It has been discovered that a newly proposed bill in the state of New Jersey could allow esports competitors to wager on themselves and their teams if successfully implemented. This bill would be integrated alongside new ‘esports-specific skins’ that would permit licensees to offer odds on esports betting markets in the state.
This news comes almost six years after the state’s first legal esports wager was placed at the Borgata Casino in Atlantic City. In 2021, the state opened its doors to esports betting as part of the legal sports betting portfolio in the region, but things are still developing.
Half the Industry
In the most recent edition of the Sharpr newsletter, it was revealed that New Jersey lawmakers are working on a unique bill that would introduce something quite bizarre. If successfully passed, esports competitors (of legal betting age) could bet on (or against…) themselves or their teams.
It’s hard to see how that couldn’t go wrong – it’s a recipe for disaster, surely.
In the report from Sharpr, it was claimed that the New Jersey Division of Gaming Enforcement will have the power to authorise venues holding esports events to accept exclusive wagers on the outcome of said events.
The primary sponsor of the bill, William Moen, explained that this is a step to ‘capitalise on an emerging industry.’
It’s a relatively well-known fact that esports betting makes up around 50% of the industry’s overall revenue – a substantial sum. Behind esports betting sits merchandising, ticket sales, sponsorships, and broadcast rights, but the esports industry is still not entirely profitable.
Last September, at ESI Lisbon, an expert panel featuring representatives from GRID, Kambi Abios, and BETER expressed that billions are being made in wagers and that the esports betting market is no longer ’emerging’, as Moen puts it.
This latest bill proposed in New Jersey seems like a wrong turn, but the state has been at the forefront of esports betting for a while, so there must be some method to the madness.
Admittedly, it’s not the first time something like this has existed. In the past, some sites have offered players the ability to place wagers on themselves in certain games, charging them with completing challenges to receive a payout. That’s entirely different to betting on yourself as a pro esports player in a competitive environment, though.
Have you ever placed a bet on an esports match? Let us know in the comments what the outcome was.
For more Insider Gaming esports, check out the news that Cache is coming back to CS2
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