The New Jersey Economic Development Authority signed a memorandum of understanding with New Jersey City University on Wednesday in Jersey City to support the creation of a Sports Wagering and Financial Technology Workforce Development and Innovation Center at the school.
Under the terms of the MOU, the EDA will provide $200,000 in funding and staff resources to support technological and product innovation as well as workforce development in sports wagering and fintech at the center. This support will bolster the center’s goals of providing an incubator for the sports wagering 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 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,” EDA CEO Tim Sullivan said.
Sports wagering in New Jersey has experienced incredible growth in the two-plus years since its legalization, with nearly $1 billion wagered in-state per month, routinely surpassing Nevada in monthly volume. Technology and innovation have helped facilitate the growth and resilience of New Jersey’s sports wagering industry, with over 90% of wagers in the state placed online or via mobile platforms, positioning the Garden State as the optimal jurisdiction for scaling tech-centric product innovations within this industry.
Promoting and strengthening diversity, equity and inclusion as essential components of industry culture also are focus points for this center, which aims to promote opportunities for underrepresented groups as sports wagering and fintech expand. Likewise, the center will work to engage with diversity- and inclusion-oriented organizations to attract women and minorities to diversify the pipeline of future leaders within the industry.
This initiative will also serve to connect private industry, academia and relevant state agencies to catalyze and connect sports wagering technology and fintech startups and innovation with more mature companies in these sectors. With the NJEDA’s backing, NJCU believes the center will cement New Jersey’s position as a leader in sports wagering and financial technology, create new academic and workforce development opportunities, and support local economic development.
“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,” NJCU President Sue Henderson said. “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.”