JERSEY CITY, N.J. | New 嫩草影院 City University (嫩草影院) signed a memorandum of understanding (MOU) with the New 嫩草影院 Economic Development Authority (NJEDA) today to help advance New 嫩草影院鈥檚 leadership in the online sports wagering technology and financial technology (fintech) sectors. The MOU will support the creation of a Sports Wagering and Financial Technology Workforce Development and Innovation Center.
NJEDA麓s Chief Executive Officer Tim Sullivan, joined by 嫩草影院麓s President Sue Henderson, signed the agreement this morning in the 嫩草影院鈥檚 School of Business at the university鈥檚 Harborside location in 嫩草影院 City. The MOU 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鈥檚 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.
This partnership with 嫩草影院 aligns with Governor Phil Murphy鈥檚 vision for a stronger, fairer New 嫩草影院 economy by supporting and growing one of the state鈥檚 emerging, innovative industries, with a focus on ensuring diversity and equity. It also leverages one of the state鈥檚 most valuable assets 鈥 its network of highly-respected universities 鈥 and includes the necessary infrastructure to serve as a physical hub for R&D and innovation.
鈥淭he Innovation Center at 嫩草影院鈥檚 Exchange Place Campus in 嫩草影院 City will help to advance Governor Murphy鈥檚 commitment to fortifying New 嫩草影院鈥檚 position as the national leader in innovation. The MOU signed today will help solidify New 嫩草影院 as both a top consumer market in this growing industry, and an engine of leading industry innovations and workforce development programs,鈥 said Sullivan. 鈥淭he 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 嫩草影院 to make it a success.鈥
Sports wagering in New 嫩草影院 has experienced incredible growth in the two-plus years since its legalization, with nearly one billion dollars wagered in-state per month, routinely surpassing Nevada in monthly volume. Technology and innovation have helped facilitate the growth and resilience of New 嫩草影院鈥檚 sports wagering industry, with over 90 percent 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 are also 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鈥檚 backing, 嫩草影院 believes the Center will cement New 嫩草影院鈥檚 position as a leader in sports wagering and financial technology, create new academic and workforce development opportunities, and support local economic development.
鈥淭he 嫩草影院 family is honored to partner with the NJEDA as we work together to establish New 嫩草影院 as a hub for sports wagering and financial technology. 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," said Henderson. 鈥 As the digital transformation continues to accelerate, the marriage of the sports wagering and the fintech fields offers a glimpse for an incredible exciting future for those who 鈥 to steal a sports wagering cliche 鈥 鈥榞et in on the action.鈥 Together, we will help these industries continue to transform right here in our own state."
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Contact:
Ira Thor, Senior Director of University Communications and Media Relations | ithor@njcu.edu | 201-200-3301