“Today we’re finally making the dream of legalized sports betting a reality for New Jersey” – these were the words of Governor Phil Murphy as he signed the sports betting legislation into law on 11th June, following the legislature having passed the bill unanimously the previous Thursday, 7th June.
The passing of the new law allows for sports betting at the state’s casinos and racetracks, with online and mobile betting due to become available in subsequent weeks. The governor pointed out that this new legislation is an opportunity for new business opportunities and will strengthen the local economy.
New Jersey has been moving quickly to get the necessary legislation in place following the US Supreme Court ruling of 14 May allowing states to make their own legislation around the legalization of sports betting. Thus far only Delaware has superseded New Jersey in legalizing sooner.
Monmouth Park appears to be first out the gate having gone live on 14th June with Borgata Casino, owned by MGM Resorts International, looking a likely second in Atlantic City.
Who will be next is not yet clear, however with the opening of Hard Rock Atlantic City and Ocean Resort Casino at the end of June, we’re looking at a total of no less than nine participating casinos for the Jersey sports betting scene. Online and mobile betting locally is only permitted by law within 30 days of legislation coming into effect, so cyber gamers will have to be patient for now.
Here are some interesting provisions from NJ sports betting law –
- Athletes, referees and people directly involved with sporting events are not permitted to place bets on their sports
- Sportsbooks may not wager on school or college games
- NJ Division of Gaming Enforcement and the NJ Racing Commission are permitted to change or issue new regulations as required for the first 270 days to adequately and effectively regulate sports betting
- No sports betting is permitted for people under 21 years of age
- No integrity fees are applicable to the sports leagues
While on the other side, there are laws that made Sports betting illegal and SC has denied those laws stating that it is unconstitutional.
On the business side of state interests, a tax revenue of $13 million dollars is anticipated for the first year of legalization – that’s with an 8.5% rate on land-based casinos and 13% on all online wagers – Making it very attractive business indeed!