A widow named Laura Varela is looking to have her deceased husband’s Costa Rican-based, sports betting company, 5Dimes join the New Jersey sports betting market. The widow’s gambling industry lawyers are attempting to parlay her husband’s books of a million gamblers into a legal sports betting company in the Garden State. The lawyers are requesting to have the business registered in the state before they begin expanding to other states.
5Dimes has received a lot of unwanted attention in the past for its fraudulent operations William Creighton, the founder of 5Dimes, was about to accept a guilty plea on various charges including money laundering, tax compliance issues, and payment fraud charges when he was kidnapped.
Following his death, the courts settled with his Varela his widow as we’ve covered here, who proceeded to forfeit any ill-gotten funds and assets. She was allowed, however, to keep his betting book because she hadn’t been part of any illegal proceedings. This leaves her free and ready to join the US betting market should she get the licensing that she needs.
5Dimes handles billions of bets every year and if it joins the New Jersey sports betting market, it will considerably enlarge the industry once the additional business is brought to the state.
Legal operators looking to join the New Jersey market for a piece of the action
The New Jersey sports betting market has provided a great entry point for both American, as well as offshore European companies. That’s why companies such as Wisdom 5Dime are clamoring to join the growing market. And why wouldn’t they?
The New Jersey sports betting market has not only continually proven its worth. But even during a dangerous outbreak, online operators in the Garden State have still managed to pull wagers in their numbers. To make things even more exciting for operators, New Jersey operators have made it so much easier for operators to pursue sports betting in the state with ease.
Each of the current license holders is allowed to have a retail sportsbook along with up to 3 online skins. This means that the market can accommodate more retail books and apps as more operators join the fray. The New Jersey sports betting market currently has the highest number of betting apps, casinos, and racetracks, with more expected to launch in the coming years.
Casinos continue to invest millions in developing state of the art sportsbooks. The hope, of course, is for the Garden State to become the premier viewing destination for all the major sporting events such as March Madness and the Super Bowl.
While the retail operations are geared to provide punters in the state with entertainment value, the sportsbooks apps on the other hand are what have attracted the bulk of the action. The New Jersey sports betting market clearly has everything that it needs to become the East Coast sports betting destination that it was always meant to be as we’ve discussed here.
It is no wonder that the New Jersey sports betting market has been on a high
The New Jersey sports betting market achieved the impossible once again by topping last’s month record-breaking revenue. Punters in the Garden State put up approximately $748.6 million with sportsbooks in September 2020. This was a personal best for both the state, as well as the overall sports betting market in the country, topping last month’s record by an impressive 12.1%.
Adding college football, as well as NFL wagering to an already busy sports month helped the Garden State to top last month’s record. In the face of all the adversity that the world has experienced this year, the Garden State’s performance has been nothing short of exceptional.
The numbers speak for themselves; the sports betting market in New Jersey is flourishing better than it is anywhere else in the country. a particular aspect that has helped to ensure this growth is the array of options available to wager on.
Even in the absence of sports betting during those short months of lockdown, the racetracks and casinos in the state relied heavily on online sports betting to cushion the economic blow of the inevitable losses led by state-sanctioned shutdowns and limited operating capacity. The good news is that recovery is underway.
Indoor dining has since resumed in the state and will likely boost revenue totals moving forward. New Jersey’s continuous growth has been great not just for the Garden State but also for other states hoping to follow suit. Its impressive results will catalyze legislation of sports betting in other states to speed up.
Overall, the success of New Jersey’s sports betting market has left a positive impact on bettors, sportsbook operators, and local government. The combination of all these elements has helped to speed up its market maturity as well as strengthen the overall sports betting market in the country.
And the market will only keep getting bigger as more reforms are made. Case in point, just recently, New Jersey Senator Paul Sarlo called for a voter referendum to legalize betting in NCAA sanctioned tournaments. This call for a referendum came after the proclamation was made that the 2025 Men’s NCAA Basketball East Regionals would be held in Newark, New Jersey.
According to betting law in New Jersey, collegiate betting is not allowed and neither is betting on local college teams whenever they play with other states. If this referendum goes through, punters will soon be able to wager on college sports, tournaments, playoffs, championships, or athletic events that take place in New Jersey.
Operators are pleased with this new latest legislation as it will provide a clear framework for fixed odds betting in New Jersey. If approved, it will effectively place New Jersey as the front running state in the country when it comes to fixed odds betting.
There seems to be no limit on the Garden State’s monthly betting handle as it keeps shattering record after record of its betting handle each month. New Jersey punters and sportsbooks keep pushing the envelope across all legal NJ sportsbooks both online and physical. It is no wonder that operators such as Wisdom of 5Dime are so eager to join this expanding market.
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