Murphy signs sports-betting bill into law

Murphy signs sports-betting bill into law

Gov. Murphy on Monday signed into law the state’s sports-betting bill, ending a short delay that drew criticism from many state politicians and making history after the state’s six-year battle to legalize sports wagering.

Murphy expects to place the ceremonial first bet at Monmouth Park Racetrack on Thursday morning, his office said.

“Today, we’re finally making the dream of legalized sports betting a reality for New Jersey,” Murphy said in a statement. “This is the right move for New Jersey, and it will strengthen our economy.”

The law makes New Jersey the second state, after Delaware, to legalize sports betting since the Supreme Court ruled three weeks ago to strike down the federal ban on sports gambling. It is the culmination of New Jersey’s protracted  fight to legalize sports betting, which saw the state go up against the NCAA and professional sports leagues.

For proponents, agen piala dunia it offers hope for bringing renewed life to casinos and racetracks with the opportunity to tap into a multibillion-dollar market. New Jerseyans will be able to bet legally at sports-wagering lounges on most professional and collegiate sporting events.

Monmouth Park has been ready to start betting for weeks, investing more than $1 million in outfitting the first floor with a sports-betting lounge. Other racetracks are primed to open their books across the state, and Atlantic City officials have lauded the extra revenue it is expected to bring in at casinos.

“We can now capitalize on the opportunities we worked for with a new sector of sports gaming that will help create jobs, generate economic activity, and be an important boost to the state’s casinos and racetracks,” said Senate President Stephen Sweeney D., Gloucester. “We will see sports betting get up and running, and we intend to see that New Jersey continues to be a leader with a sports gaming industry that thrives. Our efforts will pay off.”

Other legislators said the law would help horse breeders, farms, casinos, and racetracks by bringing new participants to gambling and generating revenue for the state’s general fund, casino fund, and Atlantic City marketing program.

“This will help make our casinos and racetracks more attractive gaming destinations, provide much-needed revenue to support the state budget, provide additional funding for valuable social programs, and cut down on illegal sport gaming activity,” said Assembly Speaker Craig J. Coughlin D., Middlesex.

Sports gambling may not be as lucrative as some hope. The state estimates it will bring in about $17 million in the first full year, not a large sum within a $37 billion state budget. Casinos and racetracks will pay an 8.5 percent tax for in-person betting and 13 percent for online betting, with an additional 1.25 percent on electronic bets for racetrack operators.

Leave a Reply

Your email address will not be published. Required fields are marked *