New Jersey residents who wish to make wagers on sporting events can now do so online through daily gaming site DraftKings.

Co-founder Matt Kalish says that plans to allow online sports betting through DraftKings have been in the works for about a year.

"Once it became clear that this could be a product that's operational in New Jersey and other states in 2018, we jumped on it very fast,” Kalish says.

Users will have to be in New Jersey to access the app.

Previously people who wished to make wagers on sporting events could only do so at several racetracks and casinos in the state. Sports betting has already made racetracks combined more than $1 million in revenue.

Sports leagues, once opposed to allowing sports betting in New Jersey, now want in on a cut of the action.

Monmouth Park Racetrack is now suing the professional sports league commissioners for revenue lost while New Jersey fought to have the ban on sports betting lifted.

The NBA announced last week that it was partnering with MGM, which owns the Borgata Casino in Atlantic City.

"I think we're still having our discussions with other states about so-called integrity fees based on handles,” says NBA Commissioner Adam Silver.

Kalish says that he is looking forward to the future of sports betting.

"It'll be really interesting to see what comes out of the investment the leagues are making and the partnerships they have with operators in terms of what betting partnerships may come available in the next year or two,” he says.

DraftKings is partnered with Resorts Casino Hotel in Atlantic City. FanDuel, a similar company, is partnered with the Meadowlands.

Monmouth Park officials tell News 12 New Jersey that they are working on plans to launch their own online sports betting app in the near future.