New Jersey clears PointsBet for test sports betting
New Jersey has given preliminary approval for an Australian sports book provider to offer online sports betting.
The state Division of Gaming Enforcement said Tuesday it is letting PointsBet conduct so-called "soft play" betting in affiliation with the Meadowlands Racetrack.
The company would only operate online. FanDuel runs the in-person and the existing online sports book at the Meadowlands.
It offers an unusual product that lets gamblers win, or lose, greater amounts depending on how close they are to the final score of an event.
New Jersey's sports betting market is rapidly expanding, having taken in nearly $600 million worth of bets from its inception in mid-June through the end of October. Figures for November are set to be released on Wednesday.
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