worth of betting turnover. This helps to explain why the Golden Nugget has performed poorly in the newly regulated sports betting market. The venue has made only $539,503 from betting on sport, the second-lowest return in the New Jersey industry.
The passage of A5463, which cleared the New Jersey Assembly in June and passed the Senate by a margin of 26-1 means that the Golden Nugget will be able to offer NBA betting to customers, though they will still be prohibited from accepting bets on the Rockets.