NJCU, NJEDA to establish sports betting, fintech hub

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The New Jersey Economic Development Authority signed a memorandum of understanding with New Jersey City University June 30 to propel the state forward in the online sports betting technology and financial technology sectors.

The MOU will support the creation of a Sports Wagering and Financial Technology Workforce Development and Innovation Center at NJCU in Jersey City with $200,000 in funding and staff resources from the NJEDA.

The funding will bolster the center’s goals of providing an incubator for the sports betting and fintech industries and acting as a connector between industry, academia and relevant state agencies to grow and support innovation in sports wagering technology and fintech, the announcement said.

“The Innovation Center at NJCU’s Exchange Place Campus in Jersey City will help to advance Governor Murphy’s commitment to fortifying New Jersey’s position as the national leader in innovation. The MOU signed today will help solidify New Jersey as both a top consumer market in this growing industry and an engine of leading industry innovations and workforce development programs,” said NJEDA Chief Executive Officer Tim Sullivan in a prepared statement. “The NJEDA is proud to support this important project, and we look forward to working with President Henderson, the School of Business Dean Bernard McSherry, and the team at NJCU to make it a success.”

Sports betting in New Jersey has experienced explosive growth since its legalization in 2018 and routinely surpasses Nevada in monthly volume with nearly $1 billion dollars wagered monthly. Over 90% of wagers in the state are placed online or via mobile platforms, positioning the Garden State as the optimal jurisdiction for scaling tech-centric product innovations within this industry, the NJEDA noted.

This center also aims to promote opportunities for underrepresented groups as sports wagering and fintech expand, and will work to engage with diversity- and inclusion-oriented organizations to attract women and minorities to diversify the pipeline of future industry leaders.

“The NJCU family is honored to partner with the NJEDA as we work together to establish New Jersey as a hub for sports wagering and financial technology,” said NJCU President Sue Henderson

in a prepared statement. “This is a wonderful opportunity to build upon our expertise in sports management, financial technology, and data analytics to put our students and our state at the forefront of this exciting new field.”

In addition to the MOU signed with NJCU, the NJEDA recently signed a separate agreement with Stockton University to help build an esports Innovation Center at the university’s Atlantic City Campus.