The New Jersey Division of Gaming Enforcement has reportedly proposed changing the eastern state’s regulations on sportsbooks so as to prohibit licensed operators from accepting individual wagers of more than $5 million.
According to a Monday report from NJOnlineGambling.com along with a later story from European Gaming Media and Events, the proposed alteration is contained in a 106-page document of suggested revisions and is being seen as an attempt to make sure none of New Jersey’s nine casinos get into trouble trying to please potential high-value bettors.
However, NJOnlineGambling.com reported that the recommended change comes despite the fact that there is no record of an American sportsbook having ever accepted a wager anywhere near the proposed ceiling. It detailed that the median stake placed with the DraftKings.com service operated by daily fantasy sports firm, DraftKings Incorporated in partnership with Atlantic City’s Resorts Casino Hotel currently lies at less than $10 although the state’s market is known to have processed over $1.25 billion in total bets since going live in June.
The source further reported that the current record for the value of a single sportsbetting wager is thought to be held by legendary Las Vegas gambler, Billy Walters, after he staked some $3.5 million on the New Orleans Saints to win Super Bowl XLIV in 2010. This had been prefaced some 15 years earlier by billionaire businessman Carl Icahn when he successfully bet a rumored $2.4 million on the San Francisco 49ers to triumph in Super Bowl XXIX.
Public being consulted:
The New Jersey Division of Gaming Enforcement is reportedly hoping to implement its new cap on sportsbook wagers before the end of the year following the completion of an ongoing public consultation process. Its initiation would see New Jersey become the first American state to feature such a ceiling although sportsbetting-cold Colorado and South Dakota already feature maximum commercial casino betting limits of $100 and $1,000 respectively.