New Jersey committee advances legislation to outlaw micro bets

(AsiaGameHub) –   Bill S-2160 aims to prevent sports wagering licensees from offering or accepting wagers on micro bets.

US.- The New Jersey Senate’s Wagering, Tourism, and Historic Preservation Committee has approved a bill prohibiting sports wagering licensees from accepting micro bets. Sponsored by senators Paul Moriarty and Patrick Diegnan, with co-sponsorship from senators Turner and Burzichelli, S-2160 now advances to the Senate floor for a second reading. Following this, it may proceed to a third reading, undergo amendments, or be referred to a different committee.

Under the bill, a micro bet is defined as a live proposition bet regarding the result of the immediate next play or action within a sporting event, such as predicting if the next baseball pitch will be a strike or if the upcoming football play will be a pass or run. Offenders could face penalties between $500 and $1,000.

The legislation highlights that calls to New Jersey’s problem gambling helpline have surged by 277 per cent since the state legalised sports wagering in 2018. It references data suggesting that up to eight million individuals across the country are affected by problem gambling, and that 57 per cent of professional athletes engage in sports wagering.

Senator Moriarty stated: “Micro betting presents various dangers to New Jersey and its citizens. These bets are more susceptible to manipulation than wagers on an entire game, particularly by insiders with foreknowledge of outcomes, which disadvantages ordinary players. Additionally, their addictive nature is heightened by short-term results and rapid payouts, allowing bettors to place many wagers quickly, fostering a cycle of impulsive and financially damaging gambling.”

Diegnan remarked: “While gambling is inherently addictive, enticing players with endless betting chances during games makes micro bets far riskier. Micro bets allow gamblers to expend more time and money, a perilous path often resulting in addiction and severe financial hardship.”

New Jersey bill on prediction markets

In February, Senate President Pro Tempore Shirley K. Turner introduced S-3692, a proposal to prohibit unregulated prediction markets within the state. This bill also mandates that any markets related to athletic events must comply with the state’s current sports betting regulations.

Furthermore, the legislation seeks to implement consumer protection standards, anti-fraud protocols, and transparency measures, while granting the Attorney General the authority to pursue injunctive relief and civil penalties against operators found in violation of the law.