Legal sports betting is headed to casinos, racetracks, and New Jersey gambling websites! In a 6-3 vote, the US Supreme Court struck down a federal law, paving the way for states to legalize sports betting.
New Jersey has been trying to make it happen since as far back as 2011. Back then, the state passed a bill legalizing sports betting at racetracks and casinos inside state lines, only to see professional and amateur sports leagues from across the country take them to court over it.
The leagues were successful in having the law struck down, but New Jersey tried again a few years later.
In 2014, lawmakers passed a second bill legalizing sports betting in New Jersey. The leagues came back with another lawsuit and the courts struck down the law again. However, New Jersey didn’t give up. After a series of appeals failed, the state was successful in getting the US Supreme Court to hear its case.
New Jersey vs. PASPA
New Jersey took its case against the Professional and Amateur Sports Protection Act (PASPA), the federal law that makes single-game sports betting illegal everywhere except Nevada, to the Supreme Court in December 2017.
The state called the federal ban on sports betting unconstitutional. In fact, it presented some pretty strong arguments, and the court ruled in New Jersey’s favor.
NJ residents and visitors will be able to go to a live sportsbook or log into one online and bet on all kinds of things. From the money line to the point spread, the over/under to various other propositions and parlays, all kinds of single-game wagering options will be made available to gamblers inside NJ state lines.
The question is, who exactly will they be betting on?
Betting on the local favorite
Gamblers love to bet the favorite. The odds may not be that great or the payday too huge, but favorites are dependable and can be bet on with confidence. After all, even the sportsbooks expect the favorite to win the majority of the time.
However, if there’s one thing sports gamblers love more than a favorite, it’s a local favorite.
Local favorites allow even the sharpest sports bettors to do a little wagering with their heart as well as their head. These are the teams locals are going to support anyway. Their games are the ones locals will be watching, regardless of if they are legally allowed to have a little something riding on the outcome or not.
As a result, these local favorites are the teams people will be betting in big numbers when legal sports gambling comes to town.
Baseball’s perennial favorites
The stadium they call home is just a 20-minute drive across the George Washington Bridge from Hoboken. Plus, the New York Yankees are Major League Baseball’s perennial favorites. As a result, they would be considered New Jersey’s largest local favorite and the team the most money will be wagered on when legal sports betting comes to the state.
It’s not too surprising either, considering the Yankees have won a record 18 division titles, 40 American League pennants, and 27 World Series titles.
In fact, the Yankees have grown into one of the most successful professional sports franchises of all time and the darlings of gamblers who bet on sports all over the world.
There’s a lot to bet on. The team plays 162 regular season games every year. Plus, the Yankees make the postseason more than most, giving gamblers even more opportunity to bet on the team.
New Jersey and the New York Yankees
Think the Yankees aren’t a local New Jersey team? Think again. Almost the entire population of NJ lives within a two-hour drive of Yankee Stadium in the Bronx. In fact, the majority probably lives within an hour.
New York City is a massive metropolis all on its own, but the bridge and tunnel crowd in New Jersey help make it so. It’s no different with the Yankees, who draw support from all across New York State and neighboring states such as New Jersey as well.
The Yankees have a long history of paying big money to big free agent stars to stay competitive. It’s what keeps the team in perennial contention for division, league and World Series titles.
The Boston Red Sox started the 2018 MLB season with 17 wins against just five losses. That is one of the best starts in baseball history. They lead the American League East. The Yankees are in third at 13-9. However, most sportsbooks have the same odds on the Red Sox winning the World Series as the Yankees.
That’s what it means to be a perennial favorite. That’s what it means to be the Yankees.
It seems like the Yankees are always the favorites to win. That’s why sports bettors wager so much on them now. Plus, its no doubt they will continue to, perhaps even more so, when legalized sports betting ultimately launches in New Jersey.
Where will you be able to bet on the Yankees
A sportsbook-style lounge was built at Monmouth Park racetrack in Oceanport back in 2014. The plan was to allow it to be the first place in New Jersey to take bets on sports. Since NJ sports betting hasn’t become legal yet, that has yet to happen. However, Monmouth Park is still in line to be the first place to take a legal sports bet in the state when it legally can.
In fact, Monmouth Park executives say they will start taking bets within weeks of a decision to actually legalize sports betting in New Jersey.
Up a little closer to where the Yankees play, The Meadowlands Racetrack in East Rutherford was part of a plan to construct a $1 billion, 650,000-square-foot casino in 2015. New Jersey voters ultimately said no to expanding casino gaming outside of Atlantic City in a 2016 referendum, killing the project.
However, The Meadowlands Racetrack would still be a prime location for a sportsbook. Plus, sportsbooks are expected to open at other tracks, and most, if not all, Atlantic City casinos. Sports betting will also open up online at various online gambling sites. This will allow gamblers to bet on the Yankees from just about anywhere they are inside the state using a smartphone, computer, or tablet.
How to bet on the Yankees
A change in the federal law when it comes to NJ sports betting will open up single-game wagering. That means anyone inside the state will be able to bet on the Yankees any time they like. Now, most MLB single-game wagers are money line bets.
The money line is the odds on a team to win. The money line itself represents two things. First, how much you need to bet to win $100 on the favorite. And second, how much you can win betting $100 on the underdog.
For favorites, the money line is represented by a negative number. For example, the money line on the Yankees to beat the Toronto Blue Jays might be -110. This would mean you would need to bet $110 to win $100 plus your initial $110 back if the Yankees win.
For underdogs, the money line is a positive number. For example, the money line on the Blue Jays to beat the Yankees may be +150. That would mean you would win $150 plus your initial $100 bet back if you bet $100 on the Blue Jays and they won.
As the Bronx Bombers are perennial favorites to contend for the title, a lot of money should be wagered on futures bets as well. Futures bets are long-term wagers, including bets on the team’s full season. A common futures bets is one placed on a team like the Yankees to win the World Series before the start of the season.
There are other Yankees futures expected to be available in New Jersey. These include bets on the team making the playoffs and winning the American League Pennant.
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